Happy Friday, friends! This past weekend we all took the train up to San Clemente to see Scott’s brother and his wife for some beach time, but mostly to ride on the train. Maven has been talking about it for a few weeks now, so we figured it would be a fun excursion. It definitely did not disappoint: it was one of the first times we saw Maven get really excited to do something — ride the train and see her Uncle Tim! She really took it all in and had a blast looking at the cars, buildings, and everyone enjoying their day on the beach up the coast. And of course Maverick was his smiley self as he sat in my lap, along for the ride as he always does so well. It’s so much fun to be able to do something for her so simple as riding a train that can open up her world and bring her that much joy.
Nearly every day, Compass’s Leonard Steinberg puts together a handful of real estate news bits that are always so interesting I have to share some of my favorites of the week. To receive these every day from Leonard, please click [_here](mailto:ls@compass.com “”) and include your full name and email address to get on his mailing list.
* In the US there are only 8 public restrooms per 100,000 people. In Iceland that number is 56. Around the globe public restrooms are being re-imagined now as works of art with significant architectural elements.
* Bill Carpenter of COMPASS California reminds us that the FDIC insures some family trust deposits for much more than $250K – click the FDIC deposit insurance calculator to see, for example, that a bank account owned by a revocable trust with two trustees and two beneficiaries (like a husband and wife with two kids) is insured up to $1million.
* The FED raised rates another quarter point yesterday, even as banks reel from the too-rapid-too-high rates….. The Fed indicated a rate hike pause…. which I would guess is the beginning of a downward trend?
* Sales of previously owned homes rose 14.5% in February compared with January, according to the NAR, the first monthly gain in 12 months and the largest increase since July 2020, just after the start of the pandemic. Higher
mortgage rates cooled home prices since last summer, and for the first time in a record 131 consecutive months – nearly 11 years – prices were lower on a year-over-year comparison. Home price inflation is still seen – but lower – in the Midwest and Southeast. Home price DEFLATION is being seen in the Northeast and West.
* WELCOME BACK! Since the start of 2022, agents representing close to $1 BILLION in sales returned to COMPASS after testing the waters elsewhere, citing our technology, the power of the COMPASS brand …..and our wonderful culture, yes YOU, the people of COMPASS!
* New York was home to the world’s first branded residence: the five-star Sherry Netherland hotel kick-started the concept by offering butlers and cocktails to its long-term residents in the 1920’s. (FT)
* $1.5 trillion of commercial real estate loans are coming due in the next 3 years, loans made at rates close to 1%. Refinancing at higher rates with lower values will be a major challenge. 80% of commercial loans are regional banks. Thankfully, most large commercial properties are owned by larger, rich entities. Many retirement and pension funds are invested in commercial real estate.