UNITED STATES
An industry expert claims the rise of ultraluxury, amenity-rich condos in Miami is bringing about a “real estate apartheid.” [CBS News]More: Unique Amenities Abound in Miami's Luxury Condo Market The San Francisco Business Times details why the $38 million Napa Valley spec house (which we informed you about a little while back) is a big deal for the region. [San Francisco Business Times] New York City’s Independent Budget Office reviewed the cost of the 421-a tax break that many Manhattan developers utilized when building luxury condos in the city. [The Wall Street Journal] The New York Business Journal took a look at how Manhattan real estate prices stacked up to the salaries of Major League Baseball players. [New York Business Journal] Actress Jennifer Aniston is voicing her opposition to the construction of “giga-mansions” (90,000+ square feet) in high-end Los Angeles neighborhoods like Bel Air. [News Everyday] Take a tour of the 15 most expensive homes in America. [Business Insider]
INDIA
FirstPost looks at the trend towards affordable luxury development in India targeting millennial buyers. [FirstPost] Bollywood actress Aishwarya Rai has purchased a 5,500 square foot luxury apartment in Mumbai’s Bandra-Kurla Complex for Rs 21 crore (US$3.297 million) [ETRealty.com]
EUROPE
World Property Journal examines how the strong dollar is moving American buyers to purchase property in Italy. [World Property Journal]More: Tips for Americans Buying Real Estate in Tuscany
CANADA
The Bank of Canada reduced its lending rate from 0.75% to 0.5%, elevating concerns that the gangbuster real estate markets in Toronto and Vancouver are at risk for a correction. [Bloomberg]
AFRICA
The New York Times profiles the luxury real estate market in Morocco. [The New York Times]
INTERNATIONAL
The New Zealand Herald offers a primer on the restrictions foreign nationals face (or don’t) when buying property in popular international destinations. [New Zealand Herald] Building off of a luxury market report from Christie’s, Domain works towards what the definition of a luxury property is for the super-rich. [Domain]
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