Palace Daily World: Chicago Mayor Proposes Mansion Tax

Sales in Austin, Texas, rose for the first time since February 2022

In a sign of resilience, the housing market in Austin, Texas, saw its first year-over-year increase in home sales last month since early 2022, the Austin Board of Realtors said. The council said 2,939 homes changed hands in August in the five-county Austin region, which stretches from Georgetown to San Marcos. The sales represented a 1.4% increase compared to August 2022 and were the first increase in sales in the area since February 2022, before repeated interest rate increases by the Federal Reserve to ease inflation led to a sharp slowdown in home sales across Central Texas. Austin – the American statesman

Halsey buys 1920s Spanish Colonial revival in Los Angeles

After selling her property in Calabasas, California three months ago and buying a house in Laurel Canyon, Halsey now has another new home. The singer-songwriter recently purchased a Spanish Colonial Revival in the Los Feliz neighborhood of Los Angeles for $5 million – $800,000 under asking. Built in 1928, the stucco house spans approximately 6,000 square feet. Interior details include a magnesite tile foyer, stained glass picture window, coffered ceilings, and hand-painted ceilings. The home is located directly across the street from the Griffith Park entrance, and amenities include a home theater, pool, bathroom, and three-car garage. Rob reports

Chicago Mayor Officially Introduces Mansion Tax Proposal

Chicago Mayor Brandon Johnson has proposed increasing city transfer taxes — those paid when a property is sold — on homes closing for $1 million and up in an effort to raise money for homeless services. Buildings that sell for between $1 million and $1.5 million will see taxes rise about 167% on the portion over $1 million, while buildings that sell for more than $1.5 million will see taxes rise 300% on the portion that sells for $1.5 million. More than $1.5 million. The additional taxes, generally paid by the seller, could raise $160 million annually, the mayor said. The proposal, known as Bring Chicago Home, is being considered by the City Council and, if passed, would then head to a March 2024 referendum. Axios Chicago

Two Frank Lloyd Wright homes in rural Michigan are heading to the market

Two homes built by Frank Lloyd Wright in the 1950s outside Kalamazoo, Michigan, about an hour west of Detroit, are being sold together. Wright originally designed the two houses as part of a small community of middle-class homes according to his Usonian principles, his concept of accessible modern architecture using affordable materials such as concrete blocks and wood. A Dutch couple, living in Toronto, bought the two homes as a restoration project and are selling them together for $4.5 million. Chicago Business

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