The London market, and surrounding commuter region, fared the worst in August, according to Rightmove. Read More
BY THE NUMBERS
LISTING OF THE DAY
The contemporary California home features a cutting-edge hydronic radiant heating and cooling system. Read More
Add convenience to cooking with an intelligent oven. Read More
Miami Condo Price Breaks Record
Proof that the Miami real estate market still has some fire in its belly is the record-breaking sale of a $2.31 million apartment at Echo Park Brickell, which netted a price per square foot of $1,421. The two-bedroom apartment got the highest per-square-foot resale price of all condos built after the Great Recession—basically any building completed after 2010—in Greater Downtown Miami.
California is Highest Performer in Post-Recession Recovery
Across the U.S., the price of homes has rebounded 36% from the lowest point of the recession. California has had the strongest recovery, with the city of Modesto topping the list of rebounded cities with a post-recession peak that represented a 114.8% growth on the financial crisis bottom, according to the website Owners.com. Much of the growth in California has been fueled by the technology sector, which has led to soaring prices in areas like San Francisco and San Jose.
Hong Kong Rental Apartments Increasingly Unaffordable
In Hong Kong, 44% of rentals cost over HK$20,000 (US$2,550) per month, a figure that represents 70% of the median household income of HK$28,100 (US$3,580) and 122% of the HK$16,400 (US$2,089) that the typical individual brings home each month. In the first half of 2018, rents increased by 3.5%, with a 1.1% increase occurring in July. Experts have anticipated possible growth of 8% to 10% for the entirety of 2018, something that would make the 25% of apartments currently priced at or below HK$15,000 (US$1,911) much more difficult to secure.
Pillsbury Mansion—Once Minnesota’s Priciest Listing—Set for Demolition
A demolition permit has been filed for Orono, Minnesota’s Pillsbury Mansion—built by the family behind the famous flour company. The home, which was built in 1919, was listed for more than $52 million in 2007. Nicknamed “Southways,” the estate on Lake Minnetonka now stands on three acres.
AROUND NEWS CORP
Miami—Less Vice, More Luxe Living [The Times of London]
Swanky Waldorf Astoria Reopening Is Delayed a Year [New York Post]
Homebuilder Stocks Rally After Toll Brothers Beats Profit and Revenue Expectations [MarketWatch]
Tired of Plain Paint? 5 Wow-Worthy Wall Treatments That Will Take Your Decor to the Next Level [realtor.com]