Investor Activity in the U.S. Drops a Record 46% on Higher Interest Rates, Declining Home Prices
Las Vegas saw the biggest fall in the fourth quarter at 67%. Read More
BY THE NUMBERS
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TRENDING TODAY
LISTING OF THE DAY
Virgin Islands Mansion Melds Traditional Balinese and Contemporary Design
The four-bedroom home in St. John has a private beach and unusual architecture for the Caribbean. Read More
DESIGNER’S CORNER
Incorporating Wine Storage in or Near the Kitchen
Move the wine cellar out of the basement and into the heart of the home. Read More
NEWS BITES
Rental Vacancies Hit 20-Year Lows in Canada
Surging population growth, buoyed by robust immigration, is taking its toll on Canada’s rental market. The vacancy rate on rental buildings in the country has fallen below 2%—its lowest level since 2001—with vacancy rates in Vancouver falling below 1%. Exacerbating the issue are rising interest rates, which have expanded the pool of renters as potential home buyers are sitting on the sidelines. While rent vacancy is dropping, rental prices are heading in the other direction, with rental inflation hitting nearly 6% in the final two months of 2022, up from 3.1% at the beginning of that year. BNN Bloomberg
Hong Kong Developers Switch From Quality to Quantity
The shine is off of Hong Kong’s high-end home market. According to JLL’s latest Hong Kong Residential Market Monitor report, developers in the Fragrant Harbor are switching from buying luxury home sites to developing mass residential ones. Their reasons? Lower financing costs, faster sales times and shorter payback periods, all of which are more appealing in today’s current economic conditions. Unlike mass residential projects that take only two years to pre-sales, luxury developments are mostly launched upon completion around six years after land acquisition, on average,” said Joseph Tsang, chairman of JLL in Hong Kong. “Cash inflow does not begin to occur until then. Since the sales performances were weak in the luxury housing market, the payback period would be even longer.” World Property Journal
Brisbane Renters Have Had an Expensive Year
It’s been a pricey year for renters in the capital of Queensland, Australia. According to data from SQM Research, rental costs rose 24.8% in the last 12 months to January. The culprit is a familiar foe—severely limited vacancy. Last month, vacancies for the capital city fell to 0.8%, at just 2,845 units, bolstering prices to generational peaks. “We’ve never had such an increase in this current generation,” said SQM Research managing director Louise Christopher. “The last time we had increases like 24.8% in Brisbane, or indeed across the country, was way back in the 1970s.” realestate.com.au
Millennials Love San Jose, California
San Jose, California, has the largest share of potential millennial homebuyers in the United States, according to research from online mortgage lender Lending Tree. Nearly 64% of all offered in San Jose were offered to millennials, making it the top spot for buyers of that generation. Denver and Boston took the second and third spots with 61.3% and 61%, respectively. While U.S. millennials were once marginal in the real estate market, they now make up the largest share of potential home buyers nationally, jumping from just 25% of mortgages offered in 2019 to 52.9% of mortgages offered now. The Real Deal
AROUND NEWS CORP
The Desert Is Their Inspiration. The $600,000 Art Studio? Their Oasis. [The Wall Street Journal]
The House That Family and Friends Built [The Times of London]
Nepo Baby Real Estate: The Most Famous Children of Celebrities Call These Cribs Home [Realtor.com]
Miami Has the Priciest Neighborhood in U.S. and Plenty of Star Power [New York Post]
