PNT Reporter

12 Jun 2023

Renowned guitarist Joe Walsh purchased an upgraded bungalow in Sherman Oaks for his stepson, Christian Quilici, who leads the philanthropic organization VetsAid. The property, priced at $2.3 million, offers impressive amenities, including a Tuscan-inspired front yard, modern interiors, and luxurious features such as a La Cornue stove and a screening room. The main house features three bedrooms and 2.5 bathrooms, with the primary suite providing direct access to the backyard. The backyard boasts an octagonal swimming pool, a built-in BBQ centre, and a hidden vegetable garden.Read more

PNT Reporter

12 Jun 2023

The luxurious Sky Palace at AVA, Palm Jumeirah, Dorchester Collection in Dubai, has been sold for an astounding AED220 million ($60 million). Developed by OMNIYAT and managed exclusively by Dorchester Collection, this property spans four floors and features a 360-degree infinity lap pool, a four-floor indoor garden, and a rooftop terrace with panoramic views of Palm Jumeirah and Dubai's iconic skyline. Residents of AVA enjoy world-class services provided by Dorchester Collection, including a dedicated residence concierge, doorman and porter services, personal valet assistance, and more.Read more

12 Jun 2023

Dusit International, a prominent hotel property development company in Thailand, introduces ASAI Bangkok Sathorn, its second ASAI branded hotel in Bangkok. Situated near the Business District, the hotel aims to foster a sense of community and offer local and authentic experiences. ASAI Bangkok Sathorn features 106 compact rooms with comfortable amenities, a neighbourhood bar, and a co-working area. ASAI Bangkok Sathorn builds upon the achievements of ASAI Bangkok Chinatown, the brand's first hotel.Read more

PNT Reporter

09 Jun 2023

The UAE government has launched a national housing platform called "Darak" to enhance community and family stability and improve the standard of living for UAE residents. The platform, established by the Ministry of Possibilities and the Ministry of Energy and Infrastructure in collaboration with housing authorities, aims to manage housing projects and provide citizens with access to suitable housing options. Darak offers discounts on construction and furniture costs, facilitates access to project opportunities, certified consultants, contractors, financing options, and construction-related information.Read more

PNT Reporter

09 Jun 2023

A recent study revealed that over 50% of condo investors in the Greater Toronto Area experienced financial losses on their rental properties in 2022. Insufficient rental income to cover expenses such as mortgages, condominium fees, and taxes has led to a negative cash flow for many investors. Experts predict this trend will continue due to the completion of expensive new condos sold to investors in recent years. Limited housing supply and a tight resale market discourage investors from selling their properties. However, if investor demand for pre-construction properties declines, it could lead to a decrease in new construction and rental supply.Read more

PNT Reporter

08 Jun 2023

London's luxury housing market is experiencing a revival in both supply and demand, signalling a recovery from last year's turmoil, as per a report by Knight Frank. Prime London witnessed robust demand in the first four months of this year, with new prospective buyers surpassing the five-year average by 35%, except for 2020. Supply in prime London also increased by 16%, leading to an 8% rise in property exchanges compared to the five-year average, excluding 2020. Factors such as international travel resuming, a weaker pound, and prices remaining 15% below their mid-2015 peak contributed to this resurgence.Read more

PNT Reporter

08 Jun 2023

Music sensation Rihanna has recently listed her 5,100-square-foot home in the Beverly Hills Post Office neighbourhood for sale at $10.5 million. The property, which she purchased in 2021 for $10 million, is situated on a prestigious street and offers a tranquil retreat behind gated entrances and mature landscaping. The house, built in 1939, features wood and stone flooring, cathedral ceilings, original fireplaces, a chef's kitchen, a family room with French doors leading to the backyard, and a separate guest house. The outdoor area boasts a pool, a half basketball court, a vegetable garden, and multiple dining and relaxation spaces. Rihanna also owns the adjacent property, which she bought for $13.75 million in 2020.Read more

PNT Reporter

07 Jun 2023

A recent Supreme Court ruling has eliminated safeguards for wetlands not directly connected to regulated bodies of water under the Clean Water Act. The case involved Chantell and Michael Sackett, who faced objections from federal officials when they wanted to build a house near Priest Lake in Idaho. The court prioritized property rights over clean water concerns, overturning a previous opinion. Critics argue that the previous standard was ambiguous, while environmental proponents warn of the loss of wetland protections. Environmental organizations are calling for Congress to amend the Clean Water Act.Read more

PNT Reporter

06 Jun 2023

The U.S. Supreme Court unanimously ruled to restrict the ability of state and local governments to seize and sell homes of individuals with unpaid property taxes. The ruling stemmed from a case involving Geraldine Tyler, a 94-year-old woman in Minnesota whose property was seized by Hennepin County. The court deemed the practice unconstitutional, violating the Fifth Amendment's Takings Clause. The ruling protects property rights and prevents potential homelessness and loss of savings for individuals, particularly seniors. This decision has implications for property tax collection policies across the country.Read more

PNT Reporter

06 Jun 2023

Several British banks, including Nationwide, have raised their mortgage rates in response to a significant increase in market interest rates following higher-than-expected inflation data. Smaller lenders have temporarily suspended their offerings. This situation resembles a previous temporary halt in the mortgage market triggered by investor response to former Prime Minister Liz A's policy plans. Analysts predict that other lenders will likely follow Nationwide's lead in raising rates, impacting credit demand. The adjustment in rates is attributed to fluctuating and rising swap rates.Read more