U.S. Housing Market Saw Prices Rise 7% in 2017
San Jose, California, saw biggest boosts, with prices rising 31.9%. Read More
BY THE NUMBERS
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LISTING OF THE DAY
A Restored 1780s Pink Home in Charleston, South Carolina
Located on Rainbow Row, a street with 13 sherbet-colored row homes in Charleston, South Carolina, this pink circa-1780 house has four bedrooms and a separate carriage house. Read More
TAX TALK
How Do Changes in Estate Tax Impact the $2M New York Home I Plan to Pass Down?
Your taxes won’t change, but your strategy for managing your home’s future might. Read More
NEWS BITES
Rihanna’s West Hollywood Home Up For Rent The West Hollywood property of Rihanna is available to rent for $16,500 a month. The pop star paid $2.75 million for the 2,600-square-foot home in August of 2017 before putting it on the market in October, where it has yet to sell, for $2.85 million. The open plan space home has four bedrooms, a guesthouse, four-car garage, succulent garden and courtyard. New York Post
Nearly 40% of L.A. Buyers Pay Over Asking Price In Los Angeles’s competitive market buyers are paying over the asking price in 38% of situations. A report from Zillow estimates the median price paid in the city is $14,100 over asking, fueled in part by the fact that Los Angeles, which is experiencing low rates of construction, had 22.8% fewer homes for sale last year than the year prior. The national rate for homes selling above asking is 24%, the highest rate since 2013. Curbed
London Construction Falling Behind Need While a record number of London building applications were seen last year, that’s not translating into the boom of construction that’s needed to address the city’s housing shortage. A report from London First and Grant Thornton suggests that 46% of the projects approved in 2017 have yet to get off of the ground. While 54,941 plans were approved in 2014, only 29,701 have launched. While the Mayor of London has a target of 66,000 new homes each year in order to address the need, only 26,458 were introduced last year. PropertyWire
Chinese New Home Prices Rise The year’s end saw an increase in the prices of new homes in China, garnering optimism about the market in the year ahead. Out of 70 tracked cities, prices were up in 57 and down in 7 in December, while November had increases in only 50 cities and decreases in 10. The average new property cost in those cities was up by 0.4% over the month prior. South China Morning Post
AROUND NEWS CORP
Popular Midcentury Modern Homes Are Fetching Top Dollar [The Wall Street Journal]
Get Ready: Home Remodeling Is Set to Surge at the Fastest Pace in More Than a Decade [MarketWatch]
Sellers Add Art to Sweeten $74m Penthouse Deal [New York Post]
7 Small Home Flaws That Can Be Big Deals for Buyers [realtor.com]