He bought the home in 1985 for $1.86 million, property records show. Read More
BY THE NUMBERS
LISTING OF THE DAY
The five-story London house has an elevator, swimming pool and sauna. Read More
The short answer is yes, but there are many variables. Read More
U.S. Sees Home Prices Rise
U.S. home prices were up 6.9% in the year ending in April, according to data from CoreLogic. All 50 states saw growth, with the firm projecting a further 5.3% increase in the next 12 months. The rises are due in great part to a lack of supply that has markets in 40% of cities overvalued, while 28% are undervalued and 30% are at an appropriate value.
Buyers in Silicon Valley Using Non-Traditional Methods of Financing
New buyers in Silicon Valley are looking to more than their salaries to finance their home purchases. Increasingly, sales of multi-million dollar homes to young people are being financed by the selling of stocks and cryptocurrency. Banks are also increasingly allowing people to use option grants for financing, so that tech employees might be able to purchase homes much more expensive than what their salaries alone would allow.
Nearly 7 Million U.S. Homes Under Threat of Hurricane Damage
The U.S. faces catastrophic potential for reconstruction needs as hurricane season approaches. New data shows more than 6.9 million coastal homes under threat with a potential for damage that would require up to $1.6 trillion in reconstruction costs. The National Oceanic and Atmospheric Administration is anticipating between one and four Category 3 level storms during the season.
Overseas Buyers in New Zealand Represent 3% of Total
Only 3% of home transfers in New Zealand are coming from international buyers. That number rose from 2.9% in the quarter ending in December 2017 to 3.3% in the quarter ending in March. Overseas sellers also increased slightly in that time period, going from 1.3%, where it had stood for a year, to 1.5%. The vast majority of transfers continue to be between citizens in New Zealand. Of March’s total 33,000, 4 in 5 went to at least one citizen, with 1 in 5 involving permanent residents, international people and corporations.
Montreal Leads Canada’s Sales Growth
Montreal was Canada’s top region for real estate in May, with sales increasing by 1% to hit a monthly total of 5,303. That growth has dropped off from a year ago when it was at 16% but was a positive story when compared with areas like Vancouver, where sales decreased by 35%, Calgary, down by 18%, and Toronto, where things slowed by 22%. In Montreal, condo sales were up by 14% though single-family homes dropped by 6%. Prices in the greater Montreal area increased by 5%.
AROUND NEWS CORP
Inside the High-End Mailrooms Wealthy Residents Visit When They’ve Got Mail [The Wall Street Journal]
Sam Zell on the Real Estate Cycle, Interest Rates, and Immigration [MarketWatch]
Being Sofia Richie’s SoHo Neighbor Will Cost You [New York Post]
Latin Pop Superstar Shakira Lists Her Longtime Miami Beach Mansion for $11.6M [realtor.com]