The median sales price of luxury homes increased 27% during the first quarter of 2018, brokerages find. Read More
BY THE NUMBERS
LISTING OF THE DAY
The multi-storied New York residence includes a billiard room, wine cellar and a large portico once used for horse-drawn carriages. Read More
France and Switzerland among top places in rewarding environmentally conscious homeowners. Read More
Foreign Buyers Drop as a Result of Toronto Tax
The number of foreign buyers in Toronto has decreased considerably since a 15% tax was instituted in April of 2017. In the three-month period ending in February, 2.5% of buyers in the city were foreign. Last May, that number was 7.2%. House prices have also declined, with last April’s average of C$716,000 (US$558,343) down 14% to C$611,000 (US$476,464) in March. The highest percentage of foreign sales in the taxed region was in York, where they represented 32%.
Dr. Dre Buys $4.9 Million Los Angeles Home
Hip-hop mogul Dr. Dre purchased a 9,400-square-foot Calabasas estate for $4.9 million. The property is part of a gated community and features six bedrooms, a home theater, lighted tennis court, swimming pool, fire pit and a sound engineered musical studio. The Mediterranean-style home sits on three-quarters of an acre overlooking the mountains. Dr. Dre owns several other Los Angeles homes, including one in Brentwood purchased from Tom Brady and Gisele Bundchen for $40 million four years ago.
March Sees New Home Sales Up in U.S.
Sales of new construction, single-family homes increased by 4% in March in the U.S., the second highest rate since the recession. New home sales in the West jumped by 28.3% while the Northeast saw a 54.8% decrease. The Midwest dropped 2.4% and the South was up by 0.8%. In March, 301,000 new homes were for sale, a number that represents a 5.2-month supply at the current rate. The median price was $337,200.
Australia Experiences 1.2% Price Decline
Home prices were down 1.2% across Australia in the March quarter. Darwin was hit the hardest, with a 7.5% decrease, while Sydney was down by 2.6%. Apartment prices in Darwin were down by 15.9% for the quarter and by 26.9% for the year. The average price in Perth is now A$419,000 (US$318,000), down from A$466,000 (US$353,218) in December 2014. Experts say that Perth does show signs of rebounding but that it’s likely to take some time.
AROUND NEWS CORP
Making Your Vacation Home Your Full-Time Home [The Wall Street Journal]
Mortgage Rates Surge to Highest Since 2013 [MarketWatch]
New Yorkers Are Flocking to This Midwest Sanctuary [New York Post]
Mark Your Calendars: The Best Day and Month for Bargain Hunters to Buy a Home [realtor.com]