After 205 days on the market and at least a $14M price cut, Kanye West has reportedly found a buyer for his concrete California beach property. Kanye first purchased the Malibu mansion, designed by the esteemed minimalist architect Tadao Ando, for $57.25M. After demolishing the kitchen and bathrooms, removing the windows, wiring, and plumbing, and leaving the empty shell open to the elements for months, he put it back on the market for $53M. 

If you squint your eyes and tilt your head a bit, can you see the potential in this massive, multi-million-dollar ‘beach box’? 💸

SHARPEN YOUR SKILLS

TRACK THE TRENDS

MARKETS

Insurance Rates Rise To Cover Risk

Insurance rates for homeowners are on the rise again, with big increases approved this spring that are pushing premiums to new records. In Q2, growing premiums particularly affected homeowners in California, Minnesota, and states east of the Mississippi River, but more rate hikes are likely on the horizon nationwide.

By the numbers:

• This year, the average premium for homeowners insurance hit $1,779—and it’s rising faster than in years prior. Renewal premiums are also up 25%.

• More than 19 insurance companies, including Progressive and Nationwide, increased premiums by 25% or more in Q2, impacting tens of thousands of policyholders. 

• American Modern Property and Casualty Insurance Co. experienced the highest rate increase nationwide, with a 56.4% increase in California for its over 17,000 policyholders.

For real estate agents, it’s important to note that homeowners insurance is a significant annual expense that can impact ‌buyers’ debt-to-income ratio. In some cases where the buyer’s finances are nearly maxed out, expensive insurance can send the debt-to-income ratio through the roof—and disqualify the buyer.

REC ROUNDUP

The Friday Five

📖 The AI revolution. How real estate investors can capitalize on the AI boom through REITs. 

👀 Horsing around. Tracy Tutor’s surprising backup plan if real estate didn’t work out.

👀 Let’s Get to the Point. Gen Z will give up just about anything (even this!) to afford a down payment.

💡Nailing networking. Glennda’s advice for being interested—not just interesting. 

💡Slim pickings. See the 5 metros with the lowest supply of luxury listings.

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