Robert De Niro is the current tenant of one of New York City’s most expensive apartments.
The abode, which takes up an entire floor at 15 Central Park West, rents for an astounding $125,000 per month.
According to Page Six, the apartment has five bedrooms, seven bathrooms and a library among its 6,000 square feet. The unit was once for sale in 2012 for $95 million.
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Millennials began moving in with their parents in record numbers in recent years as the economy remained unsteady and the job market bleak.
But now, as the country has begun to recover, and unemployment rates have decreased, America’s young professionals are finally starting to move out and settle into their own places.
As far as the real estate market is concerned, this new group has had little effect on home sales but has sent rental rates soaring.
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A recent Wells Fargo survey has uncovered an unfortunate truth in the real estate world.
According to the findings, which the mortgage giant compiled in June, many potential buyers are hesitant to get the ball rolling on homeownership because they either are unsure of whether they qualify for a mortgage, or because they are simply unsure of how the whole process works.
“Ninety-five percent of survey respondents said they want to own a home if they don’t already,” said Franklin Codel, head of the Wells Fargo Home Mortgage production. “Informing prospective homebuyers about their options is the first step toward helping them realize their goals.”
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As of Friday afternoon, mortgage rates had gone 10 days without decreasing and are now back up to 4.25 percent.
On some days during the span the rate increased, and others it stayed the same.
“Momentum has been negative for several days now and I don’t see any evidence in front of me to suggest a reversal any time soon,” Hugh W. Page, a mortgage broker from Seacoast National Bank, told Mortgage News Daily.
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In the week ending September 5, the number of mortgage applications filed in the U.S. was the lowest it has been since December 2000.
According to the Mortgage Bankers Association, its Market Composite Index showed a decrease of 7.2 percent from the week before. It was also the largest one-week drop since the week ending June 13.
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The rental market in Manhattan has becomes so pricey that many tenants have been priced out of the once-popular borough.
Now, Brooklyn and Queens are the places to be.
“At a certain point, people say to themselves, ‘There’s only so much I can afford,’” said Gary Malin, president of Citi Habitats. “There’s enough options for them now, either elsewhere in Manhattan or in the outer boroughs.”
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For the first time since November 2010, the U.S. real estate market has seen the number of foreclosures rise from the same time last year.
Nearly 52,000 homes were put up for auction in August, up 1 percent from the same month in 2013.
Experts are quick to note that this does not mean that we are headed back toward another mortgage crisis. Rather, many foreclosures have gotten delay over the last few years, and they are just now starting to catch up.
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With the right frame of mind, a steel shipping container may make for the perfect affordable, eco-friendly home.
There are lots of these vessels sitting around, otherwise useless, in shipping yards all around the country. So why not convert them into livable dwellings?
According to CNN Money, a two-story shipping container home – complete with three bedrooms, two bathrooms and a laundry room – can be yours for as little as $119,000.
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CoreLogic revealed on Tuesday that fewer and fewer homes are being purchased in all-cash deals.
The most recent data available shows that the percentage of all-cash sales dropped from 34.4 to 33 percent in the month between May and June.
This new number is the lowest rate we’ve seen in six years.
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Mortgage News Daily revealed on Monday that, according to Fannie Mae’s National Housing Survey, the average consumer’s overall outlook on the real estate market was less positive in August than it was in July.
The survey revealed that many people feel it is neither a good time to buy, nor a good time to sell, a home.
The percentage of Americans who feel it is a good time to buy dropped from 67 to 64 percent over the month-long stretch, while the number who believe it is a good time to sell slipped from 43 to 38 percent.
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