Low Mortgages Boost U.S. Prices, Hong Kong Officials Says Real Estate Market Won’t Crash and More

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Home Prices Rise in California’s Bay Area After a period of relative stasis, home prices are rising again in California’s Bay Area. In January, the median year-over-year single family sale price increased in Santa Clara, San Mateo, Alameda and Contra Costa counties. San Mateo’s prices grew by 6.3% to hit $1.47 million and Santa Clara’s are at $1.21 million after increasing by 2.7%. Across seven counties in the Bay Area, the median sale price in January was $865,900.

Hong Kong Officials Says Real Estate Market Won’t Crash Following the economic crisis sparked by coronavirus, Hong Kong officials are confident that they can avoid the kind of massive real estate crashes seen after the Asian financial crisis, SARS and the 2008 recession. Financial Secretary Paul Chan suggested that because interest rates are low, there is liquidity and supply is limited, the market is in a secure place to ride out the storm. Prices fell 6.5% between the end of June and late February.

Simon Fuller’s Los Angeles Home Sells for $28 Million Simon Fuller, the creator of “American Idol,” has sold his Bel-Air home for $28 million, after first listing it for $35 million over a year ago. This fall, the price was cut to $32.5 million. Mr. Fuller purchased it in 2014 for $24 million. It was once owned by actress Lori Loughlin. The seven-bedroom home spans 11,200 square feet and was constructed in 1927 by architect Gordon Kaufmann, who built the Hoover Dam and the Greystone Mansion.

Dubai Leads World in Number of Branded Residency Projects Dubai has the highest number of branded residency projects, surpassing all major cities around the world. According to data from property consultancy Savills the emirate has 44 branded residency projects—including both those completed and those in the pipeline. The city is followed by New York with 31 projects, Miami with 24, Phuket with 16 and Bangkok with 14.

Published by Mansion Global Daily

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