Did You Know....


  • A recent evaluation of online estimates revealed some interesting results ....the Chicago home bought for $750,000 in 2017 had a Zillow Zestimate value of $1,002,900 as of mid-July, more than 40% above the 2017 purchase price. Meanwhile, Redfin pegged the estimated value at $942,976 during the same period. However, Chase arrived at a more conservative number: $881,800.  A Tacoma, Washington, home that had a Zestimate of $658,000 went on the market, the home listed for $950,000 — a whopping 42% above Zillow’s ballpark estimate. This was due largely to the renovated home interior and waterfront location. (Yahoo)

  • 600%!  That is the growth of $10m-plus home sales in Nashville YOY in the first half of 2024..500% up in New Jersey...wow!  What do the rich anticipate that many of us are just beginning to see? (COMPASSinsights)

* Realtor.com has identified the most viewed areas where people are exploring moving to and buying a home and #1 is Columbus Ohio! Followed by Knoxville, TN, Jefferson County, IN-Louisville KY, Detroit, Pittsburgh, Portland, Tampa-St.Pertersburg, Charleston, Hartford CT, and Asheville, NC. Home affordability and jobs are the biggest drivers. Larger cities like New York City, Dallas, Chicago, Miami, and Tampa, attracted the most views across the US. (NY POST, same owner as Realtor.com)

* Switzerland - with the lowest income taxes in Europe of 23,5% and no inheritance tax  - is in the midst of a heated debate about inheritance taxes on the super-rich. The proposal - to take half of any passed-on wealth above $59 million - has prompted public warnings from business-owning multi-millionaires and billionaires that they’ll move. Past precedent would show this to be not a mere threat.... The UAE is forecast to attract the most global millionaires this year followed by the US and Singapore. (Henley & Partners/BLOOMBERG)
  • Want to know where many retirees will gravitate? These states do not tax retirement (or any) income: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, Wyoming, while Illinois, Iowa, Mississippi and Pennsylvania don't tax any retirement income.

* Realtor.com has identified the most viewed areas where people are exploring moving to and buying a home and #1 is Columbus Ohio! Followed by Knoxville, TN, Jefferson County, IN-Louisville KY, Detroit, Pittsburgh, Portland, Tampa-St.Pertersburg, Charleston, Hartford CT, and Asheville, NC. Home affordability and jobs are the biggest drivers. Larger cities like New York City, Dallas, Chicago, Miami, and Tampa, attracted the most views across the US. (NY POST, same owner as Realtor.com)

* Switzerland - with the lowest income taxes in Europe of 23,5% and no inheritance tax  - is in the midst of a heated debate about inheritance taxes on the super-rich. The proposal - to take half of any passed-on wealth above $59 million - has prompted public warnings from business-owning multi-millionaires and billionaires that they’ll move. Past precedent would show this to be not a mere threat.... The UAE is forecast to attract the most global millionaires this year followed by the US and Singapore. (Henley & Partners/BLOOMBERG)
  • Kering - the owner of Gucci, YSL and Bottega Venetta - is a good indicator of luxury consumer spending and it announced that revenue had fallen 11% in the first half of 2024, mostly driven by the spending slowdown in China. Japan however was up 22%, another indicator of its booming economy. Is the 'aspirational luxury' consumer running out of money or are they realizing the merchandise they are paying a huge premium for is mass produced and not delivering guaranteed Insta-fame? (CNBC)

  • Scarsdale, NY is the wealthiest suburb in the US according to a new analysis with the average household income at $568,942 per year. Next is Rye, New York, then West University Place Texas, Los Altos, CA and Paradise Valley AZ.  University Park, TX, Hinsdale IL, Great Falls Virginia, Orinda, CA and Wellesley Massachusetts. Around 75% of the suburbs in the TOP 50 are located in states with high local state taxes.

  •  Are mansions about to experience shrink-flation? In East Hampton, N.Y. a working group recently proposed slashing the town’s maximum-allowed house size in half, from 20,000sf to 10,000sf....horrors! In Pitkin County—home to Aspen—officials slashed the maximum new home size from 15,000 to 9,250sf last November.

  • Switzerland - with the lowest income taxes in Europe of 23,5% and no inheritance tax  - is in the midst of a heated debate about inheritance taxes on the super-rich. The proposal - to take half of any passed-on wealth above $59 million - has prompted public warnings from business-owning multi-millionaires and billionaires that they’ll move. Past precedent would show this to be not a mere threat.... The UAE is forecast to attract the most global millionaires this year followed by the US and Singapore. (Henley & Partners/BLOOMBERG)