U.S. tax reform and reasonable asking prices are being credited for the increase. Read More
BY THE NUMBERS
LISTING OF THE DAY
The California home has an electric car garage, solar thermal heating and more. Read More
The difference is minimal. Read More
Chicago Prices Hit a High Point
An increase in the median price for Chicago region homes in May has brought them to the highest point since before the recession, as indicated by a report from RE/MAX. The 2.8% month-over-month increase grew the median price to $256,000. Agents have noticed a marked discrepancy in the number of available homes above and below $550,000. As of May, the supply for homes priced below $550,000 stood at a four-month supply while the supply of those priced above went as high as 25 months. The number of homes sold in the Chicago area in May dropped by 1.2% to 12,186.
Ryan Murphy Lists California Home
Television mogul Ryan Murphy is selling a Laguna Beach, California, home priced at $18.75 million. Mr. Murphy spent close to a decade renovating the one-acre property, which he bought for $4,475,000 in 2004. It features a 6,500-square-foot main home as well as a guesthouse and was shown in Architectural Digest in 2017. The home has ocean views that can be seen through retractable glass walls, a pool and polished gardens and is only a short distance away from the beach.
New Tax on Empty Units Has Hong Kong Developers Rushing to Sell
A soon-to-be-instituted tax on vacant Hong Kong apartments has developers looking to fill as many units as possible before the new law goes into effect. Examples of companies speeding up their process in order to avoid fees include the team behind the Park Villa property in Yuen Long, which is selling off the 38 units remaining at a lower price, and the group behind Grand Yoho, which is angling to sell out 350 vacancies this year. The Park Villa homes will cost between HK$36.68 million (US$4.67 million) and HK$51.8 million (US$6.6 million).
Nantucket Sales Soar
The already pricey U.S. East Coast island of Nantucket is seeing prices and activity increase even more. The first quarter of 2018 saw a 49% price increase over a year prior and $268 million worth of property sold, according to the agency Great Point Properties. The top of the market has fared the best. There was a 300% annual increase in sales between $4 million and $6 million and a 52% jump in sales of places priced between $1 million and $2 million. There are fewer sales on the lower end due in great part to a lack of supply. Homes until $1 million represent only 25% of sales.
Real Estate Interest Turns to the DMZ
As relations between North and South Korea appear to be moving in a more positive direction, with U.S. and South Korea’s military drills being called off and talk of North Korea pulling back artillery from the border, real estate located near the Demilitarized Zone is now selling at an all-time high. The DMZ and surrounding area is undeveloped now but could become crucial real estate if travel between the two countries becomes a possibility. The South Korea border city of Paju witnessed real estate transactions in April and May hitting three times what’s been typical for the past 10 years, and prices doubling in April.
AROUND NEWS CORP
A Decade On, the Fate of Madoff’s Mansions [The Wall Street Journal]
Buy a Boutique Apartment Complex in Charleston’s Hip East Side for Just $2.4M [realtor.com]
These Buildings Have the Most Insane Perks [New York Post]
Brisbane Apartment Slump Over [news.com.au]