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Mansion Global Daily: Will the Obamas Buy in the Big Apple?

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

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One of These Could be the Future NYC Home of the Obamas

Barack and Michelle are reportedly browsing for real estate on the Upper East Side. Read More

BY THE NUMBERS

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An Open and Airy Abode on One of Hawaii’s Most Beautiful Beaches

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NEWS BITES

Condo Prices Still Soaring in Vancouver’s Otherwise Slowing Market Benchmark apartment prices in Vancouver rose 21.7% in September compared to the previous year and 1.4% from the previous month, while detached home prices grew just 2.9% and 0.1%, respectively. "It’s a split market and has been unfolding over the last year almost since the foreign tax went into effect," Bank of Montreal economist Doug Porter said. "Our view is that in some respects the condo market is the real market in Vancouver and the detached market is driven by foreign investors and seen the biggest reversal." The number of available listings also increased 12% year over year, and units sold increased by 25.2%. Vancouver Sun

Transactions Fall as Prices Rise for Investment Apartment Buildings U.S. investors bought $11.7 billion worth of apartment properties in August 2017, marking an 8% drop from 2016, even as prices for these properties kept rising (research firm Real Capital Analytics’ Commercial Property Price Index for apartments rose by 9.9% in the same period). "The last three months have been the same story," said James Costello of RCA. "It has been another month of disconnect between rising prices and falling deal volume." Thanks to high sales prices, investors can also expect smaller yields for these buildings, which Mr. Costello said may explain the drop in transactions. National Real Estate Investor

New 53-Home Development Opens Sales in Pacific Palisades One Coast, a brand new luxury development at the intersection of Sunset Boulevard and the Pacific Coast Highway in Los Angeles, has opened for pre-sale. The building has four and five-bedroom homes, both townhouses and single-level apartments. Prices start at $3 million, and the largest will have 4,986 square feet of living space. There are ocean, canyon and mountain views. Los Angeles Times

Slowing Housing Prices Haven’t Stopped Australia’s Residential Building Boom Recent crackdowns have led to cooling prices in Australia’s overheated housing market but increased activity from first-time buyers. As such, construction on medium density properties that cater to this market has been on the rise, and building approvals in Sydney rose 0.4% in August compared to July, with detached home approvals dropping 0.6%, but multi-residential approvals rising 4.8%. ANZ economist Daniel Gradwell said that after previous booms in high-rise and single-family construction, in-demand medium density properties are now having their moment. The Australian

AROUND NEWS CORP

The Art of the Deal in the Luxe Market [The Times of London]

Longtime Johnny Carson Estate in Malibu Asks $81.5 Million [The Wall Street Journal]

These Are the Fastest-Growing Cities in America [MarketWatch]

This App Aims to Be the Uber of Rental Brokers [New York Post]