Chip and Joanna Gaines List Magnolia House, Mary Tyler Moore’s Greenwich Estate Is Up for Grabs, and More Real Estate News
Prices start at roughly $3.5 million and reach more than $35 million. Sales launched Friday and are being handled exclusively by Official Partners. Dolce & Gabbana joins fellow fashion houses Giorgio Armani and Diesel in launching branded residences in the Magic City. The brand is also working on a residential development in Marbella, Spain, and a hotel in the Maldives.
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The best time to buy a home? Right about now
If you’re house-hunting, good news: Prime buying season is coming soon, according to Realtor.com’s “Best Time to Buy” report. Looking at the rest of 2023, the first week of October is the most favorable moment to buy property.
That’s when there are up to 17% more active listings than at the start of the year. But demand is expected to be 18.7% lower than peak buying periods, so homes should stay on the market for a week longer than during the summer. That gives buyers some breathing room to make a decision. In addition, closing prices are on track to be over $15,000 less than the summer’s peak price of $445,000.
“Our analysis shows that buying in the fall does give buyers some more predictable advantages that could potentially ease the pain of higher rates and other stressful aspects of the home-buying process, including making fast decisions and bidding wars,” Realtor.com economist Danielle Hale said in a statement.
The timing isn’t too surprising: In 2022, Realtor.com reported the week prior, September 25 through October 1, was the sweet spot for buying.
Apartment boom is in full bloom
What housing crunch? Data from Rentcafe finds that 1.2 million new apartments came to market in the last three years—the most since the 1970s. And another 1.1 million units are forecasted through 2035. By the end of December, a record 460,860 rental units will have been completed in 2023, the company reports, followed by 484,000 next year.
The pace of construction will then slow, as current economic conditions start to impact planned development. Only 408,000 apartments are projected to be built in 2025, a drop of 15%.
“Tightening of bank-lending standards—combined with rising costs of construction materials, labor, and land—has made new projects harder to pencil,” says Doug Ressler, manager of business intelligence at Rentcafe parent company Yardi Matrix.
Not surprisingly, New York City is home to the biggest cluster of new rental units, with at least 33,000 by December 2023. Interestingly, at least a third will be in Brooklyn. The second largest market, the Dallas metro area, should see 23,659 new rentals by the new year, followed by 23,434 in Austin and a smidge under 21,000 in the greater Miami area.
