Chic and Varied New Developments Launching Sales This Season
From New York to Dubai and from Sydney to Los Angeles, new builds coming onto the market are offering unique touches
In September, luxury real estate markets swing into high gear with new developments being unveiled around the world.
In New York City, which is coming off an underwhelming summer for luxury real estate, wide-ranging options abound, including townhouses connected to a Tribeca tower and a soaring skyscraper in Downtown Brooklyn
Uncertainty pervades London’s real estate market amid price control measures, the recent presidential election and Brexit’s aftermath, but the slowdown seems to be turning around. This fall, London’s top-tier projects are defined by variety and affordable luxury.
In Sydney, the high-end market is trending away from the suburbs and toward chic lifestyles in inner cities, where once-ignored areas are being turned into coveted addresses.
Los Angeles, meanwhile, continues to indulge in a market that’s robust by any measure, as prices climb and new developments rise from the ground. New constructions are the most desireable, with wealthy buyers coming from New York, San Francisco and China.
Let Mansion Global guide you through what new developments are in store this fall in each of these top markets, as well as Miami, Dubai and San Francisco.
Much like the weather this time of year, New York’s real estate forecast for fall is mixed.
On the one hand, in the second quarter of 2017, sales jumped 15.2% year-on-year in Manhattan, according to the latest report by Douglas Elliman Real Estate. New development closings rose over 10%, accounting for 17.6% of market share. The average and median new development prices reached record highs in Manhattan as well as in Brooklyn, where the median sales price rose over 20%, to $795,000, a record.
But according to Douglas Elliman, there’s also been an increase of inventory in the new development category, as resales of existing apartments, the strongest category, went down, and we saw the lowest volume of all-cash sales in three years...Read More
The London real estate market has been wobbly this year, amid deep uncertainty about Brexit, affordability issues in the marketplace from years of rising prices, and the recent election. The Financial Times reported in July that 58% of properties taken off the London market were withdrawn rather than sold—the first time in seven years that the number hit more than 50%.
A recent report by the real estate brokerage Aston Chase found that sales volume in London has fallen 7%, and prices by the same percentage, a drop Aston Chase attributes to Stamp Duty, the tax on second homes and homes worth more than £937,500 (US$1.2 million).
Meanwhile, there’s some evidence that the slowdown has bottomed out. U.K. housing prices have ticked back up, according to Halifax, the country’s largest mortgage lender, which measured a price rise of 1.1% in August...Read More
A growing number of homeowners in Sydney’s prestige suburbs are trading in their large homes and quarter-acre blocks for an inner city sanctuary with all the trimmings.
The list of must-haves includes architectural significance, residential amenities and space. But an increasing demand for well-located properties in close proximity to the best Sydney has to offer has seen the redevelopment of key sites and transformation of former commercial properties.
The new and in-demand high-end apartments in such prime locations not only allow residents to leave their cars at home—where pedestrians are welcome and parks are plentiful—but offer an array of lifestyle amenities and modern conveniences, well beyond the requirements of the past...Read More
After a slow summer in San Francisco, the fall has started with condo inventory down a bit, too. But according to a recent report from Paragon Real Estate there’s likely to be an increase in luxury resale apartments and houses coming to the market in the coming months.
And for both new and resale condos, buyers can expect to pay top dollar. As Paragon reported this month, the three-month rolling median sales price for a condo in the city was $1.16 million for condos, with the average price per square foot value $1,056, as of Sept. 1...Read More
Dubai developers have long competed to out-pamper home buyers by offering headline-grabbing incentives such as a free sports car or a glass-walled garage. But after 15 years of intense competition among the emirate’s biggest developers, buyers are looking for even more.
This is reflected in the latest launches coming to the market offering options that expatriate investors may miss from home–such as space, vegetation and more of a connection to the outdoors. Healthy living is the big theme of the latest crop of luxury homes across the city.
The bling has not quite been banished, of course, but developers are increasingly pushing more wholesome and healthy selling feature this fall. Dubai property investors are looking beyond the sleek finishes and luxury sales gimmicks to a broader lifestyle appeal...Read More
While many developers in the Miami real estate market continue to have their fingers on the pause button as they wait for current inventory to be sold and absorbed, there are some signs that the market may be improving.
“We’ve had an exceptional summer, with a lot of activity, a lot of sales,” said Alicia Cervera, managing partner of Cervera Real Estate.
“People are feeling much better about where the market is headed,” she said. “Spring was tough; this time last year was tough...Read More
The overall Los Angeles real estate market remains busy and robust―with nine-digit homes continuing to make headlines―but there are some concerns about oversaturation down the road, especially in Downtown L.A.
“Our market is really strong, especially on the luxury front, both single-family and condo, and both absorption rates and price per square foot,” said Hana Cha, managing director of new development for Compass California...Read More