Median Home Price Not Affordable to 74 Percent of Average U.S. Wage Earners

worldpropertyjournal | June 27, 2019

According to ATTOM Data Solutions newly released Q2 2019 U.S. Home Affordability Report, median U.S. home prices nationwide in the second quarter of 2019 were not affordable for average wage earners in 353 of 480 U.S. counties analyzed in the report (74 percent). The largest populated counties where a median-priced home in the second quarter of 2019 was not affordable for average wage earners included Los Angeles County, California; Cook County (Chicago), Illinois; Maricopa County (Phoenix), Arizona; San Diego County, California; and Orange County, California. The 127 counties (26 percent of the 480 counties analyzed in the report) where a median-priced home in the second quarter of 2019 was still affordable for average wage earners included Harris County (Houston), Texas; Wayne County (Detroit), Michigan; Philadelphia County, Pennsylvania; Cuyahoga County (Cleveland), Ohio; and Franklin County (Columbus), Ohio. The report determined affordability for average wage earners by calculating the amount of income needed to make monthly house payments  including mortgage, property taxes and insurance -- on a median-priced home, assuming a 3 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics. Despite falling mortgage rates and rising wages, the cost of owning the typical home remains out of reach or a significant financial stretch for the nation's average wage earners," said Todd Teta, chief product office with ATTOM Data Solutions. "However, a closer look at the data reveals milder-than-usual increases for the Spring, and none as severe as in previous years since the recession. Therefore, this can help indicate the market may be easing, following similar indicators from recent home-flipping and foreclosure data trends.

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Spotlight

Tycoon Global Real Estate Investment Platform (hereafter referred to as Tycoon Global) is a decentralized real estate investment, trading, and management platform, which is based on Ethereum.  Through a decentralized blockchain platform, Tycoon Global directly connects international investors with global real estate assets. With Australian residential development and commercial real estate management as its primary focus, Tycoon Global builds a new real estate ecosystem including investment, development, construction, project management, property management and transactions based on transparency, openness, and trust.

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LAWS AND ETHICS, REAL ESTATE ADVICE

Great Place to Work® Names Kimco Realty® One of the 2022 Best Workplaces in Real Estate™

Kimco Realty | September 09, 2022

Great Place to Work® has honored Kimco Realty® as one of the 2022 Best Workplaces in Real Estate™. This is Kimco’s first time being named to this prestigious list, making its inaugural appearance at number 16 in the ranking. Earning a spot means that Kimco is one of the best real estate companies to work for in the country. The Best Workplaces in Real Estate award is based on survey responses from over 23,000 employees from Great Place to Work-Certified™ companies in the real estate industry. According to the Great Place to Work® 2021 Global Employee Engagement Study, 94% of Kimco’s employees said that the company is a great place to work, as compared to 57% for a typical US company. “Kimco’s culture is truly unique. We are a team that values diversity, collaboration, and innovation all of which are a hallmark of our company’s success, I’d like to thank our talented and dedicated associates who have helped us achieve a leadership position in our industry and make Kimco such a special place to work day in and day out.” -Kimco CEO Conor Flynn The Best Workplaces in Real Estate is highly competitive. Great Place to Work, a global authority on workplace culture, selected the list using data analytics and confidential employee feedback. Companies were only considered if they had been a Great Place to Work-Certified™ organization, a designation that Kimco has received for the last four consecutive years. Great Place to Work is the only company culture award in America that selects winners based on how fairly employees are treated. Companies are assessed on the quality of the employee experience they create, with a focus on ensuring that the experience is great for employees of any race, gender, age, disability status, or role within the organization. These companies have adapted to the challenges of an ever-changing workplace by their commitment to inclusive, high-trust cultures where employees are treated as human beings first and foremost, Congratulations to the Best Workplaces in Real Estate,says Michael C. Bush, CEO of Great Place to Work. About Kimco Realty® Kimco Realty® is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco Realty is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of June 30, 2022, the company owned interests in 533 U.S. shopping centers and mixed-use assets comprising 92 million square feet of gross leasable space. About the Best Workplaces in Real Estate™ Great Place to Work selected the Best Workplaces in Real Estate by gathering and analyzing confidential survey responses from over 23,000 employees from Great Place to Work-Certified™ companies in the real estate industry. Company rankings are derived from 60 employee experience questions within the Great Place to Work® Trust Index™ survey. Great Place to Work determines its lists using its proprietary For All™ methodology to evaluate and certify thousands of organizations in America’s largest ongoing annual workforce study, based on over 1 million survey responses and data from companies representing more than 6.1 million employees, this year alone. About Great Place to Work® Great Place to Work® is the global authority on workplace culture. Since 1992, they have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Their employee survey platform empowers leaders with the feedback, real-time reporting and insights they need to make data-driven people decisions. Everything they do is driven by the mission to build a better world by helping every organization become a great place to work For All™.

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Coldwell Banker Real Estate Releases "The International Buyer's Guide to Purchasing U.S. Property"

Coldwell Banker Real Estate LLC | October 31, 2022

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Growing Florida Real Estate Company Further Disrupts Industry by Offering Agents New 100% Commission Option

LIVING VOGUE REAL ESTATE | September 06, 2022

Living Vogue LLC, doing business as Living Vogue Real Estate, a Florida-based luxury real estate company, announced today it will begin offering agents a 100% commission compensation option. In addition to this new alternative, the brokerage adjusted its traditional commission plan, with higher take-home percentages, thresholds, and an added cap, making it much more attractive to accomplished agents. Earlier this summer the company shocked competitors when it announced it had terminated 10% of its workforce as underperforming. Today's news makes it clear that the company is going after the best, most successful agents as it continues to grow. "While most of the industry is tightening, we're investing back into our most valuable asset: our agents. By offering more extensive benefits and higher compensation than our competitors, our goal is to attract and retain the best talent and thereby offer the highest level of luxury real estate services to consumers," - Mark Coppens, CEO of Living Vogue Real Estate Following record growth in 2021, the brokerage has no plans of slowing down. With agents doing business across the state in six different REALTOR Associations, executives aren't shy about their bold plans to expand into other highly competitive markets. They credit the company's success to their fundamental shift in focus onto the client experience, beyond just the predictably impersonal transaction of buying or selling a home. By curating an upscale, uniquely luxurious experience for clients in their Showrooms; engagement, sales, and brand loyalty have been remarkable. Visit a Chanel boutique in an upscale mall and you'll see a line to get in stretching around the corner. Why wait in that line when you can buy the same handbag online? It's the genteel staff, complimentary champagne, and exclusive feel that are the hallmarks of a truly luxurious experience worth seeking out. Buying a multimillion-dollar home in paradise should feel just as luxurious as scoring that latest Louis Vuitton scarf at their flagship storefront on the Champs-Élysées. So, we've structured our unique Showrooms to focus on this client experience, and placed them in high foot-traffic upscale locations to give agents the tremendous lead opportunities, added Mr. Coppens. ABOUT LIVING VOGUE REAL ESTATE Living Vogue Real Estate, headquartered in Sarasota Florida, is all about the exclusive experience. From the moment you step into one of their swanky showrooms you're greeted with a glass of champagne or cappuccino, and treated to an enjoyable, glamourous experience all the way through closing. No matter your budget, they believe the process of buying or selling a home should be fun, exciting, and fulfilling. From arcade games and pinball to occupy your little ones, to a pool table and wine bar for the adults, their goal is to make turning the page of life's next chapter relaxing and rewarding. You won't find 'cube-farms' and stuffy receptionists at Living Vogue. Their reimagined workplaces foster highly creative and collaborative agents with the expertise and charisma to help make your real estate and lifestyle needs a reality.

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