Daily Briefing: April 20, 2016
Top Story
New York luxury apartments a favorite for money-laundering foreigners. The flood of foreign capital pouring into New York properties makes it easy for suspect figures to hide their fortunes amid Manhattan’s residential gold rush. “They’re not buying real estate in Detroit,” said a Justice Department official. “They’re buying in places that give them some sort of status: London, Paris, New York, Malibu.” (New Jersey Today)
Talking Points
Vancouver, Sydney luxury real estate values rising fastest. Luxury home prices in Vancouver rose 24.5% in 2015 and the priciest 5% of homes in Sydney rose 14.8%, compared with growth of just 1.8% for the highest-priced homes globally, according to the Knight Frank Prime Residential Property Index. A lack of supply, coupled with foreign demand — and spurred on by a weaker currency — are driving prices. (Domain) Dubai's ‘most expensive penthouse’ sells for $57 million. With a final price tag of about AED 209 million, the first of 12 penthouses in the “Ultimate Collection” at the Al Habtoor City is — for now -- the city’s most expensive sale. The four-floor, seven-bedroom property took the title from a unit in the ONE at Palm Jumeirah, which sold for a mere AED 200 million (about $54.4 million) just last month. (TimeOut Dubai) Sky-high luxury condos: Not just for big cities anymore. A 27-story mixed-use building, with apartments selling for as much as $1.7 million, is rising in downtown Durham, North Carolina. “I think it’s a little pricey,” said local resident Phil Cole. “I don’t really think this is New York or San Francisco.” (WRAL.com) How low will J-Lo go (to sell her Hidden Hills home)? Jennifer Lopez can sing, dance and rock a Versace gown, yet there is one thing she can’t seem to do: sell her home. J-Lo’s 17,000-plus-square-foot pad was purchased by the star and her then-husband, Marc Anthony, in 2010 for $8.2 million. After they split, it listed in January 2015 for $17 million; it was slashed to $14.5 million; it’s now asking $12.5 million. (Realtor.com) Luxury developer Hines to build senior assisted-living tower in Manhattan. Bucking the neighborhood’s trend to ultra-luxury housing, Welltower Inc. (a senior-housing owner) and luxury residential developer Hines (builders of Jean Nouvel’s MoMA Tower) have acquired a site at the corner of 56th Street and Lexington Avenue, just blocks from billionaires' row. They will tear down a T.G.I. Friday's restaurant and erect a 15-story tower for residents needing assisted-living and memory-care services. (Bloomberg)
The Shortlist
• Why Boston is becoming a world-class real estate market (Mansion Global) • In Brisbane, rooftop swimming pool spans two residential towers (Business Insider) • In Singapore, “two powerful clans” fall out over real estate project (Forbes) • More warnings that Brexit will take a toll on U.K. property values (Relocate Global) • Shanghai to sell luxury homes in 1930's French-built development (Hotel News Resource) • Dubai property tycoon picks up $113 million stake in Yoox Net-a-Porter (The Telegraph) • When Australian winery fails to sell, price slashed by half to $9.37 million (Sydney Morning Herald) • Dubai rents fall further as analysts say market nears bottom (Gulf News)
Listing of the Day
