Mansion Global’s daily round-up of the latest luxury real estate news from around the world.
Luxury Homes Are Selling Surprisingly Fast in These Cities
California’s Silicon Valley, including San Jose, Sunnyvale and Santa Clara, has the fastest-selling luxury homes in the U.S.
That might surprise given the high-profile layoffs that began rippling through the tech industry last fall and continue to make news as even some AI startups begin to reduce headcounts. Nevertheless, the median luxury home in the San Jose-Sunnyvale-Santa Clara metropolitan area sold in little more than a month—39 days to be exact, and actually two days faster than last year, according to data Realtor.com prepared for Mansion Global.
The data indicates that the deepest-pocketed residents of Silicon Valley are still willing to spend. Luxury is defined as the top 10% of the housing market, and the latest Realtor.com data covers 60 of the most-expensive metros as of June…Read More
LISTING OF THE DAY
A 200-Year-Old Fixer-Upper Is Selling on Croatia’s Hvar Island
The property has a farmstead, a cottage and a few other outbuildings. Read More
Going Au Naturel With a Simple Area Rug
Designers weigh in on designing with sisal, jute, abaca and seagrass. Read More
Luxury Property Sales Remain Weak in Hong Kong
Luxury home resales in Hong Kong were exceptionally low in August, with only two deals reported in prime residential areas of The Peak and the Southern Districts, according to Midland Realty. These two sales represent a month-to-month decline of about 67%. Additionally, the two deals totaled about HK$99.5 million (US$12.69 million), a significant 94% drop from July’s total. Midland Realty said the potential for more luxury home sales exists, but sellers need to reduce prices. The Standard
Jessica Simpson Lists Longtime L.A.-Area Home for $22 Million
Jessica Simpson is parting with her Hidden Hills, California, home of 10 years. Simpson purchased the home in spring 2013 from Ozzy and Sharon Osbourne for $11.5 million and is now asking $22 million for the 2.5-acre property. Built in 2001, the Cape Cod-inspired mansion is a sprawling 13,200 square feet with eight bedrooms and 13 bathrooms. Outside, the home is fully equipped for both relaxing and entertaining with a large pool with a spa, a separate shallow pool and space for al fresco dining. The property also has a guesthouse, a four-car garage and mountain views. Robb Report
Cash Buyers Dominate Luxury Apartment Sales on Australia’s Gold Coast
Interest rate increases have had no impact on luxury apartment sales on Australia’s Gold Coast as A$3 million-plus (US$1.91 million) holiday homes attract cash buyers. Total Property Group, the marketing company managing sales for two luxury Gold Coast developments, has reported that nearly 80% of sales across their projects have gone to cash buyers. “That’s something we haven’t seen on the Gold Coast at such a volume on any apartment sales, but it’s in that premium end of the market that we are seeing these trends evolve,” managing director Adrian Parsons said. Business News Australia
Las Vegas Condo Prices Hit a Record High in August
While home prices remained stable, prices for Las Vegas condos and townhouses hit an all-time high in August, according to a report from Las Vegas Realtors. The median sale price for condos and townhouses was $287,000 last month, up 8.3% year over year. This number tops the previous record of $285,000 from May 2022. LVR president Lee Barrett said he attributes this uptick in prices “to the demand for lower-priced housing options exceeding our supply.” As for single-family homes, the median sale price in August was $447,435, down just 0.6% from last year. The World Property Journal
