Mansion Global Daily: What New Construction Tells Us About Where the Market is Going, Luxury Buyers Descended on Rhode Island, and More

February 4, 2022 Admin

In Markets With Chronic Low Inventory, Can New Construction Move the Needle?

What construction starts can—and can’t—tell buyers and sellers about the state of their market. Read More

BY THE NUMBERS

TRENDING TODAY

LISTING OF THE DAY

Composers List Suburban English Home With Its Own Recording Studio

The spacious house has five bedrooms, a home office and a nearly half-acre garden. Read More

NEIGHBORHOOD NOTES

One of Istanbul’s Oldest Neighborhoods, Kadıköy Offers Modern Apartment Living

Increasingly popular with local and international buyers, the neighborhood has undergone urban restoration that’s transformed it into one of the city’s hottest areas. Read More

NEWS BITES

A Waterfront Home Outside of Sydney Hits the Market for A$17 Million

A waterfront property in Kirribilli, a northern suburb of Sydney, has hit the market with a guide price of A$17 million (US$12 million). The 6,738-square-foot residence has harbor and cove views from every room. If it sells for anywhere close to the asking price at auction on March 3, it will set a price record for the suburb, where the highest price ever achieved for a residential property was A$12.3 million. realestate.com.au

A Record-Breaking January Kicked off 2022 in the U.K.

The U.K. property market is fresh off its busiest January on record, according to data from property portal Rightmove. Buyer demand in the country was up 16% compared to the start of 2021, 24% compared to January 2020, and 41% from the same time in 2019. The number of valuation requests from potential sellers also reached a record high for the month. “Strong buyer demand at the beginning of the year, even higher than that of January last year, shows us that people are still evaluating their needs and where they want to live, as they consider factors such as space, or returning to the office,” said Tim Bannister, Rightmove’s director of property. Yahoo Finance

Vacancy Tax Proposed in San Francisco to Curb Housing Crisis

A report by San Francisco’s budget and legislative analyst estimates that there are more than 40,000 vacant housing units in the city. The finding has inspired some lawmakers to look into a vacancy tax as a possible solution to the city’s housing shortage. “They passed an empty-homes tax in Vancouver and saw almost immediately within the first year of implementing it an over 20% drop in the number of vacant units,” said Supervisor Dean Preston. His office is drafting legislation for such a tax in order to get more people into those 40,000 homes, many of which, Mr. Preston said, are owned by wealthy corporations or investors. Some housing experts, though, say the real amount of vacant homes is actually much lower than 40,000. ABC 7 News

Luxury Buyers Descended on Rhode Island in 2021

Out-of-state buyers helped fuel the recent boom in Rhode Island’s luxury real estate market, according to a new report. There were 729 home sales at or more than $1 million last year, with Rhode Islanders accounting for only half of the deals, according to the Rhode Island Association of Realtors. High-end dealmaking was particularly strong in Newport, South County and the East Side of Providence, the state’s capital. Out-of-town buyers are coming from elsewhere in New England in addition to a significant cohort from the Pacific Northwest, an agent said. Providence Business First