Boulder, Colorado—a ‘Mountain Silicon Valley’—Emerges as a Major Luxury Housing Contender
The city topped the latest ranking of high-end markets from The Wall Street Journal/Realtor. Read More
BY THE NUMBERS
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TRENDING TODAY
LISTING OF THE DAY
A Riverfront Home Brings Ultra-Modern Minimalism to the Chesapeake Bay Area
The home, built in 2016, sits on Tred Avon River in Easton, Maryland. Read More
DESIGNER’S CORNER
Tips for Going Gold or Silver in Kitchens and Baths
Designers elaborate on selecting metal finishes for timeless, eclectic and glamorous rooms. Read More
NEWS BITES
Mortgages With Terms of 35 Years or More Hit a High in the U.K.
Last year, 88,059 people in the U.K. took out a 35-year or more mortgage, a 117% increase from 2018’s number of 40,471, according to Freedom of Information data from the Financial Conduct Authority gathered by the financial adviser Quilter. Successive interest rate increases since late 2021 and high house prices have forced home buyers to take out mortgages with longer terms. Though this will lower monthly payments, longer mortgage terms could complicate some borrowers’ retirement, with nearly four times as many people taking out mortgages that will extend into their 70s. “Many people under-save for their retirement anyway without even taking into account the fact they will not be earning and need to pay for a mortgage as well as living costs,” said Karen Noye of Quilter. PropertyWire
Sydney Sweeney Buys $6.2 Million Bel Air Estate in Need of Repair
Actress Sydney Sweeney just dropped $6.2 million on an Old Hollywood home in the Bel Air neighborhood of Los Angeles. Sweeney and her fiancée, Jonathan Davino, won a bidding war for the property, paying $250,000 over asking despite the rather rough shape the estate is in. Built in 1937, the home has industry ties and was owned by the son of famed Hollywood screenwriter Delmer Daves. The 1.25 acres are in need of some serious clean-up, and both the two-story main house and the guest house will require heavy restoration, if not a teardown. This isn’t Sweeney’s first historic home purchase—her current home in Westwood is also from the ’30s and is a traditional style with Tudor influence. Dirt
U.S. Rents Declined Annually Again in June
For the second month in a row, U.S. rents declined annually in June. Median asking rent was $1,745, down 1% across the top 50 metros in the U.S. Though June rents were lower than last year, they were still $7 higher than May and $339 higher than June 2019. Rents in the West are cooling the fastest, dropping 3.8% year over year. San Jose, California, had its first annual rent decline in almost two years, dropping 1.4%, making it the last large metro in the West to transition from rent growth to decline. In contrast, rents in New York and Boston increased 4.7% and 2.5%, respectively. World Property Journal
Sydney Sees Notable Spike in Home Auctions
There has been a significant increase in home auctions across the city of Sydney, with auctions up 70% annually this week and more than double next week, according to PropTrack data. This could be a first sign of distressed sales, but on the other hand, the increase in auctions could mean continued confidence for sellers, as auction clearance rates remain high amid low inventory and plenty of potential buyers. “Given listings were relatively subdued over the first half of 2023, this could be a sign that some vendors who were holding back from selling are now coming to market,” said PropTrack economist Anne Flaherty. She added that this spike in auctions is “unusual” for the city’s already busy market. realestate.com.au
AROUND NEWS CORP
The Luxury Home Market Confronts Its New Reality: Not Enough Buyers and Sellers [The Wall Street Journal]
Rustic Italian Trattorias Are the Home Trend We Now Want [The Times of London]
With Mortgage Interest Rates So High, How Should Sellers Price Their House? [Realtor.com]
Steve Nash Sells Brooklyn Townhouse After Parting Ways With Brooklyn Nets [New York Post]
