property News

Manhattan’s Luxury Real Estate Booms Despite Supply Shortages

The Manhattan luxury real estate market experienced a surge in home contracts during the third quarter of 2024, despite a notable decrease in available listings. According to recent reports, sales of residential properties priced at $20 million or more saw a 16.7% year-over-year increase, signaling a significant uptick in high-end property activity. Historically, real estate activity in Manhattan tends to slow down during the summer months. However, the third quarter saw a surprising rise in ultra-luxury home deals, driven by a strong stock market and lower interest rates. Compass, a leading brokerage, reported a 15.4% jump in contracts for homes

October 5, 2024 No Comments

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Silver Lake’s Silva Apartment: A New Landmark in LA’s Hot Market

A new chapter begins in Silver Lake, Los Angeles, as Cityview and Wafra secure a $73 million loan from 3650 REIT to acquire Silva, a newly built Class-A apartment community. Located at 235 N. Hoover Ave, Silva boasts 360-degree views of iconic landmarks like Hollywood, Downtown LA, and West Los Angeles, offering residents a unique combination of luxury and convenience. With 221 units averaging nearly 1,000 square feet, each home features modern amenities such as 9-foot ceilings and floor-to-ceiling windows. This prime location, only a mile from the heart of Silver Lake, is renowned for its vibrant culinary scene and

October 4, 2024 No Comments

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New Yorkers Say ‘Yes’ to Affordable Housing: The “City of Yes” Initiative

New Yorkers are uniting for a future where affordable housing is within reach, thanks to the approval of the “City of Yes for Housing Opportunity” proposal. This initiative, marking a pivotal change in the city’s zoning code, aims to address the housing crisis and meet the growing demand for affordable homes. With the city’s vacancy rate at a low 1.4%, rent prices are skyrocketing, forcing families out of their homes. Mayor Eric Adams, alongside state officials, has taken proactive steps to tackle this crisis head-on. Now, it’s up to the City Council to join forces and pass this landmark proposal,

October 3, 2024 No Comments

Hong Kong News

China’s Top Cities Ease Real Estate Curbs to Boost Housing Market

China’s property market is experiencing a major shift, as three of the country’s largest cities—Shanghai, Guangzhou, and Shenzhen—have eased homeownership restrictions to stimulate the market. The easing of these curbs is part of a broader strategy by both central and local governments to support the housing sector, which has been suffering from a prolonged slowdown. Guangzhou Leads the Way in Policy Deregulation Guangzhou, the capital of Guangdong province, has taken a leading role in relaxing restrictions on home purchases. As of October 1, 2024, all homebuying curbs for both locals and non-locals have been removed. This deregulation is a major

October 1, 2024 No Comments

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Hackney Wick Gets Green Light for 337-Home Co-Living Development

Hackney Wick, a vibrant and creative area in East London, is set to welcome a new co-living development after receiving approval from the London Legacy Development Corporation (LLDC). This exciting project, led by investor Mitheridge and developer Halcyon, will deliver 337 co-living homes in two modern blocks located along the canalside at 115-119 Wallis Road. The development is set to transform the waterside location, which currently houses three low-rise warehouses, into a thriving residential and commercial hub. The co-living scheme will feature a mix of five- and eight-storey blocks, offering studio apartments designed for individuals who value a community-oriented lifestyle.

September 30, 2024 No Comments

property News

Zoning in Los Angeles: The Debate Over Single-Family Zones

The Los Angeles City Planning Commission recently made a pivotal decision, voting to prioritize housing developments outside of the city’s single-family zones. This move is part of a larger rezoning effort required by the state, aiming to accommodate over 450,000 new homes in the next five years. With 72% of L.A.’s residential land currently zoned for single-family homes, city planners are exploring ways to build more housing without disrupting these areas significantly. The new proposal focuses on encouraging developers to construct taller, denser buildings in areas already zoned for apartments, with incentives for including affordable housing for low-income renters. Meanwhile,

September 29, 2024 No Comments

Hong Kong News

How Shanghai and Shenzhen’s Eased Property Restrictions are Revitalizing China’s Real Estate Market in 2024

China’s real estate market, a critical pillar of its economy, has faced unprecedented pressure in recent years. A combination of strict purchase restrictions, cooling market sentiment, and high home prices had led to a slowdown, particularly in major cities like Shanghai and Shenzhen. To combat this, China has introduced a series of measures aimed at stimulating demand and ensuring the sector’s recovery. Most notably, in 2024, both Shanghai and Shenzhen have lifted significant home purchase restrictions in an effort to reinvigorate their real estate markets and stabilize economic growth. Easing of Restrictions in Shanghai Shanghai, one of China’s most economically

September 28, 2024 No Comments

property News

Why Mortgage Changes Won’t Solve London’s Rental Crisis

The federal government’s recent decision to extend mortgage amortizations to 30 years for first-time homebuyers aims to make homeownership more accessible, but experts suggest this will do little to alleviate London’s tight rental market. With vacancy rates at a mere 1.7% and rental prices continuing to rise, industry analysts predict minimal impact on the overall rental supply. While the mortgage expansion now includes first-time buyers of any home type, along with those purchasing newly built homes, this change doesn’t address the root issue of housing affordability. Even with lower monthly payments, housing prices in London remain significantly high, making homeownership

September 27, 2024 No Comments

property News

Delays in London’s Affordable Homes Programme: 90% of Projects Must Begin in Next Two Years

New data from the London Assembly Housing Committee highlights a pressing challenge for the Affordable Homes Programme (AHP) 2021-26. According to the report, over 90% of the homes promised under this scheme need to start construction within the next two years to meet the programme’s goals. The AHP, designed to deliver between 23,900 and 27,100 affordable homes by March 2026, has seen limited progress. By March 2024, only 1,777 homes had begun construction. This delay has raised concerns, as completions for the current phase must be achieved by 2030. Several factors contribute to this delay. The ongoing impacts of inflation,

September 26, 2024 No Comments

News

Caltrans Property Sales: LA Residents Left Out of Homeownership

California’s transportation department, Caltrans, is selling over 500 properties it seized decades ago for a defunct highway project along the 710 Corridor. While this sale offers a unique chance for reparations to communities harmed by urban renewal projects, many local residents feel excluded from the process, sparking controversy and frustration. Historically, government projects often targeted Black and Latino neighborhoods, displacing families and depriving them of generational wealth. The recent property sales, intended to provide opportunities for homeownership, are failing to fully address these historical injustices. Many long-time tenants who live in the homes being sold are now struggling to secure

September 25, 2024 No Comments