Luxury Property Blog » For Enthusiasts

Luxury Real Estate News 11/09

Mark Knowles — Mon, 09 Nov 2009 10:31:17 +0000

Following on from the Hong Kong government’s decision to cap mortgages on luxury real estate in Hong Kong at 60% LTV, Singapore’s central bank warned that more measures may be introduced to slow down the level of speculation in the property market. One side effect of the massive amount of capital injected by the Chinese government into the markets is that both the stock market and the property market are dangerously outpacing the fundamentals – especially in the financial centers.

Nicholas Cage Homes Go to Foreclosure Auction in New Orleans

Mark Knowles — Wed, 04 Nov 2009 07:08:34 +0000

Ouch! Two luxury homes in New Orleans owned by actor Nicholas Cage have been seized and placed up for auction after a local lender foreclosed on them. Things are a little messy as the homes already have $6.6 million worth of liens on them courtesy the Internal Revenue Service.

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Foreclosure in Golf Community Questioned : But What About The Big Foreclosure Picture?

Mark Knowles — Tue, 03 Nov 2009 09:44:29 +0000

More confusion and spurious accusations in the real estate business as a bank owned property in Rancho Murieta, CA “shocks,” realtors according to News10:

The 3,800 square foot home on De La Pena Circle in the exclusive neighborhood known as the Fairways was listed for sale in August at up to $200,000 below fair market value, according to brokers and agents familiar with Rancho Murieta real estate. The home, priced at $460,000, remained on the market for exactly 13 minutes.

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To Sell or to Rent? A Brief Guide to the London Luxury Property Market

Mark Knowles — Mon, 02 Nov 2009 06:23:20 +0000

An extraordinary month for the London property market saw a phenomenal 80% increase in agreed sales- making this the most successful September for 140 years in volume and value terms! There has been a high percentage rise in the number of application registrations, showcasing the continued indication of recovery of the London property sales market.

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Upscale Retirement Community Planned For Chicago Lakefront

Mark Knowles — Fri, 30 Oct 2009 05:49:46 +0000

850 Lake Shore Drive, an icon on Chicago’s skyline 850 Lake Shore Drive, an icon of Chicago’s skyline Integrated Development Group (IDG), a Chicago area-based firm that creates innovative and extraordinary living communities for affluent seniors, has chosen Chicago’s Booth Hansen Architects to renovate and retrofit 850 Lake Shore Drive for occupancy in 2012.

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Luxury Real Estate News Roundup 10/27

Mark Knowles — Tue, 27 Oct 2009 09:24:08 +0000

Another Hong Kong Luxury Real Estate Bubble; Bulgarian Luxury Property Prices Slump 40% and the Biggest Real Estate Deal in New York Heads Towards Becoming the Biggest Foreclosure Instead and Yet Another “Mortgage Vehicle” Hits The Market

After new Hong Kong mortgage rules were introduced to curb another bubble in the luxury property market due to an influx of Chinese stimulus money, shares in Hong Kong property companies slumped, dragging down the Hang Seng by 1.6%, according to MarketWatch.

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Hong Kong Luxury Property Bubble Worries Central Bank

Mark Knowles — Mon, 26 Oct 2009 09:44:20 +0000

Following on from a new record high price for a luxury apartment in Hong Kong last week, regulators have moved to slow things down in the ultra-high end of the market. Although the rest of the market is still suffering, a good proportion of the recent Chinese government stimulus money seems to be making it’s way into luxury real estate in Hong Kong and fears of another bubble have prompted the cetral bank to up the deposit requirements for luxury property to 40%.

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Korean Tycoons Luxury Real Estate Under Investigation

Mark Knowles — Fri, 23 Oct 2009 13:49:13 +0000

An anonymous Korean government official said that the Korean Tax Bureau (NTS) will soon send two investigators from their Seoul office to the U.S., where they will look into suspected tax problems with the Hyosung family’s US luxury real estate purchases.If you are unfamiliar, the Hyosung family owns Hyosung motors and a number of other companies.

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Luxury Real Estate in Dubai Not Appealing

Mark Knowles — Thu, 22 Oct 2009 10:33:49 +0000

The consensus amongst investors seems to be to avoid the Middle East in general and Dubai in particular as the global financial crisis is still having a large impact on these markets. The over supply situation of luxury real estate in Dubai has reached epic proportions and even the large conglomerates are shying away at substantial discounts.

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Most Expensive Home in York Sold

Mark Knowles — Wed, 21 Oct 2009 13:22:20 +0000

Despite ongoing problems further down the real estate tree, this month seems the month of the record sale price in the upper end of the market. Following on from the sale of the most expensive apartment in Asia (still no confirmation on which of the several price tags is correct), now a York luxury home sells for the record price of $4.8 million.

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