The current market conditions are fascinating.
There were 141 NSDCC listings that went pending in October, and 44 of them have already closed escrow! It leaves 133 listings in the pending category so the closed sales in November and December probably won’t set any records, but if there were 100 closings each month then I’d be impressed.
How about the closed sales? Smoking hot, compared to last year:
NSDCC September and October Sales and Pricing, 2023 vs. 2024
It all points to the 2025 Selling Season being robust, to say the least. It is going to start in January, and there might even be sellers who want to get a jump on it and list their home in December!
Here’s one more category (rich people fleeing) to add to my reasons why 2025 is going to bust loose:
A growing number of wealthy Americans are making plans to leave the country in the run-up to Tuesday’s election, with many fearing political and social unrest regardless of who wins, according to immigration attorneys.
Attorneys and advisors to family offices and high-net-worth families said they’re seeing record demand from clients looking for second passports or long-term residencies abroad. While talk of moving overseas after an election is common, wealth advisors said this time many of the wealthy are already taking action.
“We’ve never seen demand like we see now,” said Dominic Volek, group head of private clients at Henley & Partners, which advises the wealthy on international migration.
Volek said that for the first time, wealthy Americans are far and away the company’s largest client base, accounting for 20% of its business, or more than any other nationality. He said the number of Americans making plans to move abroad is up at least 30% over last year.
David Lesperance, managing partner of Lesperance and Associates, the international tax and immigration firm, said the number of Americans hiring him for possible moves overseas has roughly tripled over last year.
A survey by Arton Capital, which advises the wealthy on immigration programs, found that 53% of American millionaires say they’re more likely to leave the U.S. after the election, no matter who wins. Younger millionaires were the most likely to leave, with 64% of millionaires between 18 and 29 saying they were “very interested” in seeking so-called golden visas through a residency-by-investment program overseas.
https://www.cnbc.com/2024/11/01/wealthy-americans-plans-leaving-united-states.html
I have not read up on prop 33, but if that goes against property landlords, do you see that as a driving factor to increase sales because smaller, independent landlords want to get out of the property management business?
If 33 passes, I’m putting it on my list of why 2025 will be a barnburner!
My Reasons Why Inventory Could/Will Surge in 2025:
1. Been trending that way – there has been 15% more NSDCC homes for sale this year than in 2023.
2. There will be at least 100 more active listings on January 1, 2025, than there were this year.
3. More Baby Boomers are dying
4. Prop 19 was fun while it lasted – now those who inherited want their money.
5. Politics – California politics in particular.
6. Cash-out Jackpot – Credit card debt is over $1 trillion for the first time. More will ighten the load and pay off all bills and downsize to cheaper home.
7. The affluent fleeing the country – hey if you got it and don’t have anything tying you down here, then there are good alternatives.
8. The 5th anniversary of Covid is a few months away. All those who put off selling and moving can go ahead now!
9. We’re all older – if you’re going to move, do it while you still can, physically!
We should keep a list of these to see if anyone moves:
Former Pittsburgh Steelers running back Le’Veon Bell has been pushing hard for former president Donald Trump heading into Tuesday’s election.
How much is Bell really on the Trump train, though?
Well, on Saturday, he made a promise to his followers on social media.
“I’m leaving the country if Kamala Harris wins,” he wrote.
Richard Gere and his wife Alejandra Silva have sold their expansive Connecticut ranch, following news of their planned move to Spain.
The 75-year-old actor and 41-year-old publicist, who recently shared a romantic moment at the Zurich Film Festival, sold the nearly two-acre New Canaan estate for $10.75 million.
The property features two separate residences: a charming 1938 main house with five bedrooms and a cozy three-bedroom cottage designed by renowned architect Harold R. Sleeper.
The grounds create a serene escape, complete with a patio, swimming pool, lush perennial gardens, and forest trails winding through a rock-lined stream, a natural pond, and a private waterfall.
Gere and Silva acquired the home two years ago from music icon Paul Simon and his wife, Edie Brickell.
In April, Richard revealed to Vanity Fair España that after spending the first six years of his marriage stateside, he and his wife are ready to embrace a new chapter by moving to her native Spain.
(I guess it’s not politically motivated but just glad to see people moving abroad)