A Record Share of Manhattan Home Buyers Are Paying All Cash
Only around one in three buyers took out a mortgage in the second quarter, while luxury sales fell 40% from last year’s roaring market. Read More
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TRENDING TODAY
LISTING OF THE DAY
See the Stars From an Old Celebrity Hangout in New York’s Greenwich Village
The top floor of the newly renovated townhouse, once home to Gene’s Italian restaurant, has an open-to-the-sky courtyard, complete with an outdoor shower. Read More
TAX TALK
What Are the Taxes Like if I Rent My Boston Property to College Students?
Investment properties don’t qualify for an exemption that can save primary homeowners thousands each year. Read More
NEWS BITES
Dubai’s US$10 Million-Plus Market Is World’s Busiest, According to Knight Frank
Dubai’s luxury real estate market is having a banner year, surpassing US$3.1 billion in sales during the first half of 2023, according to a report Thursday from Knight Frank. The city also registered 92 transactions on homes priced at US$10 million and above in the first half of the year, making it the busiest super-luxury market in the world, edging out Hong Kong (67) and New York (58). In the first six months, the city “achieved 79% of the total number of US$10 million homes sold in 2022,” said Faisal Durrani, partner and head of Middle East Research at Knight Frank. The National News
Home Prices Rise in Toronto as Sales Slow
The average price of a Toronto home was C$1.182 million (US$885,548) in June, up 3.2% annually but falling short of May’s average price of C$1.195 million, according to the Toronto Regional Real Estate Board. “Home sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates,” said Paul Baron, the board’s president. “Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn’t find a home meeting their needs. Simply put, you can’t buy what is not available.” BNNBloomberg
Uber-Luxury Deals in Sydney—A$30 Million and up—Setting a Record
Transactions for A$30 million (US$19.84 million) homes in Sydney hit a record in the fiscal year that ended in June. Indeed, there were 26 major sales during the 12-month period and the top 15 residential property deals alone accounted for A$1 billion in sales volume. The weak Australian dollar has brought buyers to the city, with most of the action taking place in traditional retreats such as Vaucluse and Bellevue Hill. This year also saw A$35 million-plus sales on the north shore and northern beaches for the first time. realestate.com.au
U.K. Construction at 14-Year Low as Rates Continue to Rise
The number of homes being built in the U.K. is at a 14-year low (excluding the nadir reached when the Covid-19 forced the industry to shut down), according to S&P Global and the Chartered Institute of Procurement and Supply. Aggressive interest rate hikes by the Bank of England have wreaked havoc on the residential construction industry, and both the manufacturing and construction industries are now shrinking. “Higher mortgage rates have triggered a plunge in housebuilding,” said Samuel Tombs, chief U.K. economist at consultancy Pantheon Macroeconomics. City A.M.
AROUND NEWS CORP
James Cameron’s 100-Acre California Ranch Lists for $33 Million [The Wall Street Journal]
What You Get for £2.8 Million in Somerset, Merseyside, Berkshire, Buckinghamshire and Edinburgh [The Times of London]
Tinder Co-Founder No Longer in Love With L.A. Mansion, Lists for $32 Million [New York Post]
Just How Hot Will This Summer’s Housing Market Get? [Realtor.com]
