Gay Realty Network

Real Estate News With a Gay Slant

There Aren’t Enough Rich People to Fill NYC’s Luxury Condos

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New York Supertall

There are a lot of really, really expensive apartments poised to enter the market in the next few years (we’re lookin’ at you, 220 Central Park South and Nordstrom Tower) that will join the ranks of the city’s already-inundated luxury market. A few questions have been floating around for a while: when’s enough, enough? Are there too many uber-luxury listings?

The Real Deal attempted to answer these question with some admittedly tenuous, but interesting number-crunching (“fuzzy math,” in their own words) and their conclusion is not surprising in the least: “[T]here appears to be too much supply in the uber-luxury segment compared to lower price ranges.” Given the findings of an earlier report that found that there are only 14 Ultra-High Net Worth Individuals–people who are worth more than $30 million–per 100,000 people in New York City, this doesn’t seem to be news.

Here’s how the Real Deal’s calculations break down: there are at least 99 apartments on the market in New York City priced at $30 million or more. TRD suspects that only people with a personal wealth of $500,000,000 or more would invest that much in a single “asset,” which breaks down to 8,410 people world wide. If developers wanted to sell all of the $30 million-plus apartments they’re building, 1.18-percent of the entire world’s “demi-billionaires” would have to own one of these New York City apartments. Already, 367 “demi-billionaires” own a $30 million-plus apartment in New York City.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Zoe Eosenburg – See the Full Story at Curbed

Click here for gay realtors, mortgage lenders, and other real estate professionals in New York.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Featured Gay Real Estate Agent: Jeff Palmer, Palm Springs

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Jeff Palmer, Gay Palm Springs RealtorPeriodically we’ll feature one of our real estate professionals here to let our readers know about some great Realtors, Mortgage Brokers, and Other Real Estate Professionals.

I’m a Palm Springs native, born and raised in the Coachella Valley, and I’ll be happy to give you the history and the present information about the most gay friendly parts of the Palm Springs area so you can make an informed decision – from Palm Springs to Indio. My partner Joe and I have been involved in the GLBT community – producing the AIDS Benefit Calendar (that featured my photography) that raised over $500,000 in 11 years. I was a Board member of the GLBT Center in San Diego and Joe and I led the Men’s Coming Out group for a decade.

See Jeff’s Expanded Listing on Gay Realty Network Here

Gay Friendly Realtors and Real Estate Professionals in California

What You Need to Make for a Decent Apartment in Every State

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Apartment Cost by State Map

If you’re living in a one-parent household making the $7.75 minimum wage in Hawaii, you would need to work 163 hours a week to comfortably make your rent payment on a two-bedroom apartment — giving you a luxurious five hours a week to sleep, eat or spend time with your family. To comfortably afford a decent two-bedroom home on a 40-hour work week, by contrast, you’d need to earn $31.61 an hour.

The map above shows the hourly wage that a household needs to earn in order to afford a decent two-bedroom apartment in every state, plus Washington D.C. and Puerto Rico. High hourly wages are necessary to afford decent housing in Washington D.C. ($28.04), California ($26.65), New York ($25.67), New Jersey ($25.17), Massachusetts ($24.64), and other states.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Ana Swanson – See the Full Story at The Washington Post

Click here for gay realtors, mortgage lenders, and other real estate professionals.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Will the Brooklyn Real Estate Bubble Ever Pop?

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Brooklyn - Apple MapsThe housing crash of the late 2000s was supposed to have decimated property values across the nation. But in Brooklyn, the housing market barely broke its stride. Supply and demand is supposed to be an immutable truth, yet a well-documented boom in development has done little to stop spiraling prices. Every few weeks, a different neighborhood in New York City’s most populous borough seems to break its own record for most expensive sale. Intuitively, it feels like the borough is at a breaking point. If something goes up, must it come down?

“There’s no end in sight,” says Jesse Keenan, the research director at Columbia University’s Center for Urban Real Estate, referring to Brooklyn’s obscene housing market.

Currently, the monthly payments on a median-priced home in Brooklyn eat up 98 percent of the borough’s median income of $46,000. The median sales price in the nation’s “most unaffordable city,” just passed $600,000 for the first time. The 70 percent of Brooklyn residents who rent aren’t faring any better—average rent in the borough rose by 77 percent between 2000 and 2012. According to a March report by StreetEasy, “the typical new renter will spend 60 percent of their income on rent in 2015,” the highest rent-to-income ratio in all of New York.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

See the Full Story at Gothamist

Click here for gay realtors, mortgage lenders, and other real estate professionals in New York.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Featured Gay Friendly Real Estate Agent: Ron Foster, Houston, Texas

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Ron Foster, Gay Houston RealtorPeriodically we’ll feature one of our real estate professionals here to let our readers know about some great Realtors, Mortgage Brokers, and Other Real Estate Professionals.

Ron is the Broker/Owner of his own Houston real estate firm. Whether you’re buying or selling property in the Houston real estate market, you must to have confidence in your Real Estate Agent. Ron will give you with the specialized, professional real estate service you deserve. As an informed buyer or seller, you’ll make the good decisions for the most important purchase or sale in your lifetime. Ron will help you get there by keeping you informed on trends in the Houston marketplace, with up-to-date statistics for your local area.

See Ron’s Expanded Listing on Gay Realty Network Here

Gay Friendly Realtors and Real Estate Professionals

Why Home Prices Increase Faster Where There Are More Same-Sex Couples

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Hillcrest Gayborhood - San DiegoFor many years, a perplexing phenomenon has made its way into real estate markets across the country: where there is a high concentration of same-sex couples, real estate tends to be more expensive and appreciate in value faster.

The trend was made famous by a 2001 study by Richard Florida and Gary Gates, which found that there was a higher concentration of those identifying as gay in cities that were also vibrant centers of technological progress and innovation. Their theory was that places that were open-minded would also be economically vibrant.

But even as same-sex marriage and gay culture is increasingly accepted across the United States, this trend has continued, according to a new analysis from Ralph McLaughlin, a housing economist at the real estate website Trulia. McLaughlin studied the prices and price appreciation of homes, from 2012 through 2015, in neighborhoods with the highest concentration of married same-sex couples, both among male and female pairs. He found home prices increased on average 23% in zip codes with high concentrations of male same-sex couples and 18% for neighborhoods with high concentration female same-sex couples.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Chris Matthews – See the Full Story at Time

Click here for gay realtors, mortgage lenders, and other real estate professionals.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

What the Fights About “Gentrification” Are Really About

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Capitol Hill ApartmentsEarlier this week, city supervisors in San Francisco considered an emergency 45-day moratorium on the construction of new market-rate housing in the Mission district so that the city could, in theory, pause to ponder what’s happening in its insane housing market.

The Mission has long been home to lower-income residents, many of them minorities, and the organizations and social services that work with them. Lately, though, luxury apartments have been rising in their midst to house the city’s influx of wealthy tech workers. The resulting conflict has a fevered quality that’s particular to San Francisco, but it’s also about the same tensions — which become intertwined and conflated — arising in neighborhoods in Washington and Chicago and Boston going through similar change.

In one light, this fight sounds like it’s primarily about affordability. If we build only high-end housing now in the Mission, or along 14th Street, or in Uptown, the argument goes, then the people who can’t afford those new apartments or the rising rents on homes around them will be priced out. To housing advocates, construction cranes and luxury countertops then become symbols of a city growing too expensive for its own residents.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Emily Badger – See the Full Story at

Click here for gay realtors, mortgage lenders, and other real estate professionals.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

In the Gayborhood: San Diego’s Balboa Park

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Balboa ParkYes, 2015 marks the 100th anniversary of San Diego’s renowned Balboa Park and there are continuing events celebrating this historic landmark as there should be. Balboa Park has played a great part in the history of San Diego’s LGBT community. From social, political, HIV-AIDS demonstrations and Pride, etc. In fact, this year marks the 40th anniversary of our first Pride event, a “gay pride march”. I had the honor of speaking at our first Pride rally 40 years ago in Balboa Park along with George Raya, then “Dean” the Rev. David Farrell and others. I was dressed as the then reigning “Empress IV de San Diego”.

In truth and reality, Balboa Park for decades served as a “meeting” (cruising) place for gay men. In bushes, trail ways, park benches, and yes, bathrooms.

Before any of you get judgmental, here is another important reality check, California did not legalize “homosexual acts” until 1976. Yes, we LGBT people were considered “deviants” and “perverts” and just by a signature of your parent’s doctor or judge any homosexual could and was committed to a state mental hospital where you were subject to electric shock treatment and sometimes even a lobotomy; I had friends that were subjected to this in the 1960s and 1970s. Almost everyone was in the deep “closet” and you were very brave to go and be seen at a homosexual bar or hangout (gay people could not own a bar or be issued a liquor license).

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Nicole Murray Ramirez – See the Full Story at LGBT Weekly

Click here for gay realtors, mortgage lenders, and other real estate professionals in San Diego.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Even Techies Getting Priced Out of the Bay Area

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San FranciscoAs rents and home prices have skyrocketed over the past few years, the Bay Area has become a more difficult place to live, to put it mildly. Real estate website Redfin has compiled data showing that Bay Area residents are increasingly looking to buy in other locations.

Back in 2011, 85.5 percent of people located in the Bay Area were looking for homes within the region.

Now, that figure has fallen to 75.8 percent looking locally, with growing percentages of people searching for homes in Sacramento, Seattle, and Portland. Seattle–a tech hub with more reasonable housing–has seen the biggest jump in searches, going from 1.2 percent of Bay Area searches in 2011 to 5.1 percent today.

By Tracy Elsen – Full Story at Curbed | San Francisco Gay Travel Resources

Where It’s Cheaper to Buy Than Rent in the US

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Rent vs Buy USA

Trulia bases these calculations on all the homes listed on their site for rent or sale in March 2015.

They include things like mortgage payments, maintenance, insurance, taxes, closing costs, down payment, sale proceeds and security deposits in the cost of owning and renting, and make a separate calculation for homeowner association fees.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Ana Swanson – See the Full Story at The Washington Post

Click here for gay realtors, mortgage lenders, and other real estate professionals.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com