A Guide to the Season’s New Developments

Mansion Global’s inside look at marquee sales launching around the world

The world’s luxury markets are in the throes of one of hottest seasons for launching new developments.

However, these top cities are seeing, in most cases, disparate market forces at work.

Despite its real estate cooling, New York is seeing numerous launches in Brooklyn and Manhattan, including the soaring 111 West 57th and a full-block development, the XI, in West Chelsea.

In London, where the market is still struggling post-Brexit and prices are predicted to fall over the next year, among the the highlights for the upcoming season are Prince of Wales Drive, offering 955 luxury homes, and the Park Modern, a £450-million (US$592 million) mixed-use development overlooking Kensington Palace.

Miami, meanwhile, has enjoyed a resurgence in its condo market. Top developments opening in the southern Florida city include the 70-story Okan Tower, a mixed-use development that will transform downtown Miami’s skyline.

Though Dubai has seen a decrease in new developments, its new offerings this season are no-less impressive, particularly the 78-story Grande, featuring 881 units, and the Sweden Beach Palace, consisting of nine beachfront villas.

Let Mansion Global guide you through what new developments are in store in each of these top markets, as well as in San Francisco, Los Angeles and Australia.

Manhattan and Brooklyn’s Newest Condos Have Old New York Charm

New York’s luxury buyers will also be treated to just about every amenity you can imagine

One thing is clear in New York luxury real estate currently: price cuts abound, leaving some to consider whether the market is softening, even in red-hot Brooklyn.

According to Douglas Elliman’s report for Brooklyn for the second quarter of 2018, the median sales price for condominiums declined 4.4%, and new developments 10%;  there was a 2% decline in luxury sales, and high-end new developments experienced a steep decline in sales, down almost 37% year on year.

Now, as signs point overwhelmingly to a buyer’s market, those looking for homes have the chance to live in properties experiencing a second life, such as a former music store or school or the site of a former soap factory...Read More

Historic Properties and Urban Regeneration for London’s New Developments

Offerings include large, mixed-use projects and private homes

The London housing market is still struggling. A recent poll by 30 analysts for Reuters found that home sales prices are expected to fall 1.6% this year and 0.1% next year. The drop is attributed to uncertainty surrounded Brexit, which is keeping international buyers away.

In the face of this, more properties have experienced price cuts, especially as the market has filled with many luxury new developments. According to Savills, property prices in the most desirable areas of London have fallen almost 18% since 2014.

However, these new-build projects are changing the marketplace. Year-on-year to April, new builds accounted for 18% of sales in the £1-million-plus market, as compared to less than 10% in 2014, according to Savills. London has seen more than 18,000 new-build completions since 2014...Read More

The Newest Crop of Condos in the Miami Area

While construction has slowed, there are still brand-new homes to be bought

The current luxury real estate market in Miami—especially the condo market—remains strong, but there are signs of trouble ahead because of the ongoing pullback of wealthy buyers from South America. 

Total luxury home sales, defined as $1 million and above, jumped 18.2% in the second quarter of this year, from 500 in Q2 2017 to 591 in Q2 2018, according to an August report from the Miami Association of Realtors and the Multiple Listing Service.

Condo luxury sales shot up 37.1% in the second quarter, compared to a 5.9% increase in single-family luxury transactions, according to the report. Existing condo sales for all of Miami-Dade County surged 5.6% in the second quarter of 2018, as median prices for all properties rose for the 26th consecutive quarter...Read More

Los Angeles’s Newest Developments Offer Smart Homes, Valet Parking and More

More buildings in the California city are becoming jam-packed with amenities—almost like cities unto themselves

While there are new projects in the pipeline, an ongoing lack of inventory continues to plague the real estate market in Los Angeles.

“The lack of inventory has really put a dent on sales activity this summer,” said Selma Hepp, chief economist and vice president for business intelligence at Pacific Union International. Sales are “consistently about 20% below last year.”

The downtown Los Angeles market has been hit particularly hard, Ms. Hepp said, with 30% less inventory than last year across most price ranges, she said...Read More

Pricey New Developments Rise in Dubai

Market is shifting from investors to end-users, especially downtown

The Dubai luxury market has witnessed a gradual shift from investors to end-users in 2018, while off-plan sales remain buoyant.

The number of new releases has decreased, though there is still significant interest in new developments in luxury residential areas that are on the rise—such as Downtown Dubai and Dubai Harbour.

Across the overall market, 1,400 villas and 6,652 apartments sold in the second quarter of 2018, according to Luxhabitat...Read More

The Hottest Condos Hitting San Francisco This Fall

Following a record-breaking season, these new developments are in a position to sell quickly

San Francisco's condo market is as hot as ever. Over the last year, some of the top areas, including Outer Richmond have seen prices surge. The number of condo sales doubled in the second quarter compared to last year, according to San Francisco Association of Realtors and a report by Sotheby’s International Realty. Balboa and the surrounding areas saw condo sales up 15%.

Pacific Heights, Cow Hollow and Presidio Heights saw “condominium sale prices continue to swell well beyond listing prices,” according to the Sotheby’s report. And, condos are selling quickly—13 days in Cow Hollow and 18 days in the Marina, the report stated...Read More

Next-Generation Design and Amenities Mark Australia’s Latest Luxury Developments

Five projects that are anything but cookie cutter

A new wave of luxury apartment living has started to arrive in Australia. The anti-cookie cutter approach is being adopted by developers who are collaborating with national and internationally renowned architects to deliver on their visions.

Despite fewer projects being launched in the market and new apartment sales slowing due to Australia’s tempered residential market, the appetite for quality product remains.

Consulting firm Urbis reports that sales have halved, as have the number of apartments coming to market as developers struggle to obtain construction financing and overseas buyer numbers dwindle due to new state taxes and surcharges...Read More