THE WEEK IN REVIEW

Welcome to my weekly newsletter featuring a personal note on the ever-evolving world of real estate along with a few news-worthy updates. Enjoy!

UNCERTAIN LUXURY

President Trump’s trade war hasn’t been welcome news for the overall housing market, which is already challenged by higher mortgage rates and high home prices.

The luxury market, on the other hand, has barely skipped a beat.

Ultraluxury home sales in areas like New York, South Florida and Los Angeles are accelerating as the wealthy buyers bet on real estate’s long-term value.

Since February, the number of homes sold for $10 million or more has surged in major markets nationwide, according to an exclusive analysis by The Wall Street Journal. In the DMV, we've seen eight +$10M sales since the beginning of the year. That's more than double what we saw this time last year, which totaled just three.

Between February 1 and May 1, sales at that price point in Palm Beach surged 50% from the same period last year, while sales in Miami-Dade County jumped 48.5% year-over-year, according to public records and local multiple listing service data. In the luxury ski destination of Aspen, Colorado, sales jumped 43.75% in that same period, followed by Los Angeles County at 29% and Manhattan at 21%.

WHY you would rightly ask? A broker in Palm Beach may have said it best. “It’s just a safe place to put your money to ride out this wave and see what transpires."

real estate & the news

•  Last year, about 3,800 millionaires from overseas moved to the U.S., including 95 centimillionaires ($100m+), adding to the total approaching 11,000. (CNBC)

• Sales of previously owned homes in April fell 0.5% from March to a seasonally adjusted, annualized rate of 4 million units, the slowest April pace since 2009. Sales were down 2% from April of last year. Housing economists were expecting a gain of 2.7%. Inventory jumped 9% month to month and was nearly 21% higher than April of 2024. (NAR)

• Is the next gold rush being fought in outer space? Experts forecast that the number of satellites will balloon to as many as 100,000 over the next decade as companies, governments and militaries rush to exploit the potential of the new space frontier. Starlink's 7,300 satellites are delivering low-latency broadband to more than 5 million customers in 125 countries already. Amazon's Kuiper could multiply dramatically in 12-18 months providing high-speed, low-latency broadband internet access to underserved and remote areas around the world. (FT)

• Between 2024 and 2048, an estimated $54 trillion will pass from one spouse to another, rather than to children or grandchildren, in a wave of “horizontal” transfers that follow the death of a husband or wife. And more than 95% of that wealth will go to women. (USA Today)

around dc

JAZZ IN THE GARDEN

Free Summer Concerts at the

National Gallery of Art

DC’s favorite summer concert series is back! For more than 20 years, Jazz in the Garden has turned the National Gallery of Art Sculpture Garden into a stage, allowing visitors to cool down by the fountain and enjoy refreshments while taking in the sounds of acclaimed musicians amidst our renowned collection of outdoor sculpture. This year, the garden will come alive with free musical performances including jazz, Latin fusion, R&B, and more, every Friday from May 23 through July 11 (except for July 4). For more details, visit this link.

Lee Arrowood

Principal, Arrowood Advisory at Compass

M: 202.251.3175

O: 202.448.9002

lee.arrowood@compass.com

+$173M Sold In 2023

#3 Team Lead 2022