Scaring Up Home Values

first_img Home Prices Home Values Homebuyers Homeowners Homes HOUSING Trulia Zillow 2018-10-30 Radhika Ojha Scaring Up Home Values Previous: Don’t Worry About Cash-out Refis Just Yet Next: Ten Years of Transformation Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily For those brave souls who are only scared of the process of buying and the high home prices, a recent report by Trulia looked at home values in neighborhoods near cemeteries, funeral homes, and mortuaries, revealing that these areas sometimes had some great deals on homes.In fact, the report said that in some East Coast markets such as Philadelphia, Allentown, and Pittsburgh many homes could be found in neighborhoods with these establishments. “In and around Philadelphia, more than half of all homes are within a half-mile of a cemetery, funeral home, or mortuary; roughly one-in-five are within a quarter mile,” Trulia said.In historic cities such as New Orleans, Richmond, Charleston, Silver Springs, and Philadelphia, the report said, houses within a quarter mile of undertaking establishments were found to have higher home values than those further away even after controlling for home attributes likes the number of bedrooms and square footage.However, in markets like Allentown, homes within a quarter-mile of cemeteries or mortuaries were worth 13.6 percent less than homes farther away, the biggest discount among all metros analyzed.If these values weren’t scary enough, a report by Zillow, which analyzed the value of homes on streets named Elm Street found that the city with the priciest Elm Street homes was Southampton, New York where home values overall were among the highest in the country. A median home on this street in Southampton was valued at $2.2 million compared to a median price of $1.5 million in any other part of the city, Zillow said.”Elm Streets riddle the United States. Some are picturesque treelined streets carrying big price tags. Others house the salt of the earth, affordable places for new families,” said Skylar Olsen, Director of Economic Research and Outreach at Zillow.Another city, where homes on Elm Street were pricier than anywhere else was Wellesley, Massachusetts where a median home on the street costs around $1.6 million compared to $1.2 million priced median homes elsewhere in the city. However, the Elm Street in San Carlos, California had homes priced 20.7 percent lower than the median home price for that city which was $1.9 million. The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Scaring Up Home Values The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articlescenter_img Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. October 30, 2018 1,254 Views  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Tagged with: Home Prices Home Values Homebuyers Homeowners Homes HOUSING Trulia Zillow Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Overseas based investors are selling off Queensland assets because of new taxes

first_imgThe overseas based owner of 39 San Simeon Drive, Clear Island Waters is selling off to avoid higher land tax bills.. Picture: realestate.com.auFOREIGN buyers have begun selling off their Queensland property assets following the introduction of a new tax regime.A surcharge on land tax for absentee (foreign) owners was introduced by the State Government in July. That means they are charged 1.5 per cent more land tax than Australian based owners, on property holdings with government valuations of more than $350,000. CHINESE buy 8 per cent of new homes in Queensland Andrew Henderson, principal of John Henderson Professionals Mermaid Beach, has listed three properties where he said the extra tax made the owners consider them no longer a viable investment.He said many of the foreign investors hadn’t realised they would have to pay the additional charges until they received their latest land tax bill.For some owners it could be a substantial additional cost of thousands of dollars. 38 Pintail Crescent, Burleigh Waters has been listed for sale by its Indonesia-based owner. Picture: realestate.com.auThe other property affected by the same issue was also owned by an Indonesia-based investor.The house at 134 Santa Cruz Boulevard, Clear Island Waters was listed for $899,000. It has four bedrooms and is within walking distance of the Surfers Paradise Golf Course.It is rented for $2080 a month. 134 Santa Cruz Boulevard, Clear Island Waters has also been listed for sale by its Indonesia-based owner. Picture: realestate.com.au“Regardless whether or not you support the new laws, there is no doubt it is starting to have an effect,’’ said Mr Henderson.center_img A higher land tax bill means the overseas-based owner of 39 San Simeon Drive, Clear Island Waters has decided to sell. Picture: realestate.com.au“Anything over land value of $350,000, so when you look at suburbs like Mermaid Beach your average unimproved land value is $1 million, so when you are then talking about (figures like that) it adds substantial costs to the bottom line of the holding costs of that investment property,’’ Mr Henderson said.He said some of the properties were already negatively geared and on top of rates and current land tax charges it made it unviable for the owners.More from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach North3 hours agoNew apartments released at idyllic retirement community Samford Grove Presented by He said ultimately the people who lost out where the tenants of these properties, as it was highly likely they would sell to owner occupiers in the current market.Properties his agency had listed for sale because of the land tax issue included a four-bedroom home at 39 San Simeon Drive, Clear Island Waters. The waterfront home will be auctioned on October 29. It has views of Surfers Paradise and Broadbeach and is on 1005 sq m of land.Mr Henderson said the Singapore-based owner had decided the new land tax charges meant it was no longer a worthwhile investment for him. It has an estimated rental income of $650 a week.A property owned by an Indonesian based investor at 38 Pintail Crescent, Burleigh Waters has been listed for sale for the same reason.The three-bedroom home was tenanted for $470 a week. last_img read more