Global Update: A Pandemic of Penthouses

Vance Holdings LLC, the largest residential property developer in China, has lent $360 million to the development of 100 East 53rd St, a new amenity-rich midtown luxury condo set to include “a swimming pool, sauna, steam room, state-of-the-art fitness center, yoga room, pilates studio, massage/spa treatment rooms, lounge, media room and concierge service.” [Real Estate Weekly] Attention real estate warriors: Attempts to foment a bidding war may backfire. A recent Redfin report looks at the proliferation of listings in excess of $1 million in conjunction with a softening of sales prices and notes that sellers may have been overpricing their properties in expectation of multiple bidders. [CNBC] Fancy (frequently frozen) fine living? Hidden Bay Retreat, a “one-of-a-kind, architecturally significant home” on a 45.7-acre property in Alaska hits the auction block June 20 with a starting bid of $7.75 million. The property, which is surrounded by protected forest lands, features a range of upscale amenities including “a flat beach for helicopter landing” and “deep bay and leeward mooring for larger sailing vessels and super yachts.” [Billionaire] Records were made to be broken, and this West Sydney property is smashing them in style. The modern mansion is listing for $3.6 million, six times the area’s median house price and double the previous record sale. [The Courier Mail] The Great Outdoors, Miami-style. Ocean Drive profiles seven Magic City mansions with excellent exterior amenities. [Ocean Drive] First time buyers beware. The record listings, and influx of foreign money, are causing their fair share of headaches for potential property owners, and lawmakers, in Australia. [Financial Times] He’s more of a (Gracie) mansion kind of guy, anyway. New York Mayor Bill de Blasio shared plans to increase sales tax on luxury housing, stating “"This can't be a city of just penthouses and luxury condos." [Curbed] Shanghai, by way of Sydney. A recent Credit Suisse report predicts Chinese buyers will purchase $60 billion of Australian housing over the next six years to 2020, with the majority of the buys concentrated in Sydney and Melbourne. [News.com.au]