This week, a number of home market data came in worse than anticipated, adding to the mounting evidence of the decline in the housing market. Moreover, there now seems to be anecdotal support for the same. Bill Gates purchased the three-bedroom New York City condominium for his daughter Jennifer in 2018. It has been put up for sale, according to the New York Post.
The plot twist is that it is being sold for $4.75 million instead of the $5 million that was paid for it. Gates purchased the apartment at 1212 Fifth Avenue so his daughter could live there after graduating from Stanford University. Since then, Jennifer has wed fellow equestrian Nayel Nassar, and the couple is expecting their first child in the coming weeks.
The listing is being held by Compass’s most seasoned real estate agent in Manhattan, Toni Haber. According to the listing, the 2,389-square-foot corner unit has undergone significant modifications. Additionally it has direct views of Central Park to the west and north.
In the US, home sales and prices have been declining, signaling the impending collapse of the housing market. According to a survey released this week by the National Association of Realtors, existing home sales decreased for the tenth consecutive month in November.
Sales decreased 7.7% from month to month and 35.4% from year to year. New house sales in November experienced a 15.3% annual decline, according to data from the Commerce Department, despite a rise of 5.8% from the month before.
Bill Gates decided to sell property because Jennifer no longer uses it
For a large portion of this year, the housing sector was hindered by rising mortgage rates and home prices. According to Brad McMillan, Chief Investment Officer at Commonwealth Financial Network, who cited data from Zillow, the average 30-year fixed-rate mortgage increased by 4%. It increased over the first ten months of the year, one of the highest increases ever. But in recent months, home prices have started to decline.
According to the Post, Gates may have decided to sell the property. This is because Jennifer no longer uses it. Moreover he wants to donate a large portion of his money to charity.
Using a trust managed by Watermark Estate Management Services LLC. The estate that he utilizes for his personal and family concerns, Gates paid $5 million cash for the three-bedroom home. The current asking price for the unit at 1212 Fifth Avenue is $4.75 million.
In order to provide his now-pregnant daughter, Jennifer Gates, with a place to live after graduating from Stanford University. Gates, 67, bought the East Side home.