Hot, Hot, Hot: The Hamptons,
London and Des Moines

Here's a look at what's new in real-estate markets across the U.S. from around the Web. (Some links may require registration or subscriptions.)

Record $103 million paid for property

Baron Funds investment company founder Ron Baron has paid $103 million for 40 acres of vacant land in East Hampton, N.Y. -- the highest selling price to date for a residential property, says a USA Today article, which links to a slideshow of the most expensive homes in the U.S. The $103 million price tag surpasses the $70 million Dwight Schar of home-building and mortgage services company NVR paid in 2004 for a Palm Beach, Fla., estate previously owned by Revlon Chairman Ron Perelman. East Hampton has been relatively untouched by the housing slump that has affected most of the U.S., with home prices in the beach hamlet rising 14% in the first quarter as the median U.S. home price fell, Bloomberg.com says. "The housing market all over the United States is down, but not here because this is where all the rich people want to be seen in the summertime,'' Bloomberg quotes a local real-estate professional as saying.

Buyers get 'gazumped' in London

The heated housing market in London has sparked an increase in "gazumping" -- or ruining another buyer's purchase deal by swooping in at the last minute with a better offer and winning the home, the International Herald Tribune says. Because an offer isn't binding under English property law until both the buyer and seller have exchanged written contacts, a gazumped buyer stands to lose money invested in mortgage and lawyer fees, etc. With the aim of protecting buyers and speeding up the transaction process, beginning next month the English government will require home sellers to provide "Home Information Packs" to buyers with information such as evidence of ownership, any warranties and terms of the sale.

Vacant homes spur crime, arson

In South Bend, Ind., there are more than 2,000 vacant homes, a problem that is spurring arson, vandalism, drugs, prostitution and other crimes, says an article by WSBT-TV. As many as 40% of the homes in the city's northwest side are vacant, the article says. High property-tax and foreclosure rates and absentee landlords are blamed for the rising number of vacancies, WSBT-TV says. The report shares the story of one resident, who in the hopes of keeping crime down at a neighboring vacant property, has taken to mowing the home's lawn. "They've broken in so many times, I think it's pathetic and I think they've already stripped out the copper and the wiring in there," he says. To protect your neighborhood, notify the police when you spot a vacant home, the article says. One local group is working to improve the situation by purchasing, refurbishing and selling local abandoned properties, WSBT-TV says. A local court ruling -- which makes an owner responsible for a home's upkeep until a bank officially declares ownership of a property -- has helped to improve the situation, the article says.

Trading in more than just cars

Drops in orders are leading home builders to adopt aggressive tactics to sell new homes, says an article published by the Arizona Republic. For instance, one company, T.W. Lewis of Tempe, Ariz., is willing to pay up to 90% of a residence's appraised value (for homes worth less than $500,000) for consumers who have purchased a home from the builder, but are having trouble selling their property on the resale market. National builder KB Home has a similar program and is partnered with a realty company that lists buyers' residential properties and purchases them if the homes don't sell, the article says.

Des Moines down, but still good

In the first quarter of this year, home sales in Des Moines, Iowa, dropped 3%, while the median price rose 3.5% to $144,500 year-over-year, according to an article by the Des Moines Register. Both gains beat national figures, where U.S. home sales decreased 6.6% in the first quarter and the average U.S. home price fell almost 2% to $212,300, the article says. (Note: Comparing median price to average price is not a direct comparison.) Contributing to the strength of the metro's real-estate market is the local jobs sector, which saw an unemployment rate of 3.1% in April (vs. the national rate of 4.5%), the Register says.

-- Ms. Kim is a senior editor at RealEstateJournal.com.

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