Brooklyn Luxury Market Faces Falling Prices as ‘Cracks’ Emerge

Brooklyn Luxury Market Faces Falling Prices as 'Cracks' Emerge

A limited supply of quality, move-in ready homes will help keep prices stable, according to Serhant. Read More

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CONTENT FROM OUR SPONSOR: Sutton Tower - 430 East 58

Sutton Tower: An Iconic Addition to the New York Skyline

Nestled in NYC's most enduring waterfront enclave — Sutton Place. Located at 430 East 58th Street, Sutton Tower offers 121 condominiums with never-before-experienced vistas spanning the East River to the Atlantic Ocean. Designed by Danish architectural designer Thomas Juul-Hansen, the limestone tower features timeless materials of the highest quality and 22,000 SF of sun-filled private amenities.

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A Crystal-Powered Property in the Hollywood Hills to Get Charged up About

Besides being outfitted with healing gemstones, the luxury spread offers panoramic indoor and outdoor views from its perch above the Sunset Strip. Read More

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Incorporating Antique Rugs Into Your Design Scheme

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NEWS BITES

Britons Are Willing to Pay More to Live Near Main Street

A survey of 2,000 U.K. residents by Market Financial Solutions has found that more than a quarter of respondents (27%) said they would be willing to pay a premium when purchasing a home if there was "a great local high street nearby." A "high street" is the main thoroughfare of a town, populated with local shops, businesses and restaurants, and is of such importance to buyers that nearly half of respondents (46%) said it played a factor in their buying decision. A further 19% of respondents said the decline of their local high street played a role in their decision to move, or attempting to move. PropertyWire

Investors Lose Confidence in the Chinese Real Estate Market

There isn't much optimism around the near future of the Chinese real estate market. According to the latest quarterly consumer survey by the People's Bank of China, just 14.8% of respondents believe that home prices could rise in the fourth quarter of this year. The remaining 85.2% of respondents believe the end of the year will see price stagnation or further drops in value. Austerity measures from Beijing coupled with social distancing measures set to fight the Covid-19 pandemic have sent a chill through the property market with many potential buyers taking a wait-and-see approach. As a result sellers and developers may have to cut prices to entice them back into the market. South China Morning Post

Singapore Is a 'Landlord's Market'

Tight supply has been a boon for landlords in Singapore's condo rental market. Rental prices for condos in the city-state rose 3.3% in September over August, marking the 21st consecutive monthly price increase. Prices are up 30.9% year-over-year, while limited inventory has led to other advantages for unit owners. "It is still a landlord's market now," said Christine Sun, Orange Tee & Tie's senior vice president of research and analytics. "Due to the strong rental demand, many landlords are only keen to sign contracts of at least two-year lease terms now. With few housing options available, many tenants have acceded to paying the higher asking rents. Even older properties and less-accessible homes are in demand and able to fetch quite attractive rent." Business Times

Billionaire German Larrea Spends $20.56 Million on Condo at St. Regis Tower in Chicago

Billionaire German Larrea, CEO of the Mexican mining corporation Grupo Mexico, has been identified as the buyer of a 71st floor condo at Chicago's St. Regis Tower. Mr. Larrea spent $20.56 million on the property, making it one of the priciest property purchases in Chicago's history, and the most expensive sale (so far) for the city in 2022. The four-bedroom, five-bathroom, 10,000-square-foot home had originally been listed at $18.5 million, but Mr. Larrea went $2 million above the asking price for the deal. The Real Deal