Tornados! Fire! Ice Storms! These Real-Estate Agents Risk Life and Limb for the Sale - Kanebridge News
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Tornados! Fire! Ice Storms! These Real-Estate Agents Risk Life and Limb for the Sale

Nothing stays these brokers from the swift completion of their appointed showings

By ROBYN A. FRIEDMAN
Sun, Dec 3, 2023 7:00amGrey Clock 3 min
What is the worst weather you have ever had to contend with while showing a home?

Justin Fox, broker/owner, Re/Max Professionals, Cottage Grove, Minn.

In the summer of 2011, I was driving some buyers—a mother from out of town with her two young daughters, each under 6—to look at homes. The first two showings were uneventful, but as we headed to the third, we encountered a giant wall cloud on the road. I see wall clouds all the time, but for those not familiar with them, it’s a giant tower of clouds, and it’s very dark and ominous-looking, so it can be scary. My buyer, who claimed to have been some sort of weather watcher, started freaking out, saying things like, “That’s a wall cloud! It’s dangerous! We’re going to have a tornado!” That in turn caused the daughters to start screaming and crying hysterically. They were kicking so much in the back that they caused the threading of my leather seat to come loose. I did my best to calm them down, but then the torrential rain and thunder started, and that led to more screaming from the kids. Thank God we made it to the next house within 10 minutes. I pulled my car into the garage to avoid the hail, and we sheltered in the basement for 25 minutes until it lightened up outside. Then we went on with our showings like nothing ever happened.

Victoria Rong Kennedy, associate broker, the Corcoran Group, New York, N.Y.

I wouldn’t say this was the worst weather, but it was definitely the weirdest. On June 7, 2023, I had three private showings lined up at 2:30 p.m., 3 p.m. and 3:30 p.m. to show my listing on the Upper East Side, which was a duplex penthouse with three terraces listed for $3.3 million. That morning, Canadian wildfire smoke was blowing through the sky of Manhattan. They were telling everyone on TV and radio to stay home all day, and I kept watching my emails and texts, hoping that all three groups of buyers would cancel their showings, but no one did. By 1:30 p.m., the sky was really dark. There was almost no visibility, but, still, there were no cancellations. At 2 p.m., I searched for an old Covid mask, put it on and walked out like a hero to go on the combat field. I could barely see anything a half block away, but I walked 11 blocks and two avenues and managed to get to the building. Well, all three groups of buyers and their brokers showed up on time. We all chatted about how strange the weather was. We put our masks back on when we stood on the living room terrace, which overlooks Billionaires’ Row, but we had no visibility. The sky was red and black, and all we could see was a small circle of light in the sky. It looked like the moon behind heavy clouds. It was like a scene from a movie.

Jeffrey Decatur, broker associate, Re/Max Capital, Latham, N.Y.

Living in upstate New York, I have experienced all kinds of bad weather—snow so deep it was up to my thighs and rain so hard that I wished my shower had that much pressure. However, the worst took place in April 2017, when I was showing a home in Waterford, N.Y., a suburb of Albany. It was during a late-season blizzard that came on fast, and there had to be about 2 feet of snow. The home had a normal-size driveway, but it was a foreclosure and was not shovelled. So, my client and I trekked up the crunchy, snowy driveway and eventually got into the house. As we were walking around, complaining about the Arctic blast and blizzard, I heard the sound of babbling water. I thought it was a fountain, so my buyer and I continued to walk around the house. As we moved toward the garage and family room, the babbling got louder, and as we headed for the basement, we saw that the pipes had frozen. The basement ceiling had fallen, and water was pouring in from the ceiling and the walls. The floor had about 3 inches of water and ice. I called the listing agent and left a message, but I couldn’t just leave the water running, so I waded through the freezing cold water in the basement and turned the water off. I didn’t really think that through, because I was drenched and then had to make my way back through the house and out into the blizzard again. When I opened the front door, I nearly froze immediately, and by the time I got to the end of the porch, I was crunchy and icy. When I got to my car, parked at the end of the driveway, my hair was frozen to my face, and I could barely bend my legs or feel my hands. I was walking like the Tin Man. It took me several hours to thaw out.



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Home prices declined at a faster pace in May in major cities, while other data show a mixed picture for the world’s second-largest economy

By REBECCA FENG
Tue, Jun 18, 2024 3 min

China’s broken housing market isn’t responding to some of the country’s boldest stimulus measures to date—at least not yet.

The Chinese government has been stepping up support for housing and other industries in recent months as it tries to revitalize an economy that has  continued to disappoint  since the early days of the pandemic.

But fresh data for May showed that businesses and consumers remain cautious. Home prices continue to fall at an accelerating rate, and fixed-asset investment and industrial production, while growing, lost some momentum.

“China’s May economic data suggest that policymakers have a lot to do to sustain the fragile recovery,” Yao Wei, chief China economist at Société Générale, wrote in a client note on Monday.

The worst pain is in the property sector, which has been struggling to deal with oversupply and weak buyer sentiment since 2021, when a multiyear  housing boom ended . The market still doesn’t appear to have found a floor, even after Beijing rolled out its most aggressive stimulus measures so far  in mid-May  in hopes of restoring confidence.

In major cities, new-home prices fell 4.3% in May compared with a year earlier, worse than a   3.5% decline in April, according to data released Monday by China’s National Bureau of Statistics. Prices in China’s secondhand home market tumbled 7.5%, compared with a 6.8% drop in April.

Home sales by value tumbled 30.5% in the first five months of this year compared with the same months last year.

“This data was certainly on the disappointing side and may ring some alarm bells, as May’s policy support package has not yet translated to a slower decline of housing prices, let alone a stabilisation,” said Lynn Song, chief China economist at ING.

Economists had also been hoping to see a wider recovery this month after Beijing started  rolling out  a planned issuance of 1 trillion yuan, the equivalent of $138 billion, in ultra-long sovereign bonds in May. The funds are designed to help pay for infrastructure and property projects backed by the authorities. Investors  gobbled up  the first batch of these bonds.

Monday’s bundle of economic data, however, underlined how the country still isn’t firing on all cylinders.

Retail sales, a key metric of consumer spending, rose 3.7% in May from a year earlier, compared with 2.3% in April, according to the National Bureau of Statistics. While the trend is heading in the right direction, it is still a relatively subdued level of growth, and below what most economists believe is needed to kick-start a major revival in consumer spending.

The expansion in industrial production—5.6% in May compared with a year earlier—was down from April’s 6.7% increase. Fixed-asset investment growth, of which 40% came from property and infrastructure sectors, also decelerated, to 3.5% year-over-year growth in May from 3.6% in April.

Key to the sluggish economic activity data in May—and China’s outlook going forward—is the crisis in the property market, which has proven hard for policymakers to address.

The property rescue package in May included letting local governments buy up unsold homes, removing minimum interest rates on mortgages, and reducing payments for potential home buyers. It also included as its centerpiece a $41 billion so-called re-lending program launched by the People’s Bank of China, which would provide funding to Chinese banks to support home purchases by state-owned firms.

The hope was that by stepping in as a buyer of last resort for millions of properties, the government would manage to mop up unsold housing inventory and persuade wary home buyers to re-enter the market. In turn, Chinese consumers, who have  most of their wealth  tied up in real estate, would feel more confident about spending again, thereby lifting the overall economy.

But the size of the re-lending program wasn’t big enough to convince home buyers, said Larry Hu , chief China economist at Macquarie Group. “Meanwhile, their income outlook also stays weak given the current economic condition,” he said.

For the property market to bottom out and reach a new equilibrium, mortgage rates, which stand at around 3-4% in China, need to be as low as rental yields, which are currently below 2% in major cities, said Zhaopeng Xing, a senior China strategist at ANZ. He said that a large mortgage rate cut will need to happen eventually.

The other key part of China’s push to revive growth revolves around the manufacturing sector, with leaders  funnelling more investment  into factories to boost output and reduce the country’s reliance on foreign suppliers of key technologies.

The result has been a surge in production. But with domestic consumption not strong enough to absorb all those goods, many factories have been forced to cut prices and seek out more overseas buyers.

Data released earlier this month showed that  Chinese exports rose  faster in May than the month before.

However, the export push is  butting into resistance  as governments around the world worry about the impact of cheap Chinese competition on domestic jobs and industries. The European Union last week said it would  impose new import tariffs  on Chinese electric vehicles, describing China’s auto industry as heavily subsidised by the government, to the point where other countries’ automakers can’t fairly compete.

The U.S.  has also hit  Chinese cars and some other products with hefty duties, while countries including Brazil, India and Turkey have opened antidumping investigations into Chinese steel, chemicals and other goods.

Beijing says such moves are protectionist and that its industries compete fairly with global rivals.