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Newsweek
7 hours ago
- Business
- Newsweek
China Buys Up Property in America's Hottest Housing Market
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. The New Hampshire city at the center of a recent controversy surrounding a Chinese company's local real estate purchase, Nashua, has been named the hottest housing market in the country. The metropolitan area of Manchester-Nashua, which includes the two New Hampshire cities, offers the best combination of good quality of life and projected home appreciation in the nation, according to an analysis by The Wall Street Journal and Why These Markets Are So Hot Manchester and Nashua are comfortably close to Boston, offering residents an easy commute to the big city if needed and much lower home prices compared to their big urban neighbor. But that is only one of the reasons these cities are so sought after by homebuyers, to the point that they are willing to face fierce competition on the market. Manchester and Nashua have a very stable economic profile, which means that an expensive home would still be a good investment even a few years down the line. They have excellent schools, jobs are plentiful in many sectors, and there are a lot of outdoor activities for summer and winter. These factors are enough to make sure that buyers are not completely thrown off by ever-rising home prices. Photo-illustration by Newsweek/Canva In June, the latest data available on the median listing home price in Nasha was $525,000, up 8.3 percent from a year earlier. In Manchester, it was $428,400, up 7.1 percent year-over-year. While the rest of the country is slowly shifting in favor of buyers, with Florida and Texas already solidly into this territory, Manchester and Nashua remain strong sellers' markets. In Nashua, homes sold for 1.52 percent above asking price, on average, last month. In Manchester, they sold for 2.27 percent above asking price. Why You Might Have Heard of Nashua While Nashua is the second-largest city in northern New England, it is not often that it makes headlines in national media. Yet the city has recently been under the spotlight for a deal involving a billionaire Chinese businessman and his company, which quietly bought a commercial building in Nashua near the Pennichuck Water Works system. Nongfu Spring, China's largest beverage company, bought a 23-acre parcel in Nashua for $67 million, next to the New Hampshire watershed area that supplies drinking water to the city. Pennichuck said that it will supply water to the Chinese development as well. The main street bridge over the Nashua River in Nashua, New Hampshire. Inset: Zhong Shanshan, chairman of Nongfu Spring mineral water, in May 2013. The main street bridge over the Nashua River in Nashua, New Hampshire. Inset: Zhong Shanshan, chairman of Nongfu Spring mineral water, in May 2013. Getty Images The sale has raised questions over national security and the future of Nashua's water resources, as the Chinese company sets up operations in the city. According to LinkedIn posts, Nongfu Springs has been hiring for positions in Nashua in the past few months. The company, set up in the 1990s in China, has helped make owner Zhong Shanshan the richest man in the country, with a net worth of about $65 billion. While Zhong has recently come under fire in China for not being loyal enough to his country after criticizing Beijing for failing to control pricing on online platforms, New Hampshire lawmakers worry that his new Nashua plant stands too close to sensitive military locations in the state. "We always need to be extra careful about all potential sales of critical infrastructure such as our water supply. There has been a lot of concern throughout the Nashua community that this sale is being rushed through without proper scrutiny being paid to the buyer," Republican state Senator Kevin Avard, a vocal critic of the deal, told Newsweek. "I fully understand that sentiment and have been vocal about slowing down the process to make sure that we aren't putting the safety of our community needlessly in jeopardy. These concerns were so strong and so loud that Nongfu was forced to modify its original plan to purchase the water rights and focus solely on the water bottling plant," he said. For Avard, "it is an undisputed fact that there are agents of the Chinese Communist government attempting to commit acts of espionage throughout our nation." "We even had spokesmen for the military testify in front of the Senate this year about the potential threats to the Space Force base just down the road in New Boston. This is something we need to take seriously, and when a large multinational company Nongfu attempts to make such a major purchase in our state, we need to make sure that we have all of the facts," he added. This year, the New Hampshire legislature passed a provision in HB 2—then signed by Republican Governor Kelly Ayotte—that prohibits agents of hostile foreign nations such as Iran, China and Syria from purchasing land in New Hampshire. "Unfortunately, this bill was not in effect in time for this sale. I do believe that much can, and should, be done in the upcoming year to bring more transparency to the influence that hostile nations, like China, have in our state," Avard said. In a statement issued on Friday, Nashua Mayor James Donchess said that the city was "neither involved in nor informed of the sales and acquisitions of any private properties in the city, and it has no input on the purchase prices of any private properties. "The City of Nashua only became aware of this potential project when Nongfu Spring submitted a construction permit application, which they withdrew at the end of May."
Business Insider
19 hours ago
- Entertainment
- Business Insider
A former 'Real Housewives' star just sold her waterfront home for a record-breaking $40 million. Take a look inside.
Dr. Nicole Martin, former star of "The Real Housewives of Miami," has sold her Coral Gables home. The seven-bed, nine-bathroom mansion has 435 feet of waterfront real estate. British pop legend Robbie Williams reportedly purchased it for $40 million. Have you ever wondered what it takes to hold a mojito alongside the stars of " Real Housewives of Miami"? In terms of real estate, it's simple: a $40 million waterfront mansion in one of the city's most exclusive suburbs. Dr. Nicole Martin, who starred on "RHOM" from 2021 to 2024 before stepping away due to postpartum anxiety, recently sold her 19,000-square-foot house she shared with fiancé Anthony Lopez. The property in Coral Gables, one of the US' most expensive neighborhoods, was on the market for just three days before selling for a cool $40 million, reported. Martin was represented by Dennis Carvajal of ONE Sotheby's International Realty. The home isn't leaving the Bravo family, though. Per reports, "Housewives" fan Robbie Williams purchased the property. The New York Post reported the sale set a record for Old Cutler Bay, as the price comes out to $5,000 per square foot. That's not too shabby for Martin and Lopez, who purchased the home in 2022 for $21.5 million with the intention of doing a gut renovation. Here's a closer look at the home. The mansion is in the Old Cutler neighborhood of Coral Gables, around 13 miles south of Miami. At over 19,000 square feet, the home has seven bedrooms, seven full bathrooms, and two half-baths. But the real draw is the 435 feet of waterfront property. There's even a 75-foot dock for any boating needs. Let's check out the inside. The house was built in 2016, but it was completely remodeled in 2025. The interior is almost all-white, including this family room with an in-wall TV. The family room is attached to a bar and lounge. It's a perfect spot for entertaining. There's also a more formal living room with a fireplace. The kitchen continues the all-white aesthetic. It includes three Sub-Zero refrigerators. As we make our way toward the backyard, there's plenty of indoor/outdoor seating to beat the heat. There's also a large resort-style pool at the edge of the property. This looks like it could be a five-star hotel. There's also a full gym attached to an 18-car garage. Unfortunately, the Porsche is not included. If you want to live like a Bravo star, all it takes is $40 million — and the ability to stir up drama, of course.
New York Post
a day ago
- Business
- New York Post
First-time buyers flock to older homes as starter homes age out
There was once a time when a homebuyer searching for their new house focused on new construction, often on the outskirts of town, in new developments—but those days are over. The skyrocketing price of homeownership means that old and small is the new starter home, according to a new report from Cotality. The 'new' starter home is old Advertisement 'The starter home has effectively aged out,' says the report's author, Cotality economist Thom Malone. 'First-time buyers are priced out by high mortgage rates or lack of supply.' Nor are new builds generally geared toward the first-time buyer, unless that buyer happens to have a lot of money. 'Land costs, building material prices, and a persistent lack of housing supply has transformed new builds into high-end housing—even in more affordable regions of the U.S.,' he says. Advertisement Additionally, new developments often require a cash deposit of up to 20% of the full price. Given today's prices, that could be a bundle—more than a younger person can afford. While sales of older homes have always outstripped newer ones, given that there are so many more of them, sales of existing homes are down 2% year over year, while new-home sales are down 3.43%, says the Cotality report. 5 The skyrocketing price of homeownership means that old and small is the new starter home, according to a new report from Cotality. kosoff – Roughly 70% of existing homes have less than the average 2,000 square feet of space that is common in new construction, indicating that many buyers are forgoing extra space in favor of a lower price tag, according to the report. (For this analysis, a starter home is defined as having a maximum of 1,500 square feet.) Advertisement Even smaller new homes can still be pricey—Cotality data shows the median price of a newly built home in April 2025 that's less than 1,500 square feet was $320,000. While this is less than the June median national price tag of $440,950, according to it is pricier than what was available before the COVID-19 pandemic. In April 2019, the median price tag was $310,000. Real estate agents agree that more clients are asking for older homes. While affordability is key, there are other reasons as well. 'I have seen buyers opt for older homes in more established areas versus new construction because they don't want to live in a cookie-cutter neighborhood where all of the homes look the same, there are no trees or mature landscaping and certainly deal with all of the hassle that comes with living amongst new construction being built all around them,' Cara Ameer, a real estate agent with Coldwell Banker who is licensed in Florida and California, tells Advertisement Lot sizes tend to be larger with older homes, as well, she notes. 'Builders squeeze everything on 40- to 60-foot-wide lots, and you pay a premium to have some sort of view versus backing up to other homes.' 'I'm seeing a noticeable shift toward older homes as today's version of the starter home,' agent Libby McKinney-Tristchler, of Team AFA/William Raveis in Southport, CT, tells 'For many dual-income households, the idea of a smaller, more manageable space is a lifestyle choice, too. They're not interested in spending weekends maintaining big houses or oversized properties.' Of course, in a pricey area like Southport, with a median house price tag of $869,000, clients are looking for something more affordable. 5 Even smaller new homes can still be pricey—Cotality data shows the median price of a newly built home in April 2025 that's less than 1,500 square feet was $320,000. seanlockephotography – 'Buyers are telling me they're looking for something at a price point that feels within reach, and older homes offer that opportunity,' she says. Andrea Kremer of Rooftop Realty Group represented a small (1,080-square-foot), one-owner, 70-year-old house on Edden Lane in Syracuse, NY. It was on the market only a week before finding a buyer. 'It's a simple supply-and-demand issue here,' she says. 'We have a lot of buyers, and we don't have a lot of inventory. As long as the house is priced correctly in a decent area and is something someone can make their own or is move-in ready to some extent, they are flying off the shelves if they are under $300,000.' The little red four-bedroom fixer-upper had a bidding war going and was sold at almost $50,000 over the list price of $129,900. Advertisement 'It was probably the only home in this area for that price,' Kremer says. Re/Max agent Bruce Ailion says the trend toward older and smaller is one he is seeing in Atlanta as well. 'A decade ago, these homes would have been challenging to sell,' he tells But these days, 1950s-built homes that are a mere 750 to 1,100 square feet are being snapped up, either by buyers in their 20s and 30s—or their boomer/Gen X parents. 'Going smaller and older is one of the few ways to get an affordable detached home,' he says. Advertisement And then there's property taxes. 'Most counties base the tax base of a home on the purchase price. A fixer-upper is going to have a lower tax base,' says Jeff Lichtenstein, CEO of Echo Fine Properties in Jupiter, FL. 5 The little red four-bedroom fixer-upper had a bidding war going and was sold at almost $50,000 over the list price of $129,900. ungvar – Quality over quantity (of square feet) Jonathan Klemm, CEO of general contracting company Quality Builders, says he saw an opportunity when he closed on a small three-bedroom home built in 1963 for $311,000 ($173 per square foot) in Lyons, a Chicago suburb. The median price in the neighborhood is $193 per square foot. Advertisement With his background, Klemm believed he could put the work in, save money, and put his style stamp on the home. With two young daughters, he thought 1,800 square feet was as small as he could go—and it was all he and his family needed. 'Many people are more willing to put in the work and do minor cosmetic work and/or live with some of the older styles and upgrade over time,' he tells 'I kind of wanted something I knew we could renovate. From the beginning, I was heavily leaning toward an older home in need of cosmetic touch-ups.' Many homebuyers opting for smaller, older homes believe that, unlike newer homes, they are built to last. 5 Data shows the median price of a newly built home in April 2025 that's less than 1,500 square feet was $320,000. fizkes – Advertisement 'I'll be the first to say it since no one in my industry wants to say it: New homes are crap,' Los Angeles real estate investor Jameson Tyler Drew tells He also sells in his home state of Indiana. He says that while new construction is a 'solid chunk' of his sales, those homes tend to be plagued with issues. 'These homes—and I'm not throwing any particular home builder under the bus because it's an industry-wide problem—almost immediately have problems upon completion,' he says. 5 Many homebuyers opting for smaller, older homes believe that, unlike newer homes, they are built to last. Spiroview Inc. – 'Missing joists, cracked window welds, HVAC installed wrong, the list goes on. To make matters worse, the bigger home builders will fight you tooth and nail before they fix anything major they are responsible for.' 'I've seen new houses that somehow manage to have uneven foundations. I've seen every kind of screwup that comes with home builders not coordinating correctly and using the cheapest products they can find.' He favors historic homes built with durable materials that are hard to find in new construction. 'Floors and joists are often made of American chestnut, a tree that's nearly extinct these days,' he says. 'They made for extremely durable, beautiful floors. Even if you don't opt for the Victorian mansion, the cookie-cutter houses built in the 1930s-1960s still offer thicker walls and better materials than you'd find today. All for a fraction of the cost.' His advice? Go old. 'I will always advocate for my client to buy an older home over new construction every day of the week,' he says.
New York Post
2 days ago
- Business
- New York Post
Homebuyers can save $200K by building a new house — instead of buying one — in west coast state
With affordability being a top concern for many prospective homebuyers, those worried about a steep price tag might consider investing in a new build. In California, homebuyers could save hundreds of thousands of dollars by building new rather than purchasing an existing property, according to a new LendingTree report. It revealed that, though, on average, new homes cost more than existing ones across the country, a select few states offer new construction that is significantly more affordable than existing properties. In California, newly constructed homes have a median price of $591,116, while existing homes cost $784,798—a difference of $193,682 more, according to LendingTree. 6 With affordability being a top concern for many prospective homebuyers, those worried about a steep price tag might consider investing in a new build. Getty Images 6 In California, newly constructed homes have a median price of $591,116, while existing homes cost $784,798—a difference of $193,682 more, according to LendingTree. Getty Images Using data from the National Association of Home Builders and the U.S. Census Bureau 2023 American Community Survey, LendingTree was able to estimate the household income needed for existing homes. Then, it compared the household income required to buy new homes and existing homes by state. This trend is particularly relevant in today's market, where shifting economic sentiment is beginning to shape buyer behavior. 'Many buyers, first-time buyers, or entry-level buyers, instead of just looking at single-family homes or existing homes, are looking at new homes put out by developers and builders,' Oscar Wei, deputy chief economist at the California Association of Realtors, tells Overall, California's median home price dipped to $899,560 in June, marking a second consecutive monthly decline and falling below $900,000 for the first time in three months, as per the California Association of Realtors June Home Sales report. 6 This trend is particularly relevant in today's market, where shifting economic sentiment is beginning to shape buyer behavior. 'The market is a little bit more balanced because we do have a bit more supply in the last few months,' he explains. 'Buyers are thinking, 'OK, well, now we have a little bit more inventory available.' And even though mortgage rates have come down, we do still have some uncertainty.' But the discrepancy between new- and existing-home values in California is the largest gap in the country, according to LendingTree. The state has struggled to keep up with housing demands for decades due to a combination of factors, including rapid population growth, high construction costs, restrictive zoning regulations, and lengthy permitting processes. 'I almost see two different Californias in terms of development,' Victor Currie, real estate agent at Douglas Elliman Real Estate, tells 'The Central Valley and Inland Empire are growth areas with lots of developable land, so prices are more reasonable, and new-home developers can sometimes offer slightly lower interest rates and other incentives to buyers than standard mortgage numbers. Every morning, the NY POSTcast offers a deep dive into the headlines with the Post's signature mix of politics, business, pop culture, true crime and everything in between. Subscribe here! 'But when people in other parts of the country think of California, they're usually talking about Los Angeles, Orange County, the Bay Area, or San Diego, and there is a limit to how much new development can be done in the large metro areas.' The L.A. County's destructive wildfires also directly contributed to the housing shortage, forcing residents into an already competitive market and driving up rental and purchase prices in unaffected areas. Rebuilding in fire-prone areas is tough because of strict new building codes and regulations—increasing costs and potentially delaying reconstruction efforts. However, the bump in inventory in other parts of the Golden State has balanced the market a bit, urging buyers to consider jumping back in, says Wei. 'There's a little bit more supply from builders and developers. Builders and developers are actually willing to lower their price or provide incentives for buyers,' Wei explains. 6 The L.A. County's destructive wildfires also directly contributed to the housing shortage, forcing residents into an already competitive market and driving up rental and purchase prices in unaffected areas. REUTERS 6 Map of the top 10 US states where new home values are lowest compared to existing home values. LendingTree Across the country, new homes cost a median of $537,791 while existing homes cost $391,210, according to the study. The average price difference is $146,581, with new homes being 37.5% more expensive than existing homes. In Connecticut and Pennsylvania, new homes are more than double the cost of existing ones, according to the study. Specifically, new homes in Connecticut cost 125.9% (or $555,660) more on average than existing homes, with Pennsylvania close at 121.4% (or $361,637). Potential pitfalls with new builds Still, the roadblocks to building new homes keep inventory low. Expensive land, permit delays, local fees, high material costs, and labor shortages have limited new construction and increased the competition for existing homes. 'Now, here's an issue that we might be seeing in the last couple of months, maybe even in the second half of the year. Builders and developers started realizing, 'Wow, OK, it looks like we are seeing more existing homes coming onto the market.' And now existing homes are competing with those newly constructed properties,' says Wei. Start and end your day informed with our newsletters Morning Report and Evening Update: Your source for today's top stories Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters That competition, however, isn't necessarily bad news for buyers—especially those looking to break into the market. 'Choosing a new build helps people achieve homeownership because it often helps clear the biggest obstacle most home buyers can't get around: affordability,' Marco Smith, a real estate agent with The Maryland & Delaware Group, tells 'Many builders are offering seller concessions to help cover the buyer's closing costs and, in some cases, will pay down the buyer's rate, making monthly payments more affordable. So, whether you're looking to spend less upfront or spend less per month, builders can typically get that taken care of when you're buying their new homes,' says Smith. 6 That competition, however, isn't necessarily bad news for buyers—especially those looking to break into the market. 'As interest rates are higher than they were a few years ago and prices remain strong, many homebuyers are steering away from older homes that may need high-ticket items replaced in the near future. New construction offers the peace of mind that you won't have a roof or HVAC replacement a few years after moving in. These homes also come with warranties,' he adds. Prospective buyers who are considering a new build have a couple of solid options. California, Vermont, and Delaware are leading the list of states where new-home values are lowest. Households in Vermont can expect to pay a median price of $352,739 for a new home, but would have to come up with $386,757 for an existing property—8.8%, or $34,018, more. Delaware follows with the third-highest discrepancy between new- and existing-home values: $373,666 versus $406,266, an 8%, or $32,600, difference. Virginia, Maryland, and Utah households also pay more for existing homes than new-construction properties.
Yahoo
3 days ago
- Business
- Yahoo
New Castle County home listings asked for less money in June. See the median price here
The median home in New Castle County listed for $424,897 in June, slightly down from the previous month's $425,000, an analysis of data from shows. Compared with June 2024, the median home list price decreased 1.8% from $449,900. The statistics in this article only pertain to houses listed for sale in New Castle County, not houses that were sold. Information on your local housing market, along with other useful community data, is available at New Castle County's median home was 2,001 square feet, listed at $212 per square foot. The price per square foot of homes for sale is up 1.1% from June 2024. Listings in New Castle County moved briskly, at a median 36 days listed compared to the June national median of 53 days on the market. In the previous month, homes had a median of 31 days on the market. Around 588 homes were newly listed on the market in June, a 7.3% increase from 548 new listings in June 2024. The median home prices issued by may exclude many, or even most, of a market's homes. The price and volume represent only single-family homes, condominiums or townhomes. They include existing homes, but exclude most new construction as well as pending and contingent sales. More: Sussex County home listings asked for more money in June. See the median price here More: Kent County home listings asked for less money in June. See the current median price here Across the Philadelphia-Camden-Wilmington metro area, median home prices rose to $387,450, slightly higher than a month earlier. The median home had 1,644 square feet, at a list price of $233 per square foot. In Delaware, median home prices were $495,000, a slight decrease from May. The median Delaware home listed for sale had 2,097 square feet, with a price of $236 per square foot. Throughout the United States, the median home price was $440,950, a slight increase from the month prior. The median American home for sale was listed at 1,852 square feet, with a price of $233 per square foot. The median home list price used in this report represents the midway point of all the houses or units listed over the given period of time. Experts say the median offers a more accurate view of what's happening in a market than the average list price, which would mean taking the sum of all listing prices then dividing by the number of homes sold. The average can be skewed by one particularly low or high price. The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us. This article originally appeared on Delaware News Journal: New Castle County home listings asked for less money in June Solve the daily Crossword
