$95m Penthouse? Manhattan Prices Hit New Heights

THE INDEPENDENT: The property market led the US into a crisis but now, as prices rise and even London is left behind, could it be the country's saviour?

New York is surpassing London as the property investment capital of the world once again. New developments on prime real estate in the Big Apple are commanding eye-wateringly high prices and attracting international buyers in their droves.

Richard Wallgren, executive vice president (sales and marketing) of Macklowe Properties, which is currently selling an exclusive range of luxury penthouse apartments priced from $7m (£4.5m) to $95m at 432 Park Avenue in Manhattan, has noticed a turnaround in the past 18 months: "The resurgence in activity coincided with the supply of new super-luxury inventory. Following the 2008 economic crisis, there was a paucity of new construction in Manhattan.

"Beginning in 2012 and carrying on into 2013, there has been the release of a new residential beginning, with One57 [in Manhattan] followed by 432 Park Avenue and 737 Park Avenue." » | Julian Knight | Wednesday, August 14, 2013

High-End London Property Prices Falter on Budget Worries
CNBC: Prime Central London property had looked almost immune to economic problems in the rest of the U.K and the euro zone in the past couple of years.

This could be changing.

In July, prices for properties over 2 million pounds ($3 million) in areas like Chelsea and Mayfair grew by 0.5 percent — the lowest rate of growth in almost two years — according to estate agents Knight Frank.

This came despite plenty of interest from buyers elsewhere in the euro zone looking for safe havens. Interest from prospective buyers rose by 23 percent in the three months to July compared to the previous quarter, according to Knight Frank.

And internet searches for London property rose by 9 percent from Italy, 10 percent from Spain and 50 percent from Greece in May, according to Savills. » | Catherine Boyle, Staff Writer | Thursday, August 02, 2012