The US remains the dominant world economy, and trends in its housing market have significant global implications.
Kate Everett-Allen examines the fortunes of this critical market as price growth begins to build momentum.
The US economy provides a mixed picture. Four years since it was announced that the
recession was over GDP growth stands at 1.8%, unemployment is hovering around 8%
wages are struggling to rise above inflation.
Despite this, mainstream house prices in the US are now 9.3% higher than a year ago and new home sales are at their highest level for five years.
Key findings
The median price of luxury condos in New York rose by 8.2% in the first half of 2013
International buyers account for around a third of sales above $3m in New York
Miami continues to record strong price growth, attracting demand from New York professionals as well as South American and European investors
The Hamptons have seen the highest number of second quarter sales since 2006
With the fiscal cliff averted, the lack of supply has been the key narrative for the US housing market in 2013
Luxury Property: Heath Hall, Bishops Avenue, LondonKnight Frank LLP
The restoration of this beautiful Grade II listed property has been a labour of love. My vision was to restore it to its former glory; remain faithful to its Classical, Arts and rafts and Scottish Baronial architecture and retain the ornate, period details that make the property so unique; but at the same time create a home that offers the ultimate in luxury living.
http://search.knightfrank.co.uk/ham080041
I commissioned a team of 120 builders and master craftsmen to bring this property back to life, ensuring the work remained sympathetic to the existing architecture whilst updating and modernising the interior.
The work included extending the rear of the building to increase the living space from 19,000 sq ft to 27,000 sq ft and installing a state-of-the-art home automation system throughout.
The result is Heath Hall, a residence like no other in London. Steeped in history and located in a street renowned for its high profile, it offers an exceptional and unrivalled place to live.
Property to Rent in Knightsbridge - Letting Agent InsightsKnight Frank LLP
Eliza Leigh, head of Knight Frank’s Knightsbridge office, discusses how the market has been performing, which properties are most in demand this year, and what it is that makes Knightsbridge stand out from London’s other prime residential hotspots.
Property in St John's Wood - Letting Agents InsightKnight Frank LLP
The document summarizes the residential lettings market in St. John's Wood, London. It discusses that the area is popular with American and Japanese families and professionals due to its schools and proximity to transportation. In demand property types are one- and two-bedroom flats, which rent quickly, and larger family homes of three to five bedrooms. The document provides advice to tenants to be clear about offers and landlords to price properties correctly and work with a reputable agent. The local lettings manager expects a busy spring rental season.
Ruth Barr, Head of Wimbledon Lettings, discusses which price brackets are most active, how recent performance has affected yields, and why winter could be a good to time to let your property.
http://www.knightfrank.co.uk/contact/wimbledon-estate-agents/lettings/
Cobham & Esher Lettings - A Snapshot of both townsKnight Frank LLP
This document summarizes the residential rental market in Cobham and Esher, Surrey. Around 55% of tenants come from overseas, attracted by the area's schools and proximity to London. Demand is high for properties priced between £1,500-3,500/month due to limited supply. Younger professionals and families with children are the primary tenant types. Americans, South Americans, Canadians and others commonly rent properties in the area. The document provides rental prices and property details for available homes in Cobham and Esher.
Chelsea, Old Chelsea, Sales & Lettings Property MarketKnight Frank LLP
This area is where the village of Chelsea once lay and is generally recognised as the area between Oakley Street in the east, Beaufort Street in the west, King’s Road in the north, and the river to the south.
Tom Smith, Head of Knight Frank’s Belgravia Lettings team, discusses where tenants tend to come from, the benefit of using Knight Frank, and how the market is likely to perform in the coming months.
http://www.knightfrank.co.uk/contact/belgravia-estate-agents/lettings/
The Ascot lettings market has seen strong demand and a shortage of supply, with properties continuing to let quickly. Demand comes from families relocating from overseas for schools and from corporate tenants and young professionals working in the Thames Valley. The manager anticipates a busy spring and summer rental market based on early inquiries. Knight Frank provides additional services for landlords and tenants beyond rental, including property management and financing.
Luxury Property: Heath Hall, Bishops Avenue, LondonKnight Frank LLP
The restoration of this beautiful Grade II listed property has been a labour of love. My vision was to restore it to its former glory; remain faithful to its Classical, Arts and rafts and Scottish Baronial architecture and retain the ornate, period details that make the property so unique; but at the same time create a home that offers the ultimate in luxury living.
http://search.knightfrank.co.uk/ham080041
I commissioned a team of 120 builders and master craftsmen to bring this property back to life, ensuring the work remained sympathetic to the existing architecture whilst updating and modernising the interior.
The work included extending the rear of the building to increase the living space from 19,000 sq ft to 27,000 sq ft and installing a state-of-the-art home automation system throughout.
The result is Heath Hall, a residence like no other in London. Steeped in history and located in a street renowned for its high profile, it offers an exceptional and unrivalled place to live.
Property to Rent in Knightsbridge - Letting Agent InsightsKnight Frank LLP
Eliza Leigh, head of Knight Frank’s Knightsbridge office, discusses how the market has been performing, which properties are most in demand this year, and what it is that makes Knightsbridge stand out from London’s other prime residential hotspots.
Property in St John's Wood - Letting Agents InsightKnight Frank LLP
The document summarizes the residential lettings market in St. John's Wood, London. It discusses that the area is popular with American and Japanese families and professionals due to its schools and proximity to transportation. In demand property types are one- and two-bedroom flats, which rent quickly, and larger family homes of three to five bedrooms. The document provides advice to tenants to be clear about offers and landlords to price properties correctly and work with a reputable agent. The local lettings manager expects a busy spring rental season.
Ruth Barr, Head of Wimbledon Lettings, discusses which price brackets are most active, how recent performance has affected yields, and why winter could be a good to time to let your property.
http://www.knightfrank.co.uk/contact/wimbledon-estate-agents/lettings/
Cobham & Esher Lettings - A Snapshot of both townsKnight Frank LLP
This document summarizes the residential rental market in Cobham and Esher, Surrey. Around 55% of tenants come from overseas, attracted by the area's schools and proximity to London. Demand is high for properties priced between £1,500-3,500/month due to limited supply. Younger professionals and families with children are the primary tenant types. Americans, South Americans, Canadians and others commonly rent properties in the area. The document provides rental prices and property details for available homes in Cobham and Esher.
Chelsea, Old Chelsea, Sales & Lettings Property MarketKnight Frank LLP
This area is where the village of Chelsea once lay and is generally recognised as the area between Oakley Street in the east, Beaufort Street in the west, King’s Road in the north, and the river to the south.
Tom Smith, Head of Knight Frank’s Belgravia Lettings team, discusses where tenants tend to come from, the benefit of using Knight Frank, and how the market is likely to perform in the coming months.
http://www.knightfrank.co.uk/contact/belgravia-estate-agents/lettings/
The Ascot lettings market has seen strong demand and a shortage of supply, with properties continuing to let quickly. Demand comes from families relocating from overseas for schools and from corporate tenants and young professionals working in the Thames Valley. The manager anticipates a busy spring and summer rental market based on early inquiries. Knight Frank provides additional services for landlords and tenants beyond rental, including property management and financing.
A selection of premium apartments in Marylebone. The Fitzrovia Apartments are in the final phase of development in this prime West End development by Manhattan Loft and Ridgeford Properties.
The global economic downturn has significantly impacted the fortunes of the world's super wealthy, with most high net worth individuals experiencing wealth declines of 20-40% on average; however, those with professional advisers were able to better navigate the crisis by shifting to more defensive asset allocations over a year ago. Going forward, the world's richest individuals will seek greater control over their wealth and independent advice, and will take a more cautious approach focused on responsible and realistic investing rather than risk.
This document provides an overview of the prime residential property market around the world. It begins with a summary of Knight Frank's Prime International Residential Index, which shows strong growth in some markets like London and Asia, but continued price declines in others. The document then discusses how views of property as an investment vary globally, with many still seeing it as a stable asset class. It concludes by noting the prime residential market remains varied internationally in terms of economic conditions and property characteristics.
Knight Frank: Property on the Thames, Neo BanksideKnight Frank LLP
Imagine living in London’s most exciting, innovative and iconic new, residential development. Imagine being within a short walk of The City of London and transport links that connect you to the rest of the capital, the UK and the world.
Knight Frank: Apartments for sale in SW1: Grosvenor WatersideKnight Frank LLP
Caro Point Is Named After The English Master Of Contemporary Sculpture, Sir Anthony Caro.
This striking building’s stone fins stretch skywards, connected by rows of glass panels. Each panel has been crafted so that a waterfall of reflections, created by the day’s shifting patterns of light, tumbles down the façade into the waters at the building’s feet.
The pinnacle of Grosvenor Waterside, Caro Point is crowned by a sculpted weather vane, rotating within the tallest stone fin.
Grosvenor Waterside is next to the River Thames,
with Sloane Square around the corner and exclusive Knightsbridge and Belgravia only minutes away. Nearby, the proposed luxury development of the former Chelsea Barracks site, just across Ebury Bridge Road, will create an upscale new residential neighbourhood that will seamlessly link Grosvenor Waterside to Chelsea and Belgravia.
To live in Caro Point is to reside within a crafted, contemporary and sophisticated community.
Knight Frank: Apartments for sale in Stanmore Place, HA7Knight Frank LLP
Stanmore has a new residential neighbourhood, distinctly different in every aspect. It is St Edward Homes’ Stanmore Place, delivering all you could desire in terms of choice, quality, location and contemporary design, taking home ownership to an exciting new level. Choose from an unrivalled range of 1, 2 and 3 bed apartments, all stunning examples of magnificent modern architecture. With a setting that includes landscaped spaces, water features, professionally managed amenities and proximity to excellent transport connections, Stanmore Place is the only place you will want your new home to be.
Knight Frank: Apartments for sale in Royal Arsenal Riverside, SE18Knight Frank LLP
Royal Arsenal Riverside is set in one of London’s most up-and-coming areas, with vibrant Canary Wharf, elegant Greenwich and the pulsating heart of the City all connected by the river’s ebb and flow.
Superb transport links, proximity to some of the Capital’s most iconic landmarks and an ever- growing list of on-site amenities ensure that Royal Arsenal Riverside at London SE18 is one of the City’s most exhilarating waterfront communities.
With cutting-edge architecture and cherished listed building stock co-existing, Royal Arsenal Riverside harnesses the heritage and strategic location of what was once the country’s most important military manufacturing centre. The result is an eclectic collection of generous contemporary homes, all boasting an inherent sense of history and 21st century connectivity.
Knight Frank: Apartments for sale in Granville Place, NW2Knight Frank LLP
INSPIRING, ARRESTING ARCHITECTURE; DEFINED BY SPACE, LIGHT AND TRANQUILITY; A SUPERB NORTH LONDON LOCATION – GRANVILLE PLACE IS ONE OF THE CAPITAL’S MOST BRILLIANT, ORIGINAL AND DESIRABLE RESIDENTIAL DEVELOPMENTS. BETTER STILL, IT INCORPORATES THE LATEST SUSTAINABILITY AND ENERGY-SAVING TECHNOLOGY, MAKING IT ONE OF THE MOST ENVIRONMENTALLY ADVANCED BUILDINGS OF ITS KIND IN THE UK.
Knight Frank: Marconi House: Property on the Strand, London WC2Knight Frank LLP
Marconi House is an architectural masterpiece within the Strand Conservation Area, providing 79 magnificent luxury apartments and penthouses with hotel services created within an imposing Grade II Listed building.
Marconi House has everything you would expect and more, every finite and exacting detail. From individually engineered kitchens to bespoke stone finishes, from in-wall bath TV's throughout to apartments featuring state of the art Smart Home Guide Entertainment Systems - Marconi House is the all encompassing lifestyle opportunity where specification is absolute.
Residents facilities are planned to include:
Over 2000 sqft reception, lounge and foyer.
24 hour concierge desk.
Secure car parking (limited and subject to additional cost).
Use of hotel restaurant and lounge bars.
Use of hotel Level 10 Lounge and Sky Bar.
Use of spa and fitness suite.
Use of hotel room service.
Knight Frank: De Laszlo House, NW3: Property HampsteadKnight Frank LLP
De Laszlo House is named after Philip de László, a celebrity Royal portrait artist, who lived here from 1921 to 1937.
Modernized by award-winning Dandi Living, de Laszlo House has 18 magnificent newly built two, three and four-bedroom residences, providing an abundance of lateral space up to 3,060sqft in size, located behind the Arts & Crafts style façade of what were originally three grand Victorian villas, now unified within a single seamless development.
Knight Frank: NEO Bankside: Property on the ThamesKnight Frank LLP
The NEO Bankside is complete with a 24 hour concierge service and has future plans for a resident's gym, day spa and a variety of shops and restaurants to be developed.
The first phase of the new NEO Bankside development was designed by the international, award-winning architects Rogers Stirk Harbour + Partners and is predicted to become one of the most desirable addresses in the world.
Knight Frank: Apartments for sale in Chelsea Creek, SW1Knight Frank LLP
One of London's most elegent dockside developments, Chelsea Creek combines luxurious city living overlooking waterways, tree lined avenues and landscape parkland.
Only moments from the stylish King's Road, Chelsea Creek is an ideal property on the Thames.
The development of luxury riverside apartments come with high specification apartments and penthouses with luxurious kitchens and bathrooms and enviable air conditioning living space.
Knight Frank: The Bishops Avenue, Hapstead, LondonKnight Frank LLP
Set in nearly 2 acres of landscaped gardens on the renowned Bishops Avenue are 14 luxurious apartments, each individually designed with meticulous attention to detail and finished to a world-class specification.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Stark Builders: Where Quality Meets Craftsmanship!shuilykhatunnil
At Stark Builders our vision is to redefine the renovation experience by combining both stunning design and high quality construction skills. We believe that by delivering both these key aspects together we are able to achieve incredible results for our clients and ensure every project reflects their vision and enhances their lifestyle.
Although we are not all related by blood we have created a team of highly professional and hardworking individuals who share the common goal of delivering beautiful and functional renovated spaces. Our tight nit team are able to work together in a way where we pour our passion into each and every project as we have a love for what we do. Building is our life.
Dholera Smart City Latest Development Status 2024.pdfShivgan Infratech
Explore the latest development status of Dholera Smart City in 2024. Discover the progress, infrastructure, and future plans of India's first greenfield smart city.
BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
A selection of premium apartments in Marylebone. The Fitzrovia Apartments are in the final phase of development in this prime West End development by Manhattan Loft and Ridgeford Properties.
The global economic downturn has significantly impacted the fortunes of the world's super wealthy, with most high net worth individuals experiencing wealth declines of 20-40% on average; however, those with professional advisers were able to better navigate the crisis by shifting to more defensive asset allocations over a year ago. Going forward, the world's richest individuals will seek greater control over their wealth and independent advice, and will take a more cautious approach focused on responsible and realistic investing rather than risk.
This document provides an overview of the prime residential property market around the world. It begins with a summary of Knight Frank's Prime International Residential Index, which shows strong growth in some markets like London and Asia, but continued price declines in others. The document then discusses how views of property as an investment vary globally, with many still seeing it as a stable asset class. It concludes by noting the prime residential market remains varied internationally in terms of economic conditions and property characteristics.
Knight Frank: Property on the Thames, Neo BanksideKnight Frank LLP
Imagine living in London’s most exciting, innovative and iconic new, residential development. Imagine being within a short walk of The City of London and transport links that connect you to the rest of the capital, the UK and the world.
Knight Frank: Apartments for sale in SW1: Grosvenor WatersideKnight Frank LLP
Caro Point Is Named After The English Master Of Contemporary Sculpture, Sir Anthony Caro.
This striking building’s stone fins stretch skywards, connected by rows of glass panels. Each panel has been crafted so that a waterfall of reflections, created by the day’s shifting patterns of light, tumbles down the façade into the waters at the building’s feet.
The pinnacle of Grosvenor Waterside, Caro Point is crowned by a sculpted weather vane, rotating within the tallest stone fin.
Grosvenor Waterside is next to the River Thames,
with Sloane Square around the corner and exclusive Knightsbridge and Belgravia only minutes away. Nearby, the proposed luxury development of the former Chelsea Barracks site, just across Ebury Bridge Road, will create an upscale new residential neighbourhood that will seamlessly link Grosvenor Waterside to Chelsea and Belgravia.
To live in Caro Point is to reside within a crafted, contemporary and sophisticated community.
Knight Frank: Apartments for sale in Stanmore Place, HA7Knight Frank LLP
Stanmore has a new residential neighbourhood, distinctly different in every aspect. It is St Edward Homes’ Stanmore Place, delivering all you could desire in terms of choice, quality, location and contemporary design, taking home ownership to an exciting new level. Choose from an unrivalled range of 1, 2 and 3 bed apartments, all stunning examples of magnificent modern architecture. With a setting that includes landscaped spaces, water features, professionally managed amenities and proximity to excellent transport connections, Stanmore Place is the only place you will want your new home to be.
Knight Frank: Apartments for sale in Royal Arsenal Riverside, SE18Knight Frank LLP
Royal Arsenal Riverside is set in one of London’s most up-and-coming areas, with vibrant Canary Wharf, elegant Greenwich and the pulsating heart of the City all connected by the river’s ebb and flow.
Superb transport links, proximity to some of the Capital’s most iconic landmarks and an ever- growing list of on-site amenities ensure that Royal Arsenal Riverside at London SE18 is one of the City’s most exhilarating waterfront communities.
With cutting-edge architecture and cherished listed building stock co-existing, Royal Arsenal Riverside harnesses the heritage and strategic location of what was once the country’s most important military manufacturing centre. The result is an eclectic collection of generous contemporary homes, all boasting an inherent sense of history and 21st century connectivity.
Knight Frank: Apartments for sale in Granville Place, NW2Knight Frank LLP
INSPIRING, ARRESTING ARCHITECTURE; DEFINED BY SPACE, LIGHT AND TRANQUILITY; A SUPERB NORTH LONDON LOCATION – GRANVILLE PLACE IS ONE OF THE CAPITAL’S MOST BRILLIANT, ORIGINAL AND DESIRABLE RESIDENTIAL DEVELOPMENTS. BETTER STILL, IT INCORPORATES THE LATEST SUSTAINABILITY AND ENERGY-SAVING TECHNOLOGY, MAKING IT ONE OF THE MOST ENVIRONMENTALLY ADVANCED BUILDINGS OF ITS KIND IN THE UK.
Knight Frank: Marconi House: Property on the Strand, London WC2Knight Frank LLP
Marconi House is an architectural masterpiece within the Strand Conservation Area, providing 79 magnificent luxury apartments and penthouses with hotel services created within an imposing Grade II Listed building.
Marconi House has everything you would expect and more, every finite and exacting detail. From individually engineered kitchens to bespoke stone finishes, from in-wall bath TV's throughout to apartments featuring state of the art Smart Home Guide Entertainment Systems - Marconi House is the all encompassing lifestyle opportunity where specification is absolute.
Residents facilities are planned to include:
Over 2000 sqft reception, lounge and foyer.
24 hour concierge desk.
Secure car parking (limited and subject to additional cost).
Use of hotel restaurant and lounge bars.
Use of hotel Level 10 Lounge and Sky Bar.
Use of spa and fitness suite.
Use of hotel room service.
Knight Frank: De Laszlo House, NW3: Property HampsteadKnight Frank LLP
De Laszlo House is named after Philip de László, a celebrity Royal portrait artist, who lived here from 1921 to 1937.
Modernized by award-winning Dandi Living, de Laszlo House has 18 magnificent newly built two, three and four-bedroom residences, providing an abundance of lateral space up to 3,060sqft in size, located behind the Arts & Crafts style façade of what were originally three grand Victorian villas, now unified within a single seamless development.
Knight Frank: NEO Bankside: Property on the ThamesKnight Frank LLP
The NEO Bankside is complete with a 24 hour concierge service and has future plans for a resident's gym, day spa and a variety of shops and restaurants to be developed.
The first phase of the new NEO Bankside development was designed by the international, award-winning architects Rogers Stirk Harbour + Partners and is predicted to become one of the most desirable addresses in the world.
Knight Frank: Apartments for sale in Chelsea Creek, SW1Knight Frank LLP
One of London's most elegent dockside developments, Chelsea Creek combines luxurious city living overlooking waterways, tree lined avenues and landscape parkland.
Only moments from the stylish King's Road, Chelsea Creek is an ideal property on the Thames.
The development of luxury riverside apartments come with high specification apartments and penthouses with luxurious kitchens and bathrooms and enviable air conditioning living space.
Knight Frank: The Bishops Avenue, Hapstead, LondonKnight Frank LLP
Set in nearly 2 acres of landscaped gardens on the renowned Bishops Avenue are 14 luxurious apartments, each individually designed with meticulous attention to detail and finished to a world-class specification.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Stark Builders: Where Quality Meets Craftsmanship!shuilykhatunnil
At Stark Builders our vision is to redefine the renovation experience by combining both stunning design and high quality construction skills. We believe that by delivering both these key aspects together we are able to achieve incredible results for our clients and ensure every project reflects their vision and enhances their lifestyle.
Although we are not all related by blood we have created a team of highly professional and hardworking individuals who share the common goal of delivering beautiful and functional renovated spaces. Our tight nit team are able to work together in a way where we pour our passion into each and every project as we have a love for what we do. Building is our life.
Dholera Smart City Latest Development Status 2024.pdfShivgan Infratech
Explore the latest development status of Dholera Smart City in 2024. Discover the progress, infrastructure, and future plans of India's first greenfield smart city.
BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
AVRUPA KONUTLARI ESENTEPE - ENGLISH - Listing TurkeyListing Turkey
Looking for a new home in Istanbul? Look no further than Avrupa Konutlari Esentepe! Our beautifully designed homes provide the perfect blend of luxury and comfort, making them the perfect choice for anyone looking for a high-quality home in the city.
With a wide range of apartment types available, from 1+1 to 4+1, we have something to suit every need and budget. Each apartment is designed with attention to detail and features spacious and bright living areas, making them the perfect place to relax and unwind after a long day.
One of the things that sets Avrupa Konutlari Esentepe apart from other developments is our focus on creating a community that is both comfortable and convenient. Our homes are surrounded by lush green spaces, perfect for enjoying a peaceful stroll or having a picnic with friends and family. Additionally, our complex includes a variety of social and recreational amenities, such as swimming pools, sports fields, and playgrounds, making it easy for residents to stay active and socialize with their neighbors.
https://listingturkey.com/property/avrupa-konutlari-esentepe/
1. RESIDENTIAL RESEARCH
us insight
The US remains the dominant world economy, and trends in
its housing market have significant global implications.
Kate Everett-Allen examines the fortunes of this critical market
as price growth begins to build momentum.
Key findings
The median price of luxury condos in
New York rose by 8.2% in the first half
of 2013
International buyers account for
around a third of sales above $3m in
New York
Miami continues to record strong
price growth, attracting demand from
New York professionals as well as South
American and European investors
The Hamptons have seen the
highest number of second quarter
sales since 2006
With the fiscal cliff averted, the lack
of supply has been the key narrative for
the US housing market in 2013
The US economy provides a mixed picture.
Four years since it was announced that the
recession was over GDP growth stands at 1.8%,
unemployment is hovering around 8% and
wages are struggling to rise above inflation.
Despite this, mainstream house prices in the
US are now 9.3% higher than a year ago and
new home sales are at their highest level for
five years.
Economic indicators at a national level are
still somewhat sluggish to the extent that the
Federal Reserve has yet to withdraw its QE
stimulus measures. Foreclosures are still high in
historic terms and mortgage lending has yet to
pick up (figure 1) but there are pockets of
strong growth.
In New York and Miami – following the artificial
spike in activity created by the ‘fiscal cliff’ at
the end of 2012 – most analysts predicted,
particularly at the top end of the market, a
slowdown in 2013 but were proved wrong.
The median price of luxury condominiums
in New York rose by 8.2% in the year to
June, and by 5.9% in Miami. Co-operatives,
by comparison, recorded little change in
price due in part to the restrictions
placed on international buyers by most
co-operative boards.
International buyers account for around
a third of sales above $3m in the New
York sales market but closer to 50% in its
equivalent new homes market.
The key price determinant in 2013 has been
supply, or the lack of it, brought about
by tight credit conditions. The number of
apartments for sale in Manhattan is currently
at a 12-year low. Unable to secure finance,
potential vendors are staying put, limiting
the turnover of homes in all but the new
homes market.
The housebuilding pipeline was effectively
turned off in 2007 and both Manhattan
and Miami sold only a ‘shadow inventory’
up until 2012 when new projects began
to complete. With the development cycle
lasting approximately two years we are only
now starting to see these projects enter
the market. Absorption levels are high,
particularly in New York, even at prices of
$4,000 per sq ft and above.
Figure 1
US recovery timeline
Mortgage lending ($bn) vs US house prices (Indexed, 100 = Q1 2007)
MORTGAGE
LENDING
$15tn
Aug 2007
President Bush
announces
bailout for
some sub-prime
mortgage holders
Dec 2007
Federal Reserve
announces $900bn
bailout of Fannie
Mae and Freddie Mac
Mar 2008
Gold prices
surge to more
than $1,000 an
ounce for the
first time
$14tn
$13tn
$12tn
Mar 2008
Gold prices surge
to more than $1,000
an ounce for the
first time
Q1 Q2 Q3 Q4
2007
Q1 Q2 Q3 Q4
2008
Sep 2008
Lehman Brothers collapses,
Federal takeover of Fannie Mae
and Freddie Mac
Oct 2008
Emergency Economic
Stabilisation Act passed
($700bn bailout)
Nov 2008
Barack Obama wins
presidential election
Mar 2013
Case Shiller records
double-digit annual
house price growth
HOUSE PRICE
INDEX
(NATIONAL)
110
Feb 2013
Housing starts reach
highest level in 4.5 years
May 2010
New home sales fall
to their lowest level
Dec 2012
Fiscal cliff averted
Dec 2008
Interest rate lowered
to 0%-0.25%
Nov 2012
Barack Obama wins
second term
100
90
Q1 Q2 Q3 Q4
2009
Source: Knight Frank Residential Research, US Federal Reserve, Case Shiller
Q1 Q2 Q3 Q4
2010
Q1 Q2 Q3
2011
Q4
Q1
Q2 Q3 Q4
2012
80
Q1
2013
2. RESIDENTIAL RESEARCH
US insight
Manhattan’s new skyline
Home to some of the world’s most exclusive neighbourhoods, below we highlight key
new developments that are set to redefine luxury living in Manhattan
ONE 57
135 EAST 79th STREET
Address:
157 West 57th St
Total units: 95
Completion:
December 2013
Neighbourhood: Midtown
Address:
135 East 79th St
Total units: 32
Completion:
September 2013
Neighbourhood: Upper East
Percentage sold: 65%
Price range:
$7.40m-$30m
Avge price (psf): $5,880
Average sq ft:
3,735
Percentage sold: 100%
Price range:
$1.45m-$11.84m
Avge price (psf): $2,900+
Average sq ft:
3,195
EAST
HARLEM
THE BACCARAT
737 PARK AVENUE
Address:
20 West 53rd St
Total units: 61
Completion:
April 2013
Neighbourhood: Midtown
Address:
737 Park Ave
Total units: 96
Completion:
July 2013
Neighbourhood: Upper East
Percentage sold: 30%
Price range:
$2.65m-$20.25m
Avge price (psf): $3,534
Average sq ft:
1,715
10 MADISON SQ WEST
UPPER
E
EA
EAST SIDE
UPPER
WEST SIDE
CENTRAL
PARK
Percentage sold: 50%
Price range:
$4.68m-$26m
Avge price (psf): $3,626
Average sq ft:
3,280
THE MARQUAND
Address:
10 Madison Sq W
Total units: 125
Completion:
Q4 2014
Neighbourhood: Flatiron
Address:
Total units:
Completion:
Neighbourhood:
Percentage sold: Sales start Jul 13
Price range:
$1.82m-$35m
Avge price (psf): $3,000+
Average sq ft:
3,000
Percentage sold: Sales start Jun 13
Price range:
Start at $15m+
Avge price (psf): $4,000+
Average sq ft:
3,500
WALKER TOWER
THEATRE DISTRICT
TIMES SQUARE
11 East 68th St
Approx 25
Q3 2014
Upper East
THE CARLTON HOUSE
Address:
212 West 18th St
Total units: 48
Completion:
September 2013
Neighbourhood: Chelsea
Address:
21 E 61st St
Total units: 23
Completion:
July 2014
Neighbourhood: Upper East
Percentage sold: 60%
Price range:
$4.20m-$33.88m
Avge price (psf): $3,524
Average sq ft:
2,640
Percentage sold: 60%
Price range:
$2.90m-$23.50m
Avge price (psf): $3,595
Average sq ft:
1,775
150 CHARLES STREET
432 PARK AVENUE
Address:
150 Charles St
Total units: 91
Completion:
Q1 2015
Neighbourhood: West Village
Address:
432 Park Ave
Total units: 147
Completion:
Autumn 2015
Neighbourhood: Midtown
WEST
VIL
VIL
VILLAGE
Percentage sold: 100%
Price range:
$895k-$35m
Avge price (psf): $3,400+
Average sq ft:
2,700
SOHO
LITTLE LOWER
ITALY EAST SIDE
T
TRIBECA
Percentage sold: 40%
Price range:
$1.08m-$15.80m
Avge price (psf): $6,000+
Average sq ft:
2,500
THE STERLING MASON
HUYS
Address:
71 Laight St
Total units: 33
Completion:
Q3 2014
Neighbourhood: Tribeca
Address:
404 Park Ave S
Total units: 58
Completion:
January 2014
Neighbourhood: NoMad
Percentage sold: Sales start Jul 13
Price range:
$3.90m-$22m
Avge price (psf): $2,700
Average sq ft:
2,890
2
FINANCIAL
DISTRICT
Manhattan’s
prime districts
Percentage sold: 50%
Price range:
$1.06m-$10.50m
Avge price (psf): $2,040
Average sq ft:
1,470
All prices in US dollars
Source: Miller Samuel, Douglas Elliman
3. KnightFrank.com
New York snapshot
The final three months of 2012 saw
the highest number of fourth quarter
sales in 26 years, fuelled in part by
the threat of the ‘fiscal cliff’. The
predicted slowdown in 2013 failed
to materialise, instead, sales in New
York in the second quarter of 2013
were at their highest level for six
years. All sectors of the market saw
strong activity but the key narrative
was the lack of supply.
have low or negative equity and due to tight
New York’s inventory has not fallen because
demand has strengthened significantly,
supply has been falling for three years yet
sales have only picked up recently. Instead,
homeowners are biding their time. Around
44% of US homeowners with mortgages
Soho, TriBeCa, Upper West Side, Upper East
credit conditions a large number no longer
qualify for finance.
Figure 2
Purchase costs compared
Typical cost of purchasing a US$3m property
for a non-resident (% of property price)
New York’s luxury market is defined as the
top 10% of the housing market. For the past
Hong Kong
two years this has largely corresponded to
the $3m+ price threshold. It is perhaps no
coincidence therefore that the starting price
of the majority of new developments in
Manhattan is now around $3m.
London
7.9%
New York
5.0%
Side and Little Italy represent the markets
targeted by luxury buyers. The 57th Street
Corridor is increasingly a focus of new
development activity and is already home
to One57 and 432 Park Avenue.
25.0%
Source: Knight Frank Residential Research
Note: Includes Stamp Duty, Mansion Tax, Legal Fees,
Transfer Taxes and Registration fees
Knight Frank’s Global Property Search website (GPS) receives up to 700,000 hits per month making it a unique barometer of
the demand for prime international property. The following charts highlight the key trends in the prime New York market.
Figure 3
Figure 4
Which have been the most active nationalities
in the last six months?
Jan 2010-Jun 2013
New York’s key foreign buyers:
100
New York searches by price bracket
%
%
$15m+
60
UK
Hong
Kong
Australia
India
China
Russia
Canada
France
Singapore
Brazil
-50
-100
$6m
80
0
Above we have selected those foreign nationals
that have been most active in the prime New
York market since the financial crisis. Searches
undertaken by those in Brazil, France and
Singapore increased the most in the first half of
2013 compared to the same period in 2012.
$5m
$4m
$5m-$15m
20
2010
2011
2012
$3m
$1m-$5m
40
0
Average property price searched in
New York
Jan 2010-Apr 2013
100
50
Figure 5
$2m
2013
Between 2010 and 2013 the inventory of
properties above $15m has increased in the highend trophy buildings. This has triggered a large
number of search volumes at this level. As the
world’s wealthy continue to focus on New York so
the average search level is likely to climb.
$1m
$0
fiscal cliff
2010
2011
2012
2013
The volume of searches for properties in New
York rose sharply in October and November
2012. Homeowners researched the market as
the fiscal cliff and potential changes to capital
gains tax approached.
Source: Knight Frank Residential Research
Miami update
The Hamptons update
The price of luxury homes in Miami rose by 5.9% in the year to June. The city was
significantly impacted by the housing market downturn, but has redefined itself in
the last two years. Sales volumes are up 20.6% year-on-year and supply is down
18.8% over the same period.
The median price of luxury homes in The Hamptons rose by 8.2% in the year to
June underlining the market’s recovery.
Two key trends have emerged in 2013. Firstly, while capital flows from South America
and Europe are highly influential, the volume of purchasers from New York has
increased, many looking for a second home rather than a property to retire to.
Secondly, around 73% of all non-distressed condo purchases were cash-funded in
the second quarter of 2013 and have been at a similar level for the last two years.
Miami’s boom is not credit-financed suggesting that, while double-digit annual price
growth is not sustainable long term, the recovery does have a firm footing.
The Hamptons remains the location of choice for wealthy New Yorkers looking for
a second home, as a result the market suffered post the financial crisis when luxury
prices fell approximately 30% from peak to trough.
Waterfront properties continue to attract a premium of 30% with areas around
Wainscott, Water Mill, Sagaponack, Bridgehampton and Quogue amongst the main
markets targeted.
In the second quarter of 2013 the Hamptons market recorded its second highest
number of sales since 2006, increasing by 25.2% compared to the same period a
year earlier, although sales above $5m declined.
3