Coastal cities saw significant increases in sales and prices. Read More
BY THE NUMBERS
LISTING OF THE DAY
Built into a hillside, this new property has a “butterfly-shaped” roof. Read More
If you have unpaid tax bills, you will now have a 90-day window to pay them off without penalty. Read More
New Vacancy Tax Has Hong Kong Apartments Switching to Rentals
A new vacancy tax impacting Hong Kong property has many developers considering shifting their units from sales to potential rentals, according to a report from JLL. The recently announced tax will see owners paying 200% of the yearly rent value for properties that remain vacant a year past the date of the Occupation Permit. As a measure to avoid the fees, 1,500 of the city’s luxury homes will be repackaged as rentals in the near future.
432 Park Avenue Units Get a Discount
A new unit at Manhattan’s tony 432 Park Avenue sold for $31 million, a 24% cut from its original price of $40.75 million. The building’s developers have been forced to lower prices in order to be competitive as current owners have listed their units for resale. March saw 10 resale units on the market, a number that far exceeded that of other comparable new developments. An 80th floor apartment sold in the fall was marked down by 11% to $39.3 million. Two distinct spaces each listed at $40 million were combined and bought for $60 million.
Prime Real Estate Markets Showing Signs of Slowing
Real estate markets once thought of as being invincible to price drops are finally beginning to soften. Amid Brexit concerns, London sales have dropped and prices are 18% what they were in 2014. China’s government has worked to limit rampant price growth, which has caused a dramatic drop in sales. New York City’s sales have dropped for the past three quarters and at mid-year nearly 7,000 units were on the market, 11% more than a year prior.
London Landlords Increasingly Turn to Airbnb
In London, Airbnb is becoming a more popular way for property owners to rent out their multiple homes. According to research from real estate advisory Colliers International, the number of landlords with more than 10 listings on Airbnb increased 8.4% in 2017. Most London units on Airbnb are owned by listers with single properties, but 23% of landlords on Airbnb had 10 or more properties, and 45% have three or more properties on the vacation rental listing site.
AROUND NEWS CORP
Beyoncé and Jay-Z’s Onetime Malibu Home Sells for About $50 Million [The Wall Street Journal]
Buyers in Expensive Neighborhoods Find More Homes for Sale [MarketWatch]
What It’s Like to Live in NYC’s Old-School Micro-Apartments [New York Post]
Will California’s Latest Deadly Wildfire Devastate Home Prices—or Give Them a Boost? [realtor.com]