Wednesday, February 26, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
If you live in Scarsdale, the good news is you live in the second richest town in America. The bad news is that if you earn $500K a year, you're below average.
For the second straight year, the Bloomburg News report named Scarsdale the second richest community in the country with an average household income of $452,041. In addition to Scarsdale, the other communities in the top 50 are Bronxville (13), Larchmont (15) and Rye (27),
The richest town in America is Atherton, California, with an average household income of $525,324.
If you're considering buying or selling a property locally or globally, or need more information, CLICK HERE. ...
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Tuesday, January 14, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
You know all those ultra-slender, ultra-fancy tower condominiums that have been popping up out of the Manhattan concrete since 2015? Next time you look at one, bear in mind that half the condos in them are empty. Surprise! No buyers, according to Nancy Packes Data Services. The other half are probably Starbucks that have gone vertical.
The reason for all the empty rooms over Manhattan: a combination of overly aggressive pricing and a growing public disdain for the skyline-disrupting mansions in the clouds. But really, it's all about pricing.
Comparing the prices of new development units to resale units over the last decade tells the story. In 2012, new units sold for a 22% higher prices than resale units. At the end of last year, the premium was 118%.
Nancy Packes lists three reasons for the “extraordinary oddity of the current cycle. ”
According to Packes, buildings comp ...
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Friday, October 11, 2019 / by Vanessa Saunders
The massive income inequality in the U.S. and globally is a topic that everyone from political candidates to billionaires are talking about. Bernie Sanders said recently that "billionnaires should not exist." Good old Bernie. Mark Zuckerberg, who, with a net worth of $69.8 billion, according to Bloomberg, recently stated “I don’t know if I have an exact threshold on what amount of money someone should have but at some level no one deserves to have that much money.”
Bloomberg Businessweek developed a chart that shows the breakdown of wealth in the world, and gives ranking of wealth from the poorest (-2) to the richest (11) . Everyone in the world therefore has a “wealth number.” The chart makes it very clear just how extremely one sided the world's the distribution of wealth is.
Scoring an 11 are just two multi-billionaires in the world: Jeff Bezos and Bill Gates. That Businessweek ranking means they have $100 billion or more. In case you didn't ...
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Wednesday, October 24, 2018 / by Vanessa Saunders
Searching for a home in today’s real estate market, with low inventory dominating the conversation in the Hudson Valley, can often be frustrating to be a first-time home buyer if you aren’t prepared.
In a recent realtor.com article entitled, “How to Find Your Dream Home—Without Losing Your Mind,” the author highlights some steps that first-time home buyers can take to help carry their excitement of buying a home throughout the whole process. Here it is in a nutshell.
1. Get Pre-Approved for a Mortgage Before You Start Your Search
One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach.
This step will also help you narrow your search based on your budget and won’t leave you disappo ...
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Thursday, September 6, 2018 / by Vanessa Saunders
A report from Zillow revealed that there has been a rash of price reductions across the country recently. According to the report:
There are more price cuts now than a year ago in over two-thirds of the nation’s largest metros
About 14% of all listings had a price cut in June
Since the beginning of the year, the share of listings with a price cut increased 1.2%
This is the greatest January-to-June increase ever reported, and more than double the January-to-June increase last year
Senior Economist Aaron Terrazas further explained:
“A rising share of on-market listings are seeing price cuts, though these price cuts are concentrated at the most expensive price-points and primarily in markets that have seen outsized price gains in recent years.”
What this DOESN’T MEAN for the real estate market…
This doesn’t mean home values have depreciated or are about to depreciate.
A seller may put a home worth $300,000 on the market for $325,000 ...
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