Move Over Miami—Five Even Hotter Luxury Housing Markets
Demand is driving high-end activity in metros from Phoenix to Nashville as the South Florida darling cools off from its seismic property boom. Read More
BY THE NUMBERS
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A Modern Muse for an Oceanfront Legacy
Waldorf Astoria Residences Pompano Beach exudes serenity and an unparalleled vision for truly extraordinary living. Two-four bedroom homes and 5+ bedroom penthouses in the first stand-alone Waldorf Astoria Residence. Starting from $2.5M.
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TRENDING TODAY
LISTING OF THE DAY
Alabama’s Most Expensive Home Is a Hunter’s Paradise
In addition to deer, ducks, ponds and lakes, there’s a limestone lodge modeled after a famous Texas resort. Read More
THE INSIDERS
Chefs, Skiing and an Austin Powers Party: How a Paris-Based Property Agency Is Serving the Whims of Its Clients
Max Aniort, founder of Le Collectionist, talks about the luxury rental company’s foray into the sales market and trends he’s seeing. Read More
NEWS BITES
London Needs 209,000 New Rental Homes by 2031
Rental properties are in short supply in London, and the city has a lot of ground to make up in the not-too-distant future, according to Savills. London will need an additional 209,000 new rental homes by 2031 to meet tenant demand, the estate agency said. Currently, the supply of rental homes in London sits at about half of what it was five years ago. A prolonged period of rising interest rates, instituted in an effort to combat inflation, has had the knock-on effect of pushing landlords out of the market as they look to escape elevated mortgage payments. Bidding wars have become commonplace as tenants compete for the remaining, limited supply in the capital. City A.M.
Homes Take an Average of 16 Viewings to Sell in the U.K.
Sixteen is the magic number for home sellers in the U.K. According to home-buying company Quick Move Now, that is the average number of viewings it took for a home in the U.K. to find a buyer in 2023. In the Greater London area, that number rose to 27 viewings, while the West Midlands saw the smallest number of viewings-to-sales, with an average of nine. A greater number of viewings does not necessarily mean a longer time on the market, however, as more desirable properties may have a high number of viewing booked soon after listing. On average, homes for sale in England and Wales were on the market for 115 days last year. PropertyWire
Sydney Property Prices Predicted to Grow by as Much as 23%
It’s not going to get easier for Sydney buyers over the next few years, at least according to Oxford Economics Australia. The industry analyst is forecasting that property prices in the New South Wales capital will rise by as much as 23% over the next three years. In their latest Residential Property Prospects report, Oxford Economics sees slow price growth for the remainder of the 2024 financial year with accelerated price growth coming in the 2025 and 2026 financial years. Over the full time period, unit prices could rise by 23.4% while home prices may grow by 15.8%, which would bring median prices to A$1.029 million (US$679,131) and A$1.621 million, respectively. realestate.com.au
Hong Kong Mansion on the Peak Sells for HK$838 million—a 35% Discount
Hong Kong’s luxury market continues to struggle. In the city’s exclusive neighborhood called the Peak, a two-story, 11,687-square-foot mansion, which was valued at HK$1.3 billion (US$166 million), has sold to a mainland Chinese buyer for HK$838 million—a 35% discount. “The luxury property market is less active, and the number of buyers has been reduced, which was reflected by the discounted price,” said property agent Godfrey Cheng. South China Morning Post
AROUND NEWS CORP
In Boston’s Priciest Neighborhood, Buyers Fork Over More Per Square Foot Than Anywhere in the U.S. [The Wall Street Journal]
In Ireland, Can ‘Right-Sizing’ Reignite the Market? [The Times of London]
Why I Chose Not to Sell My Home—and What Would Change My Mind [Realtor.com]
‘Anti-Aus Open Effect’: Big Issue With Home Tennis Courts [news.com.au]
