Even as Irish rock band U2 were having a street named after them in New York (53rd street will be U2 way for a week) news of the collapse of their luxury apartment development in Dublin’s distressed docklands takes the shine off.
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Luxury Property News
Smaller luxury real estate firms are being absorbed by larger rivals as the market goes through a major shakeup. SLT today reports that Janet McAfee Inc has taken over Edward L. Bakewell Inc, in St Louis. Both firms serve the luxury property segment in St. Louis and St. Louis county. This trend is continuing around the world as real estate agencies come to terms with the current financial situation. Richard Worth estate agents in Wokingham, England was rescued in another takeover, by Hampton’s international. In the same vein, Damac, a major luxury builder in Dubai are shedding staff as it becomes clear that Dubai is not immune to the downturn, with property wire reporting that more than 50% of real estate agents in Dubai completed no sales in the last month, and 24% made just one sale.
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Most expensive iPhone earphones
If listening to property developers complain about how unfair the government bailout’s have been to them and financiers giving up a whole year’s bonuses, after helping to push the entire world into economic recession is starting to get you down, fear not, I have the perfect picker-upper.
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A luxury property developer in Bratislava has slashed prices of a luxury housing project by 40%
Artists' rendition of River Park, Slovakia
Much to the ire of other local luxury property developers, J&T real estate have reduced the prices of luxury apartments in their “River Park,” complex in Bratislava by 40 percent. Overnight on November 11th. River Park is a luxury complex on the banks of the river Danube, close to Bratislava Castle.
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A subsidiary of the Al Fara’a Construction, Industrial and Property Group, Al Fara’a Properties, yesterday announced that it has completely sold out the first phase of their “Image Residences” luxury residential project, just a few days after the launch.
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The Asian Luxury Property Market saw record prices in many areas in 2007. Luxury property developers took advantage of the flourishing market and in some cases adapted existing plans to increase floor area and the level of appointments to attract a wealthier clientele.
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