100s of abandoned churches for sale
WHAT’S MOVING THE MARKET
The U.S. housing market is experiencing more price reductions, with 18.6% of listings marked down, up from 17.7% last year, alongside a 34% increase in inventory. The Northeast, West, and Midwest regions have seen the largest price cuts, while the South remains relatively stable with only a 0.1% change. Major cities like Providence, Portland, and Tampa had the biggest increases in price reductions, and popular markets such as Phoenix, Austin, and San Francisco saw median price cuts of up to 28.2% year-over-year. More here
Townhome starts rose by over 3% as builders focus on cost-saving strategies, appealing to buyers priced out of detached single-family homes. To cut land acquisition costs, median lot sizes for new homes have decreased by 700 square feet from 2022 to 2023. Sun Belt cities are leading in single-family permit issuances, with Houston issuing 232,810 permits since 2020 and home values rising by 39%. Dallas follows with 207,471 permits and a 47% increase in home values. Tampa leads the nation in price growth with a 62% surge, while Jacksonville saw values climb by 53% alongside over 65,000 permits issued. More here
The "forgotten middle" seniors, earning between $26,000 and $103,000, are expected to reach nearly 16 million by 2033, yet affordable senior housing options remain limited. Over half of these seniors will likely face three or more chronic health issues, and nearly a third may experience cognitive impairments. NORC highlights that only 18% of eligible "near-duals" (low-income seniors just above Medicaid eligibility) are enrolled in Medicare Savings Programs, leaving many vulnerable to financial hardship from a single health crisis. Homeownership rates for older Black adults are projected to drop from 82% to 69% by 2035, intensifying aging-in-place challenges. NORC also points out that disparities in assets like stocks or Roth IRAs limit Black and Hispanic seniors' financial security in retirement. More here
Jumbo mortgage originations have plummeted to their lowest level since 2014, marking a 56% decline from 2022, as rising interest rates and home prices deter high-income borrowers. Currently, only 4% of jumbo borrowers hold rates above 7%, while 75% are locked into rates below 4%, highlighting the appeal of lower rates over time. In July, jumbo loan applications accounted for 21% of all purchase loans, returning to levels seen at the start of the pandemic in 2020. More here
WHAT’S WORTH WATCHING
With religious affiliation declining—membership dropping from about 70% in 2000 to 47% by 2021—church properties are increasingly being converted into homes. Small churches, particularly in rural areas, are most vulnerable due to dwindling congregations. These conversions appeal to buyers for their unique architectural features like high ceilings and timber beams, though renovations can cost $150,000 or more. Cities like Detroit and Asheville see church sales as viable real estate options, despite challenges like rezoning, meeting historic preservation standards, and longer market times compared to traditional homes. More here
Miami’s industrial market set a record with over six million square feet of new inventory, though the construction pipeline has slowed to 3.3 million square feet as developers pause projects amid high interest rates and costs, awaiting economic stability. West Palm Beach saw 301,000 square feet of positive absorption, while Fort Lauderdale absorbed a smaller 24,000 square feet, with asking rents climbing to $16.72 per square foot in Fort Lauderdale and up 12% in West Palm to $15.81. Miami's vacancy rate increased to 5.4%, with West Palm and Fort Lauderdale at 6.4% and 5.3%, respectively. Notable recent leases in Miami include Starboard Holdings’ 184,968-square-foot renewal and Miami International Freight Solutions' 105,960-square-foot lease. More here
Hudson Piers is set to reshape Yonkers’ downtown waterfront with six buildings, beginning with 369 apartments and 10,000 square feet of commercial space. Renters can expect studios from $2,500, one-bedrooms at $2,950, and three-bedrooms at $4,950. AMS Acquisitions plans over 2,900 downtown apartments, including 2,000 units at Chicken Island, slated to start in 2025. The Trolley Lofts, near Metro-North, offer rentals from $2,850 for studios, featuring historic architecture with high ceilings. Yonkers’ revitalization includes a 1.5-mile waterfront promenade, arts, retail spaces, and luxury amenities at Hudson Piers, such as a saltwater pool, dog park, and putting green, catering to those seeking NYC-level living. More here
Rooting for ya,
JS
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Disclaimer: Jonathan Smith is not a practicing CPA or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified CPA, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.