By Kerry Barger

This is an edition of the WSJ Homes newsletter, a weekly guide to luxurious properties, celebrity homes, interior design and the housing market. If you're not subscribed, sign up here.

Before it was a destination for wealth home buyers, Big Sky was a remote ski outpost.

The mountain community near Yellowstone National Market first emerged in the 1970s, and over time transformed from just a scattering of residences to a true town. The more recent addition of world-class ski infrastructure and luxury residential resorts has given the local property market a major boost -- in December 2025, Big Sky's median listing price of $3.05 million was enough to make it the most expensive ZIP Code in Montana.

Mansion reporter Jessica Flint tells us that even though the area has experienced massive growth, it has maintained an authentic Montana feel. "Dressing up still means putting on cowboy boots, jeans and maybe, a cowboy hat," she writes. Yeehaw to that!

Meanwhile, there's a profound shift happening in London home-buying patterns. The pandemic, changes to the U.K.'s tax scheme and a broader market slump has buyers opting for single-family homes over apartments. In 2025, London houses took a median 63 days to find a buyer, compared with 85 days for apartments, according to the estate agent Hamptons. Meanwhile, 13% of London apartments priced at about $1.35 million or more sold for less than their purchase price last year, compared with just 2% of houses in the same price bracket.

We also have a good one (or a gross one, depending on your perspective) on post-closing horror stories as told by three real-estate professionals. The first tale involves a raccoon colony in an attic, and mounds of poop.

The Booming Mountain Town With Montana's Most Expensive Real Estate

Once a remote ski outpost, Big Sky has transformed into a destination for wealthy ski home buyers.

A Major Tax Shake-Up Is Changing the Way Londoners Buy Homes

Punishing taxes and rising fees are pushing buyers to abandon flats for houses -- and reshaping the city's housing market.

What's the Deal

Brazilian supermodel Adriana Lima has sold her Los Angeles home for $12.96 million. It hit the market in August 2025 for $15.995 million and was most recently asking $13.995 million.

In San Francisco, a 1870s Victorian mansion that went viral on TikTok last year is hitting the market for $5.995 million. The property comes with a roughly 3,000-square-foot lot next door.

Innovator Capital Management founder John Southard has purchased a waterfront home in Naples for $55 million. The deal represents a major transaction for the South Florida city.

The Luxe Life

"It was straight out of a scary movie." We talked to three real-estate professionals who faced some pretty nightmarish scenarios after a home closing.

In Austin, an 1890s Victorian that was cut into four pieces and traveled roughly 100 miles to its current spot is coming on the market for $3.195 million.

"Man on the Inside" star Mary Elizabeth on her wild streak, learning to cry on demand from fighting with her sister and following Parker Posey to Hollywood.

House of the Week

When the owner of our latest House of the Week was told that Boulder County might not approve a single-family home on the site he had just purchased, he saw it as a challenge.

"Everybody told me not to buy the land, but I've never shied away from challenges in my life," he says. "In fact, I've run toward them, for better or worse."

His persistence paid off in the form of a modern home built into Colorado rock formations. The house has limited frontage on the mountain edge; rather, it weaves around the rock formations, reducing its visibility from below.

Your Home

   -- Young Americans need home prices to fall. Existing owners don't want to 
      take a hit. 
 
   -- The number of homes going under contract in the U.S. slipped unexpectedly 
      in December, according to a monthly index. 
 
   -- U.K. asking prices for residential property rose at a record pace in 
      January, suggesting market sentiment is rebounding following the 
      volatility sparked by the U.K. government's budget. 

About Us

Thanks for reading! Send us your comments and questions, and be sure to follow us on Facebook, X and Instagram.

Kerry Barger is Mansion's senior platform editor. Say hi at Kerry.Barger@wsj.com.

Heather Halberstadt is the editor of Mansion. Reach her at Heather.Halberstadt@wsj.com.

(END) Dow Jones Newswires

January 23, 2026 15:25 ET (20:25 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.