The Tipping Point

Plus, a $195M unforgettable estate

June 28, 2024

#41

WELCOME

Ready or not—we’re smack dab in the middle of 2024. Whether you’re in the ‘year is half over’ camp or believe ‘half the year has yet to come!’ 12:01am on July 2 marks this year’s turning point—and the ideal time to pause and reflect.

Today’s edition is packed full of tips, success stories, stats, and strategies for real estate growth and personal development—if you’re willing to engage.

With 6 months left on the calendar, the choice is yours: Grab on and dig in, or let the best of this year pass you by.

SHARPEN YOUR SKILLS

🔊 Today’s Top Reading Rec:

In this short-but-sharp episode of Rise Above the Ranks, James and David continue their can’t-miss interview with international broker and three-decade industry veteran Glennda Baker. They dive deep into the inspiration behind her podcast, Glennda’s Guru, the role of content creation today, and how she achieves true work-life balance.

MARKETS

That’s Another All-time High

The housing market continued its record-setting streak in May—and shows few signs of slowing down. According to new data from NAR, the median price of a previously owned home rose for the eleventh straight month, reaching a historic high of $419,300.

  • May’s sky-high median existing home price represents a 5.8% increase from this time last year

  • To afford it, the median-income household now needs to save over $127,000 for their down payment

While affordability dropped last month, there are a few positive signs for buyers. Total inventory is up 18.5% year-over-year, and there’s a chance the Fed will pull interest rates back a bit later this year.

REC ROUNDUP

The Friday Five

📖 Dystopian spaceship house. Cell block or modern art?

👀 Destabilizing rent. A million NYC apartments will be impacted by this new ruling. 

👀 Real estate beef. Drake and Kendrick take their tussle to the real estate world.

💡 A-List Masterclass. How Josh Flagg integrated his personality into his visual brand.

💡 When will rates drop? Agent Stuart Crowell’s take on interest rates in 2024 and 2025.

WHAT’S NEW FROM ESTATE MEDIA

Welcome to Casa Encantada

Ask luxury agent Josh Flagg and he’ll tell you, priced at $195M, Casa Encantada is undoubtedly the most important (and finest, and iconic) estate in the US. This storybook property, formerly owned by Conrad Hilton of the Hilton Hotels, is perched on over eight acres of lush grounds and has been meticulously restored in the deco Hollywood style. 

Tour the property with Josh, and see the stunning scale for yourself.

Cabin Creek Estate

Situated on over 16 acres of lush, sprawling land in Oxford, North Carolina, today’s featured listing offers luxury and tranquility just minutes away from vibrant city amenities. From its custom dragonfly-shaped pool and charming log cabin by a private creek, to its Italian stone fireplace and grand gated entrance, this property is ideal for those looking for a serene escape with high-end touches.

estate-elegance.beehiiv.com/p/cabin-creek-estate

Like what you see? Reach out to listing agent Gretchen Coley to learn more and schedule your tour.

ESTATE MEDIA NEWSLETTERS

Estate Elegance. Your daily dive into luxury real estate. Everyday.

Homes.tastrophes. Unique, weird, and wild real estate. Every Monday

The Blueprint. Stay up-to-date on the world of residential real estate. Powered by James Harris & David Parnes. Every Tuesday and Friday.

The Glennda Gazette. Real estate, real life, in real time. Every Wednesday.

The Playbook. Your ultimate guide to mastering real estate investing. Every Thursday.

WAS the Newsletter. Explore interior design advice and inspiration. Every Friday.

With 156M unique monthly visitors, Homes.com is becoming the home search tool to beat. As proud partners of Homes.com—which just doubled the amount of traffic seen on platforms like Realtor.com—we’re thrilled to be aligned with the tool empowering agents and clients throughout every stage of the transaction process. If you’re not already on it, check out Homes Pro today, and bookmark your new favorite business tool.

Before we go…

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