Some consolation before you head into the holiday-shopping shuffle: for the first time in just over a decade, New York’s Fifth Avenue is no longer the world’s most expensive retail area.
After eleven years of Manhattan dominance, Hong Kong’s Causeway Bay took the No. 1 spot in retail rents, commanding an annual $2,630 per square foot, 34.9 percent higher than the previous year, according to a Cushman & Wakefield report released this week. Fifth Avenue was second, with an average retail rent of $2,500 per square foot, a 11.1 percent gain from a year earlier. Read more
A recent jump in housing starts is a sign that the US real estate market is making a comeback, said Mary Rhinehart, new chief executive officer of the building-products unit at Warren Buffett’s Berkshire Hathaway Inc.
Domestic housing starts leaped 15 percent in September to an 872,000 annual rate, the fastest pace since July 2008, according to Department of Commerce figures. Rhinehart, who was named CEO of Berkshire’s Johns Manville unit this week, predicted 850,000 home starts next year and up to 1.6 million in 2017. Read more
London’s priciest listing, a nearly 200-year-old Regency mansion, made its debut on the market this week, asking for an equally grand 100 million pounds, or about $161 million.
One Cornwall Terrace, originally designed and built in the 1820s by architect Decimus Burton (check that name!) with the project overseen by John Nash, who built Buckingham Palace. The property measures 21,500 square feet, with seven bedrooms, nine bathrooms and 11 reception rooms. Read more
Pay-what-you-want pricing works for Radiohead albums, but what about condos?
That’s what Silicon Valley broker Ken DeLeon is trying to find out by listing an apartment in Mountain View, Calif. for $1 earlier this week.
DeLeon, who owns Palo Alto-based DeLeon Realty Inc., said that the experiment will let the market determine the condo’s value, which he personally estimates is around $350,000. He began taking offers on Thursday via silent auction, which will run for another two weeks. Read more
Donald Trump might want to hold onto his hat and his hair: the world’s youngest landlord just bought her second house, and she’s gunning for the reality-television spotlight.
Willow Tufano of Florida made the news in March when she bought her first house at the age of 14, using money she raised from antiquing and selling furniture on Craigslist. The distressed home was a three-bedroom fixer-upper valued at $100,000 before the housing collapse — she put in $6,000, her parents doubled her investment, and they nabbed the property for $12,000.
Now 15, Willow has made her second purchase — two-bedroom, one-bath house near her home in Port Charlotte. It cost $17,500. Read more
According to the most recent survey from Royal LePage, the average price of a home in Canada rose in the third quarter. Prices went up between 1.8 and 4.8 per cent depending on the category of home.
Royal LePage’s third quarter survey indicated that the average standard two-storey home in Canada increased 4 per cent year-over-year rising to $403,747. Detached bungalows saw a rise of 4.8 per cent to $366,773 and standard condos witnessed an increase of 1.8 per cent to $243,607.
While housing prices went up, the number of homes sold slipped. Read more
Home prices in the US showed an annual increase of 1.2 percent in July, the third monthly gain in a row.
The S&P/Case-Shiller composite 20-city index, which tracks single-family homes, was up 1.6 percent in July from June. Sixteen of the 20 cities demonstrated year-over-year gains in July, and all 20 index areas had monthly upticks in home prices.
The city with the largest annual increases was Phoenix (16.6%), followed by Minneapolis (6.4%) and Detroit (6.2%). Read more
Condos in Miami.
If you’ve been waiting for the right time to buy property in the American sunshine states, you might want to stop waiting and start purchasing.
Sherry Cooper, the Bank of Montreal’s chief economist, says that the combination of a huge gap between average Canadian and US home prices and a strong Canadian dollar is making American real estate a desirable investment. Writing in The Bottom Line, she also noted it was the best time to buy in nearly 40 years. Read more
Walmart might tout its rock-bottom prices, but it appears that the retail Goliath boosts home values near its stores.
The presence of a Walmart increased housing prices by 2 to 3 percent on average for residences within 0.5 miles of the store, according to an economic research paper from the University of Chicago and Brigham Young University. Prices were pushed up 1 to 2 percent for homes between 0.5 and 1 mile from the store. Read more
US home prices increased in June from the same month last year, the first twelve-month gain since the summer of 2010.
The Standard and Poor’s Case-Shiller 20-city home price index, released today, showed an uptick in prices of 0.5 percent from June 2011. All 20 cities surveyed by the index also rose in June from May, the second consecutive time in which every city demonstrated monthly leaps. The largest monthly gains came from Detroit (6%), Minneapolis (4.8%) and Chicago (4.6%). Read more