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Florida’s Luxury Markets Eased From Pandemic Frenzy in Second Quarter
Miami Beach and Palm Beach, however, bucked the trend, reports show. Read More
BY THE NUMBERS
TRENDING TODAY
LISTING OF THE DAY
Turnkey Tri-Level House on a Rare Private Beach in South Florida
Owned by retired radio personality Tom Joyner, the Golden Beach home features a boxing ring and auto showroom on the basement level. Read More
TAX TALK
What Are Property Taxes Like for a Second Home in Aspen, Colorado?
The rates are purely based on the value of the home, with no extra fees for additional properties. Read More
NEWS BITES
A 16.6-Acre Parcel in Queensland, Australia, Lists for A$20 Million
In Australia, a 16.6-acre parcel in Palm Cove, Queensland, that has been approved for apartments, a hotel and further subdivision, is being marketed to buyers with plans for a private family retreat for A$20 million (US$13.8 million). The site has been held by Singapore’s wealthy Ho family, headed by brothers Whye Chung Ho and Whye Tong Ho, since 1993. The first tried to sell it for A$20 million in 2014 and again in 2019, but withdrew the listing during the pandemic. The Ho brothers have been investing in commercial and residential properties in Australia since the early 1980s. Domain
U.K. Home Sales in June More Than Halved From Last Year
The number of home sales across the U.K. fell to 95,420 in June, marking a 54.3% decrease from the same period last year, according to the latest HM Revenue and Customs figures. The year-over-year decline is partly due to the abnormal peak recorded last year as buyers rushed to make home purchases before the stamp duty holiday expired, said Andrew Montlake, managing director of mortgage broker Coreco. However, the market slowdown is also reflective of the impact of rising mortgage rates and cost of living, he added. Wales Online
Zara Founder Amancio Ortega’s Real Estate Assets Estimated at $15.5 Billion
The real estate assets owned by Amancio Ortega, founder and main shareholder of fashion group Inditex, parent company of fashion retailer Zara, was estimated at €15.2 billion (US$15.53 billion) in 2021, the tycoon’s family office announced Thursday. That was an increase of more than €1 billion from the previous year. His property investments include buildings in New York, Toronto, London and Madrid. Reuters
The U.S. Median Rent Rose 14% to a Record High in June
The median rent across the 50 largest U.S. metro areas rose 14.1% year over year to $1,876 per month in June, the highest level on record, according to Realtor.com. However, the rapid rent hikes of the last 16 months might be nearing an end. “As things start to get back to normal in real life, things will start to get back to normal in the rental and [for sale] housing markets, too,” said Joel Berner, senior economic research analyst at Realtor.com. Realtor.com
AROUND NEWS CORP
How Moderna’s Covid Vaccine Boosted Boston’s Real-Estate Market [The Wall Street Journal]
What Is a Jack-and-Jill Bathroom—and Is It Even Called That Anymore? [Realtor.com]
How China’s Property Market Is Squeezing the Economy [Barron’s]
Rental Arrears Surge in NSW as Landlords Hike Rent at Triple the Rate [news.com.au]
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