Global Real Estate News - January 20, 2025 | The ALand Times
Published Date: January 20, 2025, 10:00 AM
Sydney's Priciest Property Sold for $130 Million
Elaine, Sydney's most expensive house, sold for $130 million in October, was purchased by a consortium led by Patrick Shi, CEO of Acce Investments Group. Initially planning to spend $100 million, Shi secured additional investors to acquire the 6,986 sqm waterfront property from Atlassian co-founder Scott Farquhar and investment banker Kim Jackson. The consortium's plans for the heritage-listed property remain undisclosed, though subdivision into blocks, potentially fetching over $200 million, is speculated.
Mornington Peninsula's Most Expensive Streets Unveiled
Tasman Road in Somers has been identified as the Mornington Peninsula's most expensive street, boasting a median house price of $5.5 million. Factors contributing to its premium value include elevation, proximity to beaches, and scenic sea views. Other high-value areas include Point Nepean Road and Hiskens Street, while the least expensive streets are found in Hastings, with Curacoa Drive having a median house price of $527,000.
Scott Cam's 'The Block' Renovation Sells After Two Years
Scott Cam's renovated house from the 2022 season of 'The Block' has sold for approximately $3.75 million, marking the lowest price among the homes built during that season. Despite its quality, the property, known as 'Camalot', took over a year to sell. In contrast, other properties from the same season sold for higher values, with the winning home fetching $5.67 million.
California Enacts Measures Against Predatory Home Sales in Fire-Stricken Areas
California Governor Gavin Newsom has signed an executive order to prevent predatory real estate practices in fire-affected Los Angeles areas. The order bans unsolicited and undervalued offers for properties in specific zip codes, including Malibu and Pasadena, for three months. This measure aims to protect homeowners from speculators exploiting vulnerable situations with below-market offers.
U.S. Supreme Court Allows DOJ Real Estate Probe to Proceed
The U.S. Supreme Court has declined to hear an appeal by the National Association of Realtors (NAR) to block the Department of Justice (DOJ) from reopening an investigation into broker commission practices. This decision permits the DOJ's probe, initially settled in 2020, to examine broker fee structures further, potentially impacting commission rules nationwide.
Netflix Launches New Real Estate Reality Show 'Selling the City'
Eleonora Srugo, a top real estate agent with Douglas Elliman, stars in Netflix's new show 'Selling the City.' The series showcases Srugo navigating the competitive world of luxury real estate in New York City, providing viewers with an inside look at high-stakes property deals and the challenges of the industry.
Egyptian Real Estate Development Chamber Advocates for Mortgage Initiatives
The Real Estate Development Chamber in Egypt is calling for mortgage initiatives with interest rates ranging from 3% to 10%. Despite significant sales in the real estate market last year, mortgage financing accounted for less than 3% of total sales. The proposed initiatives aim to increase accessibility to mortgage financing and stimulate further growth in the sector.
Bentonville Emerges as America's Next Real Estate Hot Spot
Bentonville, Arkansas, known as the home of Walmart, has rapidly become a significant real estate hot spot in the U.S., experiencing a 9.8% population increase since 2020. The housing market has seen substantial growth, with 4,799 homes sold in the first half of 2024, marking an 8.5% increase from the previous year. The average home price in Benton County has reached $430,000, a 72.5% rise over five years.
Real Estate Families Break Tradition Amid Market Shifts
Prominent real estate families in New York, traditionally known for never selling their properties, are breaking tradition due to significant economic changes. Factors such as low office demand, high vacancies, and the costs of upgrading older buildings have prompted families like the Rudins to sell major office buildings, marking a shift from longstanding principles.
Victorian Government's Stamp Duty Cut Faces Criticism
The Victorian government's move to discount stamp duty for off-the-plan unit purchases has received mixed reactions. While offering potential savings of up to $28,000 on a $620,000 apartment, critics label the policy as "reckless," citing risks to homebuyers and uncertainties in meeting government goals due to the low number of marketed unbuilt homes.
Date: January 20, 2025, 10:00 AM
