Global Update: Second Home Hungry

There’s been a lot of talk about an Australian housing bubble, but the analysts at CoreLogic say the recent price growth is downright moderate compared with the early aughts boom. “Since the latest upswing started, three years ago in May 2012, Sydney house values have risen 38.8 per cent according to CoreLogic. In the three years after 2000, the rise was 60.2 per cent.” [Australian Financial Review] How do you differentiate your luxury property in an ever-expanding sea of luxury properties? Amenities. The New York Times takes a look at the upscale amenities developers are incorporating into their projects to stand out from the pack. [The New York Times] An aging population of baby boomers and a growing segment of investment-minded younger families are taking the vacation home market by storm. “Vacation home sales rose by 57.4 percent in 2014 compared with 2013 and reached a record high, according to the National Association of Realtors (NAR).” The Washington Post examines which regions are benefitting from the boosted interest in vacation homes. [The Washington Post] New York Mayor Bill de Blasio has set his sights on “an obscure tax break, known as the 421-a program, that subsidizes real estate developers to the tune of $1 billion annually,” which is set to expire this year. The mayor is asking state lawmakers to amend the program to encourage the development of more affordable housing. [Newsday] A head start before the holy month. A number of Dubai developers are launching luxury projects (“in May alone, seven to nine projects were announced”) ahead of the start of Ramadan, which begins the evening of June 17. [Emirates 24/7] Golden years for the golden set. Looking at the findings of recent reports from Forbes, U.S. News & World Report and Bloomberg, Investopedia presents a list of the ideal retirement locations for ultra-high-net-worth Americans. [Investopedia] In apparent deference to San Francisco’s skittishness towards too tall towers, New York-based developer Paramount Group has submitted new designs for its potential Tenderloin condo project, 75 Howard. While the proposed project was initially a 350-foot building with 186 units, the revised plans now call for a 220-foot tower with 133 units. [San Francisco Business Times] Have an update for Mansion Global? Write to us at info@mansionglobal.com Read More: - The Privileges of a Private Port- How To Buy Beachfront in Mexico- Orange County Nears Peak Prices