Each week we bring you not only updates as to what's happening at TEAM BRACONI but also strive to be a source of information. Our mission is to add value to our clients (past, present, and future) so we appreciate any feedback that will help us bring you great content you can look forward to receiving. Enjoy!

Team Braconi Weekly

DON'T FORGET...

Why Do We Change the Clocks, Anyway?

The twice-yearly ritual has roots in cost-cutting strategies of the late 19th century. A recent effort to end it has stalled in Congress.

 

Unlike other, easier-to-remember federal events, like the Fourth of July, in the United States the clock change is tied to a roving day: Since 2007, it has taken place on the second Sunday of March, when clocks spring forward an hour, and the first Sunday of November, when they go back. (In 2023, those dates are March 12 and Nov. 5. The clocks spring forward again on March 10, 2024.)

In Britain and elsewhere in Europe, the clocks change on the last Sunday in March, and the last Sunday in October. (In 2023, those dates are March 26 and Oct. 29. The clocks spring forward again in these countries on March 31, 2024.)

 

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THE BIG 4

1) 'Lock-in Effect' Not the Only Reason for Housing Supply Woes

 

An unintended consequence of the policy response to the COVID-19 pandemic was a dramatic decline in mortgage rates that allowed millions of homeowners to refinance their mortgage at rates well below current levels. Additionally, as housing needs changed and mortgage rates moved lower, home sales jumped, growing approximately 14% from 2019 to 2021 compared to a much slower 1% increase from 2018 to 2019.

In 2022, mortgage rates doubled. Consumers adjusted to those rising rates, in part, by purchasing fewer homes, and so homes sales declined nearly 18% year over year. This year, while new home sales have rebounded, the paucity of existing home sales has persisted, declining from a peak annualized sales pace of 6.6 million units in January 2021 to 4.0 million annualized in August 2023. In fact, as of August, the number of existing homes for sale hovered around 1.1 million, 40 percent below the level seen in August 2019, pre-pandemic1. As of this writing, in 2023, the 30-year fixed-rate mortgage is at 7.79 percent, more than one full percentage point above where they were at the end of 2022.

Many market observers, including us, have often attributed the decline in home listings to the so-called mortgage rate "lock-in effect" – or the disincentive for existing homeowners to sell their homes because their current mortgage rate is well below current market rates.

2) NEARLY A THIRD OF HOMES FOR SALE ARE NEW BUILDS—THE HIGHEST SHARE ON RECORD FOR A Q3

 

Nearly a third of all homes for sale in the U.S. (30.6%) are new construction, according to a new report from Redfin, up from 28.9% one year ago and 25% two years prior. That 30.6% is also the highest share of any third quarter on record. 

New builds account for a growing percentage of the housing supply, partly because of the increase in homebuilding and partly because high mortgage rates are deterring sellers. 

And with builders offering concessions like mortgage rate buydowns to sweeten the pot, more buyers are looking at new homes as the preferred option. 

It doesn’t hurt, either, that new homes are less likely to be haunted. 

 

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3) Fed holds rates steady, upgrades assessment of economic growth

 

The Federal Reserve on Wednesday again held benchmark interest rates steady amid a backdrop of a growing economy and labor market and inflation that is still well above the central bank’s target.

In a widely expected move, the Fed’s rate-setting group unanimously agreed to hold the key federal funds rate in a target range between 5.25%-5.5%, where it has been since July. This was the second consecutive meeting that the Federal Open Market Committee chose to hold, following a string of 11 rate hikes, including four in 2023.


The decision included an upgrade to the committee’s general assessment of the economy. Stocks rallied on the news, with the Dow Jones Industrial Average gaining 212 points on the session.

“The process of getting inflation sustainably down to 2% has a long way to go,” Fed Chair Jerome Powell said in remarks at a news conference. He stressed that the central bank hasn’t made any decisions yet for its December meeting, saying that “The committee will always do what it thinks is appropriate at the time.”

 

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4) NAR CEO Bob Goldberg to retire early after 'emergency meetings'

 

Goldberg had been set to leave at the end of 2024, but will now step down this month. His departure comes on the heels of a harassment scandal at the trade organization

 

The National Association of Realtors announced Thursday that long-serving CEO Bob Goldberg will be retiring this month — more than a year earlier than was previously expected.


Nykia Wright, previously CEO of the Chicago Sun-Times, is set to replace Goldberg as interim CEO on Nov. 20 while the nearly 1.6 million-member trade group conducts a “comprehensive search process to identify a permanent CEO,” NAR said in a press release Thursday.

Goldberg had been set to retire at the end of his current contract on Dec. 31, 2024. The search for his replacement was already underway. The trade group reportedly held emergency meetings of its Executive Committee, leadership team and staff Thursday morning and later confirmed Goldberg’s departure in the release.

 

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Mortgage Rate Update

From 8% to Under 7.5%, Mortgage Rates Had a Near-Record Week

Fri, Nov 3 2023

 

The average top tier 30yr fixed mortgage rate was over 8% as recently as October 19th.  At the start of the present week, things weren't much better at 7.92%. 

What a difference a few days make--especially the last 3.  The improvement seen on Wed-Fri is the 3rd biggest in well over a decade.  And if we throw out March 2020 (as we often do, due to unprecedented volatility relating to the onset of the pandemic), we're left with only one other example back early November of 2022.

So is this some kind of seasonal pattern?  You'd be forgiven for drawing that conclusion, but in both cases, rates had recently surged to new long-term highs and then encountered surprisingly friendly economic data. 

Last November it was a low reading in the Consumer Price Index (CPI) that gave investors hope regarding a shift in inflation.  Unfortunately, that shift proved to be a head-fake and rates continued lower into February of 2023, it's been up, up, and away since then.

 

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Team Braconi Featured Listing
UNDER CONTRACT

OFFER ACCEPTED AND UNDER CONTRACT IN 1 WEEK

 

16 Holmhill Cirle

Reserve At Franklin Lakes

5 Bedrooms | 6.2 Bath | Approx. 6,000 sq ft

Offered At: $2,799,000

 

Spectacular & fully upgraded newer construction home ideally located on a premier lot in one of most sought after areas of Franklin Lakes.This 5 bedroom, 6fbth, 2 1/2bth offers an open &spacious layout ideal for entertaining guests.The oversized rooms and upgrades throughout truly illuminate a luxury feel.As you enter the foyer you are greeted with a double bridle staircase which opens to a grand great room.The gourmet kitchen features custom cabinets, white quartz with waterfall on island, professional grade Jenn-Air Noir appliances include,8 burner range, fridge/freezer,oven & convection microwave, ice maker, thermador wine fridge,with additional Jenn-Air fridge in the walk in pantry.DR is over sized,formal living area w/built in shelves,home office & guest suite all conveniently located on first floor.Second floor features 4 bedrooms all with private full bths.Mbr suite includes private office,3 closets,soaking tub & spa shower.Full finished basement, 3 car garage and more!

Contact Stephen Braconi for more info!

551.804.8364 | Stephen@TeamBracomi.com

Investment Opportunity-Reduced to $549,000

Attention Developers/Builders/Contractors

Now Offered at $549,000


Team Braconi presents a Union City Opportunty with fully approved plans for a 3-unit condo with 3 bedrooms and 2 Baths per unit plus 6 parking spaces on the first level. 


Please inquire at Alfredo@teambraconi.com 

TEAM BRACONI IS HIRING

If you are looking to kickstart your real estate career or already have experience but feel stuck in your business, let's talk about how Team Braconi has successfully helped new agents become top producers and even experienced agents to grow their business. We also have salaried positions we are looking to fill, which many have found useful in learning the business before transitioning into a full time sales associate. We'd be happy to sit down with you and discuss our many opportunities available for you.  

For further details and for consideration, please email a cover letter, along with your current resume to: marketing@teambraconi.com

 

Telemarketer Associate:

 

Location: Team Braconi Ramsey, NJ Office (Remote position also possible)

Job Description: You will be responsible for the effective management and profitable operation of the Team's call center.

Responsibilities:

  • Access database of expired home listings and make outbound calls to potential home sellers
  • Detailed notes on all leads contacted
  • Organize all leads (calls, emails, follow-ups) using the Team's current CRM program

Qualifications:

  • Previous experience in Real Estate (Prefered but not mandatory)
  • Experience with VULCAN 7 systems (Prefered but not mandatory) 
  • Strong leadership qualities 
  • Self-Motivated 
  • Ability to work under pressure
  • Ability to work quickly but in an organized fashion
  • Excellent Customer Service is of the utmost importance

Compensation:  

Associates will be compensated on a per listing secured basis of $1000 per listing. Pay structure also flexible for first 1-3 months.  Please inquire for more details. 

 

Contact us today if you are looking to work with an experienced & highly reputable team.

 

Real TREND Top .1% Agent All Agencies Nationwide
Real TREND Best Teams in America

Contact Careers@teambraconi.com for more information

Upcoming team braconi events

As a volunteer for the Bergen County SPCA, Stephen has a true passion for helping animals in need and that's why we are announcing that starting today Team Braconi will match any donation, up to $5000, made at any of our designated drop off locations. You may  also donate directly on the Bergen County SPCA website (BERGENSPCA.ORG) via PayPal. Or by mail: BCSPCA, PO BOX 4111, South Hackensack, NJ 07606. Not long ago, Steve lost his faithful companions, Stella & Mya, in whose loving memory these donations are made.

BCSPCA receives no government funding. All of their funding comes from generous donations and successful fundraising events, with 100% of the proceeds channeled straight to the care of animals.--  

 

DONATIONS CAN NOW BE MADE Monday-Friday FROM 10 AM-5 PM AT ANY OF THE FOLLOWING 3 CHRISTIE'S LOCATIONS:

  • Christie's International Real Estate Group-Edgewater Office 
    4 Pembroke Pl 
    2nd FLoor
    Edgewater, NJ 07020

 

  • Christie's International Real Estate Group-Franklin Lakes Office 
    837 Franklin Lake Rd
    Franklin Lakes, NJ 07417

 

  • Christie's International Real Estate Group-Mahwah Sales Gallery 
    837 Franklin Lake Rd
    Franklin Lakes, NJ 07417

 

Each office will be accepting your pet food donations, which will be collected and hand delivered to the Pet Food Bank in Teterboro, NJ.

 

ALSO UPCOMING

  • Homebuyer and Homeseller Seminars: Stay tuned for information on free seminars we will be offering with an additional chance to win free moving supplies!

 

  • Agent Seminars: We love to share our knowledge and experience. For agents who want to know what it takes to be a top producing agent, we will be hosting monthly seminars. Details on how to register will be made available soon   

 

Anyone interested in attending either seminar please reach out to Alfredo@TeamBraconi.com to be included on our email list 

Loft Living: 5 Luxury Lofts in Popular Cities Worldwide

Luxury Defined presents a collection of stylish lofts in five cities across the globe

 

We owe our 21st century’s luxury loft to that “dismal science,” economics, scarcity of resources, population pressure, capital flows, and … artists.  

Loft living began in the post-World War II deindustrialization of New York City. Those artists, starving or otherwise, priced out of Greenwich Village, moved into vacant, cast-iron buildings across Lower Manhattan, creating makeshift studios and artist collectives.  

In 1967, artist and designer George Maciunas bought 80 Wooster Street in SoHo, the area “South of Houston,” a gritty industrial neighborhood formerly known as “Hell’s Hundred Acres.” The seven-story Miller Cardboard Co. building was functionally obsolete, but its cavernous interiors proved ideal for his vision: affordable living/working loft spaces where art and artist could thrive. Indeed, his “Fluxhouse Cooperative II” attracted some of the decade’s biggest names—Andy Warhol, John Lennon, Yoko Ono, and Hermann Nitsch—to exhibit their works.   

Sweat equity created the loft spaces that drew the artists, who brought the lifestyle that brought the “smart money” reinvestment and redevelopment and brought … people who simply wanted big, imaginative, living space in a crowded city. 

The loft and the lifestyle are here to stay, not just in Lower Manhattan but across urban landscapes far and wide. Herewith, Luxury Defined proffers a collection of luxury lofts in five cities across the globe—no artistic ability required. 

 

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Christie's magazine

Produced two times a year, the publication has an annual readership of half a million. Our editorial content covers the arts, leisure, international cultural events, and the world of ultra-luxury, including jewelry, watches, fashion, automotive, yachts, aviation, home décor, and electronics – all alongside an unrivaled showcase of the world’s most exclusive real estate from our Affiliates.

The magazine is distributed to the clients of Christie’s and Christie’s International Real Estate, delivering content to a select, private, and qualified group of readers who are proven purchasers of luxury goods, collectors of fine art, and investors in multimillion-dollar properties. The magazine is also available at Christie’s salerooms and Affiliate offices across the world.

Request a complimentary copy

 

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Team Braconi
Realtor-Associate®
Office: 551.804.8364
80 Hudson Street, Hoboken, NJ 07030
201.962.9551
All information provided herein has been obtained from sources believed reliable, but may be subject to errors, omissions, change of price, prior sale, or withdrawal without notice. Christie’s International Real Estate and its affiliates make no representation, warranty or guaranty as to accuracy of any information contained herein. All real estate companies are exclusive affiliates of Christie’s International Real Estate, and not wholly owned by Christie’s. If your property is currently listed by another broker, this is not intended as solicitation. 
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