Jackie Kennedy’s Former Washington, D.C., Home Heads to Auction This Week
The unusual compound of three connected homes in Georgetown hit the market earlier this year for $26.5 million. Read More
BY THE NUMBERS
| CONTENT FROM: Costa Palmas |
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Come Home to Elemental Luxury on the Sea of Cortez
Forty-five minutes from Los Cabos airport on the Baja’s East Cape, Costa Palmas is a 1,500-acre community that offers a new superyacht marina, two miles of swimmable beachfront, and an incomparable spirit of adventure. Explore homes of elemental luxury at Four Seasons Resort and Residences or the cosmopolitan Casa Blake, and belong to a warm, inclusive club of adventurers on the Sea of Cortez.
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TRENDING TODAY
LISTING OF THE DAY
Leafy 1930s Manor in the Minneapolis Suburbs Now Comes With an Indoor Basketball Court
The renovated mansion still has all the historic charm but includes modern amenities like a gym and a wine cellar. Read More
THE INSIDERS
In-Unit Pools and Members-Only Clubs Are Next for London’s Luxury Developments
Dean Main, founder of London-based luxury management company Rhodium, also believes eco-credentials are now a must for super-prime developments. Read More
NEWS BITES
London Luxury Real Estate in a ‘Holding Pattern’
While the Bank of England may have paused the cycle of rising interest rates in September, it has not assuaged the precariousness of London’s high-end property market. According to Knight Frank, demand for luxury homes in the British capital rose 12% between August and September, a welcome boost but only half the demand seen over the same period for the past two years. In 2016, the August-September demand spike reached 40%. “Essentially, the prime London property remains in a holding pattern,” said Tom Bill, Knight Frank’s head of U.K. residential research, with prospective buyers wanting to see if more turbulence is coming. The consultancy has predicted 3% house price decline in both prime central and outer London this year. PropertyWire
New Tax May Bring Influx of Second Homes to the Market in Victoria, Australia
Those dreaming of a coastal home in Victoria, Australia, would do well to keep their eyes peeled. According to industry insiders, a new tax could herald an influx of holiday houses to the market from second-home owners looking to avoid increased fees. The tax, announced this week by Victorian Treasurer Tim Pallas marks an expansion of a tax currently applied in Melbourne. It would require homeowners to pay an extra 1% of the capital-improvement value for the land, or A$5,000 (US$3,189) for every A$500,000, unless they can prove they have lived at the property for a minimum of four weeks each year or leased it for at least six months. The new tax is set to go into effect in 2025. realestate.com.au
Interest Rates Weigh Heavy on Canada’s Real Estate Market
Housing supply is up across Canada’s major metropolitan markets, but sales are not following suit, and industry experts blame one culprit: interest rates. In Toronto, sales were down 12% in September from August, and 7.1% for the year overall, despite a 32% increase in listings for the month. Vancouver saw a 28.4% year-over-year increase for inventory in September, but sales only hit 1,926 transactions. While it was a 13.2% increase year-over-year, it was still below the 10-year seasonal average and a drop of 16.1% from August. “The only thing that matters right now are interest rates, quite frankly,” said John Pasalis, president of Realosophy Realty Inc. Brokerage in Toronto. “And the impact that’s having on the number of people who are buying homes, which is unbelievably low, and the number of people who are forced to sell because they’re over-leveraged.” Vancouver Sun
China’s Market-Boosting Measures Have Yet to Pay Off
Relief measures introduced by Beijing last month, including moves to lower mortgage rates and reduce down payments, in a bid to boost home sales have yet to bear fruit. The nation’s top-100 developers reported 484.5 billion yuan (US$67.3 billion) in sales in September—a drop of 24% year over year. Industry insiders expect to see further asking-price reductions in light of the weak sales, as well as the possibility of even more extensive stimulus policies from the government as it tries to get the sector back on track. South China Morning Post
AROUND NEWS CORP
Texas Cities Are Booming, but Their Offices Are the Most Vacant [The Wall Street Journal]
London Rental Market ‘Pushes Young People out of the City’ [The Times of London]
Is the Housing Market Overvalued? What Buyers Need to Know. [Realtor.com]
Sydney Home Without Roof Sells for Just Under A$1 Million [news.com.au]
