Morning Briefing: Millennial first-time property buyers return on Phoenix

by Steve Randall22 Jun 2015
Millennial first-time buyers return on Phoenix
Realtors in Phoenix, AZ are reporting a return of first-time buyers especially millennials. The AZ Central reports that having shunned the commitment of a mortgage in recent years, millennials are now among the many buyers entering bidding wars for properties. FHA backed mortgages have increased almost 100 per cent in the last year and accounted for 32 per cent of all home loans in April 2015. 
 
Rockaway Beach gaining popularity in NYC market
The Rockaway Beach area of Queens, NYC is seeing a bounceback in the real estate market. In 2013 the area was hit by Superstorm Sandy which devastated properties but now, the New York Post says, the seven miles of oceanfront are popular with buyers. Kelly Neinast, a broker with Corcoran Real Estate says that last year there was a “trickle” of buyers but now Rockaway is a “constant part” of the real estate market. As prices have surged in Jersey Shore and the Hamptons it has sparked interest in more affordable beach property and that’s been good news for Queens. For now there are some good prices with the average of $390,535 in the first quarter of this year 7 per cent lower than a year earlier. However prices are rising and analysts expect growing interest in the area to further boost prices in the coming months.
 
Guns ‘n’ Roses guitarist’s home listed for $10.995 million
The stylish home of Guns ‘n’ Roses guitarist Slash and his estranged wife Perla Hudson is on the market for a cool $10.995 million. Zillow says that the Mullholland Estates home with 7 bedrooms and 8 bathrooms is listed by celebrity real estate agent Jade Mills. For a home with rich celebrity history it scores well with Slash having recorded his three latest albums at the house, which has its own recording studios. The new owners won’t have far to travel for fun either as the estate comes with its own nightclub, skate ramp and pool.
 
Minorities struggle to own homes in New York
A new report shows that minorities are struggling to afford homes in the New York metro. Just 26.5 per cent of Black people and 16.1 per cent of Hispanics own their homes in the city according to local listings firm StreetEasy. The data also shows that Black and Hispanic applicants are less likely to get a mortgage than white or Asian applicants. Black applicants were rejected in 33.6 per cent of cases along with 29.2 per cent of Hispanics. In contrast just 15.8 per cent of white applicants and 18.5 per cent of Asians were rejected. 
 

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