Nashville Leads U.S. Luxury Housing Market in Latest WSJ/Realtor.com Rankings
Amenities, relative affordability and lower tax liabilities drive buyers to southern states. Read More
BY THE NUMBERS
TRENDING TODAY
LISTING OF THE DAY
This Wildly Contemporary Home in the Arizona Desert Took 12 Years to Build
Close to Scottsdale, the property is called “The House of Doors.” Read More
SMART HOMES
Smart Safes to Keep Valuables Ultra Protected
The latest high-tech protection for your home that will stop thieves in their tracks. Read More
NEWS BITES
Bay Area Home Prices Just Saw Their Largest Monthly Decline on Record
The median price of an existing single-family home in the San Francisco Bay Area declined 9% month-over-month in June, from over $1.5 million to $1.4 million, according to data from the California Association of Realtors. That marks the largest monthly decline since the association began tracking data in 1990, leading to further speculation that prices in the region are coming down from their peak. “From this point on we probably won’t see another record price, at least for this year, for either the Bay Area or for the state,” said California Association of Realtors deputy chief economist Oscar Wei. Mercury News
Golden Visa Program Leads to Uptick in Indian Investment in Dubai
Recent updates to the UAE’s golden visa program have led to an increase in investors from India, according to a report from The Economic Times. The minimum eligibility requirement has been lowered to AED $2 million (US$544,499) from AED $5 million, and overall, Dubai has seen a 60% rise in property sales in the first half of 2022 compared to 2021, with over 43,000 units sold. The program is so popular that developers have started holding property expos in India, and the director of international business for India Sotheby’s International Realty called buying a home “the simplest way of investing and securing a golden visa [in Dubai].” MSN
Ottawa, Canada, Sellers Surprised by Steep Price Drops
Some sellers in the Canadian capital city of Ottawa are finding themselves caught off guard by a dramatic correction in the housing market, and having to significantly drop their asking prices. The seasonally adjusted national Home Price Index for June 2022 dropped by 1.9%, according to the Canadian Real Estate Association, and the national average house price outside of Vancouver and the Greater Toronto Area dropped by $114,500 between June 2021 and June 2022. “Things went up too far. They went up too fast,” said financial adviser and former member of Parliament Garth Turner. “It was inevitable we would see the pendulum swing back. And here we are.” CBC
New Development in Sydney Suburb to Launch With Apartments up to A$25 Million
A new development in the eastern Sydney, Australia, suburb of Double Bay is set for completion in 2025 with unit prices starting at A$9.695 million (US$6.7 million) for a three-bedroom and going up to A$25 million. Dubbed Ode in Double Bay, the 15-unit development has been designed by architect Luigi Rosselli, and penthouses are set to include rooftop terraces with views of Sydney Harbour. Median house prices in Double Bay have risen 10% in the past year, up to A$6.35 million, while median apartment prices have risen to A$1.9 million. news.com.au
AROUND NEWS CORP
Brad Pitt Pays $40 Million for Circa-1918 Coastal California Home [The Wall Street Journal]
Is It Time to Slash Your House Price? Reductions Aren’t as Bad as You Think—and Could Even Spur a Bidding War [Realtor.com]
Priced-out Locals Account for More Than a Third of Available NYC Rentals [New York Post]
Why China Isn’t Headed for a Lehman-Style Crisis [Barron’s]
