San Francisco Home Sales Face a Sluggish Recovery From the Winter Slowdown
The luxury segment experienced a steeper decline compared to the overall market. Read More
BY THE NUMBERS
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TRENDING TODAY
LISTING OF THE DAY
Modern Mykonos New Build Borrows From the Island’s Iconic Hillside Architecture
The exterior of the Grecian mansion features subtly textured walls with softened corners, and shuttered windows on the upper floors. Read More
DESIGNER’S CORNER
Sectionals 101: Deciding if a Modular Sofa Is the Right Fit
Designers weigh in on layout, sources, fabric choices and more. Read More
NEWS BITES
Apartment Sales in London Are Surpassing Pre-Pandemic Levels
Perhaps some stability has arrived for London’s apartment market. According to U.K.-based property portal Rightmove, apartment sales in the capital city were up 23% last monthover March 2019 levels, marking the first time that monthly apartment sales have been higher than 2019 since September. “This demand for flats is driven by professionals who wish to shorten their commute, parents who invest for their children but also overseas buyers who are taking advantage of favorable currency exchange rates,” said Robert Sturges, central London area director at estate agency Chestertons. City A.M.
Canadians Are Optimistic but Uncertain About the Housing Market
The annual Home Ownership Poll from the Royal Bank of Canada has found a mix of emotions from the nation’s populace when it comes to the property market. Forty percent of those surveyed said they expected to pay less for a home in 2023, but a quarter responded that they didn’t know what type of housing market the nation was in, with a further 18% saying they were unsure if now was a great time to buy. The possibility of a recession also appears to be weighing on potential buyers, with more than half of respondents saying they were worried about their immediate financial future and only 22% saying they would lend money to family members to purchase a home, down from 26% last year. BNN Bloomberg
Beijing Officials Seek New Policy to Spur Sales in the City
Facing a decline in home sales in Beijing’s Fangshan district, officials from the Beijing Municipal Commission of Housing and Urban-Rural Development are touting a “one district, one policy” proposal for the region as a means to boost sales and to serve as a pilot program for markets throughout the nation. While details of the proposal have not been released, industry insiders expect the initiative to target down payment ratios or mortgage rates, or to possibly involve higher loan amounts from housing provident funds. Currently, Beijing has the strictest housing policy in China, with buyers limited to the purchase of two properties and the highest down payment ratio (35% for first homes, up to 80% for second homes) nationwide. South China Morning Post
Billionaire Justin Ishbia to Spend $77.7 Million Building Lake Michigan Megamansion
Justin Ishbia, the billionaire founding partner of Shore Capital Partners and new majority owner of the Phoenix Suns basketball team, is set to spend a record amount creating an estate on Lake Michigan in Winnetka, Illinois. Mr. Ishbia, and his wife, Kristen, have already spent $39.9 million since 2020 purchasing four separate properties on the lake and are now poised to spend another $43.74 million building a 68,344-square-foot home. Including land acquisition, demolition and construction, the Ishbias are set to spend $77.7 million on the property, which would be a record sum for a Chicago-area home, besting the $58.75 million that Citadel founder Ken Griffin paid for four floors in a Near North Side building. Chicago Tribune
AROUND NEWS CORP
Inside America’s Most Expensive Trailer Park, Where Mobile Homes Sell for Millions [The Wall Street Journal]
Cut Stamp Duty for Old People to Free up Big Houses, Says Kirstie Allsopp [The Times of London]
Feeling Taxed to the Max? Check out These 9 States Boasting Zero Income Taxes [Realtor.com]
Shocking New Figure in Rental Crisis as Vacancy Rates Lift [news.com.au]
