A 75-Meter Superyacht Listed for €139.9 Million Finds a Buyer in 10 Weeks
The deal is one of the biggest yacht sales of the year. Read More
BY THE NUMBERS
TRENDING TODAY
LISTING OF THE DAY
One of the Priciest Homes in Annapolis Catches the ‘All-Day Parade’ of Boats on the Chesapeake Bay
Despite its superlative price tag, the waterfront property in Maryland found a buyer within a days of hitting the market. Read More
DESIGNER’S CORNER
Kitchen Counters 101: Choose Wisely for Practicality and Look
Designers weigh in on the pros and cons of various countertop materials. Read More
NEWS BITES
Singles Face a Tough Rental Market in London
The fiercely independent may be finding one drawback to being so unshackled—London’s rental market. A shrinking supply of one-bedroom units coupled with rising rents has made it particularly trying for singles trying to secure an apartment rental in the nation’s capital. According to data from property portal Zoopla, an average of 16,900 one-bedroom apartments have hit the rental market this year, down from 38,700 over the same time period in 2017. Add the escalating cost of rent in London, and single renters are increasingly competing for these precious few units against partnered couples with greater financial flexibility. “For the last five to six years, it’s been tough,” said Richard Donnell, executive director of Zoopla. “The problem in the rental market is we’ve had low levels of new investment by private landlords.” City A.M.
Hobart Is the Fastest-Selling Capital City in Australia
Hobart has taken the crown for the fastest-selling capital city in Australia, according to the latest data from PropTrack. Nationally, last month, homes took an average of 44 days to sell in the 12 months to April—nine days longer than the previous year. In Hobart, houses took a median of 29 days and units took a median of 31 days to sell in the 12 months to April. That was still 19 and 23 days longer than the previous year, respectively. Melbourne took the second place spot with 36 days to sell (11 more than the previous year) and Brisbane nabbed third place with 39 days to sell (16 days longer than the previous year). Analysts point to rising interest rates, as well as a greater supply of homes on the market, as the cause for the annual increases in time to sell. realestate.com.au
‘Bank of Mom and Dad’ Looms Large in Canadian Home Buying
A steep price drop in Canada’s housing market has spurred a buying frenzy but has left analysts wondering where the money is coming from. Despite a nearly 16% drop in Canadian home prices over the past 11 months, economic analysts have still considered the nation’s real estate market historically unaffordable, due to the escalating mortgage rates. But that has not stopped first-time buyers from snapping up homes in Toronto and Vancouver at new lower asking prices, and industry insiders believe they are getting help from a familiar source: their parents. Older homeowners in Canada are sitting on substantial equity due to rising home prices during the pandemic, which also allowed them to amass extra savings. “The bank of mom and dad is a factor in the majority of transactions,” said Jonathan Cooper, president of Vancouver-based brokerage Macdonald Real Estate Group. “We’re in the midst of an unprecedented transfer of wealth.” BNN Bloomberg
Knight Frank: Hong Kong Home Prices Will Slide This Year
Hong Kong’s real estate recovery will be short-lived, if industry analysts are to be believed. Knight Frank has joined Citi and JLL in offering a prediction that Hong Kong lived-in home prices will see some slippage before this year is over. Citing a glut of new builds coming to the market, high interest rates and a diminishing labor force—a historic signifier of price loss—the global property consultancy is forecasting that pre-owned properties will see a price drop of 5% over the remaining course of the year. South China Morning Post
AROUND NEWS CORP
In Santa Fe’s Priciest ZIP, Buyers Choose Between Gated Communities or Sprawling Country Estates [The Wall Street Journal]
Are Rising House Prices Ruining Deia in Mallorca? [The Times of London]
Fore! Here Are America’s 10 Most Affordable Golf Towns for Home Buyers [Realtor.com]
Mystery Buyer Forks Over $22.5 Million for Calif. Ghost Town, Sparking Speculations [New York Post]
