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Condo prices are falling. Gen Z and millennials: This could be your shot to break into the housing market

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Following the sub-3% mortgage rates during the pandemic that ushered in a wave of new homeownership, hopeful homeowners were slapped by rates that peaked at 8% in October 2023. That halted many new buyers from entering the market—particularly younger generations.

But there may be a small sliver of the market where Gen Zers and millennials could have the opportunity to break in, even though home prices are currently 51% higher than they were the same time in 2020, according to the Case-Shiller U.S. National Home Price Index. Condo prices are actually falling, and dropped 2% year-over-year in May, according to Redfin. That’s the second-largest decline since the real-estate company started tracking the data in 2012.

Condo prices are dropping because homeowners have gotten fed up with high HOA and insurance fees, according to Redfin. The average cost of a condo in the U.S. is $354,100, Redfin data shows. 

Jaclyn Bild, a real-estate broker associate at Douglas Elliman Real Estate based in Miami, confirmed the drop in prices has primarily been driven by rising HOA fees, insurance premiums, and overall cost of ownership—not a drop in demand.

“Inventory has increased slightly, and days on market have ticked up, giving buyers more leverage than they’ve had in recent years,” Bild told Fortune. “This window could represent an opportunity for younger buyers who’ve been sidelined by pricing wars or rising interest rates.”

That could be welcome news for Gen Zers and millennials who have had a tough time breaking into the housing market for a host of reasons: comparatively high mortgage rates, rising home prices, and older generations holding onto their homes for longer than they used to. 

The pros and cons of buying a condo

Buying a condo can be a good place for first-time homeowners to start because of their typically lower price tag than single-family homes—and less maintenance to boot. 

Brett Johnson, a Colorado real-estate agent and owner of New Era Home Buyers, told Fortune condo prices in his housing market have been dropping since June 2024 when the average closing price of a condo was $416,000. As of this June, the average price had dropped 2.6% to $405,000. While not a huge drop, it’s “enough to get buyers’ attention,” Johnson said. 

“This could still be a good entry point for Gen Z or millennial buyers who understand the risks and are willing to do their homework,” he added. 

The homework is understanding the associated HOA and insurance costs with owning a condo. This is mostly a problem with older or underfunded buildings, he said. 

“I’ve helped buyers take advantage of these price dips, but I always tell them to dig deep into the HOA’s financials, look out for special assessments and understand what they’re signing up for,” Johnson said. “Some of these condos are still great deals, but only if you know what you’re getting into.”

Florida has been a prime example of where HOA and insurance fees have caught homeowners by surprise. In recent years, wealthy homeowners have flocked to Florida for its warm weather and smaller tax bills, but were met with unexpected housing fees. An August 2024 Redfin report showed median monthly HOA fee increased 17.2% year over year in Tampa, compared to 5.7% nationally, as an example. 

Meanwhile, home insurance prices are expected to jump 8% this year, with some states seeing a 27% jump, according to a study by Insurify. 

“Buyers are looking at not just the purchase price, but the total monthly outlay—and if those numbers don’t work, they’re walking away or negotiating more aggressively,” Bild said. “It’s a numbers game, and buildings with transparency, maintenance history, and financial health are coming out ahead.”



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‘I had to take 60 meetings’: Jeff Bezos says ‘the hardest thing I’ve ever done’ was raising the first million dollars of seed capital for Amazon

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Today, Amazon’s market cap is hovering around $2.38 trillion, and founder Jeff Bezos is one of the world’s richest men, worth $236.1 billion. But three decades ago, in 1995, getting the first million dollars in seed capital for Amazon was more grueling than any challenge that would follow. One year ago, at New York’s Dealbook Summit, Bezos told Andrew Ross Sorkin those early fundraising efforts were an absolute slog, with dozens of meetings with angel investors—the vast majority of which were “hard-earned no’s.”

“I had to take 60 meetings,” Bezos said, in reference to the effort required to convince angel investors to sink tens of thousands of dollars into his company. “It was the hardest thing I’ve ever done, basically.”

The structure was straightforward: Bezos said he offered 20% of Amazon for a $5 million valuation. He eventually got around 20 investors to each invest around $50,000. But out of those 60 meetings he took around that time, 40 investors said no—and those 40 “no’s” were particularly soul-crushing because before getting an answer, each back-and-forth required “multiple meetings” and substantial effort.

Bezos said he had a hard time convincing investors selling books over the internet was a good idea. “The first question was what’s the internet? Everybody wanted to know what the internet was,” Bezos recalled. Few investors had heard of the World Wide Web, let alone grasped its commercial potential.

That said, Bezos admitted brutal honesty with his potential investors may have played a role in getting so many rejections.

“I would always tell people I thought there was a 70% chance they would lose their investment,” he said. “In retrospect, I think that might have been a little naive. But I think it was true. In fact, if anything, I think I was giving myself better odds than the real odds.”

Bezos said getting those investors on board in the mid-90s was absolutely critical. “The whole enterprise could have been extinguished then,” he said.

You can watch Bezos’ full interview with Andrew Ross Sorkin below. He starts talking about this interview gauntlet for seed capital around the 33-minute mark.

This story was originally featured on Fortune.com



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Google cofounder Sergey Brin said he was ‘spiraling’ before returning to work on Gemini

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Google cofounder Sergey Brin thought retiring from Google in 2019 would mean quietly studying physics for days on end in cafés. 

But when COVID hit soon after, he realized he may have made a mistake.

“That didn’t work because there were no more cafés,” he told students at Stanford University’s School of Engineering centennial celebration last week, Business Insider reported.

The transition from president of Google parent company Alphabet to a 40-something retiree ended up not being as smooth as he imagined, and soon after he said he was “spiraling” and “kind of not being sharp” as he stepped away from busy corporate life.

Therefore, when Google began allowing small numbers of employees back into the office, Brin tagged along and put his efforts into what would become Google’s AI model, Gemini. Despite being the world’s fourth-richest man with a net worth of $247 billion, retirement wasn’t for him, he said.

“To be able to have that technical creative outlet, I think that’s very rewarding,” Brin said. “If I’d stayed retired, I think that would’ve been a big mistake.”

By 2023, Brin was back to work in a big way, visiting the company’s office three to four times a week, the Wall Street Journalreported, working with researchers and holding weekly discussions with Google employees about new AI research. He also reportedly had a hand in some personnel decisions, like hiring. 

Skip forward to 2025 and Brin’s plans for a peaceful retirement of quiet study are out the window. In February, he made waves for an internal memo in which, despite Google’s three-day in-office policy, he recommended Google employees go into the company’s Mountain View, Calif. offices at least every weekday, and that 60 hours a week was the “sweet spot” of productivity.

Brin’s newfound efforts at work may have been necessary as OpenAI’s release of ChatGPT in 2022 caught the tech giant off guard, after it had led the field of AI research with DeepMind and Google Brain for years.

To be sure, Google for its part has been rising in the AI race. Analysts raved last month about Gemini 3, the company’s latest update to its LLM, and Google’s stock is up about 8% since its release. Meanwhile, OpenAI earlier this month declared a “code red,” its highest alert level, to improve ChatGPT. 

Brin added in the talk at Stanford that Google has an advantage in the AI arms race precisely because of the foundation it laid over years through its neural network research, its custom AI chips, and its data center infrastructure.

“Very few have that scale,” he said.



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Gen Z grads are now being given ‘resilience’ training at PwC U.K. to toughen up for the job

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Gen Z is often branded a “lazy” generation of workers with no ambition to climb the corporate ladder. But PwC U.K. says the real challenge isn’t motivation—it’s resilience. These young professionals are eager to succeed in their own way, but the pandemic may have left them with gaps in essential skills. So the “Big Four” consulting firm is taking matters into its own hands with “resilience” training for fresh-faced hires. 

“Quite often we are struck that the graduates [who] join us—who are meeting all the cognitive tests we’ve set—they don’t always have the resilience,” Phillippa O’Connor, chief people officer at PwC U.K., recently toldThe Sunday Times. “They don’t always have the human skills that we want to deploy onto the client work we pass them towards.”

“We’ve really doubled down, particularly [with] this year’s graduates,” O’Connor continued. “We’re doing a whole load of separate training in their first six months with us, really about resilience, really about some of those communication skills.”

The executive described resilience as the ability to handle day-to-day work dynamics—especially pressure, criticism, or sticky situations. That skill, she said, is particularly crucial in a deal-making environment, where managing challenges is a “core” part of the job.

According to O’Connor, many younger workers simply didn’t get the chance to build that muscle during the pandemic, when lockdowns disrupted education and early workplace experiences that would normally help develop it.

But by offering this special training, PwC is ensuring the talent that fills its 1,300 open U.K. graduate jobs this year—which received around 47,000 applications—are well-equipped to succeed. 

Fortune reached out to PwC for comment. 

Companies are offering Gen Z special training 

PwC’s “resilience” training is just one example of how employers have been stepping up to ensure Gen Z is primed to succeed in the workforce. 

In 2023, fellow “Big Four” consulting giant KPMGsupplied extra instruction to its Gen Z hires. The business provided training for its graduate talent, out of concern they were struggling to adapt to professional life—particualry when it came to “soft skills,” how to give presentations, work in a team, and manage projects. 

The chief people officer of $1.5 billion data protection start-up Cohesity, Rebecca Adams, has also pushed for inter-generational cohesiveness. 

Earlier this year the executive led the charge to skill bosses in managing the young professionals, citing that Gen Z responds to feedback differently: “They want to know why, how—they want constant feedback.” On the flipside, she described having to teach “basic things” to young staffers that would mind-boggle their Gen X counterparts. 

“How do I manage my calendar? You actually have to accept the meeting request,” Adams explained toFortune in September. “You can’t just walk out of the meeting that you’re in because you have another one while it’s still going on.”

Charitable organizations are also stepping up to solve Gen Z’s professional pitfalls. Radical Hope is a nonprofit helping equip college students with essential skills including communication, interpersonal dexterity, and emotional intelligence. It began as a pilot program at New York University back in 2020, after experts noted “elevated anxiety, stress, and depression” among students within the previous years—and has spread to 75 college campuses so far.  

Liz Feld, the CEO of Radical Hope, hopes the Gen Z trainees will become adept in the skills “we all got growing up at the kitchen table.” Even the little things, like small talk, can be a challenge for the young hopefuls striving to one day succeed in the workplace. 

“They won’t ask someone, ‘Do you want to go to the dining hall and grab dinner, you want to go grab a beer, you want to go for a walk, you want to get a coffee?’” Feld told Fortune, adding that if someone says “no,” their confidence is crushed. “They internalize the whole thing. The face-to-face rejection is what they’re afraid of.”



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