Mansion Global Daily: Proposed Bill Would Penalize Companies for Owning More Than 100 Homes

Residence at 59-Story Sydney Tower Sells for A$70 Million—the Year’s Most Expensive Sale in the City

Two luxury residences at what’s been called “Australia’s premier residential building” in Sydney, One Circular Quay, have sold for A$60 million and A$70 million (US$40.6 million to US$47.4 million), according to sources familiar with the matter. The A$70 million sale would be the most expensive residential sale this year in Sydney, with the next highest being A$62.75 million for a home in the suburb of Vaucluse. Both residences were sold off plans for the 59-level tower, which is set to bring 158 apartments units to the city and is being built by developer Lendlease. CBRE is handling sales. A planned triplex penthouse, priced at A$140 million, remains on offer. realestate.com.au

Two Boxy Towers Completed on Brooklyn Waterfront

The architecture firm Office for Metropolitan Architecture (OMA) has completed two towers on the East River in Brooklyn’s Greenpoint neighborhood. The boxy buildings feature cantilevered cubes with a Tetris-like look and are covered with concrete paneling. Dubbed Eagle + West, the project is part of the ongoing Greenpoint Landing development. “The two towers—complementary siblings—create an ever-shifting presence that engages both the neighborhood and the waterfront,” OMA partner Jason Long said. Dezeen

Proposed U.S. Senate Bill Would Penalize Companies for Owning More Than 100 Homes

Sen. Jeff Merkley, a Democrat from Oregon, has proposed a new bill to limit the number of investment properties a company can own. The End Hedge Fund Control of American Homes Act would limit the number of single-family houses a company could own to 100, with a penalty of $20,000 for each additional home. Firms that own more than 100 homes would have time to sell some of their assets to comply with the law, if passed. There are also incentives in the bill to encourage the companies to sell to “ordinary people who will live in the home,” the senator said. Yahoo

Global Home Prices Set to Drop in 2023, But Are Likely to ‘Return to Relative Rationality’ by the Third Quarter

Home prices around the world are expected to drop in 2023 as interest rates and the cost of living continue to rise, according to Fitch Ratings. Australia, Canada, Denmark, Germany, France, the Netherlands, the U.K. and the U.S. are all likely to see declines because of rising interest rates, Fitch said in its survey of 15 global markets. However, prices in most countries will remain above pre-Covid levels, the firm added. In a separate report, Colliers noted the real estate market may start to stabilize by the middle of 2023. “We recommend [that] investors view recent trends not so much as a downturn, but as a return to relative rationality,” the firm said, adding that it expects the Asia-Pacific to outperform all other markets in 2023. South China Morning Post