Location, Demand Drive Prices in New York, London and Sydney New Developments
As it goes with almost everything in real estate, "location is always the principal driver of price," said Simon Barry, the head of new development at Harrods Estates in London. Read More
BY THE NUMBERS
TRENDING TODAY
LISTING OF THE DAY
A Landmark Astronomer’s Mansion in Historic Georgetown
This newly restored home, built in 1868, hasn’t been on the market for over a century. Read More
NEIGHBORHOOD NOTES
Manhattan’s Carnegie Hill Has Retained Its Luxury Status for Centuries
The Upper East Side neighborhood is home to some of the city’s most elite private schools and has Central Park as its backyard. Read More
NEWS BITES
Majority of Canadians Would Break Their Budgets for Home Ownership In spite of a cooling market that might reward patience, 60% of Canadians would gladly exceed their budgets by up to $50,000 if it meant buying a home, according to a survey from TD Bank. The same survey found that 97% of respondents wished they had factored other financial obligations into their budgets, even though 57% said they were confident about the amount of mortgage they could reasonably afford. BNN
San Francisco Mayor Orders Construction of 5,000 New Homes Per Year In response to the city’s chronic lack of housing supply, San Francisco Mayor Ed Lee has set a citywide goal of 5,000 new homes to be built per year, a rate that would far outstrip the current annual average of 1,900 units per year. In order to meet the ambitious new numbers, Mr. Lee asked city agencies to significantly cut permit wait times in order to speed up the pace of construction, and shorten the time table for environmental reviews. Curbed San Francisco
A Tiny Flat in London’s Pimlico Has Sold for Over £3,000 Per Square Foot A 95-square-foot flat in South West London has sold for £285,000 (US$381,543), which works out to more than £3,000 (US$4,016) per square foot. The property first came on the market at an asking of £299,999 (US$401,623) and was reportedly purchased by a couple who plan to use the small space as a pied-a-terre. Micro apartments have become more popular in the U.K. in recent years, though broker Roger Collings called it a "challenge [to find a] buyer who wanted a property of this size." The Telegraph
More Former Hospitals Across the U.S. Are Being Converted into Luxury Condos In major cities across the U.S., hospitals that have fallen out of use are being converted into luxury condos or apartment buildings, with buildings being repurposed in Boyle Heights in Los Angeles, Capitol Hill in Seattle, and New York’s Greenwich Village, to name a few. The renovations are often met with neighborhood consternation, but also garner high sales prices. Los Angeles Times
South Florida Construction Starts Dropped in August Due to Slowing Condo Market Construction starts in South Florida fell to $7.23 billion in August, according to Dodge Data & Analytics, a 5% decline that’s largely due to a decrease in construction in the residential sector. While commercial starts rose 36% year-over-year, residential starts dropped by 29%. Though the multifamily market is booming, activity with pre-construction condos is sluggish enough to drag down overall numbers across the entire residential market. The Real Deal Miami
After a Four-Year Slump, Singapore Prices are Expected to Bounce Back A report from OCBC Investment Research predicts the first rebound in four years for Singapore’s Urban Redevelopment Authority price index in the third quarter, a major bellwether for a market that’s finally showing signs of coming back to life. OCBC notes that home prices improved in the last few weeks of June—and that they expect the trend to continue—while sales volumes increased 35% year-over-year in July and August, and take-up rates jumped to 193%, compared to 131% the previous year. Price expectations of developers and sellers have also increased in recent months. Business Times [header type="georgia"]AROUND NEWS CORP[/header]
Worried by Brexit? Move to Dublin [The Times of London]
Montreal Real Estate Gets Fancy [The Wall Street Journal]
Expired Listing vs. Withdrawn Listing: What's the Difference? [Realtor.com]
Worth the Splash? Here's How—and for How Much—Americans Are Upgrading Their Bathrooms [MarketWatch]