Growing Glut of Older Condos Is Threatening the South Florida Housing Market. Here’s Why.

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Mansion Global Daily

Growing Glut of Older Condos Is Threatening the South Florida Housing Market. Here's Why.

Many condo owners must pay up for building repairs under new regulations—and that could cause values to plummet. Read More

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News Bites
Millennials Struggling to Buy Homes in California

Millennials in California are some of the least likely to own homes in the U.S., according to a report from Apartment List using U.S. Census data. The state's large metro areas have some of the lowest percentages of millennial homeowners in the country, with the smallest share coming in Los Angeles, where just 20% owned homes in 2022. SF Gate

Australians Spending 48% of Their Income on Mortgages

Australians are spending 48% of their household income on home loan repayments. And conditions are even tighter in New South Wales, where home loan repayments amount to 57.9% of family income, according to the Real Estate Institute of Australia's Housing Affordability Report for the second quarter. "The impact of rising inflation and interest rate increases has never been more apparent," said the institute's president, Leanne Pilkington. Domain

Indian Mogul Buys Residential Convent in London for £21 Million

Apparel tycoon Harish Ahuja, father-in-law of Bollywood star Sonam Kapoor, paid £21 million (US$27 million) for an eight-story convent in London's Notting Hill district, in one of the city's largest residential deals of the year. Kapoor and her husband, Anand Ahuja, plan to use part of the property as a home. Bloomberg

Bel-Air Mansion Sells for Around $112 Million

George Ruan, a co-founder of online coupon and discounts company Honey, has sold his Los Angeles mansion for around $112 million—one of the biggest deals to ever close in the city, according to people familiar with the deal. The identity of the buyer is not known. Ruan did not respond to a request for comment. The deal is a rare bright spot in a market that has been hobbled by a new Los Angeles mansion tax, rising interest rates and outward migration to lower tax states. The Wall Street Journal

Around News Corp

Selling in Jacksonville Is Rough Going—Unless Your Home Costs Millions [The Wall Street Journal]

What You Get for £1.75 Million in Bristol, London and Italy [The Times of London]

13 Beach Cities Where It's Getting Easier to Buy a Home—and Possibly Cheaper, Too [Realtor.com]

Property Sell-Off: Investors Bailing on Rentals in Australian Cities Shock New Move [news.com.au]

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