Billionaire Home Builder Lists Oceanfront Palm Beach, Florida, Mansion for $48.85 Million
The five-bedroom home stands opposite the Atlantic Ocean and is one of the priciest offerings for sale currently in the exclusive South Florida enclave. Read More
BY THE NUMBERS
TRENDING TODAY
SPECIAL REPORT
The First Step in Building an Art Collection: Discovering What You Like
It should almost always be about personal taste, rather than financial investment—so it all begins with looking and learning. Read More
MANSION GLOBAL BOUTIQUE
High-End Black Friday Gifts for Under $150
Let's face it—waking up at the crack of dawn to score the best Black Friday deals isn't exactly enjoyable. Luckily, the Mansion Global Boutique shopping team has handpicked smaller gifts that are already on sale before the big day. Read More
LISTING OF THE DAY
A Cattle Ranch in Australia That Conjures 'Lord of the Rings'
The main residence, called House of the Elves, overlooks a river and has majestic mountain views. Read More
DESIGNER'S CORNER
Skip the Neutrals and Design a Daring Kitchen
Bold colors on cabinetry and striking tile patterns create the unexpected. Read More
NEWS BITES
Covid Gains Dwarf Australia's Price Declines
While headlines have zeroed in on declining Australian property prices, the recent drops have not dented in the gains made during the Covid-19 pandemic. Nationally, home prices have fallen 3.53% since March, while in the combined capital cities, the decline has been 4.38%. Yet these stumbles are nothing compared to the growth displayed during the height of the pandemic. Across the combined capital cities, home prices are still up 24% compared to pre-pandemic times; while in regional areas, prices are an astronomical 47% higher compared to before Covid-19. As for the recent price slippage? "Rising interest rates since May have constrained buyers and this has caused property prices to decline in most markets," PropTrack economist Anne Flaherty said. realestate.com.au
Condo Sales Plummeted in Greater Miami Area in October
Economic uncertainty, rising interest rates and inflation created the perfect storm for the greater Miami condo market in October. According to the Miami Association of Realtors, existing-condo sales in Miami dropped 34.9% year over year to just 1,183 deals in October, down from a record-setting number of sales in October 2021—1,817 transactions. Condos weren't the only property type to take the hit in October. Single-family home sales dropped 23.9% year over year, and residential transactions across all property types for the region were down 30.6% year over year. World Property Journal
New York Displaces Hong Kong for World's Most Expensive Shopping District
For the first time since 2019, Hong Kong's Tsim Sha Tsui district is not the world's most expensive shopping district. According to global real estate company Cushman & Wakefield, the crown belongs to Manhattan's Fifth Avenue, where the average rent grew 14% in the third quarter to US$2,000 per square foot. Alternatively, Hong Kong's Tsim Sha Tsui district, which has been contending with an economic slowdown and a dearth of international visitors due to Covid-19, saw average rents drop 41% in the third quarter to US$1,436 per square foot. South China Morning Post
Half of Variable-Rate Mortgages in Canada Have Hit Their Trigger
Things are about to get more expensive for Canadian borrowers of variable-rate mortgages—home loans in which the interest rate is not fixed. According to estimations by the Bank of Canada, about one-third of all Canadian mortgages are variable-rate, and half of those (13%) have reached the trigger rate, the point at which the interest rate on the mortgage has increased so much that the borrower is no longer covering accrued interest or paying down the principal. Rising interest rates, enacted to combat historic inflation in the nation, means that variable-rate borrowers could be seeing much higher monthly home payments. Vancouver Sun
AROUND NEWS CORP
New-Home Sales Surge. Mortgage Rates Slide [Barron's]
Inside the 'Ridiculous' Newport Mansion Where Jay Leno Was Supposed to Celebrate Thanksgiving [The Wall Street Journal]
8 Signs You're Buying a Kitchen Riddled With Bad Design [Realtor.com]
100-Story 'Hypertower' to Take Crown as World's Tallest Residential Address [New York Post]
