Hong Kong, New York and London Top World Luxury Markets
Worldwide, the luxury market has recovered following political and economic uncertainty in 2016. Read More
BY THE NUMBERS
TRENDING TODAY
LISTING OF THE DAY
Key Largo, Florida, Home of Kathie Lee Gifford is Chock Full of Amenities
The house has a classic design with subtle French touches. Read More
TAX TALK
How Has the New U.S. Tax Law Affected Deductions for Foreign Property Ownership?
The legislation enacted this year severely restricts what you can write off. Read More
NEWS BITES
San Franciscans Need $300,000-Plus Salaries to Buy Safely buying a San Francisco house today requires a salary of $333,000, according to a new quarterly report issued by the California Association of Realtors, a number that’s far above the media area salary of $82,900. That number is based on the fact that the first quarter’s median home price was $1.61 million, an increase of $300,000 year over year and $100,000 over the prior quarter. Curbed
American Cities Experience Growth in Rental Prices American rent growth is up 2.8% for the year ending in February. A report from CoreLogic indicates that a lack of supply is pushing rents upward, particularly in areas like Las Vegas, which saw a 5.3% bump; Orlando, which was up for the year by 4.8%, and Phoenix, which experienced a 4.2% increase. Gains were more significant when it came to lower priced properties, which experienced a rise of 3.7% as compared to the 2.4% increase on high-end homes. Despite the gains, growth overall is slowing, down from February of 2016 when rental numbers were up by 4.2%. PropertyWire
Foxtons Report Indicates Continued Slowing in London Property Market A report from real estate company Foxtons reflected continuing difficulties for the London property market, with revenues from sales, rentals and mortgages all dropping. The first quarter’s overall revenue of £24.5 million (US$33 million) was down from £28.7 million ($38.75 million) in the same period last year. A recent survey from the Royal Institution of Chartered Surveyors also showed weaknesses, with April’s showings the weakest since February 2009 and respondents predicting further slowing. City A.M.
Rent Concessions May Decline in Brooklyn, New York At a time when rental concessions have become a standard way of doing business in Brooklyn, there appear to be signs that the measures might be coming to an end. Industry experts are reporting that they have begun to see stabilizing rents and that a lack of supply, particularly in terms of renovated units, could increase demand to a point where concessions disappear or are at least reduced. Sustaining population growth in the borough has many confident about the area, particularly neighborhoods like Clinton Hill and Fort Greene. The Real Deal
AROUND NEWS CORP
When Your Pool Has Its Own Living Room [The Wall Street Journal]
Mortgage Rates Reach Seven-Year High in a Housing Market Reckoning [MarketWatch]
Montauk’s Only ‘Windmill House’ Hits the Market [New York Post]
When Should You Make an Offer Below Asking Price? 5 Clues It's Time to Take a Gamble [realtor.com]