February 08, 2022
Today, David and I are heading over to see La Fin (“The End”) and we’re absolutely thrilled to be touring this property. It’s a truly incredible, one-of-a-kind Bel-Air mansion that just hit the market for a staggering $139,000,000. If it sells at that price point, it will be one of the most pricey local real estate deals ever brokered.
This place has it all: a chilled vodka tasting room, ventilated cigar room, display garage with rotating car tables. A stunning home like this, at this price point, really proves that the LA market is on fire.
We’re not telling you this story to brag about what we’re doing (…okay, maybe just a tad) but to INSPIRE you! There is nothing quite like the excitement of looking for buyers for ultra-luxury properties.
Do you dream of selling a multi-multi-million dollar home? How big is your biggest goal? Take it from us: door-knock and that door will be opened for you!
Last week, we showed you why it’s better to buy than rent. Well, here’s more proof. In January, rent hit a new all-time high. The national average for a one-bed apartment is now $1,374 – up 12% since last year.
If you think that number is wild, look at Texas. Rent increased 21.1% YoY in Austin, the fastest rent growth of any city in the Lone Star State. And for the first time, Boston might just overtake San Fran as the second-most expensive city in the country.
Currently, these are the top 10 cities with the most expensive average one-bedroom apartment rentals:
Rent is, dare we say, abhor-rent right now. It doesn’t matter if you live in NYC or Omaha, rates are headed through the roof. So if your clients have the opportunity to buy, it’s always a good idea. Why pay someone else’s mortgage when you could be paying your own and building up equity?
Sales of virtual land in the four biggest metaverse platforms (that’s Sandbox, Decentraland, Cryptovoxels, and Somnium) hit a staggering $501M in 2021. But this year, that already unbelievably high number is expected to double.
Virtual property sales surged in November after Facebook rebranded to Meta and put their stamp of approval on the industry. And an increasing number of brands are vying for advertising space and retail storefronts, making virtual property in highly trafficked areas an even more lucrative buy for savvy investors.
It’s becoming clear that the metaverse is the future. While we want to move with this exciting trend, we also want to be careful. This industry has a steep learning curve. We’re doing our best to get up to speed, and we suggest you do too, because it’s always better to move with trends than against them.
It’s true that mortgage rates are going to go up. They’ll continue to increase as 2022 unfolds. But before your clients panic, let’s remember that it’s been a whole lot worse:
As this walk down mortgage-rate memory lane shows, 2022’s rate increases are tiny by comparison. It’s all about perspective, people! We don’t expect rates to skyrocket anytime soon. The Fed wants to avoid raising rates and stirring a recession, so they’ll most likely keep rates low. But maybe not super low! Tell your buyers that these rates will not last. The time to buy is now!
The news that just missed the cut
Advice from James and David to win the day
I recently had the chance to sit down for an interview with Joe (a.k.a. The Prep Agent) and we talked about what it takes for a new agent to become successful in this business.
Here’s a quick rundown of the ground we covered:
Want more? Grab a cup of coffee and watch the whole interview here.
Keep the latest industry data in your back pocket with today’s mortgage rates:
If you've made it this far in the newsletter, you're a real one. Can you hit us with a quick reply and tell us what podcasts/youtube channels you like?
See you on Fridayyyy
- James and David
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