The real estate industry is one of the sectors identified as at risk from job losses according to a report by CareerBuilder and Emsi.
The strong US economy will continue to add jobs with 5 per cent more roles in the next five years but middle-wage jobs will suffer in some sectors, including construction and real estate agents.
The study shows that there are 415,006 real estate agents in 2016 but this will drop by 14,589 (4 per cent) by 2021.
Construction managers will also see a decline with 368,245 jobs in 2016 and a drop of 5 per cent to 17,471 by 2021.
The other implication for the real estate sector is the ripple effect of fewer middle-wage jobs which may impact
housing activity especially in areas where the declining roles are more concentrated.
Luxury homes rebound in the Windy City
Chicago’s high-end homes market has rebounded following a slow start to 2016.
Analysis from RE/MAX shows that sales activity was up 12 per cent in the second quarter compared to the same period of 2015 with 832 properties selling for at least $1,000,000 in the Metro Chicago area.
“The luxury market is still under pressure from a large inventory of available properties, especially in the suburbs, and that helps keep prices down,” noted Jack Kreider, executive vice president and regional director of RE/MAX Northern Illinois. “There were 3,104 luxury homes on the market at the end of June, about a 15-month supply based on the pace of sales over the first half of this year.”
In the City of Chicago, sales were up 18 per cent and made up 48 per cent of the luxury sales in the metro. In the suburbs, sales were up 7 per cent.
While quarterly sales activity increased, the second quarter median sales price of luxury residences in the seven-county area fell from $1,350,000 last year to $1,309,000 this year, a 3 percent decline.
Frasier actor lists NYC home
Kelsey Grammar has listed his Manhattan apartment for $9.75 million according to Zillow.
The West Chelsea home has views of the Hudson river and 3,000 square feet with 3 bedrooms with en-suite bathrooms, dining room and living room with wet bar.
Grammar and his family moved into the home in 2010 but has since “outgrown it” according to his publicist.