September 9, 2008
Luxury Real Estate News Roundup
Luxury real estate news from around the world. Ups, downs, new developments and disasters abound.
The Wall Street Journal reports on a new luxury development in downtown Houston. The WaterLights District.
The WaterLights District will include a careful planned array of office, hotels, restaurants, boutique retail, and residential structures amid a park setting along the banks of Clear Creek, just south of the world’s largest medical and research center, the Texas Medical Center.
1927 villa for sale, Bucharest, Romania
The Diplomat, a Bucharest-based online magazine announces a refurbished interwar villa for sale or rent.Price - €15,000 per month; for sale at €3.5 million.
Pache Protopopescu Built in 1927 and completely refurbished in 2007, this interwar villa in the east-centre of Bucharest was built for a Jewish family 80 years ago and is now available for sale or rent. Avoiding nationalisation, the house was acquired by Romanians, whose descendants still retain ownership. The iron entrance gate gives access to an impressive interior court with high walls, arches and two beautiful terraces placed on the ground and first floor of the building.
International Luxury Real Estate report on “Neon Lights,” a 56-acre parcel in the heart of Las Vegas for sale which is currently offered at 50% below the January 2007 appraised prices.
TRLV Group will be at this year’s Cityscape Convention in New York’s Javits Center, Booth D36, September 10th and 11th presenting a unique project site on the Las Vegas Strip next to the MGM/Dubai/Kerzner future hotel & casino and the Stratosphere Hotel & Casino recently acquired by Goldman Sachs.
The International Herald Tribune reports that Giorgio Armani’s next project will be in a master-planned project in Egypt.
A $1.74 billion residential development on the north coast, about a two hour drive from Cairo, Marassi will eventually cover more than 1,500 acres and include a marina, golf course, retail space and 3,000 hotel rooms.
International Property report that holiday homes in Perth, Australia are being slashed in price.
Perth’s millionaires are finding it hard to move their second (or third or fourth) homes. Dunsborough, the premier town of the region and conveniently close to the Margaret River wineries, has seen the median house price fall 11.4% to $655,000 in the year to June.
The Manteca bulletin reports that another luxury home builder has filed for bankruptcy protection, with a creditor list of nearly $486 million. Ouch!
One of Manteca’s biggest builders - Woodside Homes - has filed for bankruptcy protection. The home builder has housing projects that are part of the 402-lot Tesoro neighborhood bounded by Woodward Avenue, Atherton Drive and Van Ryn Road as well as a portion of the 497-homeUnion Ranch East directly east of Del Webb at Woodbridge on North Union Road.
The owner of New York’s Plaza Hotel is being sued, in what would appear to be just one of many such lawsuits as developers fail to meet buyers expectations in the face of falling property values and increasing construction costs.
The Edge reports that an Indian billionaire, Bhupendra Kumar Modi has paid more than $15 million for a luxury penthouse apartment in Singapore. Not quite record-breaking news, but a welcome boost.
The purchase is not his first property in Singapore. Modi has two other luxury condominiums in Singapore located in Orchard Road, the city’s shopping district. He also has another penthouse in Sentosa Cove, described as “an exclusive weekend hideout” on Singapore’s Sentosa Island.
Asia property report announces that Donald Trump is set to invest in a major mixed use project in central Bangkok.
An industry source is quoted as saying Trump flew to Bangkok last month to talk with a Gaysorn executive about development plans for a four rai plot located at Ratchaprasong intersection.
Filed under Luxury Real Estate Trends by Mark Knowles
Trackback URI
http://blog.luxuryproperty.com/luxury-real-estate-news-roundup/trackback/
Leave a Comment