Daily Briefing: April 26, 2016
Top Story
Los Angeles realtors hang Warhols at open houses to entice luxury buyers The Los Angeles real-estate market has become so competitive that some brokers are putting up original works by famous painters such as Andy Warhol to add to the allure of luxury properties. Galleries often lend pieces for free, though transporting the art is expensive, and security guards must be hired to prevent theft. Some home-shoppers pass on the homes for sale but go home with the art. (Curbed)
Talking Points
U.K. real-estate firm warns Brexit threat to harm country’s housing market Countrywide, a real-estate firm, expects the U.K. housing market to slow amid speculation that the country might leave the European Union. Such a slowdown would follow a 30% surge in home transactions during the first quarter, ahead of the imposition of a stamp-duty surcharge set to take effect. (City A.M.) Modular $11.5 million vacation retreat in Brazil comes with currency risks For $11.5 million, this modernist estate comes with 33,600 square feet of floor space, 40 acres of manicured hillside, a roof garden, tennis court, sauna and separate pavilions for housekeepers and staff. The catch? The property is in Brazil’s countryside, exposing international buyers to a plunge in the country’s currency at a time when the economy is mired in a multi-year recession and President Dilma Rousseff faces impeachment. (Bloomberg) Wealthy Connecticut enclave struggles to make room for affordable housing The wealthy town of New Canaan, Connecticut, is pushing to build more affordable housing, two decades after a state law required municipalities to guarantee that at least 10% of residential units are available to people with lower incomes. The town, where an average home sells for $1.4 million, currently boasts a rate of just 2.7%. (New York Times) New York’s Sony building, set for condo conversion, sells for about $1.5 billion Real-estate firm Chetrit Group, which planned to convert the 37-story Sony building in Midtown Manhattan into luxury condominiums and a hotel, sold the building for between $1.4 billion and $1.5 billion, a person familiar with the transaction said. The buyers are Olayan America, which is part of a Saudi conglomerate, and London-based Chelsfield Group. (The Wall Street Journal)
The Short List
* Prince’s former villa in Spain languishes on market for $5.91 million (Bloomberg) * New Delhi’s housing prices slipped 1% during the first quarter (Economic Times) * Chinese woman arrested in scandal bought $18 million bungalow (The Business Times) * Connecticut mansion features hockey rink, observatory for $8.5 million (Forbes) * Trump daughter Ivanka unveils $15 million renovation of Miami resort (Sun-Sentinel)
Listing of the Day
