‘Million Dollar Listing’ agent Ryan Serhant: Buyers are ‘freaking out’ about Amazon ditching NYC

“I remember doing deals at $600 a square foot in Long Island City in 2009. Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”


“I remember doing deals at $600 a square foot in Long Island City in 2009. Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”
‘Million Dollar Listing’ agent Ryan Serhant: Buyers are ‘freaking out’ about Amazon ditching NYC Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: matthew j belvedere, don emmert, afp, getty images, karlheinz irlmeier
Keywords: news, cnbc, companies, amazon, freaking, really, island, city, nyc, ditching, sold, think, million, listing, search, york, buyers, square, ryan, serhant, dollar, long


'Million Dollar Listing' agent Ryan Serhant: Buyers are 'freaking out' about Amazon ditching NYC

New York State Sen. Michael Gianaris, a Democrat whose district includes Long Island City, defended his opposition in a separate CNBC interview on Friday, saying, “when they [Amazon] come in and take over a community like that, the community dies.”

Gianaris, along with other New York politicians including liberal firebrand Rep. Alexandria Ocasio-Cortez, opposed the $3 billion in incentives the city promised to pay Amazon to seal the deal in November over the dozens and dozens of other localities which were in the running for the project.

“The Amazon ‘boom,’ as we can call it, happened too quickly. And no one was really able to understand the benefits that that many jobs to the area would have brought to the locals,” said Serhant, who started his career in Long Island City.

“I remember doing deals at $600 a square foot in Long Island City in 2009. And everyone was so angry about it. They’re never going to get their money back,” he said. “I just resold an apartment that I sold for $900,000 in 2009 in October, so before the Amazon announcement, for $1.8 million.”

Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. I think it’s a great place for real estate investment.” He said apartments there go for about $200 per square foot less than in Manhattan.

Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. He called Amazon’s change of plans “a shame” and said that “of course” if the company had stayed “it was going to be better.”

However, “we are still doing deals. Nothing has changed,” he said on “Power Lunch.” “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”

The brokerage sold 300 pre-construction units in two weeks after Amazon announced it was coming to town, but no one has called yet to back out, Benaim said. Closings aren’t expected for another eight to 10 months. “We’ll just have to wait and see, but I don’t think any of those will really leave,” he added.

Amazon, which does not plan to search for a replacement location, said it plans to move forward with its planned second half of its East Coast headquarters in Northern Virginia. Meanwhile, Nashville, Tennessee, which had won a smaller investment in the monthslong HQ2 search, will also remain on track.

— CNBC’s Michelle Fox contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: matthew j belvedere, don emmert, afp, getty images, karlheinz irlmeier
Keywords: news, cnbc, companies, amazon, freaking, really, island, city, nyc, ditching, sold, think, million, listing, search, york, buyers, square, ryan, serhant, dollar, long


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

‘Million Dollar Listing’ agent Ryan Serhant: Buyers are ‘freaking out’ about Amazon ditching NYC

“I remember doing deals at $600 a square foot in Long Island City in 2009. Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”


“I remember doing deals at $600 a square foot in Long Island City in 2009. Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”
‘Million Dollar Listing’ agent Ryan Serhant: Buyers are ‘freaking out’ about Amazon ditching NYC Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: matthew j belvedere, don emmert, afp, getty images, karlheinz irlmeier
Keywords: news, cnbc, companies, amazon, freaking, really, island, city, nyc, ditching, sold, think, million, listing, search, york, buyers, square, ryan, serhant, dollar, long


'Million Dollar Listing' agent Ryan Serhant: Buyers are 'freaking out' about Amazon ditching NYC

New York State Sen. Michael Gianaris, a Democrat whose district includes Long Island City, defended his opposition in a separate CNBC interview on Friday, saying, “when they [Amazon] come in and take over a community like that, the community dies.”

Gianaris, along with other New York politicians including liberal firebrand Rep. Alexandria Ocasio-Cortez, opposed the $3 billion in incentives the city promised to pay Amazon to seal the deal in November over the dozens and dozens of other localities which were in the running for the project.

“The Amazon ‘boom,’ as we can call it, happened too quickly. And no one was really able to understand the benefits that that many jobs to the area would have brought to the locals,” said Serhant, who started his career in Long Island City.

“I remember doing deals at $600 a square foot in Long Island City in 2009. And everyone was so angry about it. They’re never going to get their money back,” he said. “I just resold an apartment that I sold for $900,000 in 2009 in October, so before the Amazon announcement, for $1.8 million.”

Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. I think it’s a great place for real estate investment.” He said apartments there go for about $200 per square foot less than in Manhattan.

Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. He called Amazon’s change of plans “a shame” and said that “of course” if the company had stayed “it was going to be better.”

However, “we are still doing deals. Nothing has changed,” he said on “Power Lunch.” “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”

The brokerage sold 300 pre-construction units in two weeks after Amazon announced it was coming to town, but no one has called yet to back out, Benaim said. Closings aren’t expected for another eight to 10 months. “We’ll just have to wait and see, but I don’t think any of those will really leave,” he added.

Amazon, which does not plan to search for a replacement location, said it plans to move forward with its planned second half of its East Coast headquarters in Northern Virginia. Meanwhile, Nashville, Tennessee, which had won a smaller investment in the monthslong HQ2 search, will also remain on track.

— CNBC’s Michelle Fox contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: matthew j belvedere, don emmert, afp, getty images, karlheinz irlmeier
Keywords: news, cnbc, companies, amazon, freaking, really, island, city, nyc, ditching, sold, think, million, listing, search, york, buyers, square, ryan, serhant, dollar, long


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Dollar buyers are the big winners as prime London property tumbles

The cost of property in London’s most expensive neighborhoods tumbled in 2018, with buyers using the U.S. dollar making the largest savings. Analysis of three prime property areas in the city suggested that sold house prices at the top end of the London market averaged around 6 percent less in 2018 from the year before. The accompanying report, published Tuesday, claimed that buyers of homes in prime central London paid 14 percent less during the last three months of 2018 compared with the 2014


The cost of property in London’s most expensive neighborhoods tumbled in 2018, with buyers using the U.S. dollar making the largest savings. Analysis of three prime property areas in the city suggested that sold house prices at the top end of the London market averaged around 6 percent less in 2018 from the year before. The accompanying report, published Tuesday, claimed that buyers of homes in prime central London paid 14 percent less during the last three months of 2018 compared with the 2014
Dollar buyers are the big winners as prime London property tumbles Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: david reid, simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, property, winners, billion, uks, dollar, buyers, 2018, big, tumbles, compared, london, value, sold, prime, quarter


Dollar buyers are the big winners as prime London property tumbles

The cost of property in London’s most expensive neighborhoods tumbled in 2018, with buyers using the U.S. dollar making the largest savings.

Analysis of three prime property areas in the city suggested that sold house prices at the top end of the London market averaged around 6 percent less in 2018 from the year before.

New data published by real estate analysis firm LonRes also revealed that more than half of properties had to fall in price before managing to achieve a sale.

The accompanying report, published Tuesday, claimed that buyers of homes in prime central London paid 14 percent less during the last three months of 2018 compared with the 2014 peak.

Moreover, during 2018’s fourth quarter those buying top London property in U.S. dollars are estimated to have averaged a 36 percent saving compared to 2014’s peak prices. The value of sterling has fallen sharply with a steep drop in value shortly after the result of the 2016 referendum on the U.K.’s membership of the European Union (EU).

Roughly £2.9 billion ($3.7 billion) of housing stock was sold in the prime central London area in 2018 compared to £3.5 billion in 2017.

Meanwhile, transactions in the fourth quarter of 2018 were down 13 percent, compared to the same period in 2017.

Brexit, the U.K.’s exit from the EU, was cited by some 69 percent of agents who answered the survey as the root of the slowdown in 2018. Almost half said Brexit would remain the biggest drag to demand in the year ahead.


Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: david reid, simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, property, winners, billion, uks, dollar, buyers, 2018, big, tumbles, compared, london, value, sold, prime, quarter


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

‘It’s a war’ — Detroit automakers battle for dominance in wildly profitable heavy duty truck market

Buyers with money to burn can find plenty of upscale products at this week’s Chicago Auto Show, the event filling the Windy City’s McCormick Place convention center with offerings like the Maserati Levante, BMW 745i and Mercedes-Benz S-Class. But more than a few high-line buyers are looking in places you might not expect — like the more plebian Ford stand. Among the mainstream-priced Fusion sedans and Edge utility vehicles, Ford is also showing off the latest version of its Super Duty pickups. T


Buyers with money to burn can find plenty of upscale products at this week’s Chicago Auto Show, the event filling the Windy City’s McCormick Place convention center with offerings like the Maserati Levante, BMW 745i and Mercedes-Benz S-Class. But more than a few high-line buyers are looking in places you might not expect — like the more plebian Ford stand. Among the mainstream-priced Fusion sedans and Edge utility vehicles, Ford is also showing off the latest version of its Super Duty pickups. T
‘It’s a war’ — Detroit automakers battle for dominance in wildly profitable heavy duty truck market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: paul a eisenstein, paul eisenstein, qilai shen, bloomberg, getty images, rebecca cook, jeff kowalsky, mack hogan cnbc, daniel acker, mark elias
Keywords: news, cnbc, companies, war, wildly, truck, version, dominance, detroit, upscale, ford, buyers, heavy, duty, weeks, windy, super, profitable, vehicles, battle, utility, market, territory


'It's a war' — Detroit automakers battle for dominance in wildly profitable heavy duty truck market

Buyers with money to burn can find plenty of upscale products at this week’s Chicago Auto Show, the event filling the Windy City’s McCormick Place convention center with offerings like the Maserati Levante, BMW 745i and Mercedes-Benz S-Class.

But more than a few high-line buyers are looking in places you might not expect — like the more plebian Ford stand.

Among the mainstream-priced Fusion sedans and Edge utility vehicles, Ford is also showing off the latest version of its Super Duty pickups. That includes the Limited model that, when fully loaded, can nudge up to around $100,000, the first factory pickup to break into six-figure territory.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: paul a eisenstein, paul eisenstein, qilai shen, bloomberg, getty images, rebecca cook, jeff kowalsky, mack hogan cnbc, daniel acker, mark elias
Keywords: news, cnbc, companies, war, wildly, truck, version, dominance, detroit, upscale, ford, buyers, heavy, duty, weeks, windy, super, profitable, vehicles, battle, utility, market, territory


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Thailand property: Chinese buying interest has surged in recent years

Chinese investors have continued pouring their money into Thailand’s property sector even as the kingdom barrels toward an uncertain national election. Thailand will hold general elections on March 24, but Juwai CEO Carrie Law said the company hasn’t seen “a link between the Thai election and Chinese property buying.” Even though that recent coup was the second in less than a decade, the political upheaval did little to cool Thailand’s huge property increases. Chinese buyers make up 70 percent o


Chinese investors have continued pouring their money into Thailand’s property sector even as the kingdom barrels toward an uncertain national election. Thailand will hold general elections on March 24, but Juwai CEO Carrie Law said the company hasn’t seen “a link between the Thai election and Chinese property buying.” Even though that recent coup was the second in less than a decade, the political upheaval did little to cool Thailand’s huge property increases. Chinese buyers make up 70 percent o
Thailand property: Chinese buying interest has surged in recent years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: huileng tan, prachanart viriyaraks, getty images
Keywords: news, cnbc, companies, property, interest, surged, buyers, international, thailands, thailand, buying, spot, chinese, told, started, growth, recent


Thailand property: Chinese buying interest has surged in recent years

Chinese investors have continued pouring their money into Thailand’s property sector even as the kingdom barrels toward an uncertain national election.

That underscores the Southeast Asian nation’s enduring popularity with the Chinese — tourists from Asia’s top economy have for years seen Thailand as a top spot for holidays. According to recent data from online Chinese real estate portal Juwai.com, Thailand was its most popular country when it comes to inquiries from potential real estate buyers in 2018 — climbing up from the sixth spot in 2016.

Thailand will hold general elections on March 24, but Juwai CEO Carrie Law said the company hasn’t seen “a link between the Thai election and Chinese property buying.”

“While the election is momentous for Thailand, most of the buyers we work with are unconcerned about the outcome,” she told CNBC.

Thailand’s economy has been powering ahead since its 2014 coup, reaching 3.9 percent GDP growth in 2017. That was its best in five years, but that growth is expected to slow a bit this year due to weaker global growth, the World Bank projected.

Even though that recent coup was the second in less than a decade, the political upheaval did little to cool Thailand’s huge property increases.

In fact, Sansiri — one of Thailand’s biggest developers — set up its international business unit in 2014 after seeing growing interest from foreign buyers, said Nanmanas Jiwattanakul, the company’s assistant executive vice president of international business development.

Chinese buyers make up 70 percent of Sansiri’s international sales, she said.

The development — not spurred by any marketing efforts — prompted the developer to set up showrooms in Thailand and overseas catering to such investors, she told CNBC.

“We started to drive (international sales) and also because we started seeing a number of foreign buyers in Thailand,” said Nanmanas.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: huileng tan, prachanart viriyaraks, getty images
Keywords: news, cnbc, companies, property, interest, surged, buyers, international, thailands, thailand, buying, spot, chinese, told, started, growth, recent


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

The 10 best cities to buy your first home

A recent LendingTree study identified the best cities for first-time homebuyers, where down payments are typically lower and mortgages can be easier to secure. Majority of the top cities are clustered in the Midwest, including Detroit, Michigan, and Columbus, Ohio. That’s mostly due to the fact that the region is relatively affordable, says Tendayi Kapfidze, chief economist at LendingTree. “First-time buyers are at a disadvantage to buyers who currently own a home as first-timers have no equity


A recent LendingTree study identified the best cities for first-time homebuyers, where down payments are typically lower and mortgages can be easier to secure. Majority of the top cities are clustered in the Midwest, including Detroit, Michigan, and Columbus, Ohio. That’s mostly due to the fact that the region is relatively affordable, says Tendayi Kapfidze, chief economist at LendingTree. “First-time buyers are at a disadvantage to buyers who currently own a home as first-timers have no equity
The 10 best cities to buy your first home Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: emmie martin, getty images
Keywords: news, cnbc, companies, best, study, using, payment, midwest, lower, cities, firsttime, fha, buy, buyers, percentage


The 10 best cities to buy your first home

Breaking into the housing market can be difficult, especially for beginners. But in some places it’s more possible, and less stressful, than others.

A recent LendingTree study identified the best cities for first-time homebuyers, where down payments are typically lower and mortgages can be easier to secure.

The study ranked the 50 largest metropolitan areas in the U.S., taking into account six factors: average down payment amount, average down payment percentage, number of buyers using an FHA mortgage, how much buyers are saving by using FHA loans, percentage of buyers with low credit scores and percentage of homes that are affordable for middle-income buyers.

Majority of the top cities are clustered in the Midwest, including Detroit, Michigan, and Columbus, Ohio. That’s mostly due to the fact that the region is relatively affordable, says Tendayi Kapfidze, chief economist at LendingTree.

“First-time buyers are at a disadvantage to buyers who currently own a home as first-timers have no equity to assist with the down payment,” he tells CNBC Make It. “Thus, lower priced areas, such as those in the Midwest, that require a smaller down payment in dollar terms afford first-time buyers more opportunity.”


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: emmie martin, getty images
Keywords: news, cnbc, companies, best, study, using, payment, midwest, lower, cities, firsttime, fha, buy, buyers, percentage


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Housing market, while still risky, won’t be all bad for buyers in 2019

But with the housing market in transition, will they be able to find what they’re looking for? The dip in interest rates, combined with modest gains in home prices, have helped turn some parts of real estate into a buyer’s market – but one clouded by at least some uncertainty. However, it wasn’t just interest rates that caused buyers to pull back in 2018. “That’s going to be the myth in the housing market you are going to see play out in 2019. Richardson stated that one area where buyers and sel


But with the housing market in transition, will they be able to find what they’re looking for? The dip in interest rates, combined with modest gains in home prices, have helped turn some parts of real estate into a buyer’s market – but one clouded by at least some uncertainty. However, it wasn’t just interest rates that caused buyers to pull back in 2018. “That’s going to be the myth in the housing market you are going to see play out in 2019. Richardson stated that one area where buyers and sel
Housing market, while still risky, won’t be all bad for buyers in 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-10  Authors: erin barry, karl spencer, getty images
Keywords: news, cnbc, companies, risky, richardson, interest, going, 2019, sellers, bad, rates, housing, market, buyers, wont, technology, real, estate


Housing market, while still risky, won't be all bad for buyers in 2019

With spring on the way, many home buyers are starting their hunt for a new home. But with the housing market in transition, will they be able to find what they’re looking for?

Thus far this year, the 30-year-fixed has averaged 4.46 percent, down from 4.54 percent in 2018. The dip in interest rates, combined with modest gains in home prices, have helped turn some parts of real estate into a buyer’s market – but one clouded by at least some uncertainty.

“Going forward, it won’t be the record number of sales we saw in 2017, but we have seen mortgage rates come down considerably over the course of even the new year,” Nela Richardson of Edward Jones Investments and former chief economist at Redfin, told CNBC’s “On the Money” in an interview. “That is a good advantage for buyers.

However, it wasn’t just interest rates that caused buyers to pull back in 2018. Many home buyers couldn’t find a home that fit in their budget, and Richardson said that’s not likely to change this year.

“That’s going to be the myth in the housing market you are going to see play out in 2019. You’ll see reports that inventory is increasing, but it’s increasing at price points that are not affordable to millennials or first time buyers,” she said. “And that has been persistent for the last five years.”

Richardson stated that one area where buyers and sellers could see savings are in real estate agent commission fees.

“I understand the value of the real estate agent but there is a point where technology can improve and make that technology more efficient, lower cost and that is the ultimate hope for home buyers and sellers going into tomorrow,” she said. “But we’re not there yet.”


Company: cnbc, Activity: cnbc, Date: 2019-02-10  Authors: erin barry, karl spencer, getty images
Keywords: news, cnbc, companies, risky, richardson, interest, going, 2019, sellers, bad, rates, housing, market, buyers, wont, technology, real, estate


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Payless ShoeSource prepares for bankruptcy that could come within weeks, plans store closures

Payless ShoeSource is preparing for its second bankruptcy, which could come as soon as within two weeks, a person familiar with the situation tells CNBC. Payless filed for bankruptcy protection in April 2017 and closed nearly 400 stores. Bloomberg first reported Payless’ bankruptcy plan. If a filing were to occur, Payless would be the latest in a string of retailers to emerge from bankruptcy protection, only to boomerang back. Children’s apparel brand Gymboree recently filed for its second bankr


Payless ShoeSource is preparing for its second bankruptcy, which could come as soon as within two weeks, a person familiar with the situation tells CNBC. Payless filed for bankruptcy protection in April 2017 and closed nearly 400 stores. Bloomberg first reported Payless’ bankruptcy plan. If a filing were to occur, Payless would be the latest in a string of retailers to emerge from bankruptcy protection, only to boomerang back. Children’s apparel brand Gymboree recently filed for its second bankr
Payless ShoeSource prepares for bankruptcy that could come within weeks, plans store closures Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: lauren hirsch, jessica bursztynsky, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, stores, prepares, closures, bankruptcy, filed, shoesource, second, weeks, north, store, protection, come, filing, buyers, payless, person, plans


Payless ShoeSource prepares for bankruptcy that could come within weeks, plans store closures

Payless ShoeSource is preparing for its second bankruptcy, which could come as soon as within two weeks, a person familiar with the situation tells CNBC.

As part of the bankruptcy process, Payless is is looking for buyers for its real estate, which could include selling large blocks of stores in certain areas of the country. If it cannot find buyers, it may need to shutter the majority, if not all, of its North American store-base, the person said.

The person cautioned that plans remain in flux and it is still possible that Payless could avoid a bankruptcy filing, potentially by finding a buyer for the entire company.

Payless filed for bankruptcy protection in April 2017 and closed nearly 400 stores. The retailer currently has more than 2,700 North American stores, according to its website.

The person requested anonymity because the information is confidential. A spokesperson for Payless did not immediately respond to a request for comment.

Bloomberg first reported Payless’ bankruptcy plan.

If a filing were to occur, Payless would be the latest in a string of retailers to emerge from bankruptcy protection, only to boomerang back. Children’s apparel brand Gymboree recently filed for its second bankruptcy in less than two years.


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: lauren hirsch, jessica bursztynsky, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, stores, prepares, closures, bankruptcy, filed, shoesource, second, weeks, north, store, protection, come, filing, buyers, payless, person, plans


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

In a surprising twist, the state of housing demand is suddenly strong

After ending 2018 in a serious slump, demand for housing is suddenly soaring again, thanks to a drop in mortgage rates that could be temporary. Still, spring has sprung early, as buyers hope to get a quick deal before rates turn higher again. When rates began rising again last year, the combination of high prices and higher rates took its toll on sales, which fell sharply in the second half of last year to the lowest level in several years. But mortgage rates began to slide again in November, fa


After ending 2018 in a serious slump, demand for housing is suddenly soaring again, thanks to a drop in mortgage rates that could be temporary. Still, spring has sprung early, as buyers hope to get a quick deal before rates turn higher again. When rates began rising again last year, the combination of high prices and higher rates took its toll on sales, which fell sharply in the second half of last year to the lowest level in several years. But mortgage rates began to slide again in November, fa
In a surprising twist, the state of housing demand is suddenly strong Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: diana olick, source, -laura bennett, real estate agent in the dallas area
Keywords: news, cnbc, companies, dallas, housing, rates, buyers, drop, state, twist, demand, higher, surprising, suddenly, worked, strong, began, mortgage


In a surprising twist, the state of housing demand is suddenly strong

After ending 2018 in a serious slump, demand for housing is suddenly soaring again, thanks to a drop in mortgage rates that could be temporary.

Still, spring has sprung early, as buyers hope to get a quick deal before rates turn higher again.

The average rate on the 30-year fixed mortgage rose throughout much of 2018, hitting a recent peak in November at just more than 5 percent. Rates had been in the 3 percent range throughout 2016 and 2017, which helped produce the run-up in home prices.

When rates began rising again last year, the combination of high prices and higher rates took its toll on sales, which fell sharply in the second half of last year to the lowest level in several years.

But mortgage rates began to slide again in November, falling back even more dramatically in December, when the stock market sold off and the government was on the verge of what would become the longest shutdown ever. That drop in rates is now suddenly registering with buyers and reinvigorating housing demand.

“It kind of caught us a little bit off guard,” said Laura Barnett, a real estate agent at Re/Max DFW Associates in the Dallas area. “We actually did get a surge of buyers coming in. And, matter of fact, I worked with two this weekend, one of which is under contract, another is about to be.”

At an open house she worked last Sunday in Coppell, a suburb of Dallas, there was a traffic jam of buyers on the front stairway. Buyers like Celena Vittorio had one thing top of mind.

“Interest rates are low. They’re on the decline, which is great,” she said.


Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: diana olick, source, -laura bennett, real estate agent in the dallas area
Keywords: news, cnbc, companies, dallas, housing, rates, buyers, drop, state, twist, demand, higher, surprising, suddenly, worked, strong, began, mortgage


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

GM unveils Chevy Silverado HD as Detroit’s Big 3 battle for big profits in big pickups

General Motors and Ford are raising the stakes in the war to win over buyers of heavy-duty pickups, full-size trucks coveted by America’s contractors, cowboys and commercial buyers alike. GM unveiled Tuesday its new heavy-duty Chevy Silverado at the company’s plant in Flint, Michigan, where the truck will be manufactured. “They are very purpose built,” Mark Reuss, president of General Motors, told CNBC. “Things like snowplows, going to work at a construction site, using the power out of the bed.


General Motors and Ford are raising the stakes in the war to win over buyers of heavy-duty pickups, full-size trucks coveted by America’s contractors, cowboys and commercial buyers alike. GM unveiled Tuesday its new heavy-duty Chevy Silverado at the company’s plant in Flint, Michigan, where the truck will be manufactured. “They are very purpose built,” Mark Reuss, president of General Motors, told CNBC. “Things like snowplows, going to work at a construction site, using the power out of the bed.
GM unveils Chevy Silverado HD as Detroit’s Big 3 battle for big profits in big pickups Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: phil lebeau, rebecca cook
Keywords: news, cnbc, companies, truck, chevy, buyers, general, war, heavyduty, win, big, hd, ford, battle, profits, pickups, gm, motors, detroits, unveils, silverado, work


GM unveils Chevy Silverado HD as Detroit's Big 3 battle for big profits in big pickups

General Motors and Ford are raising the stakes in the war to win over buyers of heavy-duty pickups, full-size trucks coveted by America’s contractors, cowboys and commercial buyers alike.

GM unveiled Tuesday its new heavy-duty Chevy Silverado at the company’s plant in Flint, Michigan, where the truck will be manufactured.

“They are very purpose built,” Mark Reuss, president of General Motors, told CNBC. “Things like snowplows, going to work at a construction site, using the power out of the bed. These are tools, but they are also refined tools.”

The new Silverado, complete with a 10-speed transmission, rolled out just hours after Ford announced new capabilities and technology for its F-Series Super Duty pickup truck.


Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: phil lebeau, rebecca cook
Keywords: news, cnbc, companies, truck, chevy, buyers, general, war, heavyduty, win, big, hd, ford, battle, profits, pickups, gm, motors, detroits, unveils, silverado, work


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post