UNITED STATES
DNAinfo investigates whether the new disclosure rules for shell companies buying and selling properties in New York City will have any discernible effect on the city’s luxury real estate market. [DNAinfo] 166 luxury home transactions were closed in the greater Sacramento region in the second quarter of 2015, a 37% increase over the same period the previous year and the strongest quarterly showing since 2007. [The Sacramento Bee] Brokerage firm Cushman & Wakefield reports that New York City’s Real Estate market is on pace to hit a record $75 billion in land and building sales by the end of 2015. [Capital New York]More: Rising Demand for Seattle’s Luxury Homes Take a tour of the million-dollar homes that have sold thus far in Cleveland in 2015. [Cleveland.com] The “pencil tower” architectural aesthetic, which is currently dominating New York’s current (and future) skyline, is making its way to Boston. [The Boston Globe] San Francisco is proposing a citywide transit fee on market-rate (read: luxury) residential development to help pay for public transportation maintenance and expansion. Currently, only commercial development is subject to this type of fee. [San Francisco Business Times] New York Business Journal details how one can live rent free on Manhattan’s “Billionaire’s Row.” [New York Business Journal]
EUROPE
An unnamed buyer beat more than 30 bidders to purchase a 2,000 square foot backyard in London’s Primrose Hill neighborhood for $2 million. [CNN Money]More: Haute Couture in the Capital Anti-corruption watchdog Global Witness is calling for greater transparency in London luxury real estate transactions. [Financial Times]
AUSTRALIA
For the first time ever, the median house price in Sydney has passed A$1 million (US$737,535), placing above London but below New York City in terms of median home value. [Australian Financial Review] More Australian property vendors are pushing for accelerated settlement periods with Chinese buyers out of concern over the volatility of the Chinese stock market. [Business Spectator]
CARIBBEAN
A new report from the Caribbean Journal, citing a study by Christie’s International Real Estate, argues the Puerto Rico may be the region’s “next big luxury real estate market.” [Realty Today]
SOUTH AMERICA
Investors, developers and industry insiders believe that Argentina’s real estate market is ripe for revival and are preparing accordingly. [Reuters]More: How Argentina’s Presidential Election Could Help Its Real Estate Market
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