Incentives help condo developers close deals

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Mortgage rates rocket back above 5%, but market 'stabilizing' | Incentives help condo developers close deals | Manhattan apartment rents reached another record in July

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August 12, 2022

Top News

Mortgage rates rocket back above 5%, but market 'stabilizing' Though weekly changes in borrowing costs are volatile, housing activity is reaching more balanced levels—which is ultimately good for buyers, says Freddie Mac's chief economist. Full Story: REALTOR® Magazine (8/11)

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Best Practices in Sales & Marketing

Incentives help condo developers close deals Developers are rolling out incentives to motivate buyers and alleviate concerns about coming interest rate hikes, with Canadian developer Camrost Felcorp offering lump sum payments or credits to close pre-sales. State Building Group, a Toronto developer, is offering $30,000 off closing costs for those who buy units in one of its projects. Full Story: The Globe and Mail (Toronto) (tiered subscription model) (8/10)

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Real Estate Trends

Manhattan apartment rents reached another record in July The median rent on new leases for Manhattan apartments in July rose 2.5% from June and 29% from the same month in 2021, according to Miller Samuel and Douglas Elliman Real Estate. Median rents reached $4,150, setting a record for the sixth straight month despite listing inventory climbing 3.7%. Full Story: Bloomberg (8/11), The Wall Street Journal (8/11)

No relief seen in climbing construction costs Inflation may be easing in some parts of the economy, but not in construction. The pace of cost growth continues to increase from a baseline in 2001 extending to the middle of this year's second quarter, according to an analysis by construction consultancy Rider Levett Bucknall. Full Story: GlobeSt (free registration) (8/9)

Mortgage volatility contributes to pullback in home sales Volatility in mortgage rates are sidelining some buyers amid broader fears that the economy is weakening. "The purchase market continues to experience a slowdown, despite the strong job market," said Joel Kan of the Mortgage Bankers Association. Full Story: Fox Business (8/10)

Technology & Innovations

Real estate in the metaverse? Not yet, Cuban says Investor Mark Cuban says the metaverse is not a place to own real estate before the concept is proven. Trading of virtual real estate has dropped drastically amid volatility in cryptocurrencies. Full Story: The Real Deal (8/11)

Fair & Equitable Housing

FHFA orders lenders to maintain fair housing data or lose GSE access Beginning in March, the Federal Housing Finance Agency is requiring all lenders that work with government-sponsored enterprises to collect fair lending data. The agency says that the new data collection and maintenance requirement is part of a broader effort to bring equity to housing finance by leveraging the influence of GSEs. Full Story: National Mortgage News (tiered subscription model) (8/10)

Rhode Island dedicates $250M to boost affordable housing Rhode Island Gov. Dan McKee recently signed the LIFELINE Act, which provides $250 million in affordable housing for low-income families. The funds will go toward creating new housing, making improvements to existing housing and aiding households at risk of homelessness. Full Story: The Boston Globe (tiered subscription model) (8/11)

Legislation & Regulation

Land, flooding, fracking: Pros face environmental risks to sales Environmental issues affect real estate in myriad ways, from the increasing focus on energy-efficient buildings to the impact of droughts and hurricanes on home sales. Here's how three practitioners from across the country empowered their clients when environmental challenges disrupted their transactions. Full Story: REALTOR® Magazine (8/12)

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