New regulations triggered uptick, report says. Read More
BY THE NUMBERS
LISTING OF THE DAY
Sandstone imported from England and Scotland was used in the construction of the 1887 house. Read More
The glimmering lights, the romantic glow, the drama—a chandelier is one of the most glamorous elements you could have in your home. Read More
$1.5 Trillion Worth of U.S. Property is at Risk of Damage from Wildfires
According to Redfin, $1.5 trillion worth of U.S. homes—or 7.7% of the nation’s total housing value—are at risk from wildfires, with California’s Los Angeles, Orange, and Santa Clara counties facing the highest risk, and Texas facing likely damage as well. However, this seems not to have deterred buyers, who are more concerned over unaffordable prices. “People view wildfire risk as a price of living in California that’s well worth the rewards,” said one Redfin agent.
$9.15 Million Carroll Gardens Townhouse Sets Record for the Brooklyn Neighborhood
A townhouse in Brooklyn’s Carroll Gardens has sold for $9.15 million, breaking the neighborhood’s previous sales record of $6 million. The property was sold with a commercial unit on site for $1.4 million in 2013, which was replaced with a new construction 35-foot-wide, 5,356-square-foot townhouse. The final price is 8% below the original asking of $9.95 million.
U.K. Home Prices Fell for the Second Straight Month in January, Halifax says
Home prices fell 0.6% in January in the U.K. following a 0.6% drop in December, bringing growth to its lowest levels since last June. Prices were up 2.2% year-over-year for the month, down from December’s annual growth rate of 2.7%. Analysts had expected stronger growth, but Russell Galley of Halifax said, “Household finances are still under pressure as consumer prices continue to grow faster than wages.”
Auckland’s Real Estate Market Starts the Year Off Holding Steady
The average Auckland home price was NZD$934,753 (US$682,042) in January, up 1.5% from the previous three months, though the median, NZD$830,000 (US$605,609), was 1.6% lower. Sales were down 13.8% from the previous three months, and down 5.7% year-over-year. Peter Thompson of Barfoot & Thompson called the numbers “a steady start to the year” and part of a “stable trading trend [that] first emerged in April last year, and has rolled over to the start of the New Year.”
Edgewater, Coral Gables Among Miami Neighborhoods With Biggest Price Jumps
An analysis of Miami-Dade’s home price growth in the last five years shows that the median price jumped 57%, up to $275,000. Thirty-nine out of Miami’s 54 zip codes saw price increases of more than $100,000 between 2012 and 2017. The zip codes with the fastest growth were in Edgewater, Buena Vista and Little Haiti, Coral Gables, and Silver Bluff.
China’s Rush to Build Rental Property Could Lead to a Bubble
China’s developers have rushed into the rental market in response to government calls for more housing stock, but supply may begin to outstrip demand. “Not all cities are suitable for developing a rental market,” said Yang Xiangling of Homelink Academy. “Actually, massive residential markets are promising in only three cities: Beijing, Shanghai and Shenzhen.” Among other issues, developers are focusing on high-end units, even though demand is driven by migrant workers and recent college graduates.
AROUND NEWS CORP
After Tax Overhaul, Manhattan Real-Estate Sales Seize Up [The Wall Street Journal]
Home Price Gains Picked up Steam at Year-End, Corelogic Says [MarketWatch]
Google’s $2.5B Deal for Chelsea Market Is Second-Largest Ever in NYC [New York Post]
What’s Cooking: These Will Be the Year’s 7 Hottest Kitchen Design Trends [realtor.com]