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True Costs of Turning a Luxury Property Into a Home, Jackie Onassis's Summer Home Gets a Price Cut and More

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Turning a Luxury Property Into a Home Can Be More Expensive Than Expected

When people buy their dream property, there are all sorts ofunexpected expenses that can crop up and turn that $4 million (or $40 million) buy into something much more expensive. Read More

BY THE NUMBERS

TRENDING TODAY

LISTING OF THE DAY

All-White Modern Home in New Palm Springs Enclave

A new wave of luxury development in Palm Springs is paying homage to the city’s reputation as a mecca for mid-century modern architecture. One interesting development coming onto the scene there is called Linea, a gated community of 14 all-white modern homes with four different floor plans and prices starting at $2.5 million. Read More

NEIGHBORHOOD NOTES

Coatesville, New Zealand, Offers A Country Lifestyle On the Fringe of the City

There are few places in the world that offer countryside living within about a 20-minutes’ drive from a major city’s central business district. This mix of accessibility and seclusion are major draws for Coatesville, a suburb to the northwest of Auckland, New Zealand, which is attracting cashed-up buyers from around the globe. Read More

NEWS BITES

Canadian Home Sales Increased in August but Are Down for the Year Home sales in Canada in August rose 1.3% from the previous month, according to the Canadian Real Estate Association, but sales were still down 9.9% year over year. The number of properties listed, meanwhile, fell 3.9% month-to-month. Sales prices in August were up 3% year-over-year, and though the pace of price growth has generally slowed, benchmark home price increases were at 16% in Victoria, 20% in other parts of Vancouver Island, 5.9% in Ottawa, and 4.6% in Greater Montreal. Without seasonal adjustment, the average price for home sales in August was C$472,247 (US$383,984), a 3.6% year-over-year increase. PropertyWire

The U.K. May Soon Be a Buyer’s Market as Transactions Keep Dropping Sales transactions in the U.K. fell 0.5% between July and August, according to seasonally adjusted numbers from HM Revenues and Customs, marking a 6.6% increase from 2016. HMRC’s report notes that buyers are likely exercising more caution compared to a year ago due to uncertainty surrounding both Brexit and June’s General Election. Shore Capital analyst Robin Hardy noted that the ratio of supply to demand may be shifting. “The market has been in reasonable balance for some time but there is growing evidence of a buyer’s market emerging as the number of new sellers begins to rise more rapidly,” he said. City A.M.

Chinese Developers are Building Condos for First-Time Buyers in L.A.’s Broadway Theater District Chinese developer Developer SCG America (part of Shanghai Construction Group) is building a $300 million skyscraper in Los Angeles’s historic Broadway Theater District, a 35-story tower that’s set to house smaller condos starting around $350,000, with an eye to enticing first-time buyers. The project is one of dozens of new developments headed for downtown L.A., and will have an impressive amenity package including three outdoor decks with a swimming pool, cabana lounges, fire pits, barbecues and outdoor kitchens, and two dog runs, as well as extras such as yoga and spinning classes. Los Angeles Times

Houston Flippers Have High Hopes for Opportunities After Hurricane Harvey Property investors are looking at Houston’s disastrous flooding with dollar signs in their eyes. At a recent conference, investor Ray Sasser explained his longtime strategy of buying as many as 50 flood-damaged homes at steep discounts, then flipping them for a tidy profit after making the necessary repairs. And in spite of new scrutiny on Houston’s unrestrained and flood-prone urban planning, flipper interest in the city’s 268,000 flooded homes is high. Redfin’s Tara Waggoner said that agents are currently getting four times the usual number of calls from would-be investors. Reuters

Miami’s Highest-Priced Post-Irma Sale Has Closed for $7.55 Million Bitcoin investor Michael Komaransky has closed on a $7.55 million spec home in Coconut Grove, making the deal the most expensive home sale in Miami-Dade County since Hurricane Irma. The five-bedroom, 9,800-square-foot home was completed this year, and has living quarters that start on the second floor, likely due to its location just five houses away from the open bay. The closing had to be postponed due to the storm, but major flooding in the area doesn’t seem to have been a deterrent. The Real Deal Miami

U.S. Home Prices Are Rising Fastest in Cities With High Disaster Risk Increased risks of hurricanes and flooding don’t seem to be deterring coastal buyers. The 2017 U.S. Natural Hazard Housing Risk Index shows that in 20% of highest-risk U.S. cities, prices have increased more than twice as quickly in the past five and 10 years as they have in the lowest-risk cities. Prices have appreciated an average of 65% in the highest-risk cities over the past five years, compared to appreciation of just 32% in the lowest-risk areas. World Property Journal

AROUND NEWS CORP

Madonna's Suit Against Co-Op Board Tossed [The New York Post]

'Money Pit' Mansion from Tom Hanks Film Hits the Market, Is No Longer 'Falling Apart' [Fox News]

Rent NBA Legend Scottie Pippen's Fort Lauderdale Home for $40K a Month [Realtor]

Melbourne’s Fastest Selling Suburbs [realestate.com.au]

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