Canadian equities closed higher on Monday, driven by gains in the REITs, Real Estate, and Consumer Discretionary sectors. The S&P/TSX Composite Index increased by 0.30%, with notable gains from Celestica Inc., Kelt Exploration Ltd., and Killam Properties Inc. However, losses were seen in Energy Fuels Inc., NovaGold Resources Inc, and Wesdome Gold Mines Ltd.
From April 15 to April 21, there were 35 home transactions reported in Bergen County. Notable sales include a 1,568-square-foot home on Howard Street in Teaneck for $745,000 and a 2,249-square-foot home on Hickory Lane in Closter for $1,645,000.
Ten home transfers were recorded in Bay County from April 15 to April 21. The median sale during this period was $143,000 for a 1,080-square-foot home in Bay City.
The median price of luxury homes in the United States surged by 9% year-over-year to a record $1.225 million in the first quarter of 2024, according to Redfin. This growth outpaced the 4.6% increase in non-luxury homes, which reached a median price of $345,000 during the same period. The report highlights the resilience of the luxury housing market driven by affluent buyers who are less impacted by high mortgage rates.
Alexandria Real Estate Equities, Inc. ARE announced financial and operating results for the first quarter ended March 31, 2024. Key Highlights:
* Total revenues: $769.1 million, a 9.7% increase from $700.8 million in 1Q23.
* Net income attributable to Alexandria’s common stockholders – diluted: $166.9 million, a significant increase from $75.3 million in 1Q23.
* Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted: $403.9 million, an increase from $373.7 million in 1Q23.
* Occupancy of operating properties in North America: 94.6%.
* Strong leasing volume aggregating 1.1 million RSF during 1Q24, with 77% of leasing activity generated from existing tenants.
* Net operating income (cash basis) of $1.9 billion for 1Q24 annualized, up $132.7 million, or 7.6%, compared to 1Q23 annualized.
* Strong balance sheet with significant liquidity and top 10% credit rating among publicly traded U.S. REITs.
* Consistent dividend strategy with a focus on retaining significant net cash flows from operating activities after dividends for reinvestment.
A luxury condominium located at 1 Dalton Street in Boston was recently sold for $4,300,000. The property features 1,403 square feet of living space, two bedrooms, and three bathrooms. Built in 2015, the condominium boasts modern amenities such as forced air heating and cooling, and a one-car garage. The sale price equates to $3,065 per square foot.
A spacious 2,134-square-foot home located on Westchester Drive in Los Gatos has recently sold for $2.91 million. The two-story residence boasts four bedrooms, three bathrooms, and a cozy fireplace. Additional features include a two-car garage, offering ample parking space.
Between April 15 and April 21, four home transfers were reported in Kent, Ohio. The median sale price was $160,000 for a 1,416-square-foot home on Franklin Avenue.
As the overall real estate market faces challenges due to rising interest rates and low inventory, the luxury sector stands out by posting its best year-over-year gains in three years. This divergence is primarily driven by affluent buyers who are purchasing homes with cash, making them less vulnerable to high mortgage rates. Consequently, median luxury-home prices continue to surge, hitting an all-time record, while the number of luxury homes available for sale increases. However, not all luxury markets are experiencing equal growth, and Providence, Rhode Island is currently the top performer in this sector.
A total of 8 home transactions were reported in North Royalton from April 15 to April 21, with a median sale price of $270,000 for a 1,624-square-foot home. Notable transactions include:
– 9630 Cove Drive: $22,600 for a 704-square-foot home ($32 per square foot)
– 9911 Sunrise Blvd.: $113,000 for a 1,152-square-foot home ($98 per square foot)
