From New York to Sydney, High-End Units to Fit Every Kind of Buyer
Mansion Global’s guide to new luxury developments coming onto the market this summer
Luxury real estate buyers have a golden opportunity in the coming weeks to beat the fall rush and dive into luxury developments launching sales worldwide.
From Los Angeles to Dubai, this summer will be remembered for a slew of unique and hot luxury developments tailored to the high-end buyer.
In New York, where there’s increasing demand from high-end buyers, the outer boroughs are taking the limelight. New projects will be launching in Brooklyn’s Park Slope and Carroll Gardens, while a luxury, 41-unit, seven-story building begins sales in the coming months in Long Island City in Queens.
On the west coast of the U.S., Downtown Los Angeles continues to surge, where the median sales price for in the luxury condo market was up nearly 9% from a year ago in the first quarter. In San Francisco, location and sleek design are trumping snazzy amenities.
But in Sydney, where the upcoming season is winter, top-of-the-line amenities are what’s hot in the market.
Meanwhile, real estate in London remains unsettled post-Brexit, but new developments are rising in up-and-coming neighborhoods like Canary Wharf and Battersea.
Let Mansion Global guide you through what new developments are in store this summer in each of these top markets, as well as Miami and Dubai.
Unlike much of the Big Apple, New York City’s new development market doesn’t take the summer off. While the coming season is nowhere near as busy as fall and spring, there are plenty of exciting projects launching in Manhattan and Brooklyn in the coming months.
There seems to be increasing demand from high-end buyers, according to recent market data...Read More
By many measures, the central London real estate market is a bit wobbly. The stamp duty changes from December 2014 precipitated a price drop that’s been worsened by the uncertainty surrounding Brexit. And now, with the Conservative Party’s lost majority in Parliament last week, there’s even more uncertainty surrounding the U.K.’s political climate and the future of Brexit.
According to a report from Savills, there has been a 4.8% fall in central London sales prices during the six months leading up to December 2016, with an overall fall of an average of 6.1% from the market’s peak in 2014.
However, forecasters have reason to be optimistic in the long term, the research firm found, as the markets adjust to the stamp tax changes. Also, London is undeniably still a global financial capital that appeals to many...Read More
The hottest trend in the Sydney luxury apartment market isn’t one particular feature, but can be identified, broadly speaking as the “wow factor.” The extra mile and detail has become big business for developers of top-end towers and sumptuous low-rise apartments alike.
Fueled by downsizing baby boomers and time-poor, tech-savvy professionals, today’s luxury market is less about maintenance and more about the highest quality amenities and features, once the sole domain of five-star resorts...Read More
The amenities race in luxury condos in the San Francisco Bay Area has slowed, based on the latest upscale housing developments that are entering the market this summer. In the city of San Francisco itself, common roof decks are ubiquitous, and all of the buildings seem to offer their own versions of outstanding city views, but all the bells and whistles for “extras”? Not so much.
Developers, however, aren’t skimping on building materials, both inside the city and outside, opting for quartz countertops and high-quality kitchen appliances. This summer, it’s all about desirable locations and sleek design...Read More
The ongoing resurgence of Downtown Los Angeles remains at the epicenter of any story about real estate development in the West Coast metropolis.
“The story of the year–really the last few years–has been the downtown market,” said UCLA Ziman Center for Real Estate Professor Paul Habibi. “There is north of 10,000 units being developed or on the boards.”
It’s easier to get new projects off the ground in the downtown area, he said, because there is less neighborhood resistance.
Downtown remains appealing to developers because “there is still an undersupply of housing units relative to the number of jobs there,” Mr. Habibi said...Read More
Across the UAE, residential developments are increasingly including recreational facilities, from sports amenities to outdoor social spaces (like landscaped parks), to entice buyers, regardless of the project’s location or its targeted tenant community.
Megaprojects across Dubai, like Palm 360, a twin-tower hotel and residential project, and the much-anticipated Royal Atlantis Residences, both planned for the Palm Jumeirah island, will offer large units, private beach access and “Sky Pools” —infinity pools that are suspended between buildings...Read More
Both developers and buyers are taking a wait-and-see approach to the launch of new developments in Miami.
For developments that have broken ground and are moving forward, between 60% and 100% of the units have been sold, said Edgardo Defortuna, president and CEO of Fortune International Group, a real estate development, sales and brokerage firm founded by Defortuna.
At his company’s 192-unit Jade Signature development in Sunny Isles Beach, which is directly north of Miami Beach, “we sold $51 million worth of units in the first quarter,” Mr. Defortuna said. The building, which launched sales in 2013, is “95% or 96% sold out.”
But for Miami projects that have launched sales but not broken ground, “sales are slow, with few exceptions,” he said...Read More