U.S. Rents Have Begun to Fall
Prices were down 0.5% annually in May, signaling more dips to come. Read More
BY THE NUMBERS
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TRENDING TODAY
LISTING OF THE DAY
Nantucket Colonial Channels the Style of Its Historic Fishing Village—But the House Is Brand New
The furnished home built on the Massachusetts island in 2020 has a modern vibe along with the expected traditional island architecture. Read More
THE INSIDERS
Greece Will Be Seeing More U.S. Buyers, Says Real Estate Director
Evgenios Dendrinos, of Costa Navarino developer Temes, talks about the resort area, who’s buying there and sustainability. Read More
NEWS BITES
U.K. Property Transaction ‘Fall Throughs’ at Lowest Level Since Pre-Pandemic
One upside of a slow market? Fewer property transactions are collapsing. According to analysis from the House Buyer Bureau, the U.K. saw only 63,970 property transactions “fall through”—or terminate before the deal could be completed—in the first three months of 2023. This figure represents a 16% drop from the final quarter of 2022, the second consecutive quarter of drops for transaction collapses, and the lowest number of quarterly “fall throughs” since the first three months of 2019. PropertyWire
Shanghai Home Sellers Are Slashing Prices
Sizable inventory, a dwindling pool of buyers and a pessimistic view of the market’s future have Shanghai home sellers offering deep discounts on their properties. According to Shanghai property agencies, discounts of 10% to 15% are not uncommon, as the market deals with a glut of inventory and forecasts for the future of the city’s real estate market are particularly bearish. A discount of 10% on a Shanghai three-bedroom apartment in the city’s downtown neighborhood could mean cutting the price by as much as 1.5 million yuan (US$208,920). South China Morning Post
Canadian Private Island Hits the Market for C$2.25 Million
An off-the-grid private island—complete with its own lighthouse—could be yours for a mere C$2.25 million (US$1.71 million). Fane Island, a 1.9-acre property located among British Columbia’s Gulf Islands in the Salish Sea between Vancouver Island and Mainland Canada, includes ancient fir, arbutus and Garry Oak trees, a protected harbor, two beaches, a small cabin and the lighthouse, as well as two sites ideal for new home construction. Offering total privacy and dramatic views, the property relies on an off-the-grid power generator—which is in need of upgrading—for energy. CTV News
Australian Farm Home With 20 Horse Yards Sold for A$5 Million
Corinthian Engineering’s Richard Perini has spent A$5 million (US$3.34 million) to buy Ashbrookes Farm, a rural property in the Mount White suburb in Australia’s Central Coast region. The estate fetched a record price for the area. The property has three pavilion-style detached cottages, plus equine facilities including a stables complex with seven boxes, show jumping and dressage arenas, and 20 horse yards. According to PropTrack, the home is the only one sold in Mount White over the past 12 months. realestate.com.au
AROUND NEWS CORP
Colorado Ranch Where Dinosaur Bones Were Found Has Sold for $14 Million [The Wall Street Journal]
Inside the House That Instagram Built [The Times of London]
Plan to Have Aussies Live in Office Building Amid Worsening Housing Crisis [news.com.au]
Restored 19th-Century Townhouses, Glass Office in Meatpacking District Set for Reveal [New York Post]
