April 23 2025

Reef Daily

Reef Daily | April 23 2025

Latest Market Data (April 23, 2025)

Condo prices in 15 major US cities have already declined by 10% to 22%, with 5 cities in Florida experiencing accelerating drops.
Cities affected include Austin, Oakland, St. Petersburg (FL), San Francisco, Chula Vista, Detroit, New Orleans, Denver, Jacksonville, Naples, Tampa, Mesa, Portland, and Seattle.

Commercial Highlights

The Gas Light Building in Milwaukee, known for its Art Deco design and decorative natural gas flame, was sold for $4 million on April 21, which is $13.4 million below its assessed value.

Regional Activity

A multifamily property with 32 units in the southern US is under contract for $2,250,000. The property has a true cap rate of 8.1% and is located very close to a state university with approximately 15,000 students.

Stock Market Trends

US stocks experienced a significant surge in a broad-based rally on Tuesday, April 22, 2025, effectively recovering from the steep declines observed the previous day.
The S&P 500 increased by 2.5%, the Dow Jones Industrial Average saw an uptick of 2.7%, and the Nasdaq composite also rose by 2.7%.
The Dow Jones Industrial Average had plummeted by 9.1% in the first three weeks of April, marking the worst performance for the 129-year-old index during April since 1932.

Economic Indicators

As of April 22, 2025, the Trump administration's tariffs, effective since April 2, 2025, continue to influence both the US and global economies.
The US dollar has remained strong, with the EUR/USD pair falling by 0.4% to 1.0465.
The 10-Year Treasury Note Futures declined to 110.718750, indicating a rise in yields likely linked to inflation expectations driven by tariffs.
The US and Japan are nearing an interim trade deal, which could ease some pressures.

Florida

5 cities in Florida (St. Petersburg, Jacksonville, Naples, Tampa) are experiencing accelerating drops in condo prices, part of a broader trend affecting 15 major US cities.

Midwest

The Gas Light Building in Milwaukee sold at a significant discount, suggesting potential value opportunities in commercial real estate in this region.

This newsletter is for informational purposes only and should not be considered as financial advice.