The Los Angeles house last sold 21 years ago. Read More
BY THE NUMBERS
LISTING OF THE DAY
The building’s amenities include a residents-only bar and lounge. Read More
Creating a hotel-like environment for friends and family is all about paying attention to details. Read More
Toronto Condo Starts Hit a 30-Year High in June
Housing starts in Canada increased 30% in June, and starts for multi-unit urban homes were up 46%. In Toronto, multi-unit starts increased a whopping 231%, bringing the construction rate to its highest point in 30 years. In spite of the increase, inventory for condos remains low, indicating brisk demand from buyers in this segment.
Premium on U.S. Waterfront Properties Reached its Lowest Point Since 2002
Waterfront homes in the U.S. sold at a 36% premium in the first quarter of the year, according to Zillow, down from a 54% premium in Q2 2012. This brings the waterfront premium down to its lowest level since a dip in Q2 2002, and below the average of 41% that has held steady since 1996. Los Angeles, San Francisco, Seattle and San Diego all had some of the highest premiums for waterfront properties, with average prices over the $1 million mark.
18th Century Farmhouse Lists for $2.25 Million on Martha’s Vineyard
A renovated 1756 farmhouse in West Tisbury, Massachusetts, has come on the market for an asking price of $2.25 million. The 4,400-square-foot, three-bedroom home sits one 1.5 acres, and the property also has a separate one-bedroom apartment and “bunk house” for guest quarters. Notable features include brick fireplaces, and outside the main house, a garden, custom tree house, and a grove of trees.
Consultants Warn Cooling Measures Could Cause ‘Free Fall’ in Hong Kong
Property Consultancy JLL has warned that newly announced measures to cool Hong Kong’s property market could worsen a potential downturn already facing the city due to timing and rising interest rates. Transactions in major cities have slowed in recent weeks, as has price growth. As such, JLL has said that new measures “could exacerbate any downturn, leading to a market free fall.”
New Report Proposes Giving Bank of England the Right to Freeze Home Prices
U.K. think tank The Institute for Public Policy Research has released a new report proposing that the Bank of England control home prices by imposing new mortgage restrictions on buyers. The proposed plan compares the idea of controlling home price inflation to the central bank’s already-existing inflationary targets. In addition to higher deposit requirements and tighter restrictions on loan-to-income ratios, the IPPR proposes further steps to create more housing stock in the U.K.
AROUND NEWS CORP
Manhattan Townhouse Sets a New Record [The Wall Street Journal]
Missing Millennial Homeownership Endangers the American Dream [MarketWatch]
Tomas Maier Wants $21M for His Sleek Montauk Mansion [New York Post]
Move or Improve? These Scenarios Will Help You Decide How to Spend Your Dough [realtor.com]