Leland Spelman’s Post

US Banks own over 3 Trillion of Treasury bonds. This is what happens when you raise rates 11 times. These losses will begin to shrink when rates begin to be reduced. They will need to make more than 1 0.25% rate reduction. #bank #economy #federalreserve #realestate #mortgage #housing

The Central Bank of Canada is set to lead rates lower again for their 3rd rate reduction on Wednesday, taking their rate to 4.25%, the same rate as the EU. The US Fed is anticipated to follow the EU and Canada and start lowering their rates in September from 5.5%. Switzerland began lowering their central rate a-year-ago and now their rate is at 1.25%. Lower rates should reduce mortgage rates and bring more affordability back into the housing market. Follow me on LinkedIn for the latest real estate news and stories. #economy #housing #realestate #mortgage #FederalReserve #Canada #EU #Switzerland

What do you get for $1.5M in 12 Bay Area Cities? Palo Alto is very pricey with a median sales price of $3.1M. Palo Alto is the home of Stanford University and located in the heart of Silicon Valley. San Francisco’s median price for a single-family home is $1.4M, less than 1/2 the price of a home located in Palo Alto, yet only a 35 minute drive to tech central. Many tech workers choose to live in SF and commute into Silicon Valley. Follow me on LinkedIn for interesting stories and news on local, US and international real estate matters. Cities covered in this article are #SanRafael #Petaluma #SanFrancisco #Berkeley #PaloAlto #SanJose #Dublin #Fremont #Marin #Sonoma #UC #Stanford #UCBerkeley #SanMateo #SiliconValley #Housing #VentureCapital

The 18th hole at Pebble Beach attracts an off-market price of $45 million.The prior highest home sales price was the DL James House in the Carmel Highlands, which sold to Brad Pitt in 2022 for $40 million. The home is just one of five on the final hole of the iconic coastal course. “To buy a property on the Pebble Beach Course is really rare and only 5 homes were built on the 18th Fairway”, said Tim Allen from our firm, Coldwell Banker, who represented the Seller. The home is located just a short walk to the Pebble Beach Lodge and Beach Club. Designed by architect Robert Griffin, the Cypress Drive home includes about 10,500 square feet of living space with five bedrooms, six full- and four half-bathrooms on approximately 1.78 acres of manicured and private grounds adjacent to the 18th fairway. The previous owner of the home was former San Diego Padres owner John Moores. The property was purchased with his then-wife Rebecca in 1994 for $7 million. The greatest golfers of all-time have walked the 18th fairway to winning championships at Pebble including: (Wins) (5) Phil Mickelson, (5) Matk O’meara 3) Jack Nicklaus, (3)Johnny Miller, (3) Sam Snead, (2) Tom Watson, (2) Davis Love, Tiger Woods Byron Nelson, Ben Hogan, Vijay Singh and a few others. Follow me on LinkedIn for interesting real estate stories and news. #PebbleBeach #Monterey #Carmel #Golf #Housing #RealEstate #VentureCapital #Software #ColdwellBanker #Marin #SanFrancisco #MillValley #WSJ #Baseball #Padres #MLB #PGA

Berkeley, the first city in the nation to adopt single-family zoning is set to overturn it. The goal is to stimulate the building of higher density units in a city which has effectively run-out of available vacant land. The state has mandated all cities to build more housing, Berkeley’s mandate is 9K new housing units by 2035. If a city misses its mandate then all development is streamlined to 18 months with less public say and controls. The change of the single-family zoning can create a real loss to residents who retain their homes as large developments arise near or adjacent to their home. New higher density properties can create noise, traffic; street parking issues; loss of views and light and change the character of an entire neighborhood. This month, a new 14-story dorm, located off-campus, opened in Berkeley which provides housing to nearly 800 students. The building is located in a perfect location, downtown near campus. This building has no impact on a traditional neighborhoods. In the future, this could change. The total cost of the project was $300M. All funds to build the dorm were donated by the Helen Diller Foundation. Changing zoning will make higher density possible, but the cost of development is still expensive. Follow me on LinkedIn for stories and news on local, US and International real estate matters. All articles are open and provided as gifts. #berkeley #housing #zoning #building #development #UCBerkeley #planning #urbanplanning #studenthousing

New York appears to be leading the conversion from office building la into housing. Most office buildings are not poised for good residential conversion given light, air and depth of buildings. This article discusses the conversion of Pfizer’s prior HQ into 1,600 units. Investors are closely evaluating these projects and providing funding. A firm, Northwind says it funds 10% to 20% of the conversion project requests it receives. When I last spoke with San Francisco’s Planning Department they had received applications for conversions, but no one had yet completed the approvals for a conversion. Follow me on LinkedIn for stories and news on local, US and International real estate matters. All articles are open and provided as gifts. #office #apartment #housing #conversion #newyork #sanfrancisco #development #commercial #realestate #cre

Assembly Bill 1840 providing $150,000 for undocumented first-time homeowners will be sent to the Governor for signing. Sources for these funds can come from the state’s general fund. Gov. Gavin Newsom signed last month California's budget to close an estimated $46.8 billion deficit through $16 billion in spending cuts and temporarily raising taxes on some businesses. This year’s budget is also pulling $19 Billion from the “rainy day fund” created when the state was running surpluses. Last year’s total budget was $311 Billion, by far the largest state budget. Who is the largest foreign buyer of US homes? 500K Canadians own homes in Florida. In the US, 95% of all Canadian Buyers are “ALL-CASH” buyers, with only a small percentage requiring traditional mortgage financing. Canadian Banks have a large presence in Florida and their footprint is spreading to other states. In Canada, there is a moratorium on any non-Canadians purchasing a home until 2027 due to a shortage of housing. Follow on LinkedIn for stories and news on local, US and International real estate matters. All articles are provided as gifts without pay-walls. #housing #realestate #home #economy #californa #sanfrancisco #losangeles #homesales #canada #TD #TorontoDominion #BMO #Florida #Toronto #Montreal

Dear Mr. Powell; The time has come to reduce rates to return liquidity to the housing markets. Your regional governor’s survey is also raising concerns about the job market, especially weakness in manufacturing which is “firmly in retraction territory”. Last week, the employment numbers for March were dramatically revised downward by nearly 1 million less jobs than labor data had previously indicated. Translation, the unemployment rate has been much higher than thought for the past 6 months. The Fed has been waiting for more data. No reason to delay. Follow me on LinkedIn for stories and news on local, US and International real estate matters. All articles are open and provided as gifts without pay-walls. https://lnkd.in/gNP9rXKd #economy #housing #jobs #sanfrancisco #federalreserve #bank #dallas #housing #realestate #newyork #philadephia #powell #jeromepowell #labor #marin #bloomberg

For all the Buyers out there, stay positive and work with a buyer agent to make your dream happen. Mortgage rates should go lower. 5 Million home buyers have delayed a home purchase in the past 3 years due to high rates and many are still hopeful to purchase, with 90% of people saying “owning a home is essential and important to their vision of the future.” Recently, a new 1st-time-home-buyer, who was just turning 38, told me she felt like a failure because she was becoming a home owner so late. I said don’t feel bad, because the average age of a first-time home buyer has risen to 36 years old. In 1980, the average age to own your 1st home was 29 years-old. She was in good company . Now a buyer should engage a buyer’s agent based upon new rules. A realtor with a mortgage broker can layout a financial plan to help make your dream of a home a reality. If you need a referral, we have excellent agents in our network in all 50 states. We also sell real estate in 40 countries including, #England #Canada #Mexico #France #Spain #Chile #Ireland #Italy #Indonesia #India #Monaco #Portugal #housing #realestate #economy #coldwellbanker #sanfrancisco #marin #wsj

Last year, a surge in immigration occured into Australia and average rents jumped 11% YoY. The number of international students in Australia has topped 700,000 for the first time, helping to drive the number of temporary entrants to 2.8 million, another new record. We saw a similar pattern of spiking rents in the US during Covid 2020-2021 as millions moved quickly into other areas, primarily into the south. Australia’s rent rise appears to be correlated to total newcomer migration. Today, Australia has just set new limits on student visas at 270K. In 2023, there was a near doubling of student visas. The new limit returns student visas to their recent annual averages. China has the most foreign students in Australia at 152K, followed by India with 120K. This pattern of China and India leading the population of international students is repeated in most western countries. In the US, there are just over 1M foreign students. The largest groups are from China with 289K students and India at 268K. These 2 countries have over 50% of the US market share of foreign students. International students bring in about $16.4 billion into Canada’s economy. Canada, with about 1/10 of the US population also has 1M foreign students. This time, India leads with 319K students and China has 100K. Foreign students in Canada grew by 29% this past year! About 1 out of every 39 people in Canada is a foreign student. Canada has a moratorium of not allowing international buyers to purchase a home until 2027, so all the new folks must be renters. In the UK, there are 680K foreign students with China again the top country at 100K students and 87K from India. International students tend to be more profitable for schools with their tuition often set higher than domestic students. Follow me on LinkedIn for stories and news on local, US and International real estate matters. All articles are open and provided as gifts. https://lnkd.in/gsvaVjFR #University #Student #migration #Austrailia #China #India #US #Foreignstudent #Canada #UK #England #bloomberg