Daily Briefing: April 28, 2016
Top Story
Naomi Campbell's Russian-oligarch ex is building Miami condo towers Russian oligarch Vladislav Doronin, who built Europe's tallest skyscraper in Moscow, is spending $1 billion to erect three condo towers in Miami, even as other Miami condo builders are canceling projects. An economic downturn in South America and a stronger dollar have dried up the stream of regular buyers. In mainland Miami's urban corridor, sales volume is down 17.5 percent in the first quarter of 2016 from the year before, with 10.6 months' worth of inventory sitting on the market. (Miami New Times) Talking PointsManhattan luxe renters gain leverage in falling market A glut of luxury rental apartments in New York City means more prospective tenants are getting sweeteners to sign leases, such as a month’s free rent or payment of broker’s fees, on 14 percent of all new leases — up from 4.8 percent a year earlier — as rents fell just over 3.5 percent. More than 6,700 newly built apartments are listed for rent, the most since 2005. Low salaries may be the cause: "It takes $130,000 a year in New York City to afford a one-bedroom apartment,” said one developer. (Bloomberg) 'Forgotten' Gulf emirate of Umm Al Quwain seeks to build next luxury destination Sheikh Rashid bin Saud bin Rashid Al Mualla, Crown Prince of the tiny Gulf emirate Umm Al Quwain, has signed a deal with developer Sobha Group to build “Firdous Sobha,” a resort and residential island of 53 million square feet, converting untouched beaches and mangrove swamp into a villa community, hotels, resorts, shopping area, 18-hole golf course and yacht basin. No word on whether Jimmy Buffett's Margaritaville is part of the plan. (Saudi Gazette) Also see: * Here’s How Much Tax You’ll Pay on a $2 Million Home in Each U.S. State * You Can Swim to Your Neighbor’s Apartment in These BuildingsBravo network won't renew San Francisco version of Million-dollar Listing Broker Roh Habibi, announced on social media this week that the show would not be picked up for a second season. The show followed the professional and personal lives of Habibi and two other Bay Area real estate agents. Bravo confirmed the cancellation. Co-stars Justin Fichelson and Andrew Greenwell said the network spent about four months looking for another cast member, but couldn't find one in San Francisco. "This is not New York or Los Angeles,” Fichelson said. (San Francisco Chronicle) Downsizing Boomers restore health to Perth housing market Wealthy Australians with grown children are leaving their countryside mansions for luxury apartments in downtown Perth, in Western Australia, giving a boost to a property market that's otherwise flagging in a local economic slump. “They’ll often purchase side-by-side apartments. One for them and one for the kids,” said a broker. (News Australia) Polo estate of Queen Elizabeth's grandparents lists for £30 million Woolmers, the 73,000-square foot estate once owned by the Earl and Countess of Strathmore, the parents of the Queen Mother, who regularly entertained Princesses Margaret and Elizabeth there, is for sale for £30 million. Built in 1730, it's 45 minutes from London, and includes polo grounds where Prince Charles and his Cambridge University team trained. (Telegraph)
Plus
* Vancouver, Toronto homes overvalued says Canadian mortgage firm (Bloomberg) * Why offer $190 million tax break for Long Island luxury condos? (Newsday) * Shark Tank star Robert Herjavec flips Hollywood condo for $1 million profit (L.A. Times) * Former banker Gutfreund's Park Avenue apartment lists for $120 million (Curbed) * Tiny Brooklyn home, once 'flophouse for pets,' asks $500,000 (Marketwatch)