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Affordability and Dire Do Not Apply

Affordability and Dire Do Not Apply

There were 483 single family residential homes on the market as of February 1 in the Lakes Region communities covered by this report. The average asking price was $668,583 and the median price point was $324,900. This inventory level represents a four month supply of homes on the market. That’s pretty low so if you have a home to sell, now is a great time to consider it. It might be freezing out but there is less competition and that means possibly a quicker sale for you!

I was surfing the internet the other day and stumbled onto the CNBC real estate news site. There was headline after headline for all these short video news stories on how dire the national real estate market was doing at the end of 2018. Here are just a few of the them:

2018 new home sales end weaker

Southern California home sales plunge 20% in December to the lowest pace in 11 year

Pending home sales see lowest December since 2013

Pending home sales drop in December despite much lower interest rates

The unusually large drop in home sales has real estate agents baffled

Existing home sales drop sharply, down 6.4 percent

There are ‘serious problems’ in US real estate

And then comes a headline: Billionaire Ken Griffin buys New York penthouse for $238 million, the most expensive US home ever sold

And another Citadel’s Ken Griffin buys most expensive home in the U.S. Ken Griffin buys most expensive home in the U.S.

And, yet another: Billionaire  Ken Griffin buys $122 million London mansion

Right next to Billionaire Ken Griffin buys New York penthouse for $238 million, the most expensive US home ever sold was the headline and story How the affordability crisis is impacting the housing market. Really? You put those two headlines side by each and expect people not to laugh?

Obviously, Ken Griffin doesn’t have an affordability crisis in his world. The word “dire” does not apply to him. The penthouse he just purchased comprised the four top floors of the high rise condo building at 220 Central Park West which obviously overlooks Centr al Park. It has a total of 24,000 square feet of unfinished space! Yup, unfinished!  He is expected to spend many millions more in designing and completing the residence. Maybe he will stay in his less expensive London mansion while he has his penthouse pad finished.

Am I jealous? Not a bit. After all, we live in the Lakes Region and I get to see lots of beautiful homes on and off the water that I would much rather have. Who is Ken Griffin anyway? He is a hedge fund manager that started the investment firm Citadel in 1990. The company currently manages $28 billion in assets for its clients. In high school he really, really excelled in math and was president of the math club. Dam it…that’s where I went wrong! He is also a big philanthropist who has given over $700 million to various organizations. So he’s probably a good guy to boot.

So what is my point with all of this you might ask? Well, I just wanted to let you know about the most expensive home ever sold in the U.S. and that the real estate world in not really that “dire” despite the news organizations’ zest for gloomy headlines. And, again, I am not jealous of Ken Griffin. I am upset about the fact that I wasn’t the president of our math club.

Data compiled using the NEREN MLS system.

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Roy Sanborn

As a REALTOR® since 2000, I know what it takes to ensure a smooth real estate transaction; hard work, dedication and loyalty to my clients, knowledge, and effective communication. It is this philosophy that has helped me to consistently be one of the top producing agents in the Lakes Region of New Hampshire. I’ve also found that helps to have a little fun along the way! My partner, Ashley Davis, and I are thrilled to be part of Four Seasons Sotheby’s International Realty and have taken Sotheby’s already amazing marketing program and philosophy one step further with the formation of our Distinctive Homes Group! I know the lakes, the Lakes Region, and the lifestyle you are probably looking for.

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