Mansion Global Daily: Tampa Bay Is Florida’s Most Overvalued City

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News Briefs

Melbourne Home Values Poised to Rise A$40,000 By the End of 2024

A typical home in Melbourne, Australia, could be worth as much A$40,000 (US$26,140) more by the end of 2024, according to fresh predictions for the city’s property market. Economists at PropTrack have estimated that the city’s dwellings could end 2023 up by 2% compared to where they started the year, and rise another 3% in the following 12 months. It’s a major reversal of the firm’s earlier predictions, which had Melbourne home values expected to plunge as much as 12% this year. Now the worst case scenario would end with home values remaining flat. realestate.com.au

Tampa Bay Is Florida’s Most Overvalued Market

The Tampa Bay area is home to the most overvalued housing market in Florida—a state with its fair share of overheating markets—according to data from Florida Atlantic University. In fact, the Sunshine State has nine out of the top 15 “most overvalued and steadily rising metro areas” for home buyers in the U.S. In Tampa, buyers are paying, on average, close to 43% more than what that home should be worth. WTSP

Chara Schreyer’s Longtime California Home Hits the Market for $8.2 Million

The longtime California residence of the late art collector and philanthropist Chara Schreyer has popped up for sale, asking just over $8.2 million. Acquired by Schreyer and her then-husband Gary Schreyer in the late 1970s, the three-story structure in Marin County is known as the “Art House,” and has six bedrooms and a matching number of bathrooms in a little more than 8,100 square feet of gallery-like living space. Schreyer passed away from cancer at age 75 in February. Robb Report

Toronto Home Prices Drop Again

Home prices keep tumbling in Toronto. For the second straight month, home prices fell in the Greater Toronto Area in July and sales dropped nearly 30% as the Bank of Canada continued to raise borrowing costs. The average price of a home in the city fell 5.4% in July from June to C$1.12 million ($837,796), while the number of sales declined 29.7%, according to the Toronto Regional Real Estate Board. Reuters

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