According to Multiple Listing Service data, at least 10 San Francisco homes have sold in the past year for at least $1 million more than the listing price. [San Francisco Chronicle] CoreLogic RP Data’s Pain & Gain report has found that homeowners along Australia’s Central Coast sold local property for a combined profit of A$318 million (US$246.3 million) during the first quarter of 2015. [Herald Sun] Real estate consultancy CBRE expects that Middle Eastern buyers will account for 25-30% of all London home sales following the U.K. general election. [Gulf Business] The Urban Land Institute’s Chinese Mainland Real Estate Markets 2015 report finds that investors are “cautiously optimistic” about development in China’s Tier 1 and Tier 2 cities, as well as cities located along prosperous coastal regions. [RealEstateRama]
RELATED: Hong Kong Luxury Sales: Relentless The Washington Post debates the pros and cons of the proliferation of tear downs in historic (and semi-historic) neighborhoods. [The Washington Post] Australian officials looking to root out corruption among foreign buyers are struggling to keep up with the sheer volume of property purchases by Chinese investors. [The Business Times] Jorge Perez, the “most prolific condominium developer in Miami,” sees promising opportunities in the downtown Tampa Bay real estate market for years to come. [Tampa Bay Business Journal] Residential real estate prices in Macau are trending towards their first year of declines since 2008, with real estate broker Jones Lang LaSalle forecasting as much as a 15% drop in home prices. The city’s property market appears inexorably tied to the fortunes of its casinos that have been slumping of late. [Bloomberg]More: Indonesia Open to Expats A legal loophole allows foreign investors to purchase existing Australian properties (foreign buyers are restricted to buying new properties currently), if than can show that the properties in question have “reached the end of their economic life” and are candidates for demolition. [The Daily Telegraph] Diplomatic immunity and luxurious digs. The New Zealand government has purchased a $7.9 million New York apartment at 50 United Nations Plaza for Gerard van Bohemen, the country’s representative to the United Nations. The buyer was listed as "Her Majesty the Queen in Right of New Zealand.” [stuff.co.nz] The Phnom Penh Post compares the amenities of "serviced apartments" to condos as the supply of the former will grow in Cambodia the coming years, increasing competition between the two residential experiences. [The Phnom Penh Post] Two Detroit landmarks, the Fisher Building and the Albert Kahn Building, were purchased at auction Wednesday for a combined $12.2 million after selling in 2001 for a combined $31 million. [Detroit Free Press]
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