Worldwide, Urban Home Values Are Outperforming
Worldwide, metro areas saw an average price growth of 9.8% in the second quarter.
2 min
Worldwide, metro areas saw an average price growth of 9.8% in the second quarter, outpacing the 9.2% average growth registered across 55 countries and territories, according to Knight Frank’s Global Cities Index, released Monday.
About 38% of the 150 cities tracked in the report registered a rise in prices of 10% or more year over year, the data showed.
“Predictions of ‘the death of the city’ now seem a distant memory,” Kate Everett-Allen, Knight Frank’s head of international residential research, said in the report.
Halifax, in Nova Scotia, saw the biggest growth, with prices 30.8% higher in the second quarter than they were in the same time period in 2020. Izmir, Turkey, and Seoul, South Korea, tied for the No. 2 spot with annual price growth of 30%, followed by Phoenix, with 29.3%, and Moscow (28.8%).
Of the 57 cities that saw a double-digit price growth, only one was in mainland China— Guangzhou, which had an 11.4% jump in the second quarter, compared to the same time last year, the report found.
“Two years ago, six Chinese mainland cities fell into this bracket,” Ms. Everett-Allen continued. “The scale of the divergence in U.S. and Chinese mainland house prices is significant. We track 15 cities in both markets and on average those on the Chinese mainland saw prices rise by 5.6% over the 12-month period whilst U.S. cities saw prices jump by 19.6%.”
Eleven cities registered negative price growth, with Venice, Italy, seeing the biggest slip, 6.3%, the data showed. Kolkata, India, and Dubai were also at the bottom of the list, with prices down 6.3% and 5.2%, respectively.
However, Ms. Everett-Allen noted that the boom could be coming to an end.
“After 18 months of inertia, governments with heated housing markets are formulating their policy responses,” she said, noting that interest rates have already risen in Norway and New Zealand, with the U.S. and the U.K. set to follow suit. “We expect the index rankings to look very different in 12 or even six months’ time.”
Reprinted by permission of Mansion Global. Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: October 4, 2021.
Copyright 2020, Dow Jones & Company, Inc. All Rights Reserved Worldwide. LEARN MORE
Luxury carmaker delivers historic revenues, record global sales, and robust profitability amid ambitious product transformation.
Fourth-quarter revenue climbed 24% to 110.61 billion yuan, equivalent to $15.30 billion, but missed estimates.
The 25-room mansion was built for an heiress and later belonged to a socialite and architect on the Empire State Building.
2 min
A 110-year-old Colorado estate that has hosted Frank Sinatra and Lyndon B. Johnson just slashed $10 million off its price tag.
The 12,000-square-foot manor house—with 25 rooms—and its five accessory dwelling in the alpines of Evergreen was relisted on Friday asking $16.8 million, down from its initial $26.8 million price in 2023.
The sellers, Richard and Pamela Bard, who paid $1.3 million for the “legacy property” named Greystone Estate in 1992, have shopped it around on and off for the past 20 years, according to agent Jessica Northrop at Compass Real Estate.
Richard Bard, CEO of his own private equity firm, has “hosted many corporate events and retreats where important business is discussed but they are also able to relax,” Northrop said. “Greystone has a special way of making people feel at ease.”
Bard said “it’s not a casual effort” to sell. He said it’s difficult to find a buyer with the facilities to “take care of it.”
The Bards intend to move closer to their children in Denver.
Before the Bards, Greystone Estate had several eras—as a summer house, a guest ranch and a business base—since it was built in 1915 by Genevieve Phipps, an industrialist’s daughter.
Phipps, who spent her inheritance on the land, built the 54-acre summer escape with the “elegance and feel of a fine Adirondack mansion combined with a mountain rustic style,” according to an online record of the estate’s history.
Its heyday, arguably in the 1940s to 1980s, saw Sinatra, Johnson and Groucho Marx come through its doors, when its owner William Sandifer, a socialite and one the Empire State Building’s architects, operated a guest ranch out of the place.
The Bards, who used a carriage house on the property as their company headquarters, completed Greystone’s full modernization in 1997. They also opened up the living and dining areas to receive more light, raised the ceiling on the upper level and combined several rooms to create a primary suite.
They replaced an outdoor pavilion and its helipad with something more suitable for their daughter’s wedding in 2001, according to Northrop.
The main 25-room manor includes a wine cellar, bar, gym and library.
The additional structures, which include a cottage, a log cabin, a pool house, a carriage house and a pavilion and guest house, surround the pool area and overlook acres of aspen groves and mountains.
It’s being sold by a Chinese billionaire who’s accumulated a handsome portfolio of lavish real estate in the U.S.
Fourth-quarter revenue climbed 24% to 110.61 billion yuan, equivalent to $15.30 billion, but missed estimates.
