City to Suburb Isn't the Thrifty Move It Once Was
The typical U.S. rent in the 'burbs has nearly caught up to urban levels. Read More
BY THE NUMBERS
TRENDING TODAY
SPECIAL REPORT
The Queenslander: The Coveted and Historic Homes of Brisbane, Australia
The popular, often single-story, timber homes are known for their corrugated iron roofs and grand wraparound verandas. Read More
LISTING OF THE DAY
An English Estate Minutes Away From the Famous Glastonbury Festival
The historic home is on 8 acres in Somerset. Read More
TAX TALK
What Does Next Year's Tax Bill Look Like for Chicago Homeowners?
The city's tax hikes are tied to inflation—which could have meant a steep increase in 2023. Read More
NEWS BITES
U.S. Construction Costs Expected to Rise 14.1% This Year
U.S. construction costs are set to soar 14.1% by the end of the year, up from 11.5% in 2021, according to a report from global property consultant CBRE. Supply chain issues, the Ukraine war and labor shortages are the cause of the uptick, the largest since 2007, when CBRE began tracking the data. The firm predicts costs to go down significantly by 2023, however, and forecast a 4.3% increase for next year and a 2.9% jump in 2024. "The construction industry thrives on predictability, but we continue to grapple this year with numerous challenges and volatility, making estimating and managing costs more difficult," Nicolas McNamara, director of cost consultancy for CBRE, said in the report. World Property Journal
Waterfront Home in Sydney Suburb Lists for A$17 Million
A waterfront five-bedroom, four-bathroom residence in Cammeray, New South Wales, Australia—a suburb north of Sydney—has hit the market with a guide price of A$17 million (US$11.85 million). The four-story home's design, helmed by architect Brian Meyerson in 2017, allows for views of the harbor from every angle, according to the listing. "[The current owners] have loved the perfect north aspect and having their boat moored in front, which allows for direct access to Sydney Harbour at any time," said Michael Pallier from Sotheby's International Realty in Double Bay. realestate.com.au
New, Family-Focused Development Launched in Abu Dhabi
A new Abu Dhabi development will be centered around a family and recreational activity park, according to an announcement by its developer, Aldar Properties. Dubbed Yas Park Gate, the project will be created on the nearly 10-square-mile Yas Island, and include 508 residences and a more than 28-acre park. The project is set to cost AED 1.15 billion (US$313.14 million), with construction beginning at the beginning of 2023. Move-ins are planned for the first quarter of 2026. Sales start Sept. 1. The National
Developers in Hong Kong See Profits Tumble
Hong Kong developers saw profits decline in the first half of the year because of Covid restrictions, registering drops running from 40.5% to 58%, according to their filings with the Hong Kong stock exchange. Indeed, Sino Land, part of the Sino Group, said its profit for the full year ending June amounted to HK$5.7 billion (US$726 million), a decrease of 40.5% from a year ago. In addition, Shun Tak Holdings said its interim earnings had slumped by 51.3% to HK$228.5 million. "Uncertainties surrounding the intermittent waves of Covid-19 resurgence, ongoing geopolitical risks, restrictions on travel, rising inflationary pressure and interest rate hikes combined have brought interruption to the global economy," said Sino Group owner Robert Ng Chee Siong. South China Morning Post
AROUND NEWS CORP
Toll Lowers Deliveries Guidance as Rising Mortgage Rates Dent Demand [Barron's]
6 Signs You're Looking at a Cheaply Flipped Kitchen [Realtor.com]
Chic Soho Penthouse With Massive Roof Terrace Relists for $6.8M [New York Post]
Homeowners Center Themselves With Charming Courtyards [The Wall Street Journal]
