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Global Update: One NYC Neighborhood Worth More Than Alaska

News from luxury home markets around the world

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The exterior of a $80 million eight bedroom, 10 bathroom home on Manhattan's Upper East Side.

SOTHEBY'S INTERNATIONAL REALTY
The exterior of a $80 million eight bedroom, 10 bathroom home on Manhattan's Upper East Side.
SOTHEBY'S INTERNATIONAL REALTY

UNITED STATES:

The first quarter of 2015 saw a 2.3% growth in resales of single-family homes in Miami’s luxury real estate market; existing high-end condos sales dropped 3.6%, according to a new report from Miami Association of Realtors. [Miami Herald] The same report found that single-family homes priced $1 million or above had a median sales price of $1.7 million for the first quarter of 2015, a 6.25% jump from the same quarter of 2014. [World Property Journal]More: Miami’s Condo Market Nearing Price Correction Brentwood, Calif.-based outpost of Sotheby’s International Realty showcases the Oculus virtual reality software they use to conduct tours in this video from The Los Angeles Times. [The Los Angeles Times] Amid reports of Manhattan’s record-breaking property values, New York Magazine finds that buyers and sellers in Manhattan are hitting a stalemate as the latter is not negotiating downward on prices and the former is opting out of the market. [New York Magazine] A report from real estate data enthusiast and entrepreneur Max Galka finds that the property value of the Upper East Side of Manhattan is $96 billion, more than the entirety of the Bronx and Staten Island as well as NorthDakota, South Dakota, New Hampshire, Vermont, Wyoming and Alaska. [DNAinfo] Robert Massi offers three lessons learned from millionaire homesellers [Fox News] While South American buyers may be retreating from the Miami condo market, they’re making themselves known with single-family home purchases in Orlando. [GlobeSt.com]More: Miami Developers Eye ‘Lower End’ Luxury Inman reports on the growing trend of New York City real estate firms of hiring Chinese nationals as brokers. [Inman]

AUSTRALIA:

With 2015 half over, Domain profiles Sydney’s most expensive property sales so far. [Domain] The Daily Reckoning argues that Melbourne property values could start to close the gap with Sydney over the next 18 months. [The Daily Reckoning] Chinese developer China Poly is planning its first apartment project in Sydney’s northwest suburbs, a A$154 million (US$117.5 million) twin-tower structure. [The Australian]

SOUTH AMERICA:

International Living profiles the Northern Pacific coast of Costa Rica where buyers can secure tropical beach homes for deep discounts. [International Living]

MIDDLE EAST:

In the latest Global Residence Programme Index (GRPI) by Henley & Partners, the United Arab Emirates ranked number one in the Arab world and No. 15th internationally as one of the best destinations for expats. [Gulf News]

AFRICA:

Ethiopia is scrambling to meet property demand as the nation’s economy approaches double-digit growth and an expanding middle class. [Reuters]View full listing (pictured)

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