Real eState

Fashion power couple’s $100m real estate plunge

Published

12 months ago

October 1, 2023

Thirty-something fashion gurus Georgia and Daniel Contos have just paid $36m for another luxurious home, their third in the Vaucluse neighbourhood where they’ve now spent close to $100m on real estate.

A Million Dollar Listing Sydney Instagram post several months back revealed the off-market sale via Monika Tu of Black Diamondz and buyer’s agent Simon Cohen, but until now no-one knew the buyer.

Now sources close to Georgia. 32, and Daniel, 33, have spilled the beans, saying they’ve snapped up the house next door to the one they bought for $34.45m two years ago.

Their latest home, in a top spot, cost $36m.

It last traded for $16m in 2018. Picture: @MilliondollarlistingSydney.

There are iconic harbour views. Picture: MilliondollarlistingSydney.

It’s right next door to their current residence, pictured above, that cost $34.45m two years ago.

It’s understood they’re now planning to combine the two properties. They’ve already won approval from Woollahra Council in August for a $4m renovation with pool by Bruce Stafford Architects to their first home.

This is all separate from the house in nearby Wentworth St, that they bought for more than $25m, prior to auction in May.

The couple, whose online brand White Fox promotes skimpy dresses and oversized hoodies on billboards and Sydney buses, have showrooms in both Sydney and Los Angeles.

Their reach has grown and grown since they started the business a decade ago when they were in their early 20s, with a bit of help from social media influencers.

They bought this house for more than $25m, prior to auction in May.

Owner of online fashion business White Fox Boutique, Georgia Contos. Source: Instagram

The most recent $36m purchase was a five-bedroom home on a 993sqm block with iconic Bridge and Opera House views, purchased for $16m in 2018 by property investor Hoang Trang Do.

John Singleton’s old ‘Great Gatsby’ home for sale for $85m

Georgia Contos poses with a White Fox billboard in Los Angeles. Picture: Instagram/White Fox

The fashion couple bought their first Fisher Ave home from Andrews Meat wholesaler Peter Andrews and his wife Irene.

The Wentworth Rd property was a 1920s house designed by architect F. Glynn Gilling, beautifully renovated by the interior designer owner, Olivia Babarczy and her husband former Regal Funds Management investor Julian Babarczy.

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Real eState

National housing market in ‘holding pattern’ as buyers patient for lower rates: CREA

Published

18 hours ago

September 16, 2024

Anne Joseph

OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.

The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.

On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.

CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”

The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.

The number of newly listed properties was up 1.1 per cent month-over-month.

This report by The Canadian Press was first published Sept. 16, 2024.

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Real eState

Two Quebec real estate brokers suspended for using fake bids to drive up prices

Published

6 days ago

September 11, 2024

Anne Joseph

MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.

Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.

Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.

She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.

The two brokers were suspended in May 2023 after La Presse published an article about their practices.

One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.

This report by The Canadian Press was first published Sept. 11, 2024.

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Real eState

Montreal home sales, prices rise in August: real estate board

Published

2 weeks ago

September 6, 2024

Anne Joseph

MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.

The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.

The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.

The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.

QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.

Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.

This report by The Canadian Press was first published Sept. 6, 2024.

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