Dubai’s housing market has defied high hopes for a turnaround this year, dogged by oversupply in luxury and neighboring political crises, according to a report by brokerage and consultants Cluttons. Read More
BY THE NUMBERS
LISTING OF THE DAY
Unique home lies secluded in a pine forest and has been host to many influential figures. Read More
Stark meets homey with these tips. Read More
Toronto Transactions and Listings Rush In Ahead of New Mortgage Rules
Toronto buyers and sellers are eager to lock in their deals before tougher new mortgage rules take effect in January, and there were 7,374 property transactions in November, up from 7,118 in October. Active listings of properties rose 110.6% year-over-year in November, though the average selling price was down, $761,757 in November versus $780,104 in October. Starting in January, borrowers seeking uninsured mortgages will be subject to new stress tests.
The Original ‘Real World: San Francisco’ House Gets a $2.1 Million Price Chop
The seven-bedroom, seven-bathroom San Francisco home from MTV’s “The Real World” has undergone a $2.1 million price reduction, down to $4.89 million from its original asking of $6.99 million. Since the show’s filming, the home has been completely renovated, and is now a triplex. It had previously been gutted by a fire in 2000.
Luxury Homes Are Headed for Hong Kong’s Industrial South Side
Two of Hong Kong’s biggest home builders have purchased land in the city’s industrial Wong Chuk Hang neighborhood, co-purchasing a 600-home site for an undisclosed price. It’s estimated that homes built on site could garner HK$30,000 (US$3,840) per square foot, or HK$15 million (US$1.9 million) for a 500-square-foot unit. Construction is estimated to be completed in 2023.
Housing Crisis Is Costing U.S. Renters an Extra $2,000 Per Year
Rising rents across the U.S. are costing renters an average of $2,000 extra per year, according to Zillow, and eating up 29.1% of the median monthly income, compared to the 25.8% typically spent on rent prior to the housing bubble. Conversely, home owners now spend around $3,300 less per year on a typical mortgage. Though mortgage rates remain low, high home costs and down payment requirements pose a significant obstacle for renters hoping to buy.
AROUND NEWS CORP
Manhattan Townhouse Built On Site of Gas Explosion Asks $32.5 Million [The Wall Street Journal]
No Second Chances: Our 7-Step Plan to Making a Dazzling First Impression on Buyers [Realtor.com]
$8.8M Cabo Retreat, a Favorite for Vacationing Celebs, Is for Sale [New York Post]
Island Paradise for Price of City Unit [news.com.au]