Just 12% of houses sold for under their listing price. Read More
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LISTING OF THE DAY
The Georgian-style home is on a landmarked block. Read More
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Seattle’s Median Prices Hit Record Highs, Even As Inventory Increases
The median price of a single-family home in Seattle’s King County hit $726,275 in May, up from $725,000 in April, and a 15% year-over-year increase. The overall median price was $830,000, a 14% annual increase. The number of active listings increased for the second consecutive month, up 36% from the previous year.
Spain’s Real Estate Market Is On the Road to Recovery
Spanish housing prices increased 9.39% in the first quarter of 2018, according to the Spanish Land Registrars’ Association, while the official government index shows a 2.7% increase for valuations. Overall prices are still 18% below their high point in 2007, but have risen 26% since their low point in late 2014.
London Home Prices Are Forecast to Fall This Year
A Reuters poll of housing market specialists indicates that most expect London home prices to drop this year, even as prices across Britain at large are forecast to rise by an average of 1.7%. Predictions for London ranged from expectations of a 6% decrease all the way up to a 2.5% increase for the year. “[Brexit] has really kept a lid on further growth,” said Oliver Knight of Knight Frank. “There is a wait-and-see attitude.”
Dubai Property Transactions Total More Than Dh17 Billion in May
More than Dh17 billion (US$4.6 billion) worth of real estate transactions were recorded for Dubai in May, up from approximately Dh16 billion (US$4.4 million) in April. For the first quarter overall, the Dubai Land Department recorded Dh57.9 billion (US$15.8 billion) in real estate transactions. All told, there were Dh284.52 billion (US$77.5 billion) worth of transactions for Dubai in 2017, up from Dh268.71 billion (US$73 billion) in 2016.
Hong Kong Couple Flips a Parking Space for a HK$2.6M Profit
A Hong Kong couple resold a sparking space for a profit of HK$2.6 million (US$330,000) just nine months after purchasing it. The parking spot, located in Sun Hung Kai Properties’ Ultima apartment complex in Ho Man Tin, sold for a total of HK$6 million (US$760,000), or HK$44,444 (US$12,099) per-square-foot, setting a new world record. The previous record had been set last June, when an executive purchased a parking space in the city for HK$5.18 million.
Converted Long Island Church First Listed for $23.5 Million Sells for $8.995 Million
A 19th-century former church in Sag Harbor, New York, has sold for $8.995 million, after initially listing for $23.5 million in 2015, then coming back on the market last year for $10.995 million. Plans are still underway to renovate the property to include a pool, indoor spa and double-height ceilings.
AROUND NEWS CORP
Penthouse in Gloria Vanderbilt’s Childhood Mansion Asks $30 Million [The Wall Street Journal]
Kanye West’s First Home Design Is Here—and It’s Strangely Genius [realtor.com]
California’s Emigrants Aren’t All Moving to Cheaper Housing Markets [MarketWatch]
Melbourne Developer Bans Airbnb [news.com.au]