Brokers are using Instagram, Facebook and more to connect with buyers, share powerful visuals, and close deals. Read More
BY THE NUMBERS
LISTING OF THE DAY
Owned by Olympic Gold Medalist McLain Ward, the property includes equestrian facilities and riding grounds. Read More
For those looking for privacy and a less urban feel, this neighborhood delivers. Read More
West Coast Property Sellers See the Biggest Gains in U.S.
Sellers on the West Coast are raking in an average of 54% higher than what they initially paid for their homes, according to new data from Zillow. Nationwide, sellers made an average profit of 21%, or $39,000, after owning for eight years. In San Jose, that gain was a whopping $296,000 in the same time period. In 2017, 25% of U.S. homes sold went for above asking, compared to 18% in 2012.
Chinese Buyer Pays HK$5.93 Billion for Hong Kong Development
A development near Hong Kong’s Deep Water Bay has sold for a record-setting HK$5.93 billion (US$755.4 million), making it the largest single transaction in the city’s residential market. The developer expects that homes built on the site could command up to HK$135,000 (US$17,200) per square foot. “The buyer will probably demolish the existing buildings and redevelop it into super deluxe houses,” said Thomas Lam of Knight Frank.
London Developers Are Selling Luxury Homes in Bulk to Corporate Landlords
Responding to a lack of demand from individual buyers, London’s high-end developers are making bulk, discount sales to corporate landlords, most commonly to those in the build-to-rent business. Nearly 40% of new construction sales in the second quarter were bulk deals, a figure that propped up otherwise slumping numbers in individual residential sales. Asking price discounts of 10% to 15% “were becoming quite normal” in Q2, with some properties offering cuts as high as 20% to 30%.
July Sales Rush May Temporarily Prop Up Singapore’s Mortgage Market
As buyers scramble to buy Singapore properties ahead of new price-cooling measures, analysts at DBS Group Holdings Ltd. forecast a temporary boon to the local mortgage market, but a longer term market slowdown. Around 1,000 properties were sold on July 5 between the announcement and official implementation of new curbs, which included higher stamp duties and tighter lending restrictions. Following that rush, however, DBS predicts slowing in the mortgage market, as well as property discounts from developers.
AROUND NEWS CORP
Land Goes from ‘Dirt Cheap’ to ‘Pay Dirt’ [The Wall Street Journal]
Happy Timeshare Owners Have These 5 Things in Common [MarketWatch]
How to Add Space, Without the Hassle [The Times of London]
Poor Justin Timberlake Can’t Sell His NYC Penthouse—and These Pics Explain Why [realtor.com]