U.S. Homes Were the Least Affordable on Record in 2023
A mix of inflation, record-high mortgage rates and low supply made it a difficult year for buyers, but those conditions are expected to improve in the new year. Read More
BY THE NUMBERS
| MEMBER MESSAGE: Deloitte |
 |
New Executive Order Puts Guardrails on AI
4 early actions federal agencies can take as they prepare to comply.
Learn More
|
|
|
TRENDING TODAY
LISTING OF THE DAY
Rooftop Garden Makes This Airy Manhattan Penthouse a Breath of Fresh Air
There’s also a sunroom atop the Bond Street condo that has a drop-down TV and big city views. Read More
REBUILDS & RENOS
A 100-Year-Old Beverly Hills House Was a Hodgepodge of Styles Until Designer Owners Took Over. Check out the Before and After.
The owners of a young design-build company in Los Angeles bought the fixer upper earlier this year and set to work drawing out the home’s Spanish-style influences. Read More
NEWS BITES
Home Prices in Australia Set to Rise 4% in 2024
Home prices across Australia are set to grow between 1% and 4% over the next 12 months, down from the 5.5% pace of growth recorded so far in 2023, according to the latest outlook from PropTrack. Despite the slowdown, record prices are still expected, as November marked the 11th consecutive month of increases. Trends that propelled price growth in 2023 are predicted to continue, underpinning price growth next year despite higher interest rates. “Reflecting on 2023, a number of factors drove the home price rebound,” according to PropTrack director of economic research and report author Cameron Kusher. “The volume of stock available for sale remained at persistently low levels while buyer demand also increased significantly, fuelled by a housing shortage and strong population growth.” realestate.com.au
This Nearly $7 Million Maryland Home Offers a SCIF, or a Sensitive Compartmented Information Facility
A Bethesda, Maryland, home recently listed for $6.9 million comes complete with a SCIF, or a Sensitive Compartmented Information Facility. Located in the ultra-exclusive Bradley Hills Grove enclave, the French chateau-inspired estate offers an expertly designed SCIF, which could also be used as a panic room. The super-secure conference rooms, usually found in government buildings, allow officials to review top-secret classified intelligence information. The seller, who purchased the property in 2015 for almost $5 million, is one of the co-founders of a Texas-based company that supplies explosive device detection vehicles, systems and support services to U.S. and foreign military forces. The mansion sits on just over an acre and features six bedrooms and nine bathrooms, along with a four-car garage. Inside, there are 12-foot ceilings, rosewood floors and balconies off the library and living areas. Robb Report
U.K. Property Prices Ticked Up in November, but Remained Lower Than Last Year
U.K. home prices inched up by 0.5% in November, the second increase in a row, according to Halifax, the country’s biggest mortgage lender. In addition, there’s been “a slight uptick” in mortgage approvals among buyers as the cost of home loans eases. Still, property prices are 1% lower than in November last year, the lender said, with the average property costing £283,615 (US$356,641), and Halifax said the market would remain under pressure in 2024. BBC
China’s Real Estate Crisis Stunting Mysterious ‘Shadow Banking Sector’
China’s troubled real estate market is affecting the wider economy, and could stunt the country’s “shadow banking sector,” a mysterious and enormous part of China’s financial landscape. The industry is worth at least $3 trillion, with some putting its value as high as $12 trillion when asset management products and consumer loans are included. The industry has seen two major players—Zhongzhi Enterprise Group and Wanxiang Trust, both with significant exposure to the property market—fail to make payments they owe to investors. “Shadow banking generally represented a significant source of capital for real estate developers, and the implosion of private developers is now rocking the shadow banking sector,” said Brock Silvers, chief investment officer for Kaiyuan Capital in Hong Kong. CNN
AROUND NEWS CORP
Johnny Damon’s Florida Home, Complete with Hair Salon, Lists for $30 Million [The Wall Street Journal]
Britain’s First Net-Zero Stately Home [The Times of London]
The Top Home-Selling Advice From 2023 to Help Your Property Fly off the Market in 2024 [Realtor.com]
Fruit Spread-Famous Smucker Family to Auction off Home in Iconic NYC Building [New York Post]
