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Global Update: Luxury Lives On in San Francisco

News from luxury-home markets around the world

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City supervisors in San Francisco rejected a 45-day moratorium on the construction of new luxury condos in the city's fabled Mission District.

SOTHEBY'S INTERNATIONAL REALTY
City supervisors in San Francisco rejected a 45-day moratorium on the construction of new luxury condos in the city's fabled Mission District.
SOTHEBY'S INTERNATIONAL REALTY

The interest rates for 30-year fixed-rate mortgages with jumbo loan balances fell from 4.06% to 4.01% this week. Read the full report. [Mortgage Bankers Association] Despite anecdotal evidence to the contrary, in the weeks following the U.K. general election the annual price growth for prime central London properties has reached its lowest mark since November 2009, according to a report from Knight Frank. The real estate consultancy attributes the drop to “a property market still digesting a series of tax changes.” Read the full report. [Knight Frank] The former Kennedy compound in Palm Beach, Fla., once known as the “Winter White House,” has sold for $31 million. [Palm Beach Post] Chicago Magazine offers a step-by-step guide for navigating the high-end home auction market in the Windy City. [Chicago Magazine] San Francisco city supervisors rejected a measure that would have placed a 45-day moratorium on luxury condo construction in the city’s Mission District. [The Wall Street Journal] Billionaire Li Ka-Shing, who was once the richest man in Asia, is confident in the future Hong Kong real estate market, which has experienced sales declines and slowing price rises in the past year but remains one of the world’s most expensive property markets. [South China Morning Post] Take a gamble in Atlantic City. Credit Suisse Bank, which owns 40 luxury condo units at the Bella in Atlantic City, will be offering the apartments at absolute auction, with the first 15 units featuring no minimum bid or hidden reserve. The units once sold for close to $500,000 in 2008. [Philly.com] A report from Australian Transaction Reports and Analysis Centre concludes that millions of dollars of the nation’s real estate could be used by criminals for the purpose of laundering money via “relatively uncomplicated methods—requiring little planning or expertise used to conceal illicit funds.” [The Australian] From bowling alleys to kennels to indoor pools, developers are dedicating time and ingenuity to distinguish their properties for the ultra-wealthy in New York City. [Economic Times Realty] Boston.com has a look inside the luxury condo conversion of the Back Bay’s historic Hooper Mansion. The mansion was originally the private residence of Robert C. Hooper, a president of the Constitution Wharf Company, who is credited with originating the Boston Terrier dog breed. [Boston.com] In an effort to curb rising rental prices in Berlin, which are up 32% since 2007, the parliament has approved new legislation that “stipulates new tenants will pay no more than 10 per cent above the local rental average.” [news.com.au] Ryan Serhant, star of Bravo’s ‘Million Dollar Listing” joins CNBC to discuss New York’s insatiable appetite for luxury real estate. [NBC News]View full listing (pictured) Have an update for Mansion Global? Write to us at info@mansionglobal.com

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