The Chicago Journal

Real estate market hopes for consistency this year

Real estate: The real estate market was afflicted by a slew of problems in 2022, including inflated prices, high demand, and a deficit of available houses.

The market is anticipated to shift as the new year gets underway, largely because of the rise in interest rates in 2022.


Home prices in the real estate market are still going down.

As a result, many market players have changed their stance to prioritize normalization above correction.

Price hikes and sales activity accelerated between March 2020 and March 2022 and appeared uncontrollable.

However, things are beginning to change.

Luxury homes, which make up the top 5% of the market, had a dip in a worldwide home price increase in the third quarter, falling to 8.8% yearly.

A Knight Frank survey indicates that it has decreased by 10.9% from its peak in the early stages of 2022.

The inflation rate for housing costs, which is falling by 0.3% year-on-year, is taken into consideration in the report.

The markets

The US markets are “coming back to earth,” according to Jonathan Miller of the New York-based appraisal company Miller Samuel.

“Clearly, the pivot of Fed policy has had an impact on every housing market in the country because rates were too low for too long,” said Miller.

“It created this insatiable demand and obliterated supply.”

Although Jonathan Miller is concerned about a recession, he thinks that because of a stronger job market, it won’t be as catastrophic as previous ones.

Other major cities are currently experiencing similar difficulties.

Experts predict that Dubai and Miami, two locations with large populations, won’t experience any changes or effects.

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The New York market

New York experienced record-breaking sales activity in 2021.

Since then, the city’s growth has significantly slowed down.

Since then, the city’s growth has significantly slowed down.

Bess Freedman, CEO of Brown Harris Stevens, claims that deals are down and demands have eased.

“The first quarters of 2022 were excellent, like superb,” said Freedman.

“And then the third quarter started to slow down, and now the fourth quarter has really slowed down.”

As the Fed keeps raising rates to curb inflation, Bess Freedman forecasts upheaval in the real estate market this year.

Despite the robust labor market, she claims that concerns about a recession still linger.

“Real estate will be as it has been recently, which is a little bit rocky,” she elaborated.

“It’s been ups and downs. There are still a lot of people spending a lot of money on expensive apartments – we just had somebody sign something for over $20 million.”

“People are still closing and signing; they aren’t all walking away, but it’s slower,” Freedman continued.

“It’s going to be a little challenging in the first quarter and maybe into the second, but I think we’ll rebound and start picking up again.”

Dollar strength

The enormous growth of the dollar continues to be an obstacle to foreign investment.

Jonathan Miller claims that this would hinder sales growth as Wall Street executives could see their bonus payouts reduced by more than 30% from levels in 2021.

Even though there are many cash buyers in Manhattan, he claimed that reducing rates would still be advantageous to the city.

The financial markets, which have been unstable as a result of the Fed’s adjustments to its monetary policies, are of particular concern to New York buyers.

“It creates a cautionary environment,” Miller explained.

“We’re probably looking at a year closer to pre-pandemic, which was a little bit below average in terms of activity.”

“The 2023 story is going to be normalized, [and] certainly not a boom.”

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The Los Angeles market

In the middle of 2022, according to the Agency’s CEO, Mauricio Umansky, changes took place in the Los Angeles real estate market.

He noted that over the previous two and a half years, the market had evolved at an unsustainable rate.

“Volume dropped while the industry’s cyclical nature and historical seasonality quickly returned,” said Umansky.

“What felt like a jolt was actually what I believe was the beginning of a rebalancing act.”

This year, he anticipates a robust luxury market in Los Angeles.

“More millionaires exist today than at any other point in history,” explained Umansky.

“Markets are more globalized than ever, and there is much wealth to be distributed, especially among hyper-wealthy markets.”

Mauricio Umansky continued:

“I believe housing remains a primary investment for the world’s most affluent citizens and a safe hedge against inflation.”

“While economists predict the slowdown in volume to continue into the start of the new year, supply is still tight, and demand is on the rise, meaning price growth is still expected in the year ahead.”

According to a recent Knight Frank projection, the price of prime properties in Los Angeles will increase by 4% in 2023.

Over the coming year, stability is predicted by Mauricio Umansky:

“While the current market presents some points of discomfort, buyers, sellers, and agents will acclimate to our new normal until the market picks up again.”


Real estate markets set to normalize in 2023 after nearly three years of the pandemic boom

Andy Taylor announces cancer diagnosis through letter

Andy Taylor of the renowned British band Duran Duran recently revealed he is currently fighting stage IV prostate cancer.

Duran Duran announced the news to the world on Saturday at the Microsoft Theater in Los Angeles while being inducted into the Rock & Roll Hall of Fame.

Rock & Roll Hall of Fame

Andy Taylor could not reunite with former bandmates John Taylor, Simon Le Bon, Roger Taylor and Nick Rhodes at the Class of 2022 celebrations.

He was going through treatment and instead wrote a letter for the occasion.

Duran Duran frontman Le Bon read Taylor’s letter to the public, where Andy Taylor revealed he had his diagnosis four years ago.

The guitarist also wrote about being honored for being inducted into the Hall of Fame.

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The letter

“There’s nothing that comes close to such recognition,” Andy Taylor wrote.

“You can dream about what happened to us, but to experience it, on one’s own terms, as mates, was beyond incredible.”

Taylor also raised his health issues: “Many families have experienced the slow burn of this disease, and of course, we are no different.”

“So I speak from the perspective of a family man, but with profound humility to the band, the greatest fans a group could have, and this exceptional accolade.”

Andy Taylor shared his disappointment at missing out on the Rock & Roll Hall of Fame show, which was to be his first performance with Duran Duran in nearly two decades.

The Duran Duran guitarist had even bought a new guitar for the occasion.

“I’m so very proud of these four brothers, I’m amazed at their durability, and I’m overjoyed at accepting this award.”

“I often doubted the day would come. I’m sure as hell glad I’m around to see the day.”

Taylor’s condition

In his letter, which can also be found on the band’s website, Andy Taylor said his condition was terminal.

However, he reassured fans that he has been on life-extending treatment, which kept him going until recently when he suffered a setback.

“Although my current condition is not immediately life-threatening, there is no cure,” said Taylor.

According to the American Cancer Society, one in eight men is likely to develop prostate cancer during their lifetime.

Read also: Rainn Wilson reminds people he’s more than Dwight Schrute


Simon Le Bon addressed Andy Taylor’s health, saying how devastating it is to learn of a colleague’s condition.

“It’s absolutely devastating,” said Le Bon. “We love Andy dearly, and you know, I’m not going to stand here and cry.”

“I don’t think that would be very appropriate, but that’s what I feel like.”


Andy Taylor, former Duran Duran guitarist, has stage four prostate cancer

Rep. Karen Bass’s home gets broken into, only two firearms taken

Friday night, a raid on Rep. Karen Bass’s Los Angeles home resulted in the theft of two firearms.

The news was revealed in a statement released Saturday by the Los Angeles mayoral candidate.

What happened

Bass returned home on Friday and discovered signs of a raid, prompting her to call the police.

You said the thief stole firearms, which were “safely stored,” leaving behind cash, electronics, and other valuables.

“It’s unnerving and, unfortunately, it’s something that far too many Angelenos have faced,” said Bass.

Rep. Karen Bass lives in the Baldwin Vista neighborhood of Los Angeles.

Firearms and burglary

Sarah Leonard Sheahan, Bass’ communications director, confirmed that the guns belonged to members of Congress.

She also said they were secured in a Brinks locker.

According to Leonard Sheahan, the guns were legally registered guns, and Bass never applied for a license to carry a gun.

He also revealed that no one was home during the raid.

On Saturday night, the LAPD asked the public for help to share clues about the suspected burglary.

“Hispanic, standing 5 feet 9 inches tall, weighing 200 pounds,” investigators described.

Crime and security in Los Angeles

The Los Angeles Times co-sponsored a poll last month that showed 77% of voters wanted a sober candidate to face crime.

The opinions come from a study which found that burglaries across the city will increase by 15% by 2022 and that crime has become a major issue in the mayoral race.

In a previous debate, Bass was asked to rate how safe she felt in her neighborhood on a scale of 1 to 10.

“I do feel safe. I would say a 10,” said Bass.

“I feel safe, but I do understand that a lot of people around the city do not feel safe, and I respect that.”

How Karen Bass learned to use a gun

Bass learned to use a firearm in Los Angeles in the late 1970s as an organizer with the Venceremos Brigade in California.

The Venceremos Brigade is a group formed in 1983 to show solidarity with the Cuban revolution, according to The Times.

Bass says a LAPD officer taught him how to use a gun.

According to her, the officer “encouraged a wide variety of people who held leadership responsibilities in the progressive Los Angeles community to learn how to use firearms.”

Elections for the mayor in Los Angeles

Karen Bass has been a member of Congress for six years, representing parts of the Westside and southern Los Angeles.

With Election Day less than two months away, she has built a double-digit lead over billionaire mall developer Rick Caruso in the polls for the mayor.

The rush was on recently and the two got on the scene for their relationship with USC, which has suffered several scandals in recent years.

Bass is facing questions about a $95,000 grant USC gave her in 2011.

Federal prosecutors said the grant was “crucial” to their investigation into allegations of corruption in the university’s social work program.

Bass’s campaign targeted USC board member Caruso for failing to protect women in college.

The attacks are linked to allegations of sexual abuse by former campus gynecologist George Tyndall.


Rep. Karen Bass says her Los Angeles home was burglarized, two firearms stolen

2 guns stolen during break-in at LA home of mayoral candidate Karen Bass

Two firearms stolen in burglary at home of LA mayoral candidate Karen Bass

Frank Grillo of Marvel slams Los Angeles crime after the shooting of Azuma Bennett

Frank Grillo, best known for his work on the Marvel movies and The Purge, has opened up about the rise in crime in Los Angeles after his boxing trainer was recently shot.

The shooting

Azuma Bennett, 30, was shot at least eight times outside a Windsor Hill marijuana dispensary.

Police say Bennett died en route to a nearby hospital and investigators have no idea what the shooting was or who was behind it.

Bennett had coached several top names in his career.

In addition to Grillo, Azuma Bennett has coached UFC fighter Jason “Mayhem” Miller and singers Kiana Ledé and Eddie Benjamin.

Azuma Bennett

Born in Australia, Bennett moved to the United States three years ago.

Bennett worked at Fortune Gym in Los Angeles, training with celebrities.

The gym released a statement after his death which reads:

“Azuma was our family. One of the best of the best. We are all so broken.”

After his death, Tamara Fortune, owner of Fortune Gym, created a GoFundMe page to raise funds to return Bennett’s body to Australia.

“Azuma was one of a kind,” Fortune wrote on the GoFundMe page description.

“An outstanding athlete, fighter, teacher trainer, and friend/mate to so many. We lost one of the best ones out there.”

“He did not deserve this. He was kind to all that he met and always engaged everyone in the gym with his positive energy and engaging personality.”

Earlier on Friday, the page raised more than $35,000.

Grillo vents online

Frank Grillo spoke to the KNBC news agency and criticized the rising crime rate in Los Angeles.

“He made everybody feel good about training,” Grillo said.

“I don’t know what’s happened to Los Angeles that a beautiful guy like this gets shot and killed over nothing.”

On Friday, Grillo shared several posts about Bennet’s death.

“We in LA need to wake up to what has become a common occurrence,” one post wrote.

Another said: “Maybe can force the hand of the powers that be to get off their a****** and fix this ****.”

Crime rate in Los Angeles

Bennett’s murder adds to the homicide tally in the City of Angels, which has reached its highest level in 15 years, according to ABC7.

In the first half of 2022, 181 homicides were committed in Los Angeles, a 34% increase over the average number of homicides during the same period between 2015 and 2019.

In April, the number of shots increased by 69% compared to 2020, while violent crimes rose to 7.2% compared to the previous year.

The Los Angeles Times also indicated that thefts increased by 18.5% compared to 2021, while car flight increased by 40% compared to 2020.


Marvel star Frank Grillo rips LAs rising crime after his boxing trainer is shot and killed: ‘Need to wake up’

Marvel star Frank Grillo slams Los Angeles crime after boxing trainer shot dead