Connect with us

Vehicles

Palm Beach County Sets Annual Condo Sales Record in Only 10 Months

Published

on

MIAMI, Nov. 23, 2021 /PRNewswire-PRWeb/ — Palm Beach County real estate broke its record for the most annual condo sales in only 10 months as October 2021 sales totals pushed the market over the old standard, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

Palm Beach County total home sales decreased 13.1% year-over-year in October 2021, from 3,233 sales to 2,809, because of lack of inventory and Covid19 comps (stats are in comparison to major rebound demand last year). Palm Beach single-family home transactions decreased 19.1%, from 1,818 to 1,471. Palm Beach existing condo sales decreased 5.4%, from 1,415 to 1,338.

Year-to-date, Palm Beach County has registered 15,189 existing condo sales in 10 months, which surpasses the previous annual record of 14,435 transactions in the entire year of 2013.

“Homebuyers in high-density, high-tax markets continue purchasing homes in Palm Beach County,” JTHS-MIAMI President Bill Mate said. “The South Florida lifestyle, the low taxes, the pro-government structure, the new jobs and industries that are migrating here are all contributing to a high-demand, low-supply market.”

Palm Beach Luxury Market in Demand as Northeast and West Coast Buyers Move to Mega Region
Palm Beach County single-family luxury ($1-million-and-up) transactions decreased 5.1% year-over-year to 204 sales in October 2021. Palm Beach existing condo luxury ($1-million-and-up) sales stayed even year-over-year at 54 transactions.

There are 3.2 months of supply in luxury single-family homes; 3.1 months of supply in luxury condos. Luxury months of supply continues to trend downward for all property types, month-over-month, and year-over-year.

Low interest rates; a robust S&P 500; the appeal of stable assets in a volatile economy; homebuyers leaving tax-burdened Northeastern states to purchase in Florida (no state income tax); and work-from-home and remote-learning policies have all combined to create a robust market for luxury single-family properties.

With global vaccinations rising and unstable political situations around the world, South Florida is seeing an increase in foreign homebuyers. Global buyers are coming here for the vaccine and purchasing property.

Vaccinated foreigners were allowed to resume travel to the U.S. starting on Nov. 8 and that will lead to more international investment in South Florida – the No. 1 destination for foreign buyers. Global buyers purchase in Miami because Miami is a world-class global city with better real estate prices than other similar global cities. Foreign buyers feel at home with our incredible diversity and acceptance of all cultures.

Palm Beach single-family homes priced between $400K to $600K decreased 7.6% year-over-year to 477 transactions in October 2021. Palm Beach existing condo sales priced between $400K to $600K increased 19.8% to 151 transactions.

Low-Supply/High-Demand Market for Palm Beach Real Estate
There is always a seasonal fade in inventory in the fall and winter. More inventory is expected to come to the market in 2022 as potential home sellers become more comfortable listing and showing their homes. The falling number of homeowners in mortgage forbearance will also bring about more inventory.

New listings of Palm Beach single-family homes decreased 17.3% to 1,694 from 2,049. New listings of condominiums decreased 16.6%, from 1,810 to 1,509.

Inventory of single-family homes decreased 46.5% year-over-year in October 2021

Full story available on Benzinga.com

Original Article: benzinga.com

Vehicles

Senate Gives Rosenworcel New FCC Term, but Republicans Aim to Block Gigi Sohn

Published

on

Enlarge / FCC Commissioner Jessica Rosenworcel testifies before the House Energy and Commerce Committee’s Communications and Technology Subcommittee on December 5, 2019, in Washington, DC. (credit: Getty Images | Chip Somodevilla)

The US Senate today approved a new five-year term for Federal Communications Commission Chairwoman Jessica Rosenworcel. Today’s vote ensured that Rosenworcel won’t have to leave the commission at the end of the year. But the FCC is still deadlocked at 2-2 between Democrats and Republicans—and the GOP is mounting a serious challenge against Gigi Sohn, the Biden nominee who would give Democrats a 3-2 majority.

Today’s vote on Rosenworcel was 68-31, with Democrats and some Republicans approving the renomination. We’ll update this story with more specifics on today’s Senate vote later, but you can see the results of last night’s cloture vote to end debate on the renomination here.

“It’s the honor of my lifetime to lead the FCC and serve as the first permanent female Chair,” Rosenworcel wrote on Twitter after the vote. “Thank you to the President and Senate for entrusting me with this responsibility. There’s work to do to make sure modern communications reach everyone, everywhere. Now let’s get to it.”

Read 8 remaining paragraphs | Comments

Source: arstechnica.com

Continue Reading

Vehicles

This Week’s Earnings Repertoire

Published

on

Last week ended with the Omicron Covid variant casting a shadow over the joy revolving around the upcoming holidays. This week, Costco (NASDAQ: COST), Stitch Fix (NASDAQ: SFIX), Lululemon Athletica (NASDAQ: LULU), and GameStop Corporation (NYSE: GME) will show how they are weathering global challenges that even got the big ones tripped up.

1. Stitch Fix

The online apparel specialist’s shares have been having a hard time this year, which means the bar is set low for its Tuesday report. Back in September, management expected sales growth to slow to as low as 15% in the new fiscal year, compared to last year’s 23%. Although that slowdown might be temporary, Wall Street is worried about the impact of slowing growth, rising competition, and pressured margins due to supply chain disruptions and inflationary costs.

Adding direct shopping offerings is expected to help the subscription-based apparel delivery service business unlock a much bigger addressable market. But as it faces off well-established rivals, Stitch Fix has fewer competitive advantages.

Everyone’s eyes will be on the engagement metrics such as average spending will help show whether Stitch Fix is succeeding in reaccelerating sales growth. But investors are doubting the business’ capability to recapture that 20% sales …

Full story available on Benzinga.com

Original Source: benzinga.com

Continue Reading

Vehicles

The Movement to Hold AI Accountable Gains More Steam

Published

on

By

Enlarge (credit: MirageC | Getty Images)

Algorithms play a growing role in our lives, even as their flaws are becoming more apparent: a Michigan man wrongly accused of fraud had to file for bankruptcy; automated screening tools disproportionately harm people of color who want to buy a home or rent an apartment; Black Facebook users were subjected to more abuse than white users. Other automated systems have improperly rated teachers, graded students, and flagged people with dark skin more often for cheating on tests.

Now, efforts are underway to better understand how AI works and hold users accountable. New York’s City Council last month adopted a law requiring audits of algorithms used by employers in hiring or promotion. The law, the first of its kind in the nation, requires employers to bring in outsiders to assess whether an algorithm exhibits bias based on sex, race, or ethnicity. Employers also must tell job applicants who live in New York when artificial intelligence plays a role in deciding who gets hired or promoted.

In Washington, DC, members of Congress are drafting a bill that would require businesses to evaluate automated decision-making systems used in areas such as health care, housing, employment, or education, and report the findings to the Federal Trade Commission; three of the FTC’s five members support stronger regulation of algorithms. An AI Bill of Rights proposed last month by the White House calls for disclosing when AI makes decisions that impact a person’s civil rights, and it says AI systems should be “carefully audited” for accuracy and bias, among other things.

Read 27 remaining paragraphs | Comments

Original Source: arstechnica.com

Continue Reading

Trending

UXQS.com