February’s Top 10 Real Estate News

February’s Top 10 Real Estate News

February’s Top 10 Real Estate News

Must SeeTop 10 Florida Condos For Sale

America’s Most Expensive Housing Markets
Even in a slow US real estate market, buying a home is out of reach for most people. In 2020, a homeowner paid on average about 25% of their income for their mortgage, but it is now up to about 36% and much higher in some areas. Home buyers in Kahului-Wailuku-Lahaina, Hawaii will have to pay more for their mortgage than they are receiving in income - paying about 115% of their per capita income.

Eight Countries Americans Could Call Home
For Americans who dream of a second home outside of the United States, HouseBeautiful.com suggests eight countries where it is easy to buy a home, including New Zealand, Costa Rico and the Dominican Republic.

Massachusetts Town Looks for Paris-Style Buildings
Due to high demand and tight zoning regulations, Cambridge, Massachusetts has been facing a housing shortage for years. Across the Charles River from Boston and home for both Harvard and MIT, Cambridge is the first city in Massachusetts to eliminate single-family zoning. The change will allow multifamily housing up to six stories citywide, similar to the style common in Paris.

$15 Million Condos Planned for Surfside Disaster Site
Sales have begun for a super-luxury condo building on the site of the Champlain Towers condo building in Surfside, Florida that collapsed in 2021, killing 98 people and generating many changes in Florida’s condo regulations. The new building will be named the Delmar, which will include 37 condos with prices starting about $15 million.

Best US States for Families
According to a new report from WalletHub, the best state to raise a family is Massachusetts, followed by Minnesota and North Dakota. Rankings were based on 50 key factors, including median annual family income, housing affordability, health care, crime rate, and school quality. The worst states are West Virginia, Mississippi and New Mexico.

Manhattan Apartment Prices in the Pitts
The median price for apartments in Manhattan has risen less than 10% since 2015, to $1.1 million, and about half of the sales were for studio and one-bedroom apartments. The median price for Manhattan luxury apartments is down 9% since 2016, to $6 million.

America’s Top 10 Expensive Zip Codes
California dominates the list of the most expensive zip codes for US home sales with the tech neighborhood Atherton at #1 with median home sale prices of $7.9 million and six more California zip codes in the top ten, including three in Newport Beach. New York had the #2 and #3 zip codes in the top 10 while Miami Beach condos and homes made the list at #4.

Florida Home Prices Surged Since 2014
According to data from Zillow and the US Census Bureau, Florida home prices have surged 132% since 2014. It is the second largest ten-year-price increase in the country, trailing only Idaho. St. Petersburg, Tampa and Hialeah, Florida had home price increases over 170%.

Drake Looks for Big Buy or Rent Money
Canadian singer-rapper Drake is asking for $88 million to buy, or $250,000 per month, to rent the Beverly Hills home he bought from fellow-singer Robbie Williams in 2022 for $78 million. The 25,000-square-foot home includes an elevator, wine cellar, gym, and game room. Outside is a pool and guest house, a tennis court. pool and an outdoor kitchen.

Michael Jordan’s Timeshare Mansion
The suburban Chicago home that Michael Jordan recently sold after 12 years on the market is slated to become a $1 million-per-week timeshare. According to a press release, the new owner is going to offer the home to buyers for annual shares of seven days, and buyers will be limited to one share.

For more interesting real estate news, visit TopTenRealEstateDeals.com.