News about properties and real estate
Luxury-home prices in 33 major cities around the world—from Los Angeles to Monaco—are up 36% since 2009, according to data from real-estate firm Knight Frank.
The taxman has noticed.
To bolster public coffers or to curb rampant growth, a number of cities, including Singapore, Hong Kong and San Francisco, have imposed or increased taxes on wealthy home buyers in recent years
via How a Mansion Tax Could Affect Wealthy Neighborhoods – WSJ.
The art scene in Miami continues to grow at an extraordinary pace, so much so that for many residents living in some of the most high-end buildings in the world, a trip to the museum isn’t always necessary for a daily dose of creativity. Developers are engaging major artists in large-scale collaborations, raising the aesthetic bar at their latest projects and putting installations and one-of-a-kind pieces on display for inhabitants to enjoy.
In these new condo towers, art is a fundamental aspect of the entire project, and not just a colorful wall-hanging picked up at moment’s notice because it matched the drapes; these are big new vertical Xanadus dripping in art. Everyone is trying to outdo one another—Faena House, developed by Alan Faena, will house the Faena Bazaar and an artist-in-residence center by Rem Koolhaas and OMA, while Oceana Bal Harbour will feature two larger-than-life works by Jeff Koons—Pluto and Proserpina and Ballerina, purchased in 2013 for $14 million—both of which will be shared and owned by building tenants.
Many people own rental property of some kind – whether they are renting out part of a primary residence or a vacation home. Regardless of the type of rental property, owners must make themselves acquainted with the various tax rules that apply to it, as these can differ significantly based on the degree to which the property is used for personal purposes.
The first step is to determine the status of the property – either dwelling or mixed-use. A dwelling unit used for personal purposes is not necessarily a main home – main home is defined as the location where a person lives most of the time. A mixed-use property is one that is used for both personal and rental purposes. A day of personal use of a dwelling unit would be any day that it is used by the owner or any other person who has an interest in it, such as a member of an owner’s family, anyone under an agreement that exchanges use of the unit in question for use of some other dwelling unit, or anyone who uses it at less than the fair rental price.
Balfour at Riverfront Park markets a resort-like lifestyle to seniors near the former Moffat Depot, a few blocks from the beating heart of Denver’s cultural and club scene.
“Nobody else is doing this. We believe this is the finest senior living community in the country,” said Michael Schonbrun, founder and CEO of Balfour Senior Living in Louisville.
InnovAge, a nonprofit health care and housing organization, has taken a different approach. It recently opened a 74-apartment complex in suburban Thornton with more limited amenities, but near a clinic it operates and at rents of $500 to $875 that are affordable to retired teachers, police officers and blue-collar workers.
via Construction for seniors is surging in metro Denver – The Denver Post.
Mamie Rose wanted her last years to be simple.
She was already in her 80s. She bought her Northside home 40 years earlier. Her husband had died. Her children were grown, leading lives of their own.
She didn’t want to worry about mortgage payments, repairs or insurance. Her daughter told her about a “reverse mortgage.”
via Reverse mortgages are nightmare for some in Duval County, good deal for others.
You might be ready to buy a home, but are you armed with the knowledge you need? Do you know about credit score requirements? Are you familiar with flexible standards on Federal Housing Administration loans? • Whether you are a first-time homebuyer or an experienced owner, buying a house requires a “preflight check,” says Barry Zigas, director of housing policy for the Consumer Federation of America. •
Here is a six-item checklist, including tips on two types of savings you need, plus advice about what’s more important than buying a house for its resale value.