Demand has outstripped supply in oil-rich west Texas and the northern Rust Belt. Read More
BY THE NUMBERS
LISTING OF THE DAY
This riverfront estate has a private fishing pond and a greenhouse imported from England. Read More
The new regulation, if approved, would only impact developers, not individuals. Read More
Dubai Delays Apartment Launches
The number of new homes being released by Dubai developers has declined dramatically, with 9,034 being introduced since the beginning of 2018 as opposed to 46,893 for all of 2017. The drop-off is a result of oversupply caused by recent heightened construction, which has led to diminished prices. In 2017 the actual number of handed over units was 27,968 against an expectation of 31,000.
New Home Prices Rise in China
China is seeing its quickest growth in prices of new homes since 2016. July prices were up 1.21% over the month prior, with prices increasing in 65 of the 70 locations that were studied. Shanghai was the only major city to see a dip, falling by a slight 0.1% while the island region of Sanya, the best performing area, experienced a rise in prices of 3.7%, followed by Jinan where prices were up by 3%.
With Buy to Let, More UK Landlords Feel Positive Than Not
A survey of landlords in the United Kingdom showed that more than half feel confident about the state of the buy-to-let industry. That market has been dampened by new regulations and taxes, but 52% of landlords had positive feelings and a mere 16% were negative in their attitudes. When asked what their most crucial consideration was, 83% said the price of maintenance, while 80% said it was the potential for profit.
Low Supply Means Increased Prices in Long Island
The typically busy summer months have led to price growth in the past month across Long Island in New York. Suffolk County’s median rose by 6.8% to $390,000 while nearby Nassau County hit $540,000, a bump of 3.8% on last year. With a decrease in supply in the area, the number of closings fell. Suffolk’s were down by 0.1% and Nassau’s were down by 0.5%. Contract signings grew by 8.1% in Suffolk County and 2.4% in Nassau County.
Elle Macpherson Buys Home in Miami
A Coral Gables, Florida, home has been sold to model Elle Macpherson for $8.1 million. Macpherson purchased the home from Eric Malka, who co-founded the business Art of Shaving. Located in close proximity to Miami, the home has 8,314 square feet of space with seven bedrooms and six-and-a-half bathrooms. On 1.71 acres of property are a saltwater pool and a private boat mooring.
AROUND NEWS CORP
Wealthy Parents Help Child Athletes Go Pro in Their Own Backyards [The Wall Street Journal]
You’ll Never Guess Where Homeowners Are Moving the Most, Really [realtor.com]
Meet the Tech-Savvy Upstarts Who Think They Can Finally Give Realtors a Run for Their Money [MarketWatch]
John Lennon and Yoko Ono’s ‘Embassy’ Sells for $8M [New York Post]