Phase out of flood insurance subsidies could upend coastal real estate markets

It’s no secret that Americans are willing to pay a premium for property on the beach. They could soon be paying hefty insurance premiums to live there as well. https://therealdeal.com/issues_articles/on-the-waterfront/ Starting Oct. 1, the federal government plans to start gradually reducing subsidies for its flood insurance programs, pushing up rates for homeowners, according to the New York Times. For the first time, the government will also take into account a home’s size, which means the … [more]

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On top: Killers’ Dave Keuning pays $10M for Hollywood Hills home

The Killers’ lead guitarist and co-founder Dave Keuning is on top, as one of the band’s songs goes, after paying $9.6 million for a Hollywood Hills mansion. Grindr founder Joel Simkhai sold the 8,400-square-foot property at 7100 La Presa Drive, according to Dirt. The deal wasn’t a perfect match for Simkhai, who bought the home in 2017 for $10.5 million. He listed it last year for just under $10 million. Simkhai owns another Hollywood Hills … [more]

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Robbie Williams asks $9.2M for his sprawling English estate

British pop star Robbie Williams and his wife, Ayda Fields, aim to sell their English country estate in a strong market for the stately properties. The couple is asking £6.75 million, or $9.2 million, for the 72-acre property in Compton Bassett, Wiltshire, according to Mansion Global. The estate has its roots in the mid-1500s, when an English politician bought the property and its manor house from the royal family. Another home was built a century … [more]

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Nearly 100K homes sold across UK in August ahead of tax break expiration

Close to 100,000 homes across the United Kingdom sold in August ahead of the expiration of a government tax break. The surge of sales marked a near 21 percent increase from August 2020, and 32 percent more than the total sales in July when seasonally adjusted, according to Mansion Global. August is typically a slower month for sales, but the tax break expiration at the end of September is likely fueling the activity. The U.K. … [more]

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Creepy dolls helped sell this New Orleans home super fast

How do you turn a dilapidated home in New Orleans into the top listing on Realtor.com and sell it in just a day? Two words: Creepy dolls. NOLA Living Realty agent Tony Bertucci leaned into what he called his home’s “hideous and horrifying” vibe by posing creepy dolls around its decaying interiors for the listing photos, according to a report in KNWA. Bertucci, who bought the 1966-built home to flip, had to turn his attention … [more]

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Grammy winner Kelly Clarkson sells 10K sf Encino mansion

In her latest real estate deal, Kelly Clarkson sold off the 10,000-square-foot Encino mansion she had shared with her ex-husband. The three-time Grammy winner sold the home at 16174 Woodvale Road for $8.2 million, according to Dirt. She and her ex-husband Brandon Blackstock paid $8.5 million for the new construction home in 2018. Clarkson listed the property in late January, asking just under $9 million. The home and a detached guest house have eight bedrooms … [more]

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Dubai developer revealed as $120M bidder for Surfside collapse site

UPDATED, Sept. 24, 3:30 p.m.: Damac Properties, a Dubai-based developer, is the stalking horse bidder for the collapse site of Champlain Towers South in Surfside, The Real Deal has learned. East Oceanside Development LLC, a Delaware corporation tied to publicly traded Damac, signed a contract to pay $120 million for the oceanfront property. The company’s identity was disclosed in a motion to approve the sales contract, filed with the court on Friday. Judge Michael Hanzman, … [more]

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$25K grants target low-income homeowners for granny flat construction

California plans to pay low-income homeowners $25,000 toward the construction of granny flats in an effort to boost housing supply statewide. The grants will go to homeowners earning 80 percent or less of area median income, according to the Los Angeles Daily News. Granny flats — or accessory dwelling units — are typically one-or two-bedroom homes residences built on an existing residential property. The grant recipient must live in the primary unit on the property, … [more]

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Mortgage market stakeholders are unprepared for growing climate change threats

The growing threat of climate risk could put the entire mortgage market underwater if all parties involved don’t begin to prepare soon, according to an industry report. The report from the Mortgage Bankers Association’s Research Institute for Housing America says those close to the industry are wholly unprepared to forecast and confront risks from climate change. Consumers, builders, landlords, appraisers, mortgage originators and servicers, mortgage investors, insurance companies and government issuers like Fannie Mae and … [more]

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Mortgage availability improves just as rates set to rise

Homebuyers are about to learn that while the government giveth, the Federal Reserve taketh away. While it’s getting easier to get a mortgage, the Fed is warning rates will soon rise. In a red-hot housing market, government-backed mortgage buyers Fannie Mae and Freddie Mac are accepting loans to borrowers with lower credit scores and Fannie Mae will now look at rent payments in assessing mortgage applications. But the good news may not last for long … [more]

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