Two Harbors Investment Corp., a New York-based real estate investment trust, announced Tuesday its plan to launch a mortgage origination unit in the second quarter of 2024, less than a year after the company debuted in the servicing business by acquiring RoundPoint Mortgage Servicing Corp. in October 2023.
But don’t expect the firm to compete with big players or grow extensively in originations. The step is part of a defensive strategy to retain customers when mortgage rates drop. Declining rates tend to increase prepayments as borrowers refinance their loans, often away from the existing servicer. This risk reduces the value of mortgage servicing rights (MSR).
Two Harbors’ announcement came on the heels of a reported $444.7 million net loss in the fourth quarter of 2023, compared to a loss of $294 million in the previous quarter, according to filings with the Securities and Exchange Commission (SEC).
The firm’s CEO, Bill Greenberg, told analysts that the company’s focus is to “develop a best-in-class direct-to-consumer originations channel to provide recapture” on the company’s servicing portfolio, which totaled $3 billion as of Dec. 31.
Company executives believe that the weighted average coupon rate of the company’s servicing portfolio — 3.45% in the fourth quarter — signals a low risk of prepayments for now. It gives the company some time to build the origination channel from scratch.
“Despite the decline in mortgage rates over the quarter, our MSR portfolio … still has less than 1% of its balances with 50 basis points or more of rate incentive to refinance, which should keep prepayment rates low,” Two Harbors chief investment officer Nick Letica said in a statement.
“We are long away from serious refinancing activity unless interest rates fall precipitously,” Greenberg stated, which makes the executives believe they “have the time to build the platform that we want.” He says the company did not consider an acquisition because other potential structures were built for different environments or have legacy risks.
Two Harbors has already started to hire managers and team members for the new origination platform, which is expected to begin making loans in the second quarter.
Greenberg explained that with the direct-to-consumer platform, Two Harbors can also offer borrowers second-lien home equity loans and other ancillary products.
“We are not going to be a retail originator,” he said. “We are not going to be someone who’s going to compete with the largest guys out in the world. The point of this thing is really to protect our servicing portfolio, to defend our portfolio, to perform recapture on our portfolio.”
Two Harbors executives also told analysts that the capital investment for the mortgage origination unit will be low, as the intent is not to hold the loans. The company will likely sell them directly to agencies, keep the servicing rights and replace the servicing tasks that otherwise would have evaporated due to lower rates.
In October, the company completed its acquisition of RoundPoint. It has already completed nine of 10 scheduled subservicing transfers. The remaining transaction is expected to occur on Feb. 1, with the final “clear up” transfer of loans planned for early June.
Following the acquisition, according to Two Harbors executives, the company became the eighth largest conventional servicer in the country.
Atlanta-based nonqualified mortgage (non-QM) lender Angel Oak Mortgage Solutions is tapping into the home equity line of credit (HELOC) market amid elevated equity levels.
Unlike traditional HELOCs that require a homeowner to have at least 20% equity in their home, Angel Oak’s HELOC qualifies borrowers based on trailing 12- or 24-month bank statements and provides a line of credit with no usage restrictions, the lender said.
Angel Oak’s bank-statement HELOC allows qualified, self-employed borrowers to leverage their home equity while maintaining their primary mortgage. Borrowers can qualify for this loan with owner-occupied homes, second homes or investment properties.
“Bringing our new bank statement HELOC product to the market is a testament to our dedication to meeting the evolving needs of borrowers nationwide,” Tom Hutchens, executive vice president of production for Angel Oak Mortgage Solutions, said in a statement.
“The introduction of this product and the growth of our team position our firm to better support the originators and borrowers we serve while scaling our services to align with the momentum in the market.”
Angel Oak’s HELOC product launch comes amid the still high equity levels across the country.
While overall HELOC loan originations by count were down 7% in the third quarter of 2023 as interest rates spiked, the Federal Reserve reported that outstanding balances on HELOCs increased during this period to $349 billion, up $9 billion from the prior quarter.
In addition, Fed data shows that outstanding debt linked to home equity products also increased in the third quarter to $501 billion, up 2.3% from $490 billion in the second quarter.
Angel Oak has originated $9.4 billion in non-QM volume since 2020 and more than $18.6 billion in non-QM loans since the company’s inception in 2013, according to its release.
The non-QM lender expects more growth opportunities in 2024 with the expansion of its team and product offerings. Most recently, Angel Oak brought on six account executives to serve markets including California, Indiana and Rhode Island, the firm announced.
After decades of saving for retirement, many new retirees often find themselves facing a new challenge: Determining how much money they can take out of their retirement account each year without running the risk of depleting their nest egg too quickly.
One popular rule of thumb is “the 4% rule.” What is the 4% rule? Learn more about the rule and how it works.
What Is the 4% Rule for Retirement Withdrawals?
The 4% rule suggests that retirees withdraw 4% from their retirement savings the year they retire, and adjust that dollar amount each year going forward for inflation. Based on historical data, the idea is that the 4% rule should allow retirees to cover their expenses for 30 years.
The rule is intended to give retirees some planning guidance about retirement withdrawals. The 4% rule may also help provide them with a sense of how much money they need for retirement. 💡 Quick Tip: How do you decide if a certain trading platform or app is right for you? Ideally, the investment platform you choose offers the features that you need for your investment goals or strategy, e.g., an easy-to-use interface, data analysis, educational tools.
How to Calculate the 4% Rule
To calculate the 4% rule, add up all of your retirement investments and savings and then withdraw 4% of the total in your first year of retirement. Each year after that, you increase or decrease the amount, based on inflation.
For example, if you have $1 million in retirement savings, you would withdraw 4% of that, or $40,000, in your first year of retirement. If inflation rises 3% the next year, you would increase the amount you withdraw by 3% to $41,200.
Drawbacks of the 4% Rule
While the 4% rule is simple to understand and calculate, it’s also a rigid plan that doesn’t fit every investor’s individual situation. Here are some of the disadvantages of the 4% rule to consider.
It doesn’t allow for flexibility
The 4% rule assumes you will spend the same amount in each year of retirement. It doesn’t make allowances for lifestyle changes or retirement expenses that may be higher or lower from year to year, such as medical bills.
The 4% rule assumes that your retirement will be 30 years
In reality an individual’s retirement may be shorter or longer than 30 years, depending on what age they retire, their health, and so on. If someone’s life expectancy goes beyond 30 years post-retirement they could find themselves running out of money.
It’s based on a specific portfolio composition
The 4% rule applies to a portfolio of 50% stocks and 50% bonds. Portfolios with different investments of varying percentages would likely have different results, depending on that portfolio’s risk level.
It assumes that your retirement savings will last for 30 years
Again, depending on the assets in your portfolio, and how aggressive or conservative your investments have been, your portfolio may not last a full 30 years. Or it could last longer than 30 years. The 4% rule doesn’t adjust for this.
4% may be too conservative
Some financial professionals believe that the 4% rule is too conservative, as long as the U.S. doesn’t experience a significant economic depression. Because of that, retirees may be too frugal with their retirement funds and not necessarily live life as fully as they could.
Others say the rule doesn’t take into account any other sources of income retirees may have, such as Social Security, company pensions, or an inheritance.
How Can I Tailor the 4% Rule to Fit My Needs?
You don’t have to strictly follow the 4% rule. Instead you might choose to use it as as a starting point and then customize your savings from there based on:
• When you plan to retire: At what age do you expect to stop working and enter retirement? That information will give you an idea about how many years worth of savings you might need. For instance, if you plan to retire early, you may very well need more than 30 years’ worth of retirement savings.
• The amount you have saved for retirement: How much money you have in your retirement plans will help you determine how much you can withdraw to live on each year and how long those savings might last. Also be sure to factor in your Social Security benefits and any pensions you might have.
• The kinds of investments you have: Do you have a mix of stocks, bonds, mutual funds, and cash, for instance? The assets you have, how aggressive or conservative they are, and how they are allocated plays an important role in the balance of your portfolio. An investor might want assets that have a higher potential for growth but also a higher risk factor when they are younger, and then switch to a more conservative investment strategy as they get closer to retirement.
• How much you think you’ll spend each year in retirement: To figure out what your expenses might be each year that you’re retired, factor in such costs as your mortgage or rent, healthcare expenses, transportation (including gas and car maintenance), travel, entertainment, and food. Add everything up to see how much you may need from your retirement savings. That will give you a sense if 4% is too much or not enough, and you can adjust accordingly.
💡 Quick Tip: Did you know that a traditional Individual Retirement Account, or IRA, is a tax-deferred account? That means you don’t pay taxes on the money you put in it (up to an annual limit) or the gains you earn, until you retire and start making withdrawals.
Should You Use the 4% Rule?
The 4% rule can be used as a starting point to determine how much money you might need for retirement. But consider this: You may have certain goals for retirement. You might want to travel. You may want to work part-time. Maybe you want to move into a smaller or bigger house. What matters most is that you plan for the retirement you want to experience.
Given those variations, the 4% rule may make more sense as a guideline than as a hard-and-fast rule.
Recommended: How Much Retirement Money Should I Have at 40?
The Takeaway
The 4% rule represents a percentage that retirees can withdraw from their savings annually and theoretically have their savings last a minimum of 30 years. For example, someone following this rule could withdraw $20,000 a year from a $500,000 retirement account balance.
However, the 4% rule has limitations. It’s a rigid strategy that doesn’t take factors like lifestyle changes into consideration. It assumes that your retirement will last 30 years, and it’s based on a specific portfolio allocation. A more flexible plan may be better suited to your needs.
Having flexibility in planning for withdrawals in retirement means saving as much as possible first. A starting place for many people is their workplace 401(k), but that’s not the only way you can save for retirement. For instance, those who don’t have access to a workplace retirement account might want to open an IRA or a retirement savings plan for the self-employed to invest for their future.
Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
Invest with as little as $5 with a SoFi Active Investing account.
FAQ
How long will money last using the 4% rule?
The intention of the 4% rule is to make retirement savings last for approximately 30 years. How long your money may last will depend on your specific financial and lifestyle situation.
Does the 4% rule work for early retirement?
The 4% rule is based on a retirement age of 65. If you retire early, you may have more years to spend in retirement and your financial needs will likely be different.
Does the 4% rule preserve capital?
With the 4% rule, the idea is to withdraw 4% of your total funds and allow the remaining money in the account to keep growing. Because the withdrawals would at least partly consist of dividends and interest on savings, the amount withdrawn each year would not come totally out of the principal balance.
Is the 4% Rule Too Conservative?
Some financial professionals say the 4% rule is too conservative, and that retirees may be too frugal with their retirement funds and not live as comfortable a life as they could. Others say withdrawing 4% of retirement funds could be too much because the rule doesn’t take into account any other sources of income retirees may have.
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If you rent, rather than own, your home, you’re off the hook for homeowners insurance. But you may still need or want renters insurance, which can help cover your assets in the event of a calamity.
Like all other forms of insurance coverage, choosing a renters insurance policy involves choosing a deductible, which will have an effect on your overall policy cost.
Let’s learn more about how a renters insurance deductible works and how to choose one that’s right for your circumstances.
What Is a Renters Insurance Deductible?
If you have renters insurance and wind up needing to file a claim, the insurance company will still expect you to pay some of the cost. That out-of-pocket expense is called your deductible, and is separate from the premium you pay on a regular basis to keep the policy active.
For example, say you have a renters insurance policy that covers up to $20,000 worth of your belongings in the event of a covered loss. If your deductible is a flat $500, you’d pay $500, and the insurance company would pay $19,500 toward replacing your belongings.
Your deductible might also be calculated as a percentage of your property coverage. So in this example, if your deductible is 2%, you’d pay $400 (2% of $20,000) and the insurer would pay out $19,600.
Your premium, on the other hand, is the amount you pay monthly or annually in order to support the policy. In the case of renters insurance, that might be about $200 a year, or around $20 or less a month. 💡 Quick Tip: Online renters insurance can cover your belongings not just at home but also in your car and on vacation.
Choosing a Renters Insurance Deductible
You may be happy to know that you have some agency when it comes to choosing your renters insurance deductible. While many policies offer flat deductible options of either $500 or $1,000, certain companies do offer lower or higher amounts. Occasionally, you may even find a program available with a $0 or 0% deductible, which means you wouldn’t pay anything out of pocket if you were to make a claim.
Paying less during a time of loss probably sounds like an unmitigated good thing. But there is a bit of a catch. Generally speaking, the lower your deductible, the higher your premium, which means you’re paying more on a regular basis for a benefit you might get if a loss occurs.
On the other hand, if you hedge your bets and go for a high deductible, your regular premium payments will be lower — but you’ll be on the hook for a lot more if you do need to file a claim.
Recommended: What Does Renters Insurance Cover and How Does it Work
How Does Your Renters Insurance Deductible Affect Your Premiums?
While the inverse relationship between deductibles and premiums is fairly standard, other factors do play into your specific renters insurance costs.
For example, your insurer may cut you a break if you have certain security equipment installed, such as an alarm system or smoke alarm. On the other hand, if you live in what’s deemed a high-risk area or your credit score could use some work, your available coverage options may be more expensive, even if you choose a high deductible.
Renters Insurance by State
Because different states have different risk levels, both for criminal activity and natural damage, the average cost of renters insurance varies depending on what state you’re in. Here are the average monthly renters insurance premiums by state, per data from the Zebra:
• Alabama: $23
• Alaska: $15
• Arizona: $20
• Arkansas: $26
• California: $18
• Colorado: $17
• Connecticut: $24
• Delaware: $21
• District of Columbia: $20
• Florida: $21
• Georgia: $22
• Hawaii: $20
• Idaho: $16
• Illinois: $20
• Indiana: $28
• Iowa: $14
• Kansas: $21
• Kentucky: $17
• Louisiana: $38
• Maine: $12
• Maryland: $19
• Massachusetts: $18
• Michigan: $22
• Minnesota: $13
• Mississippi: $26
• Missouri: $24
• Montana: $19
• Nebraska: $16
• Nevada: $17
• New Hampshire: $14
• New Jersey: $19
• New Mexico: $19
• New York: $26
• North Carolina: $23
• North Dakota: $13
• Ohio: $18
• Oklahoma: $23
• Oregon: $16
• Pennsylvania: $19
• Rhode Island: $24
• South Carolina: $18
• South Dakota: $14
• Tennessee: $19
• Texas: $32
• Utah: $14
• Vermont: $9
• Virginia: $18
• Washington: $14
• West Virginia: $24
• Wisconsin: $14
• Wyoming: $11
Keep in mind that your specific monthly price will vary further based on your city and even your neighborhood, as well as many other factors. Check with your insurer for actual insurance premium prices available to you.
Recommended: Why Do Landlords Require Renters Insurance?
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Renters Insurance Overview
Renters insurance can be a truly valuable tool if you suffer a loss as a renter. While it doesn’t cover the structure of your home the way homeowners insurance does — the building’s owner is responsible for those costs — renters insurance does cover your belongings in case of damage or theft. It also covers personal liability costs in the event that someone is injured while at your home and sues you.
Some landlords require renters insurance, while others don’t. But for most renters, it’s a good idea to at least consider it, especially since it’s usually pretty affordable. (Many renters insurance programs cost less than $200 per year or about $15 to $20 monthly.)
Do keep in mind that renters insurance, like all types of insurance coverage, doesn’t cover everything.
What Does Renters Insurance Cover?
Generally, renters insurance offers coverage in the following four categories:
• Personal property: This covers your possessions.
• Personal liability: This would take care of the medical or legal fees you might incur if someone is hurt while at your home.
• Loss-of-use or additional living expenses: This covers the money you’d need to spend to find yourself a place to stay and food to eat if your home was, for some reason, rendered unlivable.
• Additional coverages: These may be purchased to cover items and services that wouldn’t otherwise be eligible for coverage on your policy (such as lock replacement).
Keep in mind also that certain high-value categories of items may have coverage limits, though these can often be exceeded if you purchase a separate rider or endorsement for them. These categories may include cash, jewelry, watchers, fur clothing, and firearms. 💡 Quick Tip: It’s important to create an inventory of your personal possessions in case you ever need to file a renters insurance claim. One easy way to do that is to walk through your home and photograph all your belongings — especially anything of value.
The Takeaway
Renters insurance is a kind of insurance that can cover your belongings and personal liability if you’re a renter. Like other forms of insurance, a deductible likely applies. The lower the deductible you choose, the higher your premium is likely to be.
While insurance isn’t anyone’s favorite bill to pay, it’s the kind of thing you’re grateful for when you do turn out to need it.
Looking to protect your belongings? SoFi has partnered with Lemonade to offer renters insurance. Policies are easy to understand and apply for, with instant quotes available. Prices start at just $5 per month.
Explore renters insurance options offered through SoFi via Experian.
Photo credit: iStock/Edwin Tan
Insurance not available in all states. Experian is a registered service mark of Experian Personal Insurance Agency, Inc. Social Finance, Inc. (“SoFi”) is compensated by Experian for each customer who purchases a policy through Experian from the site.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
It’s always sunny in Philadelphia, whether you’re in a home or an apartment.
Philadelphia’s real estate market is a dynamic landscape with various trends and factors influencing the choices of residents. From affordable neighborhoods to luxury living options, this article delves into the overall market trends, neighborhood insights, market dynamics and renting scenarios in the City of Brotherly Love.
Overall housing market trends
The Philadelphia housing market exhibits a diverse range of trends, catering to individuals with varying preferences and budget constraints. Let’s take a deeper dive into Philadelphia real estate.
Philadelphia’s real estate market is categorized as “somewhat competitive.” Certain homes attract multiple offers, while the average homes typically sell for approximately 3% below the listed price and enter pending status in approximately 47 days. On the other hand, in-demand homes may sell for close to the list price and enter pending status within about 18 days.
In December 2023, the median home price in Philadelphia experienced a 2.9% decrease from the previous year, reaching $235K. The average time homes spent on the market was 52 days, slightly less than the 54 days recorded last year. The number of homes sold in December this year increased to 1,067, compared to 1,049 in the previous year.
Neighborhood insights
Find out what Philadelphia homes are selling for in different neighborhoods, as well as how long they’re staying on the market.
Brewerytown: This neighborhood is characterized by listings like a recent property that sold for the listing price of $450,000 after being on the market for a long stay of 103 days.
Lower Moyamensing: A competitive market shown through listings like a three-bedroom recently sold for 4% under the list price at $239,000. This property sat on the market for 72 days.
Northeast Philadelphia: A highly sought-after neighborhood with listings like a four-bedroom that sold for 7% over the listing price at $374,100. This listing went quickly as it only spent 38 days on the market.
Center City: Known as the heart of Philadelphia has pricier listings like the recently sold two-bedroom that sold for $575,000 after 91 days on the market. This property sold for 9% under the list price.
Germantown: A more affordable neighborhood characterized by listings like a three-bedroom that recently sold for its original listing price of $155,000 after spending 91 days on the market.
Market dynamics
Many factors, including economic conditions, job opportunities and urban development initiatives influence the dynamics of the Philadelphia housing market. These factors fluctuate between the varying Philadelphia neighborhoods. Home prices, buyer demand and overall Philadelphia housing market trends are dependent on the individual neighborhoods.
Renting in Philadelphia
The rental market in Philadelphia offers a diverse array of options, featuring varying prices and living experiences depending on the specific neighborhood. Let’s delve into the current status of the rental market in Philadelphia.
Rental price trends
Philadelphia has experienced fluctuating rent prices, just as other large US cities have as well. Upper North Philadelphia stands out with an average 1-bedroom apartment rent of $925 which is a 61% rise in rent YoY.
Areas like Rittenhouse Square and University City saw a small change of 8%, raising their one-bedroom options to $2,200 and $2,386, respectively. Conversely, affordable options are available in Lower North and Brewerytown, where average 1-bedroom rents are down 17% bringing rent to $1,450.
Affordable neighborhoods
Unearthing the most affordable neighborhoods is crucial for those prioritizing budget-friendly living in Philadelphia. Cedar Park, Germantown and Mantua provide affordable housing options, presenting alternatives to the city’s average 1-bedroom rent of $1,771.
Popular neighborhoods
Where are the neighborhoods that new Philadelphia residents are flocking to? We’ve identified a few of the top contenders.
Lower North: Lower North Philadelphia combines historical allure with modern urban living, creating a diverse and dynamic atmosphere for residents and visitors alike.
Brewerytown: Brewerytown, once industrial, is now a trendy residential enclave with historic charm, attracting a creative community drawn to its artistic vibrancy and proximity to Fairmount Park.
North Central: North Central, centered around Temple University, pulsates with academic energy and community engagement, making it a lively hub for both students and residents.
Avenue of the Arts North: Avenue of the Arts North, at the heart of Philadelphia, is a cultural epicenter renowned for its theaters, music venues and artistic ambiance, offering residents a vibrant and enriched urban experience.
Migration patterns
Whether individuals are arriving in search of new opportunities or departing for different horizons, tracking these migration patterns contributes to a comprehensive understanding of the Philadelphia housing dynamics. According to Redfin market data gathered Oct 2023 – Dec 2023, 22% of Philadelphia homebuyers searched to move out of Philadelphia, while 78% looked to stay within the metropolitan area.
People are coming to Philadelphia from:
People are leaving Philadelphia for:
Luxury living options
For those with a penchant for luxury apartment living, Philadelphia boasts options in University City, Logan Square and Rittenhouse Square. These neighborhoods provide upscale living experiences, albeit at a higher cost compared to the city’s average 1-bedroom rent. Some luxury apartment options are found in communities like The Riverloft Apartment Homes, The Alexander and The Atlantic.
Taxes
Taxes play a significant role in the overall cost of living in any city. The minimum combined sales tax rate for Philadelphia, Pennsylvania is 8%. This is the total of state, county and city sales tax rates.
Unveiling the keys to your Philadelphia dream
Philadelphia’s housing market holds so many diverse options, catering to a wide range of preferences and budgets. Whether you’re drawn to the affordability of specific neighborhoods or the luxury living options in the city’s vibrant districts, this guide will assist you in making informed decisions in the pursuit of a home in the City of Brotherly Love.
Are you ready to make the move to Philly? Find the right Philadelphia apartments to match your needs.
Wesley is a Charlotte-based writer with a degree in Mass Communication from the University of South Carolina. Her background includes 6 years in non-profit communication and 4 years in editorial writing. She’s passionate about traveling, volunteering, cooking and drinking her morning iced coffee. When she’s not writing, you can find her relaxing with family or exploring Charlotte with her friends.
It’s always sunny in Philadelphia, whether you’re in a home or an apartment.
Philadelphia’s real estate market is a dynamic landscape with various trends and factors influencing the choices of residents. From affordable neighborhoods to luxury living options, this article delves into the overall market trends, neighborhood insights, market dynamics and renting scenarios in the City of Brotherly Love.
Overall housing market trends
The Philadelphia housing market exhibits a diverse range of trends, catering to individuals with varying preferences and budget constraints. Let’s take a deeper dive into Philadelphia real estate.
Philadelphia’s real estate market is categorized as “somewhat competitive.” Certain homes attract multiple offers, while the average homes typically sell for approximately 3% below the listed price and enter pending status in approximately 47 days. On the other hand, in-demand homes may sell for close to the list price and enter pending status within about 18 days.
In December 2023, the median home price in Philadelphia experienced a 2.9% decrease from the previous year, reaching $235K. The average time homes spent on the market was 52 days, slightly less than the 54 days recorded last year. The number of homes sold in December this year increased to 1,067, compared to 1,049 in the previous year.
Neighborhood insights
Find out what Philadelphia homes are selling for in different neighborhoods, as well as how long they’re staying on the market.
Brewerytown: This neighborhood is characterized by listings like a recent property that sold for the listing price of $450,000 after being on the market for a long stay of 103 days.
Lower Moyamensing: A competitive market shown through listings like a three-bedroom recently sold for 4% under the list price at $239,000. This property sat on the market for 72 days.
Northeast Philadelphia: A highly sought-after neighborhood with listings like a four-bedroom that sold for 7% over the listing price at $374,100. This listing went quickly as it only spent 38 days on the market.
Center City: Known as the heart of Philadelphia has pricier listings like the recently sold two-bedroom that sold for $575,000 after 91 days on the market. This property sold for 9% under the list price.
Germantown: A more affordable neighborhood characterized by listings like a three-bedroom that recently sold for its original listing price of $155,000 after spending 91 days on the market.
Market dynamics
Many factors, including economic conditions, job opportunities and urban development initiatives influence the dynamics of the Philadelphia housing market. These factors fluctuate between the varying Philadelphia neighborhoods. Home prices, buyer demand and overall Philadelphia housing market trends are dependent on the individual neighborhoods.
Renting in Philadelphia
The rental market in Philadelphia offers a diverse array of options, featuring varying prices and living experiences depending on the specific neighborhood. Let’s delve into the current status of the rental market in Philadelphia.
Rental price trends
Philadelphia has experienced fluctuating rent prices, just as other large US cities have as well. Upper North Philadelphia stands out with an average 1-bedroom apartment rent of $925 which is a 61% rise in rent YoY.
Areas like Rittenhouse Square and University City saw a small change of 8%, raising their one-bedroom options to $2,200 and $2,386, respectively. Conversely, affordable options are available in Lower North and Brewerytown, where average 1-bedroom rents are down 17% bringing rent to $1,450.
Affordable neighborhoods
Unearthing the most affordable neighborhoods is crucial for those prioritizing budget-friendly living in Philadelphia. Cedar Park, Germantown and Mantua provide affordable housing options, presenting alternatives to the city’s average 1-bedroom rent of $1,771.
Popular neighborhoods
Where are the neighborhoods that new Philadelphia residents are flocking to? We’ve identified a few of the top contenders.
Lower North: Lower North Philadelphia combines historical allure with modern urban living, creating a diverse and dynamic atmosphere for residents and visitors alike.
Brewerytown: Brewerytown, once industrial, is now a trendy residential enclave with historic charm, attracting a creative community drawn to its artistic vibrancy and proximity to Fairmount Park.
North Central: North Central, centered around Temple University, pulsates with academic energy and community engagement, making it a lively hub for both students and residents.
Avenue of the Arts North: Avenue of the Arts North, at the heart of Philadelphia, is a cultural epicenter renowned for its theaters, music venues and artistic ambiance, offering residents a vibrant and enriched urban experience.
Migration patterns
Whether individuals are arriving in search of new opportunities or departing for different horizons, tracking these migration patterns contributes to a comprehensive understanding of the Philadelphia housing dynamics. According to Redfin market data gathered Oct 2023 – Dec 2023, 22% of Philadelphia homebuyers searched to move out of Philadelphia, while 78% looked to stay within the metropolitan area.
People are coming to Philadelphia from:
People are leaving Philadelphia for:
Luxury living options
For those with a penchant for luxury apartment living, Philadelphia boasts options in University City, Logan Square and Rittenhouse Square. These neighborhoods provide upscale living experiences, albeit at a higher cost compared to the city’s average 1-bedroom rent. Some luxury apartment options are found in communities like The Riverloft Apartment Homes, The Alexander and The Atlantic.
Taxes
Taxes play a significant role in the overall cost of living in any city. The minimum combined sales tax rate for Philadelphia, Pennsylvania is 8%. This is the total of state, county and city sales tax rates.
Unveiling the keys to your Philadelphia dream
Philadelphia’s housing market holds so many diverse options, catering to a wide range of preferences and budgets. Whether you’re drawn to the affordability of specific neighborhoods or the luxury living options in the city’s vibrant districts, this guide will assist you in making informed decisions in the pursuit of a home in the City of Brotherly Love.
Are you ready to make the move to Philly? Find the right Philadelphia apartments to match your needs.
Wesley is a Charlotte-based writer with a degree in Mass Communication from the University of South Carolina. Her background includes 6 years in non-profit communication and 4 years in editorial writing. She’s passionate about traveling, volunteering, cooking and drinking her morning iced coffee. When she’s not writing, you can find her relaxing with family or exploring Charlotte with her friends.
The Miami housing market has been a topic of interest for both buyers and sellers in recent years. With its lively vibe, beautiful beaches and booming economy, Miami has become a desirable location for people of all walks of life looking to invest in real estate.
In this article, we will delve into the current state of the Miami home prices, exploring key trends, average home prices and market competitiveness. Whether you’re a prospective buyer, seller or simply curious about the Miami real estate scene, this is the place to be to gain valuable insights you need to enter the market with confidence.
Miami housing market at a glance
Miami’s housing market has experienced significant growth in recent years, with rising home prices and increased demand. In December 2023, the median sale price for homes in Miami reached $570,000, reflecting an 11.8% increase compared to the previous year. This price surge indicates a strong market and a favorable environment for sellers.
Average days on the market
One important factor to consider in the Miami housing market is the average number of days homes stay on the market. Homes in Miami sell after an average of 69 days, which is a slight decrease from the previous year’s average of 71 days. This suggests that the market is relatively quick-paced, with buyers actively searching for properties and pulling the trigger when they see something they like.
Competitiveness of the Miami housing market
To assess the competitiveness of the Miami housing market, we can look at multiple offers and sale-to-list price ratios. In Miami, multiple offers are relatively rare, indicating a less competitive market compared to other cities. On average, homes in Miami sell for about 4% below the list price.
Miami’s pricing compared to the national average
Miami’s median sale price of $570,000 is 41% higher than the national average. This significant difference highlights the desirability of the Miami real estate market and the premium prices buyers may expect to pay. Additionally, the overall cost of living in Miami is 19% higher than the national average, further emphasizing the city’s appeal to those in higher tax brackets.
Number of homes sold
The number of homes sold in Miami provides valuable insights into the overall market activity. In December 2023, there were 495 homes sold, representing an increase from the previous year’s 472 homes sold. This uptick indicates a strong housing market with a healthy level of buyer demand.
Miami rental market overview
Apart from the housing market, Miami’s rental market is also a crucial aspect to consider for anyone seeking temporary or long-term accommodations. 2024 has already proven a positive year for renters as prices have slowly dipped in several key markets, and landlords are willing to offer valuable renter incentives. Let’s explore the average prices and trends in Miami’s available rentals to provide a comprehensive analysis.
Average rent prices in Miami
The average rent prices in Miami vary depending on the type of apartment. For studio apartments, the median price started at $2,644 in January and gradually decreased to $2,210 by December. On the other hand, the median price for one-bedroom apartments remained relatively stable throughout the year, ranging from $2,579 to $2,726. For two-bedroom apartments, the median sale price fluctuated between $3,872 and $3,600.
Month
Studio
1 Bed
2 Beds
Jan 2023
$2,644
$2,579
$3,872
Feb 2023
$2,579
$3,009
$3,972
Mar 2023
$2,633
$2,986
$3,908
Apr 2023
$2,615
$2,938
$3,790
May 2023
$2,615
$2,952
$3,811
Jun 2023
$2,435
$2,927
$3,702
Jul 2023
$2,423
$2,921
$3,728
Aug 2023
$2,355
$2,770
$3,675
Sep 2023
$2,249
$2,719
$3,504
Oct 2023
$2,274
$2,700
$3,401
Nov 2023
$2,270
$2,684
$3,565
Dec 2023
$2,209
$2,658
$3,552
Jan 2024
$2,210
$2,726
$3,600
Rental market trends
Understanding Miami’s rental market trends can help landlords and tenants make informed decisions. Let’s take a closer look at the changes in average rent prices over the past year.
Average rent price fluctuations
In the past year, the average rent in Miami experienced slight fluctuations. Studio apartments saw a 16% decrease in rent, starting at $2,644 in January and ending at $2,210 in December. Similarly, one-bedroom apartments experienced a 9% decrease, with rent ranging from $2,579 to $2,726. For two-bedroom apartments, the rent decreased by 7%, fluctuating between $3,972 and $3,600.
Apartment type
Avg. rent
Annual change
Studio
$2,210
-16%
1 Bed
$2,726
-9%
2 Beds
$3,600
-7%
Affordable neighborhoods in Miami
For those looking for more affordable housing options in Miami, certain neighborhoods offer lower rent prices. Let’s explore some of the most affordable neighborhoods in Miami and the average rent prices for one-bedroom apartments.
Neighborhood
Average rent for 1-bedroom apartment
Allapattah
$1,700
Little Haiti
$1,700
Model City
$1,700
Little River
$1,700
Shore Crest
$1,700
Neighborhood rent trends
Different neighborhoods in Miami may have varying rent trends, making it key to consider location-specific factors when searching for rental properties. Here is a breakdown of rent trends for studio apartments in various neighborhoods in Miami.
Neighborhood
Studio Avg Rent
Annual Change
Lower Brickell
$3,810
-7%
Miami Financial District
$3,500
+32%
Brickell
$3,159
+17%
Miami Urban Acres
$2,940
-27%
Riverside
$2,828
+21%
Riverview
$2,813
+20%
West Brickell
$2,660
-2%
Brickell Village
$2,619
+9%
Downtown
$2,584
-4%
Riverfront
$2,550
N/A
Comparison with other cities
If you’re considering Miami as a potential relocation destination, it’s helpful to understand how it compares to other cities in terms of rental prices. Here is a comparison of studio apartment average rent prices in Miami and several other cities.
City
Studio Avg Rent
Annual Change
Coral Gables
$2,723
-15%
Miramar
$2,370
+76%
Sunny Isles Beach
$2,350
-2%
Doral
$2,142
-2%
Boca Raton
$1,972
-16%
Plantation
$1,930
+21%
Fort Lauderdale
$1,920
-14%
Coconut Grove
$1,800
+3%
Hialeah
$1,800
+4%
Miami Beach
$1,766
-12%
Make Miami your home
The Miami housing market is a fertile environment for buyers, sellers and renters alike. With rising home prices, a relatively quick sales process and increased demand, Miami proves to be an attractive real estate destination.
The rental market provides a range of options, from affordable neighborhoods to upscale areas. By understanding the current trends and market conditions, anyone can make an informed decision when navigating the Miami housing and rental market. So, whether you’re looking to buy, sell or rent, Miami is a great place to call home.
The Miami housing market has been a topic of interest for both buyers and sellers in recent years. With its lively vibe, beautiful beaches and booming economy, Miami has become a desirable location for people of all walks of life looking to invest in real estate.
In this article, we will delve into the current state of the Miami home prices, exploring key trends, average home prices and market competitiveness. Whether you’re a prospective buyer, seller or simply curious about the Miami real estate scene, this is the place to be to gain valuable insights you need to enter the market with confidence.
Miami housing market at a glance
Miami’s housing market has experienced significant growth in recent years, with rising home prices and increased demand. In December 2023, the median sale price for homes in Miami reached $570,000, reflecting an 11.8% increase compared to the previous year. This price surge indicates a strong market and a favorable environment for sellers.
Average days on the market
One important factor to consider in the Miami housing market is the average number of days homes stay on the market. Homes in Miami sell after an average of 69 days, which is a slight decrease from the previous year’s average of 71 days. This suggests that the market is relatively quick-paced, with buyers actively searching for properties and pulling the trigger when they see something they like.
Competitiveness of the Miami housing market
To assess the competitiveness of the Miami housing market, we can look at multiple offers and sale-to-list price ratios. In Miami, multiple offers are relatively rare, indicating a less competitive market compared to other cities. On average, homes in Miami sell for about 4% below the list price.
Miami’s pricing compared to the national average
Miami’s median sale price of $570,000 is 41% higher than the national average. This significant difference highlights the desirability of the Miami real estate market and the premium prices buyers may expect to pay. Additionally, the overall cost of living in Miami is 19% higher than the national average, further emphasizing the city’s appeal to those in higher tax brackets.
Number of homes sold
The number of homes sold in Miami provides valuable insights into the overall market activity. In December 2023, there were 495 homes sold, representing an increase from the previous year’s 472 homes sold. This uptick indicates a strong housing market with a healthy level of buyer demand.
Miami rental market overview
Apart from the housing market, Miami’s rental market is also a crucial aspect to consider for anyone seeking temporary or long-term accommodations. 2024 has already proven a positive year for renters as prices have slowly dipped in several key markets, and landlords are willing to offer valuable renter incentives. Let’s explore the average prices and trends in Miami’s available rentals to provide a comprehensive analysis.
Average rent prices in Miami
The average rent prices in Miami vary depending on the type of apartment. For studio apartments, the median price started at $2,644 in January and gradually decreased to $2,210 by December. On the other hand, the median price for one-bedroom apartments remained relatively stable throughout the year, ranging from $2,579 to $2,726. For two-bedroom apartments, the median sale price fluctuated between $3,872 and $3,600.
Month
Studio
1 Bed
2 Beds
Jan 2023
$2,644
$2,579
$3,872
Feb 2023
$2,579
$3,009
$3,972
Mar 2023
$2,633
$2,986
$3,908
Apr 2023
$2,615
$2,938
$3,790
May 2023
$2,615
$2,952
$3,811
Jun 2023
$2,435
$2,927
$3,702
Jul 2023
$2,423
$2,921
$3,728
Aug 2023
$2,355
$2,770
$3,675
Sep 2023
$2,249
$2,719
$3,504
Oct 2023
$2,274
$2,700
$3,401
Nov 2023
$2,270
$2,684
$3,565
Dec 2023
$2,209
$2,658
$3,552
Jan 2024
$2,210
$2,726
$3,600
Rental market trends
Understanding Miami’s rental market trends can help landlords and tenants make informed decisions. Let’s take a closer look at the changes in average rent prices over the past year.
Average rent price fluctuations
In the past year, the average rent in Miami experienced slight fluctuations. Studio apartments saw a 16% decrease in rent, starting at $2,644 in January and ending at $2,210 in December. Similarly, one-bedroom apartments experienced a 9% decrease, with rent ranging from $2,579 to $2,726. For two-bedroom apartments, the rent decreased by 7%, fluctuating between $3,972 and $3,600.
Apartment type
Avg. rent
Annual change
Studio
$2,210
-16%
1 Bed
$2,726
-9%
2 Beds
$3,600
-7%
Affordable neighborhoods in Miami
For those looking for more affordable housing options in Miami, certain neighborhoods offer lower rent prices. Let’s explore some of the most affordable neighborhoods in Miami and the average rent prices for one-bedroom apartments.
Neighborhood
Average rent for 1-bedroom apartment
Allapattah
$1,700
Little Haiti
$1,700
Model City
$1,700
Little River
$1,700
Shore Crest
$1,700
Neighborhood rent trends
Different neighborhoods in Miami may have varying rent trends, making it key to consider location-specific factors when searching for rental properties. Here is a breakdown of rent trends for studio apartments in various neighborhoods in Miami.
Neighborhood
Studio Avg Rent
Annual Change
Lower Brickell
$3,810
-7%
Miami Financial District
$3,500
+32%
Brickell
$3,159
+17%
Miami Urban Acres
$2,940
-27%
Riverside
$2,828
+21%
Riverview
$2,813
+20%
West Brickell
$2,660
-2%
Brickell Village
$2,619
+9%
Downtown
$2,584
-4%
Riverfront
$2,550
N/A
Comparison with other cities
If you’re considering Miami as a potential relocation destination, it’s helpful to understand how it compares to other cities in terms of rental prices. Here is a comparison of studio apartment average rent prices in Miami and several other cities.
City
Studio Avg Rent
Annual Change
Coral Gables
$2,723
-15%
Miramar
$2,370
+76%
Sunny Isles Beach
$2,350
-2%
Doral
$2,142
-2%
Boca Raton
$1,972
-16%
Plantation
$1,930
+21%
Fort Lauderdale
$1,920
-14%
Coconut Grove
$1,800
+3%
Hialeah
$1,800
+4%
Miami Beach
$1,766
-12%
Make Miami your home
The Miami housing market is a fertile environment for buyers, sellers and renters alike. With rising home prices, a relatively quick sales process and increased demand, Miami proves to be an attractive real estate destination.
The rental market provides a range of options, from affordable neighborhoods to upscale areas. By understanding the current trends and market conditions, anyone can make an informed decision when navigating the Miami housing and rental market. So, whether you’re looking to buy, sell or rent, Miami is a great place to call home.
Having a credit card unexpectedly declined can be frustrating and embarrassing. Often when this happens, the card has become restricted by the card issuer, usually temporarily. This restriction suspends your account, freezing your ability to make purchases.
If your Capital One card is restricted, you should first contact the bank to find out why. Depending on the reason, you may be able to use your card again in a matter of minutes.
Here’s what to know if your Capital One card has been suspended.
Stop fraud in its tracks
With a NerdWallet account, you can see all of your credit card activity in one place and easily access your credit report to spot any red flags quickly.
Why is your Capital One card suspended?
If your credit card gets declined and you aren’t sure why, start by calling Capital One at the number on the back of your card.
The primary reasons why your card may have been suspended include:
New card: If you’ve recently opened the account, or just received a new card in the mail, you may have forgotten to activate the card. It’s a simple fix — call the number on your card and follow the steps to activate it.
Fraud alert: Card issuers use algorithms to identify trends in your spending habits. You might receive a fraud alert if the system sees a spending irregularity, such as a big purchase, using your card in a new location or buying something from a foreign website. Fraud alerts are generally easy to clear and often can be done in real-time via text message or the card’s app. If your card is new or you’ve recently received a replacement card, you may need to take it slow with charges, at least at first. Rapid spending on a newly issued card can look like irresponsible credit management or fraud and lead to a restriction on your account.
Expired card: Be sure to check your card’s expiration date. It’s easy to overlook, and if your card is expired, transactions won’t get processed. Contact your issuer for a new card, and if you need a replacement fast, see if it has an option to expedite the new card.
Late payment(s): If you’ve missed one or multiple payments, your card issuer may suspend your ability to make new purchases until your account is brought up to date. Contact your issuer to see what exactly you owe and what it will require to clear the suspension.
Exceeding your credit limit:Your card may get declined if you attempt a charge beyond your credit limit. If you need more credit temporarily, you may be able to opt-in to over-limit purchases with Capital One. There’s no fee (though other issuers may charge a fee), and it will be up to the bank’s discretion whether to permit additional charges. If it declines your request, you’ll have to pay down the card’s balance to regain access to your existing credit line.
How to deal with a suspended credit card
If your Capital One card is suspended for a fraud alert, you may be able to clear the restriction by replying to an automatic verification text message or email sent by Capital One.
If your account is restricted due to another reason, you’ll likely have to call Capital One to figure out what the issue is. Be sure to ask why your account was restricted and what steps are required to clear the suspension. You may also want to ask Capital One what you can do to avoid future restrictions.
Will a suspended credit card impact your credit score?
Your credit score isn’t directly impacted by a suspended card, but the underlying cause of the suspension may adversely affect your credit score. A fraud alert won’t hurt your score. However, if you miss a payment or have a high credit utilization ratio, your credit score may be negatively impacted.
How can you avoid a credit card suspension?
Responsible credit management will help you appear as a lower risk to Capital One (or any card issuer). This is the easiest way to avoid a credit card restriction.
But things happen. If late payments are a problem, schedule an auto-payment to at least cover the minimum required amount each month to prevent your account from becoming delinquent. If you’re perpetually running up against your credit limit while otherwise making on-time payments, request a credit line increase to have more flexibility with your available credit.
If you know you’ll be traveling or making a large purchase, preemptively contacting Capital One with your plans can be a good way to avoid a potentially frustrating fraud alert and card suspension.
Welcome to Summerlin, the epitome of tranquility and luxury living in the heart of Las Vegas.
With its meticulously designed neighborhoods and vast array of exclusive amenities, Summerlin truly embodies the perfect blend of opulence and serenity.
From exquisite gated communities to world-class golf courses and award-winning schools, every aspect of life in Summerlin is centered around providing the utmost comfort and convenience.
And people have started to take notice.
Summerlin has seen an influx of new residents in the past few years, fast becoming Nevada’s top-selling community.
In the first half of 2023 alone, an impressive total of 544 new homes were sold in the master-planned community, pushing it to rank #5 nationally in new home sales in a recent midyear report by national real estate consultant RCLCO.
Celebrities too have been flocking to the area, with A-listers like Mark Wahlberg ditching the glamorous L.A. lifestyle and buying homes in Summerlin, Nevada.
To get a better feel of the local real estate market, we’ve reached out to industry expert Cami Lincowski, a prominent luxury Las Vegas real estate agent and former star of HGTV’s Say Yes to the Nest.
Talking about the appeal of the area of its rise in popularity, Cami tells us that “Summerlin is not only thriving, but when you throw in the latest and greatest shopping & high-rated restaurants the valley has to offer; there’s no denying that this area ranks amongst the top cities to call home.”
So let’s take a closer look at what makes this Las Vegas Valley community such a great place to live.
The luxury lifestyle in Summerlin
Summerlin is synonymous with luxury.
This master-planned community boasts some of the most prestigious homes in Las Vegas, offering residents an unparalleled level of elegance and sophistication. From sprawling mansions to stylish townhouses, Summerlin has something to suit every taste and preference.
The meticulously designed neighborhoods of Summerlin showcase architectural excellence and attention to detail.
Gated communities like The Ridges, Tournament Hills, The Lakes, and Red Rock Country Club provide residents with a sense of exclusivity and security. Impeccably landscaped streets and manicured lawns add to the overall aesthetic appeal, creating a sense of grandeur at every turn.
More recently, The Summit Club has emerged as the pinnacle of luxury living in Summerlin. The 555-acre resort community south of The Ridges (and only 9 miles away from the Las Vegas strip) is the only fully private residential golf and lifestyle club community in all of Las Vegas.
In addition to the stunning homes, Summerlin offers a wealth of amenities that cater to the luxury lifestyle.
Residents have access to world-class golf courses, private country clubs, and state-of-the-art fitness centers. The community also boasts a wide range of recreational facilities, including tennis courts, swimming pools, and parks, ensuring that there is always something to do for those seeking an active lifestyle.
The real estate market in Summerlin
The real estate market in Summerlin is thriving, thanks to its reputation as one of the most desirable places to live in Las Vegas. But you do have to have deep pockets – or an outstanding credit score – to afford to buy here.
The demand for homes in Summerlin has been steadily increasing over the years, leading to a rise in property values. The community’s prime location, coupled with its exceptional amenities and quality of life, make it an attractive choice for both homebuyers and investors.
But despite being a top luxury home destination, Summerlin’s house prices can accommodate a wide range of budgets — and are considerably less prohibitive compared to those found in other top luxury markets on the West or East Coasts.
“Anyone can call Summerlin home,” luxury agent Cami Lincowski tells us. “With price ranges starting at $400k & tipping the scale at $15m+, this city is not just made of city lights, but all walks of life.”
The community offers a wide range of housing options, from single-family homes to luxury condominiums and townhouses.
Whether you are looking to buy a home or invest in real estate, Summerlin offers a wealth of opportunities. The community’s diverse housing options cater to a range of budgets and lifestyles, ensuring that there is something for everyone.
Celebrities that call it home
With the Mansion Tax adding fuel to the California exodus, many of the Golden State’s affluent residents started flocking to new luxury markets — with A-listers and famous individuals choosing to make Las Vegas their new primary residence.
Naturally, Summerlin emerged as a top choice.
Celebrities to have called Summerlin home include actor Mark Wahlberg (who sold his sprawling $55 million LA mansion to move here), Grammy Award-winning singer Celine Dion, who sold her freshly-built Summit Club house for a record $30 million, and several Golden Knights players.
NHL pro Max Pacioretty played only four seasons with the Vegas Golden Knights (2018-2022) but went all in when it came to making himself at home in Sin City. The Carolina Hurricanes left winger owned a 10,000+ sq. ft. home in The Ridges community, which he sold for top dollar last year.
Pacioretty’s spectacular estate “netted” a cool $11 million, a record for the high-end The Ridges community.
Rob Roy, the CEO, founder, and chairman of Switch Communications Group, also paid $33 million for 5 acres to build a luxury estate in the same Summerlin resort community.
And while Wahlberg recently sold one of his Summerlin homes for $16.6 million one year after buying it, he made it clear he loves living here and has no plans of leaving the Las Vegas community. He’s just waiting for his other mansion to be completed.
Top neighborhoods in Summerlin
Summerlin is home to a number of top-notch neighborhoods, each with its own unique charm and character. Here are some of the most sought-after areas in the community:
#1 The Ridges
Located at the base of the Red Rock Canyon, The Ridges is an exclusive gated community known for its luxurious homes and breathtaking views. With its private golf course and world-class amenities, it is one of the most coveted neighborhoods in Summerlin.
#2 Tournament Hills
Situated around the TPC at Summerlin Golf Course, Tournament Hills offers residents the opportunity to live near one of the best golf courses in Las Vegas. The neighborhood features a mix of custom-built homes and luxury estates, providing a premium living experience.
#3 The Gardens
Nestled among lush green landscapes and scenic walking trails, The Gardens is a peaceful and picturesque neighborhood in Summerlin. With its tree-lined streets and well-maintained parks, it offers residents a serene and idyllic setting.
Tranquility and natural beauty
One of the most remarkable aspects of Summerlin is its breathtaking natural beauty.
Nestled against the majestic Red Rock Canyon, the community offers stunning views of the surrounding desert landscape. The vibrant hues of red and orange against the clear blue sky create a picturesque backdrop that is hard to find elsewhere in Las Vegas.
Summerlin is a nature lover’s paradise, with over 150 parks and more than 150 miles of trails to explore. Whether you enjoy hiking, biking, or simply taking a leisurely stroll, there is a trail for every skill level. The community is also home to numerous lakes and ponds, perfect for fishing or enjoying a peaceful picnic by the water.
For those seeking a more tranquil experience, Summerlin offers an abundance of peaceful retreats. The community’s botanical gardens and meditation centers provide a serene environment for relaxation and introspection. Escape the hustle and bustle of city life and immerse yourself in the tranquility that this community has to offer.
Amenities and recreational activities
Summerlin is not just a place to live; it is a lifestyle.
The community offers an impressive array of amenities and recreational activities that cater to residents of all ages. From world-class golf courses to community centers and sports facilities, there is something for everyone.
Golf enthusiasts will be delighted by the exceptional courses that Summerlin has to offer.
The TPC at Summerlin is a championship golf course designed by renowned architect Bobby Weed. With its challenging fairways and breathtaking views, it is a favorite among golfers of all skill levels. The community is also home to the Red Rock Country Club, which features two Arnold Palmer-designed courses and a host of other amenities.
In addition to golf, Summerlin offers a wide range of recreational activities. The community’s numerous parks and trails provide ample opportunities for outdoor enthusiasts to stay active.
Tennis courts, basketball courts, and soccer fields are available for those who enjoy team sports. And for those who prefer indoor activities, the community’s state-of-the-art fitness centers and swimming pools provide plenty of options.
Schools and education options
Summerlin is not only known for its luxury homes and amenities; it is also home to some of the best schools in Las Vegas. The community offers a wide range of educational options, from top-rated public schools to prestigious private institutions.
The Clark County School District serves the majority of students in Summerlin, offering a comprehensive curriculum and a strong emphasis on academic excellence. The district’s schools consistently rank among the best in the state, providing students with a quality education that prepares them for future success.
For those seeking a private education, Summerlin is home to several esteemed institutions.
The Alexander Dawson School is a renowned independent school that offers a challenging and well-rounded education. The Meadows School, another prestigious private institution, is known for its rigorous academic program and strong college preparatory curriculum.
When it comes to shopping and dining, Summerlin has it all. The community is home to The Shops at Summerlin, a premier shopping destination that offers a wide range of retail and dining options.
From high-end fashion boutiques to popular chain stores, there is something for every shopper.
Food enthusiasts will also be delighted by the diverse culinary scene in Summerlin. The community boasts a wide range of restaurants, offering everything from casual dining to fine dining experiences. Whether you are craving sushi, steak, or Italian cuisine, you will find it all in Summerlin.
Summerlin’s proximity to the Las Vegas Strip
One of the unique aspects of living in Summerlin is its close proximity to the Las Vegas Strip. While the community offers a peaceful and serene environment, the bustling energy of the Strip is just a short drive away.
Residents can easily access all the excitement that Las Vegas has to offer, from world-class entertainment and nightlife to renowned restaurants and shopping.
The convenience of being near the Strip allows residents of Summerlin to enjoy the best of both worlds. They can retreat to the tranquility of their luxurious homes after a night out on the town, providing the perfect balance between opulence and excitement.
Why Summerlin is the ideal place to live in Las Vegas
To sum things up, Summerlin is a community that embodies the perfect blend of luxury and tranquility. Its meticulously designed neighborhoods, breathtaking natural beauty, and array of exclusive amenities make it an ideal place to live in Las Vegas.
Whether you are seeking a luxurious retreat or a place to call home, Summerlin offers a lifestyle unlike any other. From world-class golf courses to award-winning schools and gourmet dining, every aspect of life in Summerlin is centered around providing the utmost comfort and convenience.
Escape the hustle and bustle of the Strip and immerse yourself in the beauty and serenity of Summerlin.
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