Georgia Megamansion Made for Entertaining Heads to Auction
The property is replete with amenities, including an entertainment lounge, a recording studio and a custom pool with a swim-up bar. Read More
BY THE NUMBERS
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TRENDING TODAY
LISTING OF THE DAY
A Family Compound in America’s Oldest Summer Resort Town
The New Hampshire home includes a primary residence and a two-family guest house. Read More
THE INSIDERS
‘Think About Styles That Will Always Be in Fashion,’ Says L.A. Agent Sam Palmer
The ‘off-market property specialist’ dished on what buyers are prioritizing now; unrealistic pricing; and the impact of the Writers Guild strike on home sales. Read More
NEWS BITES
Parents Have Helped Two-Thirds of All London Home Buyers
If someone owns a home in London, chances are their parents helped them buy it. A report from asset management company Legal & General has found that two-thirds (67%) of all London homeowners received financial help for the purchase from their parents. On average, those who were given parental support received £30,200 (US$38,029)—the second-highest “Bank of Mum and Dad” support in the nation, just behind the East of England, which averaged £32,100. This year alone, families will fund £8.1 billion worth of home-buying purchases, Legal & General estimated. City A.M.
Shanghai Eyes Modest Reforms to Housing Policy
While Chinese policymakers have put forth several proposals to adjust the nation’s housing policies in a bid to support the struggling sector, Shanghai housing authorities are likely to go their own way, adopting more modest measures. Citing the city’s unique position in the nation, Shanghai officials are concerned that if the central government reforms are fully adopted, capital will flood into the city and send home prices on a roller-coaster ride. As such, insiders and analysts expect Shanghai to adopt more measured reforms, like a lowering of purchase and capital-gain taxes on property transactions. South China Morning Post
Dubai Plot Sells for AED190 Million
A sizable plot of land in Palm Jumeirah, Dubai’s man-made, palm tree-shaped island in the Persian Gulf, has sold for AED 190 million (US$51.7 million). The land, which spans 56,295 square feet, comes with a construction area allotment of 120,000 square feet, and the developer indicated that they plan to transform the space into a “luxurious residential hub.” Palm Jumeirah has accounted for 7.5% of the city’s total residential sales this year, with 210 transactions through the first half of 2023, up from 137 transactions for the same time period last year. Gulf News
A Pair of Chicago Mansions, Recently Sold by the U.S. Soccer Federation, Will Return to Residential Use
A pair of historic mansions on Chicago’s South Loop built between 1890 and 1892 by piano manufacturing magnate William W. Kimball for a reported $1 million will be returning to residential use after more than 75 years as office space. The mansions were sold for a combined total of $3.9 million by the U.S. Soccer Federation, after first listing them off-market for $4.2 million. The organization had been using the space as its headquarters since 1991. According to the buyer’s agent, the new owners plan to restore the homes, which are replete with period-era features, and occupy them. Chicago Tribune
AROUND NEWS CORP
Americans Are Bailing on Their Home Insurance [The Wall Street Journal]
A Loft Conversion or Extension Can Add 25% to Your Home’s Value [The Times of London]
11 Massive Mistakes Home Buyers May Be Tempted to Make Right Now: Is This You? [Realtor.com]
‘Extremely at Risk’: Interest Hikes, Underemployment Causes Record High Mortgage Stress [news.com.au]
