Buying Off Floor Plans Often Means A Lower Price and More Choices
While an early purchase comes with some risks for the buyer, who might put down a sizable deposit, like trust that the building will be completed in the promised timeline and to a high quality, it also has benefits, including a lower sales price, the choice to purchase a preferred unit, and the option to customize the space. Read More
BY THE NUMBERS
TRENDING TODAY
LISTING OF THE DAY
A Renovated Victorian in Los Angeles With Views of the Hollywood Sign
This Queen Anne Victorian in Hancock Park, Los Angeles, may have been built in 1902, but after an extensive, painstaking renovation, it now offers all the high-end finishes of a new build. Read More
NEIGHBORHOOD NOTES
Seoul’s UN Village Is a Feng Shui Dream
Nestled between a river and a mountain, the area is the city’s most exclusive. Read More
NEWS BITES
The Average U.K. Home Price Just Hit an All-Time High The average price of a U.K. house reached £225,109 (US$293,824) in September, according to Halifax’s house price index, marking the highest price on record, in spite of slowing growth rates and a struggling market in London. Prices were up 4% year-over-year and 0.8% month-to-month, a slowdown from the 6.5% annual growth rate as of December. But "increasing pressure on spending power and continuing the affordability concerns may well dampen buyer demand," said Halifax managing director Russell Galley. City A.M.
Ireland Home Prices Likely to Continue Double-Digit Gains in 2018 Though the growth rate for home prices slowed slightly in the third quarter, Ireland’s booming property market is predicted to continue its double-digit growth rates into 2018, according to a report from MyHome that cites lack of supply and rising household incomes as driving factors. Thus far, the mixed-adjusted price for newly listed properties in Dublin is up 11.8% for the year, while home prices nationwide are up 8.9%. PropertyWire
A $9 Million Sydney Penthouse Rumored to Have Sold to the Packer Family A three-bedroom penthouse in Sydney’s Potts Point sold at auction this week for $8.75 million, far surpassing its price guide of $6 million. The buyers are thought to be from Australia’s well-off and powerful Packer family, who had a representative at the auction, though details of the sale have not been confirmed. The 360-square-meter apartment is in a 1938 Macleay Regis building, and was owned for 30 years by the Coppleson family. The Australian
New Developments Will Continue to Drive Down Rents in Dubai A flood of new development apartments is still in the pipeline for Dubai in spite of recent market corrections, making it likely that rents will continue to feel downward pressure—and landlords will feel more inclined to offer incentives such as a free month’s rent, or allowing multiple checks. Numbers from consultancy Cavendish Maxwell show rents as having dropped by an average of 2.8% for apartments and 3.5% for villas in the past year, as 11,800 new homes came online in the first nine months of the year. Gulf News
Miami’s 57-Story Elysee Tower Has Secured a $16.5 Million Loan The Elysee—a massive waterfront condo tower planned for Edgewater in Miami—can now continue with its second phase of construction, thanks to a $16.5 million construction loan from Mosaic Real Estate Credit. The luxury development is set to include 100 half-floor residences between 2,300 and 4,000 square feet, which will be priced between $1.5 million and $10 million. There will also be amenity spaces designed by architect Jean Louis-Deniot, and including extras such as a lap pool with poolside bar, spa facility, and sky lounge with a bar, dining room, chef’s kitchen, library, game room, and wine room. Curbed Miami
Seattle Has a Higher Rate of New-Construction Apartments Than Any Other U.S. City Thanks to a recent construction craze that’s attempting to keep up with the hyperactive local real estate market, Seattle now has a higher rate of new construction apartments than any other U.S. city, with new construction units comprising 12% of total rental stock. Residents in these new apartments are predominantly millennials; 65% of residents in new construction units are under 35, per census data. All told, the Seattle metro area had a 4.3% growth rate of new residents in the third quarter of the year. Seattle Times
AROUND NEWS CORP
Helsinki’s Housing Market Heats Up [The Wall Street Journal]
Tycoon's Ex Seems Desperate to Sell $20M NYC Penthouse [New York Post]
Slowdown? Not in the Midlands or Scotland [The Times of London]
What Is a Brownstone? A Red-Hot Commodity in Real Estate—Here's Why [Realtor.com]