Stanley Saitowitz-Designed Beachfront Home Outside San Francisco Asks $35 Million
The land and design plan alone—without a built home—are being offered for $12.75 million. Read More
BY THE NUMBERS
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Villa Built for a Dubai Royal Includes a Nightclub
The ultimate Sheikh’s party pad, this 11-bedroom villa was built for and once owned by a member of the Dubai royal family who never actually lived in it, instead using it for entertaining guests. Many guests, actually, as amenities include a nightclub for 200. Read More
DESIGNER'S CORNER
How to Create Your Dream Closet
A beautifully designed closet is one of those things in life that most people covet. But whether you’re building from scratch or remodeling an existing space, it’s easy to be overwhelmed by how to begin. Read More
NEWS BITES
Germany’s Brisk Housing Market is No Bubble, Experts Say Germany’s real estate market has seen apartment prices in big cities increase 60% over the last seven years, according to Deutsche Bank AG, more than doubling in areas like Munich. Other data shows a 31% increase over the past five years as buyers rush to take advantage of low interest rates. The government has shown concern over the rapid growth, giving regulators more power to increase interest rates, and encouraging banks to enact stricter lending policies. However, market experts aren’t worried about a bubble, saying that growth is now slowing, and Germany has merely been catching up to other robust markets. Bloomberg
U.S. Home Prices are Growing at their Slowest Rate Since 2013 U.S. home prices bucked expectations in June and grew at their slowest pace since November 2013, per data from the Federal Housing Finance Agency, which showed the price of single-family homes rising just 0.1% between May and June. Wall Street analysts had expected at least 0.5% month-to-month growth. However, prices were up 1.6% for the quarter, and 6.6% from the previous year, as strong demand continues to run up against limited supply to push up prices in most U.S. cities. Financial Times
B.C’s Foreign Buyer Tax Generated $102 Million Last Year British Columbia’s government enjoyed a $2.7 billion surplus in the 2016 fiscal year, according to public accounts released this week by Finance Minister Carole James. Those numbers include $102 million in revenue generated by the region’s headline-grabbing 15% tax on foreign buyers. However, Ms. James left it open ended as to whether the New Democratic Party might expand the foreign buyer tax to other in-demand real estate markets in Canada, including Vancouver Island. BNN
"Derelict" Home Outside Sydney Sold for $2.2 Million Ahead of its Demolition Despite its "unlivable" conditions and the likelihood that any buyer would need to knock down the home and build from scratch, a colonial-style cottage in Sydney suburb Strathfield sold for A$2.2 million (US$1.7 million) at auction last weekend, A$600,000 (US$474,000) more than the reserve. There appears to have been a bidding war for the property, though the home appears not to have been updated or well maintained since the 1950s or 1960s, and a local agent said that the buyer plans to tear down the property. news.com.au
Chinese Firm Backs Out of £470 million London Purchase Amid Government Pressure Chinese developer Dalian Wanda has reversed plans to snap up a £470 million (US$602 million), 10-acre plot of land at Nine Elms Square in London, likely in response to new pressure from Beijing’s government to pull back on overseas investments. Though foreign property purchases have been encouraged in the past, just last week Beijing rolled out new rules restricting foreign investment ventures including sports clubs, real estate, and entertainment, in response to concerns about excess debt. British firm St. Modwen Properties said this week that it had "successfully completed" the Nine Elms Square Sale, which was originally planned between Wanda and its French partner Vinci, but did not offer details about the final buyer. Gulf News
Off-Plan Sales Drive Growth in Dubai’s Market The first half of the year saw Dh132 billion (US$35 billion) worth of transactions by the Dubai Land Department, and of those sales, a full 25% came from transactions in the city’s off-plan market. Off-plan sales this year have already surpassed the total number of off-plan transactions in 2016, and are on track to hit 25,000 units by the end of 2017, particularly as developers get more creative with financing options. The most popular areas for off-plan sales are currently Business Bay, Downtown Burj Khalifa, Dubai South, Jumeirah Village Circle, and Mohammad bin Rashid City. Khaleej Times
AROUND NEWS CORP
5 Surprising Ways to Make Money off Your Home [MarketWatch]
The Living Room Moves Upstairs [The Wall Street Journal]
Who Pays the Real Estate Agent When You Buy or Sell a Home? [Realtor.com]
Jane Fonda's Beverly Hills Mansion Drops to $9.99M [New York Post]