Where: Houston, Texas
Sold For: $6.9 million
Features: 9,500-square-foot penthouse with six bedrooms and six bathrooms
Added Appeal: 600-bottle, climate-controlled wine room, expansive outdoor space with private pool, movie theater, golf simulator, Himalayan sauna and steam room
Perched atop the Astoria in Houston is a full-floor residence with all the bells and whistles you’d expect to see more in a New York City dream pad.
Historic. Unprecedented. Crisis. Inflection point.
These descriptors have been used so often in reference to the last couple years of real estate that they have lost much of their meaning. That does not mean, however, it is inaccurate to view the current market with that lens, as nearly every quantitative or qualitative measure seems to support the idea that there are truly unique challenges and opportunities for housing right now.
Sales of new single-family homes unexpectely rose sharply in May, after four consecutive months of declines.
According to a joint report from the U.S. Census Bureau and Department of Housing and Urban Development (HUD), the seasonally adjusted sales rate was 696,000, representing a 10.7% increase above the revised April rate of 629,000, but a 5.9% decrease below the May 2021 estimate of 740,000.
Greater frequency of sales doesn’t always bring greater profit. According to a recent report by ATTOM Data, house-flipping across the U.S. during Q1 2022 accounts for 9.6% of home sales, the highest percentage since 2000. This marks a 4.9% increase in sale volume from Q1 2021 and the fifth quarterly increase in a row. Nationwide, the gross profit on house flips during Q1 2022 was $67,000, up 5.5% from Q4 2021 but down 4.3% from Q1 2021. In addition to this decline in raw profit, profit margins from these sales dipped to their lowest point since 2009.
WIth titanic shifts affecting nearly every aspect of real estate, getting the straight story from experienced, expert voices has never been more important.
eXp World Holdings, Inc. has announced the election of Monica Weakley to the company’s board of directors, effective June 20, 2022.
“We are very excited to welcome Monica, whose strong leadership and sense of purpose and service will offer an important voice of the agent to our Board,” said Glenn Sanford, founder, CEO and Chairman of eXp World Holdings. “Monica’s advocacy for those just starting out in the industry as well as for experienced agents in need of a guiding hand is a reflection of her personal journey of sacrifice and caring for others.”