Signals: What We're Tracking
Marilyn Monroe's former home was declared a history property, frustrating the current owner's plans for redevelopment. The buyers paid $8 million for the property, where Monroe lived just six months before her death in 1962.
Boomers own a third of all US housing wealth, setting up a major release of invenstory as downsizing begins. But NAHB data shows the impact will vary dramatically. Some markets will see a surplus with too few buyers; others will absorb new supply quickly. [See how it's expected to play out]
Housing starts rose in March across single-family and multifamily, signaling a short-term rebound in builder activity. But permits fell sharply … warning of fewer projects in the pipeline. See the full NAHB breakdown, including starts, permits, pipeline, and regional shifts.
Heard!
"What we’re seeing isn’t just a housing shift: It’s a reshaping of who can realistically afford to live in these markets.”
— Tara Benson, a Douglas Elliman real estate agent, told Fortune, saying the wealth migration in Florida is the primary factor driving up prices there, resulting in other income groups getting pushed out. [Read more]
Miami Mayor is prepping a 25% budget cut if voters approve a Constitutional Amendment to eliminate non-school property taxes in November. More than half of the city's general fund comes from property taxes.
