NEWTON, Mass.—A tiny home in a wealthy Boston suburb has sold after about a month on the market, albeit for far less than the original asking price of almost $450,000. The roughly 250-square-foot (23-square-meter) home in Newton sold on Monday for $315,000, according to Coldwell Banker Realty’s Hans Brings Results agency. The home, on a…
Zillow Shuts Down Its Loss-Making Home-Flipping Platform
Real estate giant Zillow Group Inc. has announced it is winding down Zillow Offers, its tech-driven home-flipping platform, citing insufficient predictability in the system’s home price forecasting algorithms, driving up risk and hurting profitability. “We’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result…
Northeast Locations Absent in America’s Top 10 Commercial Office Markets
New York, Boston, Providence, Philadelphia, and Washington D.C. are among the largest cities in the Northeast, with a plethora of towering office buildings populating their skylines. Ironically though, none of these locations are listed in the National Association of Realtors’ (NAR) Top 10 Commercial Office Markets for the third quarter of 2021. Instead, the South…
China Rolls Out Property Tax in Tackling a Real Estate Bubble
October 23, 2021
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Asia & PacificBusiness & EconomyChinaChina Business & EconomyEconomieshousingMarket Watchproporty taxreal estateWorld
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Beijing is levying a long-resisted property tax in some Chinese regions to guide house-buying as the regime seeks to tame a growing housing bubble. The Standing Committee of China’s rubber-stamp legislature on Oct. 23 authorized the State Council to start taxing property owners. The scheme will last five years, and the State Council will determine…
China to Roll out Property Tax in Bid to Tame Surging Prices
October 23, 2021
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Asia & PacificBusiness & EconomyChinaChina Business & EconomyEconomieshousingMarket Watchproporty taxreal estateWorld
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Beijing is levying a long-resisted property tax in some Chinese regions to guide house-buying as the regime seeks to tame real estate speculation. The Standing Committee of China’s rubber-stamp legislature on Oct. 23 authorized the State Council to start taxing property owners. The scheme will last five years, and the State Council will determine pilot…
Evergrande: The End of China’s Economic Growth?
Chinese property developer Evergrande is collapsing. But its problems are just the tip of the iceberg. What lies under the water is the now-shaky pillar of the Chinese economy—real estate. What ugly truth is the Evergrande drama revealing about China’s so-called “economic miracle”? Does China have the tools in its arsenal to keep the growth…
China Evergrande Secures Bond Extension as Property Sector Turmoil Deepens
October 22, 2021
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Business & EconomyChinaChina Business & Economychina evergrandeCompaniesevergrandeMarketsreal estate
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HONG KONG/SHANGHAI—China Evergrande Group has secured more time to pay a defaulted bond, financial provider REDD reported on Thursday, offering rare respite to the developer even as a debt crisis in the broader property sector deepened with more defaults. News of the three month-plus extension came a day after Evergrande scrapped a deal to sell…
US Mortgage Rates Surge to 6-Month High: MBA
Interest rates on the most popular type of U.S. home loan shot to a six-month high last week as global rates continued their march higher against a bout of stiff inflation and expectations that central banks will back further away from their pandemic-era easy-money policies. The contract rate on a 30-year fixed rate mortgage climbed…
Zillow to Stop Buying New Homes for the Rest of the Year as It Struggles to Manage Backlog in Renovations
October 20, 2021
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Business & EconomyCompaniesconstruction industryCOVID-19 pandemicEconomieseconomylabor shortagesnew homesreal estateUSUS News
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Online real estate marketplace Zillow on Monday announced it will stop buying new homes for the rest of the year due to a backlog in renovations and operational capacity constraints. The company’s Chief Operating Officer, Jeremy Wacksman, said in a statement that Zillow will not be signing any new, additional contracts to buy homes through the end…
China Property Shares Stumble on Tax Worry, Signs of Weakness
HONG KONG/SHANGHAI—Chinese property shares fell on Monday, as Beijing pushed ahead with plans for a property tax and amid fresh signs of weakening in the real estate market. Chinese developer Kaisa Group’s coupon payment for a dollar bond and the central bank’s efforts to calm nerves over China Evergrande Group’s debt woes, helped in part…
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