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Million-dollar homes lose luxury status as buyers get less space
A for-sale indicator in entrance of a house mentioned for more than $1 million on April 29, 2022 in San Francisco. Justin Sullivan | Getty Pictures Grocery shoppers aren’t the only kinds who have to contend with the phenomenon acknowledged as “shrinkflation,” which is what happens when the price tag of one thing stays the same or gets increased even as the product gets smaller. Dwelling customers have to be concerned about “shrinkflation,” much too. The development is hitting houses, particularly people in the $1 million assortment, exactly where the size of the homes that potential buyers are receiving for their dollars is shrinking, in accordance to new exploration from…
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Luxury real estate to get special tax status under ‘blight’ statute
Council moves to create $277 million infrastructure fund and grant special tax treatment to lakefront properties The Austin City Council took steps Monday to create a special tax zone to subsidize infrastructure development in a 118-acre area along Lady Bird Lake known as the South Central Waterfront. Plans for the zone call for the creation of amenities including a waterfront boardwalk, streetside rain gardens, commercial plazas, sculptures, amphitheater, and a disc golf course, as well as sidewalks, trails, and a revamped street network, at a cost of $277 million. A proportion of property taxes collected in the district would go to fund just those improvements, rather than the general fund.…
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