THE BIG SPLASH

$1 billion mega-estate

What you can’t miss today

Ken Griffin is constructing a $1 billion mega-estate, slated to be the most expensive home globally, on a 27-acre assemblage of prime real estate in Palm Beach, Florida.

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• The estate, located near Donald Trump's Mar-a-Lago on the famed Billionaires’ Row, is expected to boast over 50,000 square feet of extravagant living space.

• Griffin's property acquisition journey began a decade ago, and the current estate amalgamates multiple parcels, including oceanfront and lakefront properties.

• The estate’s design features a grand swimming pool, meticulously landscaped gardens, and a caretaker’s cottage, epitomizing luxury living.

• Despite the Palm Beach estate's grandeur, Griffin has relocated his family to Miami, indicating the property might serve as a future retirement home.

A SCOOP OF MARKET DATA

The number you should know

15.4%

September saw a significant drop in home sales, hitting the lowest level since the foreclosure crisis of October 2010. Sales of previously owned homes fell 2% from August, marking a 15.4% decrease compared to September 2022.

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• The slow sales pace is attributed to higher mortgage rates and limited housing inventory, with the average rate on a 30-year fixed mortgage around 8%.

• The median price of a sold home in September stood at $394,300, a 2.8% increase year over year, exacerbating affordability issues.

• Inventory is down more than 8% from a year ago, with just 1.13 million homes available for sale.

• First-time buyers constituted only 27% of sales, a significant drop from the historical average of 40%.

A SCOOP OF INSIGHTS

Something you’ll learn

Freddie Mac introduces DPA One, a tool designed to connect borrowers with nationwide down payment assistance programs efficiently.

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• DPA One aggregates and showcases various assistance programs, offering a standardized, insights-rich tool for quick access and comparison.

• The tool addresses the challenge of the down payment, a significant hurdle for first-time homebuyers, by providing detailed visibility into assistance programs.

• Lenders and housing counselors can enter client eligibility parameters and receive matched programs, enhancing decision-making and client communication.

• DPA One supports 48 of the 50 state housing finance agencies and will expand to include additional local and state programs through 2024.

• The tool is available at no cost, aiming to streamline the process for lenders, housing counselors, and down payment assistance program providers.

A SCOOP OF CONTROVERSY

Everyone will talk about it

Zillow is offering new homebuyers thousands of dollars in down payment assistance, piloting the program in Arizona, to counter the effects of high mortgage rates and low housing inventory.

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• The online real estate platform's program provides grants worth 2% of the home's purchase price, potentially lowering the down payment to 1%.

• This initiative is akin to the financial assistance often provided by parents to first-time homebuyers, aiming to support those unable to access parental home equity.

• Zillow has not disclosed the total amount allocated for these grants or the expected average grant size but plans to expand the program nationally.

• Eligibility is limited to first-time buyers with incomes below the area's average, with grants unlikely to exceed $10,000.

• The housing market is currently hampered by 21-year high mortgage rates and a significant drop in available homes due to pandemic-related construction slowdowns and homeowners retaining low-rate mortgages.

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