All articles tagged with #property value
A Palm Springs house sold for $1.3 million in April 2023 after zero days on the market, despite previously selling for $611,000 in 2021. The property, which had deteriorated since its previous sale, faced issues such as a green pool from algae and stolen pool equipment. The housing market in the area has seen an increase in such incidents, yet the property still managed to sell for a significantly higher price.
The US housing market has surged in value by $2.4 trillion over the past year, reaching a total value of $47.5 trillion, with a significant decrease in available listings. Cities in the Northeast and Midwest have seen the largest price increases, while urban areas and suburbs have also experienced notable boosts. In Seattle, the housing market is now valued at over $911 billion, up 4.6% from last year, and Tacoma has seen a 5.6% increase. Despite potential future interest rate cuts, homebuyers continue to face limited options and high prices.
San Francisco Centre, the city's largest shopping mall, is facing a crisis as it has lost five retailers in the past month, bringing its occupancy rate down to just 25%. The mall's value has plummeted by $1 billion, and its owners have defaulted on a $558 million mortgage due to declining foot traffic and sales exacerbated by the pandemic. A receiver has been appointed to manage the property, and there are proposals to redevelop it into a soccer stadium. The city's broader issues, including crime, homelessness, and housing shortages, have also contributed to the mall's struggles.
In Donald Trump's civil fraud trial, his defense focused on the value of his Mar-a-Lago club in Palm Beach, Florida. Testifying for the defense, a real estate attorney claimed that the club could be sold as a home, contradicting legal documents stating otherwise. A luxury real estate broker valued the property at over $1 billion and described it as "breathtaking." The value of Mar-a-Lago is a key element in the New York civil case, where the state attorney general alleges that Trump fraudulently inflated the property's worth. Trump denies any wrongdoing and argues that his financial statements undervalued his assets. The judge ruled that Trump exaggerated Mar-a-Lago's value by up to 2,300%.
Former President Donald Trump and his sons Eric and Don Jr. criticized a New York judge's ruling that they committed fraud by inflating the value of their assets, including the Mar-A-Lago estate. The judge cited an appraisal by the Palm Beach County Assessor valuing the property between $18 million and $27.6 million, while a 2023 market appraisal report by the city of Palm Beach valued it at $37 million. Trump and the defendants claim the property is worth over $1.5 billion, but Forbes estimated it at $325 million. The case heads to trial next week.
A luxurious $10 million mansion in Hollywood Hills, built by architect Richard Tuil, has been trashed by squatters who left behind trash, feces, and graffiti. The Los Angeles Police Department responded to reports of screaming and found three people on the property, who were cited for trespassing. The real estate agent confirmed that none of them were supposed to be there. Neighbors expressed concerns about increased crime in the area. Despite the incident, property values in the neighborhood remain high. The mansion, known as Villa Allegra, features four levels, a grand ballroom, outdoor living spaces, and a 100-foot infinity pool. Tuil spent six years perfecting the home, which combines Venetian style with modern convenience.
The Malibu Barbie Dream House, featured in a promotion by Mattel and available for a free overnight stay on Airbnb, has sparked curiosity about its potential price if it were to be sold. Estimates from online real estate portals range from $3.5 million to $7.3 million, but local real estate experts at RubyHome suggest a price tag of $10 million due to its unique design and appeal. The 3,500-square-foot mansion with ocean views and a private pool could potentially fetch a rental value of $77,000 per month. However, it's important to note that the home is privately owned and not actively for sale.
Chicago real estate firm R2 is in talks to buy a 41-story office building at 150 N. Michigan Ave. for around $70 million, which is 42% less than it sold for six years ago. The potential sale would show the impact of remote work and high interest rates on downtown office landlords. The purchase would be a major bet on the comeback of the downtown office market, but with the protection of having paid a historically low amount for the property.
Churchill Downs, the previous owners of Arlington Park, will pay just under $7.8 million in property taxes after a tax agreement was reached with local taxing bodies. The Bears, who bought the property for $197.2 million, will be responsible for paying the 2023 taxes. The value of the property was set at $95 million after Churchill Downs requested a market value of just over $37.3 million. The Bears will look for a property tax reduction for 2023, as they plan to demolish old buildings and develop the land for their own purposes.
Actor Scott Baio, known for his roles in "Happy Days" and "Charles in Charge," has announced he is leaving California after more than four decades due to concerns over safety and quality of life. Baio cited rampant homelessness, rising crime rates, and decreasing property values as reasons for his departure. Other celebrities, including Mark Wahlberg and Brad Pitt, have also left California for similar reasons.
A fixed $300,000 homebuying budget in Oregon would only get potential homeowners 61.08% of the average home value, which was $491,195 as of March 2023. Oregon was among the worst states for a fixed budget, with Washington being worse. The best states for this budget were West Virginia, Mississippi, and Arkansas.