2018/10/10: there's a paradox here: New York real estate is valuable because of the people who want to live there because of the vibrancy of the city -- but as the city is choked off from real activity, the value of the real-estate begins to fall. And once the fall starts, it accelerates: as with all bubbles, a crisis of faith in the market precipitates a panicked sell-off, which deepens the crisis.
That dynamic is playing out in New York today: September 2018 sales volume is down 39% from September 2017, with prices dropping by 9%;
There is a ton of super-lux property about to enter the market: 9 skyscrapers this year, and 20 more by 2020.
Garrett Derderian of Stribling thinks the real number is more like 1:15, since, he claims, developers have been lowballing their supply numbers, mindful that a full picture will send prices falling further. “They are holding back homes that they would otherwise be actively marketing, and which would therefore show up in inventory figures,” he says. Inventory figures are being “significantly manipulated” by the practice of excluding this so-called shadow inventory, according to Miller.
Prices for super prime homes have been falling steadily. “In the market north of $10m, you’re seeing prices off anywhere from 10 to 30 per cent from the peak in 2014,” says Miller. In the third quarter of this year, the average home sold above $10m went for 13 per cent less than its asking price, the biggest discount of any price bracket tracked by Stribling.
2017/09/27: Many young homeowners in booming cities owe more than they earn, and some even falsify salary details to get bigger mortgages.
“Chinese banks typically allow homebuyers to use up to half of their monthly incomes to repay mortgages,” said Julia Fan, a former state bank manager. “But the market in cities like Shenzhen and Shanghai is full of buyers whose out-of-pocket property spending is much more than their actual monthly salaries.”
Bill Duan, a manager at a Chinese investment bank, said it was not unknown for Chinese buyers to exaggerate their salaries or use fake payslips when taking out mortgages and loans, “and this may be when the problem starts”.
“It’s known among industry insiders that local branches of the banks in many cities do not always double-check salary details with employers, even though the applicants offered salary certificates for several times the city’s average wages,” he said.
I co-teach a freshman seminar at the University of Texas called "Debt: the Good, Bad and Ugly" that examines the different ways consumers borrow and spend. Do they reflect wise investments in the future
As Silicon Valley bursts at its suburban seams, one tech company after another has been buying up properties throughout the region and embarking on ambitious development projects.
Affordable housing quotas get waived and the interests of residents trampled as toothless authorities bow to the dazzling wealth of investors from Russia, China and the Middle East
Alastair Parvin: Using open source software to design and custom build houses, together with a change in planning law, could open up the market so we could build affordable homes we want to live in
Una proposta di legge del Labour, che intende tassare ulteriormente le case di alto valore, sta causando nel Regno Unito una contrazione del mercato e un calo delle quotazioni. Così sostiene la stampa britannica. E in effetti, per la prima volta in Gran Bretagna dopo anni, si registra proprio in queste settimane una diminuzione dei prezzi, soprattutto
With decaying housing and falling revenues, inner-ring suburbs built in the 1950s are becoming the newest slums. But where there are protests, there's hope.
L'aumento della disoccupazione giovanile determinato dalla crisi negli Stati del Sud Europa è stato drammatico. Restare disoccupati a lungo può rendere difficile la ricollocazione, anche per i cambiamenti nella struttura produttiva dei paesi. La bolla immobiliare e i lavoratori a bassa istruzione. di Silvia Merler (Fonte: lavoce.info) Giovani disoccupati per aree dell'Eurozona L'ovvio corollario della debolezza
The New Economics Foundation is the only people-powered think tank. We work to build a new economy where people really take control
Le compravendite del quarto trimestre 2013 sono sempre in diminuzione se confrontate allo stesso trimestre del 2012 (-8,1%), ma in recupero rispetto alla
After excavating your mega-basement in Holland Park, it's cheaper and easier to leave the JCB entombed down there with the pool, personal cinema and staff quarters.
Per completare una transazione servono oltre nove mesi di tempo e il divario tra i prezzi offerti e la domanda è la prima causa di stop ai mandati a
When a man is tired of London house prices
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America's global dominance is fading-and a rising superpower in the East is poised to take its place. Renowned for their formidable work ethic, savings habit, discipline and math skills, its workers are already putting Westerners out of jobs. It's the world's second-biggest economy, and the question isn't whether it will oust the US from its perch, but when.
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Robert Hickey says most new housing development is high-end, catering to high-earners.
The cool, creative class has been priced out of London, which means the capital is becoming more bland and boring by the minute, says Alex Proud