For those who are looking for some new real estate ideas, you may be interested in reading up on the latest property news in the United States. This week’s property news covers everything from New York City’s new “normal” to the Coworking movement based in self-storage properties. We also look at the property market in Hong Kong and discuss the implications for aspiring real estate developers. To keep up with all of the latest property news, sign up for our free daily newsletter below!
New York City’s new real estate “normal”
What is the new normal in New York City’s real estate market? The recent COVID-19 outbreak and its effects on the New York City real estate market may have sparked some concern. The virus was first reported in mid-April and prompted tens of thousands of New Yorkers to evacuate all five boroughs. As a result, many people were forced to pack up and leave the city overnight.
While some real estate experts predicted the real estate market would slump next year, it has actually remained anchored by domestic buyers. This is despite the absence of foreign buyers. The lack of demand is due in part to the fact that the Eurozone’s currency has been at historically low levels for a long time. With this in mind, many people fled to the suburbs. But Brooklyn showed some resilience. Sales picked up in the last three months of 2020.
Coworking in self-storage properties
Unlike conventional office spaces, coworking in self-storage properties can provide members with the privacy they need for confidential work. Some self-storage facilities offer business customers premier services, such as delivery and on-site concierge services. Some facilities also offer wifi and shelving inside the units. Regardless of the reason, coworking and selfstorage complement one another in terms of flexibility and affordability. To find out whether coworking in self-storage properties is right for you, read on.
A coworking space in a self-storage property can be an invaluable asset to an architect. Not only will the self-storage unit provide a convenient location for architects, it will also protect their valuable work. While architecture has changed drastically over the past few decades, many of the same tasks are now performed digitally. Drawing boards and project models still take up valuable space. Because of this, coworking in self-storage properties provides a convenient solution for an architect.
Stockholm’s finest country houses for sale
If you want to own an idyllic getaway in the Swedish countryside, consider buying one of Stockholm’s finest country houses for sale. Satra Brunn, a Swedish “wellness village,” is 320 years old and has been on the market for seven million SEK. The town has been committed to self-care for more than two centuries. The enclave has charming country homes, a spa hotel, a preschool, church, and a spring that doctor Samuel Skragge discovered.
The city is known for its Nordic cosmopolitan and artistic appeal, but Stockholm’s neutrality has protected many historic structures. After a long day of sightseeing, a stroll through the city’s parks and neighborhoods is like taking a history lesson. The 16th century Kungliga Slottet, the medieval Riddarholm Church, the sprawling 1920s City Hall, and the fashionable, yet quiet, woodland idylls are just a few of the highlights.
Hong Kong’s property market
Recent figures show that house prices in Hong Kong have remained muted despite the fact that prices are still extreme when compared to median incomes. In the past four years, prices have moved in a sideways manner and are at historically low levels, but the recent Covid-19 restrictions have pushed out many potential buyers. The city’s population decreased by around
1.6% in January, according to the government’s latest estimates.
In April 2013, the government passed the Residential Properties (First-hand Sales Ordinance) to protect buyers from dishonest sellers. The government also introduced requirements for larger down payments on self-used residential properties and increased stamp duties to 15% from 4.25%. In November 2016, the government raised stamp duty on all property transactions, including first-time homebuyers, but house prices continued to rise. The government also increased the property tax on second-hand properties, but it was still relatively low when compared to the tax rate.