How Many Days’ Rent Will a Beyonce Show Cost Fans Across the Country?

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Looking to gauge the financial health of the country? Well, pick your index: There’s the Dow Jones, of course, and Standard and Poor’s MidCap 400, as well as the Nasdaq composite. To these fine and closely scrutinized financial institutions, we’d like to add one more:

The Beyoncé Index.

Queen Bey long ago transcended plebeian definitions of “singer,” or “entertainer,” or even “goddess.” No, Beyoncé Giselle Knowles-Carter is a full-fledged industry unto itself, generating millions (billions?) in music, merchandising, and concert ticket sales.

Surfing a wave of publicity since her Super Bowl appearance, the surprise releases of the strikingly political single “Formation” and the infidelity-rumor-stoking album “Lemonade” (650,000 copies sold the first week it dropped, in April), Beyoncé has had fans across the nation falling right in line for her Formation tour.

The tour, which has about two dozen U.S. dates, kicked off in the spring in Miami and wraps up in October in Nashville, TN. This is no ordinary concert. To devoted members of the Beyhive, it’s an event, a lifestyle choice, and a major financial investment.

One superfan almost lost the roof over her head when Beyoncé rolled into Houston. College student Chyna Johnson went viral—and was almost evicted—after she tweeted she had blown her rent money on Formation tickets, according to Metro. The 22-year-old was eventually able to work it out with her landlord.

That got us here at realtor.com® wondering just how much money fans across the nation are really paying to see the Grammy winner up close—and how many days of rent those tickets were costing them.

Our data team picked 11 big cities across the nation that are on the tour and looked at median sold ticket prices from eBay—which indicate how much people in each sold-out market are willing to shell out to see their idol, above and beyond the “official price.” We then correlated that info to the median county rents for each stop on the tour. The rents came from the most recent U.S. Department of Housing and Urban Development data.

So where did fans sacrifice the most days of rent to see Beyoncé in the flesh?

Those living in the Midwestern metropolis of St. Louis forked over the most days of rent to sing along in real time to hits like “Crazy in Love” or “Single Ladies (Put a Ring on It).” Residents of the Gateway City paid a median $172 for a ticket, which equals about 5.44 days of rent. And those weren’t even the VIP seats.

Here’s the tally:

1. St. Louis, MO, at 5.44 days of rent

2. Atlanta, GA, at 5.43 days of rent

3. Detroit, MI, at 4.09 days of rent

4. Chicago, IL, at 3.98 days of rent

5. Queens, NY, (New York City) at 3.66 days of rent

6. Los Angeles, CA, at 3.54 days of rent

7. Dallas, TX, at 2.67 days of rent (tied with Miami)

7. Miami, FL, at 2.67 days of rent (tied with Dallas)

9. Santa Clara, CA, (San Francisco) at 2.23 days of rent

10. Minneapolis, MN, at 1.85 days of rent

11. Seattle, WA, at 1.58 days of rent

As for which city came out on top in terms of pure dollars-and-cents Beyoncé devotion: New York City, of course. Fans in the Big Apple ponied up the most dough to see the superstar live, at about $228 per ticket. That’s not exactly a shocker—New Yorkers are used to paying more for just about everything.

But because one of those things is rent, devotees paid a smaller proportion of their living costs on tickets: about 3.66 days of rent.

Although Beyoncé isn’t from New York City, she and her Brooklyn-born hubby, Jay Z, have a home there. That makes her practically a hometown girl.

“They have a rabid fan base [here],” says Manhattan-based real estate appraiser Jonathan Miller of Miller Samuels.

But maybe “it would be more productive to wait in line for 3.66 days to buy tickets and save the money in the rent,” he jokes.

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Fewer than 10000 showed up for last night's game in Tampa - NBCSports.com

There's no compelling reason to pay full fare to watch a fourth preseason game anyway, unless you're related to one of the future Realtors of America who happen to be playing. But if there's a hurricane on the way and they change the date of the game, ... and more »

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Home Values: DEFINITELY NOT in Bubble Range

                               

There are some industry pundits claiming that residential home values have risen too quickly and that current levels are on the verge of another housing bubble. It is easy to see how this thinking has taken form if we look at a graph of home prices from 2000 to today.

The graph definitely looks like a rollercoaster ride. And, as prices begin to reach 2006 levels again, it “seems logical” that the next part of the ride would be downhill. However, this graph includes the anomaly of the price bubble and the correction (the housing crash).

What if the bubble & bust didn’t occur?

Let’s assume that instead of the rise and fall in home prices that we saw last decade, we just had normal historic appreciation from 2000 to today. According to the 100+ experts that are surveyed for the Home Price Expectation Survey, normal annual appreciation for residential single family homes from 1987 to 1999 was 3.6%.

Starting with the median home price in 2000, we added 3.6% to it each year since then. Here is that graph intermixed with the above graph.

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What this shows us is that, had the bubble and crash not occurred and instead we just had normal annual appreciation over this period, prices would actually be greater than they are today.

Bottom Line

There is no reason for alarm as prices seem to be right in line with where they should be.

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Split Leads Country Legend Reba McEntire to Sell Starstruck Farm for $7.9M

Charley Gallay/Getty Images for Celebrity Fight Night

Country music legend Reba McEntire is selling her lakefront farm in Lebanon, TN, for $7.9 million, says The Tennessean.

Starstruck Farm includes 83 acres with frontage on Old Hickory Lake, a 12,816-square-foot home with seven bedrooms, and an eight-car garage. The estate also boasts a tennis court, five-stall barn, and equestrian center with indoor and outdoor riding arenas.

The house, which is about 30 minutes east of Nashville, is fronted by pillars and features a chef’s kitchen with huge center island, a living room surrounded by windows, a plush home theater, and a wine room.

The exterior

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The sale comes in the wake of the singer’s December split from her husband and manager, Narvel Blackstock. McEntire unloaded her Beverly Hills, CA, mansion last summer for $22.25 million. She tried to sell Starstruck way back in 2002, when she was working on her TV sitcom, “Reba.” The list price 14 years ago? $1.8 million. Now, that’s appreciation.

Home theater

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McEntire has sold more than 85 million records worldwide and racked up 40 No. 1 singles, including “Is There Life Out There.” She starred in “Reba” from 2001 to 2007, and was recently a guest judge on “America’s Got Talent.”

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Labor Day Special: Celebrating 5 Markets With Awesome Job and Housing Growth

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Labor Day is way more than a time to watch weird local parades, or zone out to the U.S. Open, or have one last chance to mooch a free summer weekend from a pal with a country home. No, this is the holiday we set aside each year to celebrate the contribution labor makes to the prosperity of the country. After all, nothing moves financial markets like changing trends in employment reported by the Bureau of Labor Statistics.

As an economist, I love data—the more, the better. But if I were stranded on a lonely island and could have access to only one data point to understand the direction and health of the housing market (and yes, this is something I think about way too often), I would want to keep track of jobs over all else.

Job creation leads to household formation (people moving out to get their own place), and household formation defines the need for new construction and influences the pace at which existing homes turn over.

When employment is strong and growing, consumers are more confident about their present and future. When consumers are more confident, they are more likely to buy a home (or sell an existing home and buy another one).

To celebrate Labor Day 2016, I’d like to put a spotlight on the five major markets that have seen the most collective growth in jobs and home sales over the past two years. These markets are seeing incredible growth in their respective housing markets thanks in large part to incredible growth in jobs.

5. Raleigh, NC

Raleigh is setting new record highs for home prices amid continuing strong growth in home sales because of continued stellar growth in employment. The past two years have seen more than 47,000 jobs created, while unemployment has fallen to 4.6%.

Raleigh is rallying

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4. Boise, ID

Boise has enjoyed a compound annual growth rate in home sales of 13% over the past two years, which is one of the highest sales growth rates in the country. That growth rate has been spurred by almost 17,000 jobs created over the 24 months ending in June. The unemployment rate has fallen all the way down to 3.6% this summer, providing a solid foundation for strong consumer confidence to keep the momentum going.

Boise is booming, and that’s not just hot air.

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3. Charlotte, NC

Yes, North Carolina features two incredible housing markets being powered by incredible gains in employment—the greater Charlotte metropolitan market includes both Concord and Gastonia. More than 75,000 jobs have been created over the past 24 months in Charlotte, which has resulted in unemployment falling to 5.2%. The housing market has followed these gains as home values are now fully recovered and sales have grown at a compounded annual rate of 11% over the past two years.

2. Nashville, TN

Nashville is the hipster capital of the South, and the housing market has been as hot as its chicken. The market—including the surrounding Davidson County and nearby Murfreesboro and Franklin—has seen twice the pace of job creation as the U.S. has enjoyed over the past two years. Unemployment is down to 3.4%. Home prices are setting record highs, but the area’s relative affordability is enabling millennials to get into homeownership and drive a compounded annual growth rate in home sales of 10% over the past two years.

It’s a good time to be a Nashvillain

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1. Portland, OR

Only Portland can challenge Nashville for hipster and housing bragging rights. Like Nashville, the market—including nearby Hillsboro, OR, and Vancouver, WA—has enjoyed twice the U.S. pace of job growth over the past two years, which amounts to almost 94,000 more people employed. Unemployment this summer was down to 4.3%. Home sales have grown at a compound annual rate of 12%. And home prices in Portland are now at record highs.

These markets produced the best results for employment and housing over the past two years. They have attracted young people because of economic opportunity, but they also offer a recognized quality of life that attracts workers and employers alike. The challenge they face is keeping this positive mojo going, which means seeing growth in new construction to support the growth in jobs and households.

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Fishing for Luxury? Catch the Schwalbach Residence Coming Up for Auction

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The Schwalbach residence is a one-of-a-kind, oceanfront residence built with no expense spared. So why would owner Roy Schwalbach risk selling his beloved estate at auction with no reserve?

Basically, the jack-of-all-trades and owner of New York’s wildly successful Jack Studios is a busy guy. He doesn’t have time to let his Ocean City, MD, estate linger on the market.

So to avoid letting the listing languish, there’ll be a quick, intense marketing push to well-heeled East Coasters in advance of the auction date of Sept. 10. Once that day comes and goes, the home’s sale will be complete, regardless of whether the highest bid reaches the current $3.9 million listing price.

Aerial view

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Auctions have become popular with owners whose properties have no area comps. A set bidding date pushes buyers interested in these properties to make a decision, instead of hanging around and waiting for the price to drop.

What type of buyers might be interested in this prize property? Well, anyone who wants a luxurious vacation home on the water five hours from New York or three hours from Washington, DC. Or perhaps a competitor in the local White Marlin Open, the “World’s Largest and Richest Billfish Tournament,” with $4.42 million in prize money. Land a big fish, buy a big mansion.

Kitchen

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Schwalbach’s hip home was built by architect David D. Quillin in two phases, one completed in 2003, the other in 2014. It has five bedroom suites and five bathrooms spread over 5,003 square feet of space, but that’s just the beginning of the story.

The owner, who has a luxe modern aesthetic, used mosaic tiles imported from Italy and installed a $45,000 tub in the master bathroom. He selected an Italian Boffi kitchen with Sub-Zero appliances, and had all the floors finished with radiant heating. Almost every room has an exceptional view, including the state-of-the-art gym. And in a nod to the sun, the home is positioned to be solar energy–efficient.

Lush grounds

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The nearly 1-acre grounds include a saltwater pool, a private boat dock, a putting green with a fire pit and seating area, and a stocked koi pond. Schwalbach will even include the furnishings and the fancy red Ferrari in the garage for the right price, which can be negotiated by the property’s winning bidder.

Now lest you think you can simply show up on auction day and score a steal of a deal for $49.95, you need to know that bidders must be pre-qualified by Elite Auctions. The process involves depositing $25,000 in an escrow account before the auction (which will be returned if you’re not the highest bidder), and the ability to part with 10% of the sale price the moment the gavel drops. Only big-game real estate fishers need apply.

Bedroom

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Living room

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Gym

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Discretion Is Not a Problem at These Manhattan and Miami Towers

March

Disgraced former politician Anthony Weiner may be on the lookout for a new place to live after his wife, Huma Abedin, announced their separation following his latest sexting scandal.

Mr. Weiner, who will no doubt want to keep a low profile and stay out of the public eye and away from the paparazzi’s glaring cameras, may want to check out one of a myriad of new buildings where developers have taken privacy to the next level.

Many developers are including the likes of porte-cochères, secured entrances, private elevator banks, and additional levels of staff and cameras so that high net worth buyers (or those more scandal-plagued like Mr. Weiner) will never have to step onto the sidewalk outside their building, or go through their apartment lobby.

Here’s our round-up of some under construction in both Manhattan and Miami:

On the market:

252 East 57th Street, Manhattan

A rendering of the entrance at 252 East 57th Street.

Williams New York

At World Wide Group’s newest building 252 East 57th Street, there will be a gated porte-cochère that achieves a notable level of privacy, as residents will be able to drive straight into it and enter the building without ever being outside. Another bonus is that within the porte-cochère is the largest automated parking garage in New York with four electric car charging stations. The first residents will move into the building in October.

Porsche Design Tower, Miami

A rendering of the Porsche Design Tower’s car elevator, which will transport your automobile into your condo unit.

Metrostudio.com

When it opens in September, not only will the 56-story tower in Sunny Isles Beach be one of the world’s first condominiums where elevators take residents directly to their private apartments while sitting in their cars, it will also have a private residents-only restaurant. Another private perk:  10-by-15-foot individual plunge pools on almost all of its balconies–a first in Miami.

One Thousand Museum, Miami

Designed by Zaha Hadid Architects, the 62-floor residential tower will feature a crystalline façade.

Catapult 13 Creative Studios

This Zaha Hadid-designed tower, set to be completed late next year, has a 24/7 security program focused not just on residents, but also on their guests and personal property. A security consulting firm has worked closely with the developer to address matters ranging from the structure of the building to sophisticated surveillance systems and appropriate security personnel. There is also a bank-quality vault containing an individual safe deposit box for every residence.

1 Great Jones Alley, Manhattan

A rendering of the entrance 1 Great Jones Alley, a 16-unit condominium in Manhattan’s NoHo neighborhood.

March

A unique and standout feature of 1 Great Jones Alley, a boutique condo in NoHo that is due for completion late next year, is the main residential entrance discreetly tucked away at the end of Great Jones Alley, a historic Belgian block alleyway. Residents will enter a gate and head down the alley to the building’s attended lobby, away from the public eye.

One River Point, Miami

A rendering of a condo at One River Point.

Kar Properties

Having seen a rise in demand for the tightest security, One River Point–Rafael Vinoly’s Miami debut on the Miami River–incorporated a multi-level, biometric security program. The cutting-edge biometric identification software will take residents to their specific floors after scanning their faces. The building will also have a 24-hour security room and an on-site vault for residents’ art and valuables.

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