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Global Update: Rocky Mountain Highs, Big Apple Buys

News from luxury-home markets around the world

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The median sales price for a home in Aspen, Colorado has hit $5.75 million.

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The median sales price for a home in Aspen, Colorado has hit $5.75 million.
Getty Images

For the L.A.-minded investor, Sotheby’s International Realty has released its residential Market Update "for the Los Angeles area, featuring market data for the three-month period ending in April." Takeaways include upward trends in the sales prices for Los Angeles most affluent neighborhoods. [Sotheby’s] Rocky Mountain highs, care of Big Apple buys. A new report from brokerage Douglas Elliman finds that the median home price in Aspen, Colo., has “hit $5.75 million in the first quarter, a jaw-dropping 85.5% jump over the past year,” due in no small part to investments from New York-based buyers. [NY Daily News] Attention Australian real estate investors: Be prepared to diversify for your visa. Changes enacted by Investment Minister Andrew Robb will require wealthy property purchasers to “to put almost half of their money into venture capital, start-ups, or smaller private or listed companies” in exchange for permanent residency. "Australian permanent residency is a great privilege," said Robb. [Australian Financial Review] A big year for British Land, and British land. “The value of the property owned by British Land went up by 12.1% last year, while the value of its office and residential space jumped by 18.8%. British Land said this was due to ‘the strength of the London market and our actions.’” British Land is one of the largest property companies in Europe. [Economic Times] New behemoth to beget new business model. Real estate and entertainment business the Dalian Wanda Group is joining forces with one of China’s largest real estate firms, China Vanke, to collaborate “on domestic and overseas projects.” Wanda is lead by Wang Jianlin, who stated: “The real estate market in China has entered into a new phase of development characterized and driven by the intent to achieve a balanced supply and demand environment, and with that, real estate companies must develop a new way of thinking and a new business model to adapt to this trend.” [Forbes] Wherefore art thou, flippers? The speculative-minded buyer has been largely absent from purchases of South Florida’s “preconstruction condo boom,” with the vast majority of buys going to “primary users, second-home buyers and return-oriented investors.” [The Real Deal] Is there anything sweeter than selling a Silicon Valley home? A report from CBS San Francisco tracks the whirlwind (and profitable) process of one couple’s sale of their single-family Silicon Valley home [CBS Local] What contributes to a $67 million asking price in Miami? Well, in addition to nine bedrooms and 20,800 square feet, an “art gallery, a glass-walled aviary and roughly 940 feet of waterfront” among other amazing amenities. [Wall Street Journal]