Financial Blog

Brexit Effect On US Real Estate: Why Millennials May Be Priced Out Of Some Markets

Pricey New York real estate might get even more costly whether or not Britons vote to shuck their membership in the European Union, and millennials might see either more competition from foreign investors pricing them out of the market, or will benefit from falling interest rates -- cheaper mortgages --engendered by a faltering global economy.

With the Brexit vote looming Thursday, high-net-worth real estate investors -- both individual and institutional -- are eyeing New York and other gateway US cities as safe havens, spooked by uncertainty that has crept into the London market in the last year, not only as a result of the contentious Brexit campaignbut also because of recent policy changes involving visa approvals and real estate taxes.

New York real estate attorney Edward Mermelstein said big-money foreign investors have been shifting to the US market for the past year, and the turmoil generated by the Brexit campaign has escalated the trend.

"There is a fairly strong consensus the British economy is going to be negatively affected by Brexit," Mermelstein said. "Paired with what has been happening recently in the investment atmosphere, its only going to put additional pressure on Britain as a place to invest."

Lawrence Yun, chief economist at the National Association of Realtors, estimated that foreigners invested $80 billion in US real estate last year. Overall, US real estate is worth approximately $22 trillion, about 2 or 3 percent of it controlled by foreign investors.

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Anne Arundel real estate: A seller's market?

Reading through the monthly reports regarding Anne Arundel Countys real estate sales, its easy to understand Realtors optimism.

Each month in 2016 shows growth over the same period in 2015. Houses are on the market for fewer days. Starter homes and mansions are selling in greater volumes.

Bakersfield's Tobias Real Estate Affiliates with Century 21 Real Estate

Tobias Real Estate in Bakersfield, CA, has announced that it will now operate as CENTURY 21 Tobias Real Estate, a real estate brokerage franchise affiliate of Century 21 Real Estate LLC. The company will provide residential and commercial real estate services to buyers and sellers throughout Kern County

"CENTURY 21 Tobias Real Estate proves that success is achieved when you combine decades of industry expertise with an unyielding commitment to world class service," said Rick Davidson, president and chief executive officer, Century 21 Real Estate LLC. "We are thrilled to welcome Tobias Real Estate to the CENTURY 21® System and look forward to watching their continued success in the markets they serve in and around Bakersfield."

Husband and wife Scott and Darlene Tobias opened Tobias Real Estate together in 2007 and have since grown the brokerage to include 50 sales associates. With more than 40 years of wide-ranging real estate experience, including roles as President of Bakersfield Association and Director of the California Association of REALTORS®, Scott successfully established Tobias Real Estate as one of the largest independents in the Bakersfield market.

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