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Mansion Global Daily: Luxury Sales Up in the U.S., Sydney Becomes a Renter's Market and More

Mansion Global’s daily round-up of the latest luxury real estate news from around the world

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Sales of Luxury Homes Across the U.S. Up 25% in June

Prices for top-tier property in Sarasota, Florida, rose more than any other market. Read More

BY THE NUMBERS

TRENDING TODAY

LISTING OF THE DAY

A Modern Barn-Style House in Bridgehampton, New York

This home was built for the summer, but is prepared for the winter, too. Read More

TAX TALK

Which U.S. Cities Have the Best Property Tax Breaks for Seniors?

Most of the discounts are only available for those with limited incomes. Read More

NEWS BITES

Dubai Prices Have Fallen 20% Since Their 2014 Peak Capital values for residential properties in Dubai have dropped 20% since their 2014 peak, according to consultancy ValuStrat, though conversely, discounts have helped to increase sales volume. Property values dropped 6.7% year-over-year in the second quarter, and 3.8% quarter-to-quarter, their steepest drop in four years. Areas including Jumeirah Islands, Downtown Dubai, Business Bay, Motor City, and International City all saw quarterly declines of more than 5%. Khaleej Times

Hong Kong Developers Keep Raising Asking Prices Even as Hong Kong developers look to unload excess inventory ahead of a looming vacancy tax, buyer demand is strong enough that they continue raising prices. The developer of The Garrison’s Sha Tin complex increased the price of a 251-square-foot unit by HK$762,000 (US$97,901), up to HK$6.22 million (US$792,533). "It’s not difficult to find buyers who can afford these private homes," said Nicole Wong of CLSA. South China Morning Post

As Prices Fall, Sydney Becomes a ‘Renter’s Market’ The median overall asking rent for Sydney homes has held steady at A$550 (US$408) for the past six quarters, but in certain areas, notably the city and in the east, rents have dropped A$60 (US$44.50) year-over-year. Inner city rents have fallen 5.5% year-over-year, per the Domain Rental Report, while rents in the north shore have fallen 4.5%. "The supply is outgrowing demand in that particular market," said Nicola Powell, a data scientist for the Domain Group. Domain

Greenwich, Connecticut’s Luxury Market Soars Greenwich, Connecticut, saw a strong luxury sales market for the second quarter of 2018. The town saw an 18% gain in sales of homes $3 million and up through June 30, according to a recent report by Houlihan Lawrence. The median sale price rose 3.3% compared to the first six months of 2017, bringing Greenwich's median price to $4.25 million. Greenwich Daily Voice

AROUND NEWS CORP

Inside the Many, Many Homes of This Jewelry Billionaire [The Wall Street Journal]

Wondering Where You Can Earn the Most for Your Job Anywhere in the U.S.? Wonder No More! [MarketWatch]

Former J.Crew Exec Selling Fabulous Hamptons Lair [New York Post]

How to Wash Your Pillows (and Why You Really Should) [realtor.com]