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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Mies van der Rohe, famed architect, designed this home for a fraternity

Work is nearly complete on a 10,000-square-foot building on the Indiana University campus, from what had been a long-shelved design by famed architect Ludwig Mies van der Rohe. Blueprints date to the early 1950s, but it wasn’t until 2013 that then-university president Michael McRobbie heard about the design and pursued the construction, according to the Wall Street Journal. Mies designed the boxy building as the new home of the Alpha Theta chapter of the Phi … [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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Real estate stocks slide as China spooks investors

China’s real estate sector rankled investors this week as the country’s second largest property developer missed a deadline to pay its overseas bondholders. Evergrande, which has built residences in every one of China’s regions, now has 30 days to cure the coupon payment before it defaults. Investor uncertainty over China has grown since regulators scuttled Blackstone Group’s $3 billion deal to acquire property developer Soho China amid a political crackdown on wealthy executives, including billionaire … [more]

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Appeals court reverses order requiring LA to house all of Skid Row’s homeless

An appeals court reversed a lower court judge’s order from April that required Los Angeles to house all of Skid Row’s homeless by the fall. The appeals panel said in an opinion issued Thursday that District Court Judge David O. Carter’s “order was largely based on unpled claims and theories,” according to the Los Angeles Daily News. The dispute stems from a March 2020 lawsuit filed against the city and county by an umbrella advocacy group, … [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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