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Mansion Global Daily: U.S. Sales Price Record, High Toronto Home Fees, and More

Mansion Global’s daily round-up of the latest luxury real estate news from around the world

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U.S. Home Prices Appreciate 7% in March to a 12-Year High

Half of the nation’s top 50 markets were considered "overvalued," CoreLogic says. Read More

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A Stately Manor House in Limerick, Ireland

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NEWS BITES

Fees Make Up Nearly One-Quarter of the Cost of New Homes in Toronto Close to one-quarter of the cost of new homes in Toronto goes toward government fees, a large factor in the region’s increasing prices. A study from the Altus Group for the Building Industry and Land Development Association showed that C$145,000 (US$112,897), nearly 22% of the cost of an average single-family home, went to various government fees and taxes. With new condominiums the figure is C$94,200 (US$72,998), which represents nearly 24% of the average cost. These costs are being passed onto the buyers, exacerbating issues of affordability. BNN Bloomberg

New U.K. Home Registrations Down During Icy Winter The U.K. saw the number of registrations to build new homes down 14% in 2018’s first quarter over the year earlier. Bad weather was seen as a considerable factor in the decline, with extreme cold and frozen ground leading to up to 30 lost days in some cases. The National House Building Council called it the worst quarter since 2012. A lack of bricklayers was seen as another issue causing delays. The government has set a target of 300,000 new homes yearly in order to address housing shortages. PropertyWire

March’s Pending Home Numbers Barely Rise in the U.S. Pending U.S. home sales remained nearly flat in March, rising just 0.4% over February. The National Association of Realtors’s index also shows pending sales down 3% over last year, the third declining month in a row. The numbers suggest slow months for completed sales in April and May. Buyers are being challenged by a severe lack of supply, with the number of homes for sale down 9% from last year; increasing prices; higher rents that make it more difficult for people to save funds for homeownership. CNBC

‘Avengers’ Actor Don Cheadle Sells Venice, California, Home for $2.415M Don Cheadle, who appears in Marvel blockbuster movie "Avengers: Infinity War," has sold his home in Venice, California, for $2.415 million. The 2,400-square-foot contemporary-style house was expanded and renovated by Mr. Cheadle’s partner, designer Bridgid Coulter. The property had been listed since January for $2.445 million. Los Angeles Times

AROUND NEWS CORP

Backyard Sheds Go Upscale [The Wall Street Journal]

Crossrail: Redrawing London's Property Map [Financial News]

Mike Myers Dumps SoHo Penthouse for $13.2M [New York Post]

5 Surprising Speedbumps That Can Slow Down a Home Sale [realtor.com]