Zero-Carbon ‘Modern Ranch’ in Malibu, California, Sold for $23 Million
The six-bedroom, 14,400-square-foot home with ocean views is outfitted with solar panels and electric vehicle charging stations. Read More
BY THE NUMBERS
TRENDING TODAY
LISTING OF THE DAY
A Suburban Virginia Spec House That’s a Mix of Ultra-Modern Features and Reclaimed Wood From the Property
Amenities include a pool and spa, a wine cellar, a video wall made of 16 TV screens, a 10-foot-wide gas fireplace and a 30,000-pound helical staircase. Read More
DESIGNER’S CORNER
Less Is More: Creating a Minimalist Living Room
Clean lines, warmth and balance are the key to curating this no-fuss style. Read More
NEWS BITES
Surging U.K. Home Prices Have Pushed Millions of Homes Into a Higher Tax Bracket
A knock-on effect of the consistent escalation of home prices in the U.K. since the start of the pandemic is that millions of properties have now been pushed into a higher stamp duty (or tax equivalent) bracket. According to research from property portal Zoopla, average home prices in the U.K. have grown £29,000 (US$36,251) since March 2020 to £249,700, which has pushed 4.3 million homes into a higher stamp duty threshold. As a result, prospective purchasers face the possibility of greater tax payments when closing a deal on a home, presenting yet another barrier to potential first-time buyers. Irvine Times
Toronto Home Sales Tumble as Rates Rise
Higher borrowing rates have sent home sales into a talespin in Canada’s largest housing market. Data from the Toronto Regional Real Estate Board shows that 8,008 properties were sold in the area in April, down from 13,613 transactions in March—a 41.2% drop. The precipitous plunge was felt across all property types, with sales declines ranging from 32% to 47%, and had an additional effect on prices, which saw a 3.5% month-over-month decline in the MLS Home Price Index. The average selling price for a property in the region in April was C$1.25 million (US$977,268). BNN Bloomberg
Sales Rebound in Hong Kong as Sellers Slash Prices
Hong Kong home sales hit a three-month high in April as sellers offered substantial discounts—even at losses—to complete transactions. According to Centaline Property Agency, the value of transactions rose by about a fifth in April to HK$41.9 billion (US$5.3 billion), while the number of transactions grew by nearly a quarter month-over month to 4,847. Sellers, meanwhile, have been willing to cut their asking prices by as much as 12%, according to industry analysts, in pursuit of a speedy deal. South China Morning Post
San Francisco Buyers Facing “Double Whammy”
Bay Area buyers are in for a San Francisco treat—and not the tasty kind. According to Compass Chief Market Analyst Patrick Carlisle, buyers in the region are facing a “double whammy” of higher prices and quickly escalating interest rates that have raised median monthly payments for properties in the area by 50% over the past year. Citing soon-to-be-released Compass data, Carlisle contends that the historically low interest rates over the past few years in the U.S. had “effectively subsidized” the rising home costs in the San Francisco Bay Area. The loss of those rates, which are up from about 3% 12 months ago to around 5% today, coupled with increasing property values, have led to the sharp increase in homeownership costs for Bay Area buyers. The Real Deal
AROUND NEWS CORP
There Are Water Views—Then There Are Water Views [The Wall Street Journal]
Spring Allergies Making You Miserable? 7 Tips for Pollen-Proofing Your Home [Realtor.com]
Beverly Hills Penthouse Could Smash L.A.’s Condo Price Record With $75M Ask [New York Post]
Interest Rate Hikes Could Slash House Prices by 15% [news.com.au]