Condos in the East End are seeing the fastest market in more than a decade, with a 40% increase in sales. Read More
BY THE NUMBERS
LISTING OF THE DAY
The Long Island home of artist Raphael Mazzucco is a work of art, and could come with art too. Read More
We talked to Mr. Eichner about the importance of going against the grain when it comes to real estate, why he’s predicting a dearth of luxury apartments in New York City, and much more. Read More
Norway’s Housing Market May Be Headed for a Correction
Norway’s housing market may be headed for a slowdown, experts say, but should be able to avoid a significant crash. Norway’s home prices had increased by 75% post-recession, but prices have declined for the past six months while household debt has grown and new borrowing restrictions are coinciding with excess supply. However, finance minister Siv Jensen said that government market-regulating measures seem to be working.
Australian Realtor Issues Profit Warning, Sees Shares Drop 15%
McGrath Ltd, Australia’s only listed realtor, issued a profit warning Monday, sending shares down as much as 26% before they evened out to a loss of 15% by the end of the day. “The board believes it prudent to assume continued subdued market conditions,” said a statement that pointed to a glut of new supply, as well as new restrictions both in Australia and in China that have significantly slowed activity from foreign buyers. This is particularly true in Sydney, which has doubled taxes for international property transactions.
London Tenants Need More Help With Unaffordable Rents, Mayor Says
Mayor of London Sadiq Khan is calling for more support for the city’s beleaguered tenant population and has slammed Ministers for weakening new restrictions capping expensive security deposits. In addition to a three-week cap on security deposit charges, Mr. Khan has proposed a £50 (US$65) cap on holding deposits (the current cap is £340, or US$445) as well as stiffer financial penalties for letting agents who break the rules.
Naples, Florida, Reserve Development Has Sold More Than $90 Million Worth of Homes
Sales have surpassed $90 million at the Naples Reserve master development in Florida, where home prices run up to over $1 million. In fact, 186 homes have been sold thus far on the 688-acre development, 40% of which were in the popular Egret Landing neighborhood. The development has 22 lakes, an island with a large tiki hut and a mile-long shore abutting Picayune Strand State Forest as well as amenities including access to an island club with restaurants and a pool; multiple tennis and pickleball courts; two dog parks; and complimentary one-year membership to a nearby yacht club.
AROUND NEWS CORP
Airbnb Enlists San Francisco’s Biggest Landlord [The Wall Street Journal]
How the GOP Tax Plan Would Affect Home Owners and Buyers [MarketWatch]
Liftoff! 10 Surprising U.S. Cities Where Home Values Are Skyrocketing [Realtor.com]
The Jewel in Victoria’s Crown [The Times of London]