Eighty-year-old billionaire, Nicolas Puech, scion of the iconic fashion dynasty Hermès, is allegedly orchestrating a staggering succession saga that involves adopting his 51-year-old gardener. Puech, unmarried and without children, plans to legally designate his “former gardener and handyman” from a “modest Moroccan family” as his rightful heir, as reported by the Swiss publication Tribune de
The Federal Reserve is expected to announce it will leave rates unchanged at the end of its two-day meeting this week after recent signs the economy is in fairly good shape and as inflation continues to drift lower. “While there’s been talk about an imminent recession going back to early last year, the U.S. economy has
Luxury properties in the Kensington and Chelsea district of London, UK, on Monday, Aug. 21, 2023. Jason Alden | Bloomberg | Getty Images The U.K. property market has been a rollercoaster for renters and prospective homeowners alike for over a year now. Rents soared throughout 2022 and 2023 as supply and demand imbalances led to
The Fried, Frank annual holiday party at Cipriani 42nd Street is the one by which other real estate soirees are judged — and the best informal barometer of the industry’s mood. The bash returned in full force on Dec. 5 after three years of Covid-influenced shrinkage. Law firm real estate chairman Jon Mechanic, the ever-ebullient
Former President Donald Trump wrote in a social media post on Sunday that he won’t testify in his $250 million civil fraud trial in New York on Monday. “I will not be testifying on Monday,” Trump wrote in an all-caps, multi-part post on Truth Social. Trump had previously been expected to return to the witness
This suburban New York mansion is fit for royalty. Former Miss America Vanessa Williams lives in an 11,603-square-foot $1.75 million Chappaqua home, which will be featured on MTV’s “Cribs” on Dec. 13. The 4.45-acre Westchester County spread is so sprawling, the singer and actress uses a golf cart to retrieve her mail. A highlight of
In a city steeped in artistic heritage, a piece of history just changed hands — and under the radar, to boot. Michelangelo’s childhood home, a relic from the Italian Renaissance, quietly transitioned to new owners near Florence, Italy. While the villa exchanged hands in a hush-hush deal brokered by Building Heritage, the exact sale price
Disney’s latest venture isn’t a theme park or a movie, but a residential community in North Carolina. However, the announcement of “Asteria” has left locals with skepticism and curiosity, likening the idea to something out of a dystopian novel. Settled in Pittsboro, Chatham County — just outside the “Triangle” area of Raleigh, Durham and Chapel
Hong Kong residential prices could fall by another 10% in 2024, according to DBS Hong Kong. Bloomberg | Bloomberg | Getty Images Hong Kong’s property market has plunged nearly 20% since its peak, and it may be a good time for homeowners to buy — but investors might want to think twice, according to Peter
In this article RDFN Follow your favorite stocksCREATE FREE ACCOUNT A Redfin sign in front of a home for sale in Atlanta on Nov. 10, 2022. Elijah Nouvelage | Bloomberg | Getty Images This year was the least affordable year for homebuying in at least in the past 11 years, according to a Thursday report
The real estate crystal ball has good news to share. This year’s stagnant market may have been defined by high rents, housing costs and mortgage rates — but it’s almost over, and the next one holds better things, according to residential real estate brokerage Redfin. The company has released its end-of-year forecast, and would-be homeowners
Residential buildings under construction at China Vanke Co.’s Isle Maison development in Hefei, China, on Monday, Nov. 27, 2023. China is ramping up pressure on banks to support struggling real estate developers, signaling President Xi Jinping’s tolerance for property sector pain is nearing its limit. Source: Bloomberg Bloomberg | Bloomberg | Getty Images BEIJING — China
Homes in Hercules, California, US. Bloomberg | Bloomberg | Getty Images After surging over 8% in October, mortgage rates are falling back toward 7% again, and that is jump-starting the refinance market. Last week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.17% from 7.37%,
The Pepsi Generation is on the move. Mauro Porcini, chief design officer for PepsiCo and the 2022 American Prize for Design laureate, just bought a six-bedroom, new-construction modern home in Southampton for $4.69 million — complete with a Barbie-pink-and-baby-blue tennis court. Porcini worked closely with Mazi Holdings to build the property of his dreams, at
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