Real Estate Blog - David Green

Fannie Mae predicts rates to drop below 6% in 2024

In a recent press release, government-backed corporation Fannie Mae shared their expectation that mortgage rates will drop below 6% in 2024 and the rate environment will be a more balanced one this year instead of the oscillations buyers have come to expect more recently.  With this announcement, a Fannie Mae survey also reported that buyers' optimism levels are the highest they've been in two years.

If you're waiting for rates to come down to make your move, it will be too late by then.  Every buyer is taking this approach and by the time this shift happens, the competition in the homebuying market will only increase - and prices will skyrocket along with it.  Now is the time to buy!  At the end of the day, you're buying a home, not a rate. …

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Back Bay zipcode now the most expensive in the U.S.

Boston's Back Bay has several zipcodes, and the 02115 area is mostly known for its hospitals, museums and universities.  But there is also a small group of luxurious and historic residences that have made it the most expensive zipcode in America from a $/sq ft perspective.  The average $/sq ft in 02115 was $2,663.  You can read more about it here.

The housing market in 02115 has been redefined by the opening of the Four Seasons at One Dalton.  There are 174 residences starting on the 24th floor of what has become Boston's tallest residential building.  Residents enjoy the Four Seasons amenities that are second to none and include: 24 hour concierge, doorman, separate owner's entrance, two restaurants including an exclusive owner's lounge on the…

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Boston has become an international investment haven

The number of international buyers purchasing real estate in the top 5% of the market saw an estimated growth of 25% from 2022 to 2023, despite the negative headlines.  The Coldwell Banker 2024 Trends Report research found a different set of circumstances in analyzing the top 5% of homes by price in the U.S. market.  The report notes that international buyers usually pay in cash, and are less affected by the fluctuations of mortgage rates.

The location within the U.S. varies based on the need of the buyer, whether it is purely an investment or if they are searching for a primary residence.  China, Canada and the U.K. remain at the top of the international market:

Boston continues to be a top destination for international buyers.  The…

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How HENRYs are impacting the housing market

HENRYs are High Earners, Not Rich Yet.  Though the phrase goes back to 2003, it has come to describe Gen Xers and millennials who earn over $250,000 per year but just recently reached that threshold and haven't been able to accumulate a sustained track record just yet.  Their average age is 43, and they are expected to hit the luxury housing market within the next 5 years. 

HENRYs tend to favor online shopping, and search for real estate digitally above any other medium.  They also tend to live in major metropolitan areas, such as Boston.

The amount of HENRYs has increased by 13% since 2021, and that rise is expected to continue.  Therefore, the number of luxury homebuyers in the Greater Boston market is also set to increase by that amount…

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The future of AI in real estate

Artificial Intelligence (AI) has been arguably the biggest disruptor of our society since the Internet itself.  As real estate professionals, my team and I often get asked about AI and how we feel it will affect real estate.  The 2024 Coldwell Banker Trends report takes a much deeper look into that topic.  

Though it is estimated the AI global market will grow by up to 54% year over year, as it makes information more readily available quicker than ever and especially cuts down on the translation time with international clients, there is no replacement for the human element in real estate.  The report also warns of the danger of trusting the technology too much, as the rise of deep fakes offers the potential for problems that a seasoned agent would…

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Branded residences: where the market is headed

Boston has no shortage of branded luxury buildings: The Residences at the Four Seasons, the Four Seasons at One Dalton, the Residences at the Ritz-Carlton, the Residences at Raffles Boston, the Residences at the Mandarin Oriental, the Residences at the St. Regis and more.  According to the 2024 Coldwell Banker Trends report, the branded luxury residential market is set to grow by 55% globally by 2026.  There are currently 324 branded luxury new construction projects underway worldwide, including the Ritz-Carlton Residences at South Station Tower, which is scheduled for completion in 2025.  

Worldwide, the Ritz-Carlton and the Four Seasons have the most active projects.  One of the latest trends has been fashion and jewelry houses collaborating…

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Inventory in the luxury market increased in Q4 of 2023

Inventory in the luxury market increased in Q4 of 2023

One of the defining characteristics of the post-pandemic Greater Boston real estate market has been low inventory.  According to the 2024 Coldwell Banker Trends Report, there are some indicators that this may be changing.  During Q4 of 2023, the amount of new inventory in the luxury market increased compared to the same point the year before:

Luxury single-family home sale prices nationwide also increased by 3.9%.  So while the perception may have been that there was a shift from a seller's market to a buyer's, what the Luxury Institute of Home Marketing found in 2023 from analysis of 126 U.S. metropolitan markets was that 60% of them were still exhibiting signs of sales list-to-price…

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Coldwell Banker's 2024 Market Outlook

The Coldwell Banker 2024 Trend Report is now available, and it covers what our brokerage is seeing in the local and global real estate market.  The main topics of discussion are:

• The global luxury market
• Emerging design trends
• AI in real estate
• High Earners, Not Rich Yet (HENRYs) and the nuances they are navigating in today's market
• America's most popular regions to invest in

I will be breaking down each section of the report this week.  Email me at: David.Green@CBRealty.com or text me at: (617) 875-8331 if you would like a copy of the report and I would be happy to send to you!

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Boston named one of pWc's "Emerging Trends" Top 10 cites to watch in 2024

Boston was named as one of pWc's Top 10 "Emerging Trends" cities to watch in 2024, according to their latest report.  It is the only city not located in the South or West, with criteria being interest in development and urban growth.  The additional emerging trends identified are migration destinations for people and companies, lifestyle, workforce quality, and development opportunities.  You can read more here.

If you are thinking about buying, selling or renting in 2024, Boston is always a solid investment.  Now is the time to begin planning for the new year ahead - contact me to get started!

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Boston ranks high on lists of people looking to move for their careers

Among job-seekers, Boston is one of the top cities people are willing to move to in order to find the best career opportunities, according to the latest report from Bank of America.  The analysis is based on the migration patterns of their clients across all their platforms.  Boston was the top city where their clients had moved after a job change in the third quarter of 2023.  Pay increase seemed to be the driving factor.  You can read more here.

Thinking of moving to the Greater Boston area?  My team and I help our clients buy, sell and rent at all price points - contact me to get started!

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