"Concerned about illicit money flowing into luxury real estate, the Treasury Department said Wednesday that it would begin identifying and tracking secret buyers of high-end properties."
"The initiative is part of a broader federal effort to increase the focus on money laundering in real estate." — The New York Times
"Nobody really reads books," Niami says, "so I'm just going to fill the shelves with white books, for looks." Stepping past the nightclub's outdoor lounge area where circular banquettes will seem to float next to a two-story waterfall, he says: "I really think that this house is going to do a lot for L.A. Anybody who lives in the area is going to be proud to be near it." — DETAILS
Go ahead and hate!About half of the tennis court had to be built on pilings to account for the land's contours. This niche will have a covered viewing area and a fire pit.The infinity pool for the guesthouse, which, when built, will be 5,000 square feet itself.The motor court and the main house's...
Among this new breed of towers, design elements not directly tied to profit are often downgraded or eliminated as overall costs climb. [...] With today’s mathematically generated super-spires, it’s best to paraphrase Mae West: “Architecture has nothing to do with it.”
[...] much as the new super-tall New York condos may serve that same general purpose, these are no works of art. If, as Goethe posited, architecture is frozen music, then these buildings are vertical money. — The New York Review of Books
To put that number in perspective, these folks make up the upper 0.002 percent of the world’s 7 billion inhabitants and hold over $20 trillion of its money. — 6sqft
San Mateo County Court Judge Barbara Mallach has ruled against Silicon Valley billionaire Vinod Khosla in a lawsuit over public access to Martin’s Beach.
According to the ruling, Khosla will be required to seek a permit from the California Coastal Commission before locking gates at the beach, as well as to consult with the community to determine changes to the property and public access to the beach. — Venture Beat
The secluded Martin's Beach in San Mateo County has been a cherished spot for locals for decades. When Khosla purchased his 53-acre property there in 2008, he locked the gate to the beach, closing off public access. This is just one example of a long history of wealthy property owners trying to...
A new development, 42 Crosby Street, is pushing the limits of New York City real estate to new heights with 10 underground parking spots that will cost more per square foot than the apartments being sold upstairs.
At $250,000 a tire, the parking spaces in the underground garage cost more than four times the national median sales price for a home, which is $217,800, according to Zillow. — New York Times
According to data compiled by the firm PropertyShark, since 2008, roughly 30 percent of condo sales in large-scale Manhattan developments have been to purchasers who either listed an overseas address or bought through an entity like a limited-liability corporation, a tactic rarely employed by local homebuyers but favored by foreign investors [...] “The global elite,” says developer Michael Stern, “is basically looking for a safe-deposit box.” — New York Magazine
"...these days, the future of this hidden beach on the San Francisco Peninsula is being fought in a courthouse 25 miles away, in a battle that has become the latest class-charged standoff involving a wealthy entrepreneur in this polarized part of California..." — the New York Times
The struggle being waged over Martin's Beach is just one in a long history of disputes over public beach access in California. While legally everything below the mean tide line is public, physical walk paths often have to be carved out of private property, something not perfectly accounted for in...
One problem with our obsession with gentrification as the end-all of urban equity issues is that it discourages us from talking about other important things happening in our cities. In some instances, gentrification has become such a dominating narrative that it has completely erased broader trends that we really ought to be concerned about.
Case in point: Brooklyn is getting poorer. — danielkayhertz.com
A third of the mansions on the most expensive stretch of London's "Billionaires Row" are standing empty, including several huge houses that have fallen into ruin after standing almost completely vacant for a quarter of a century. — Guardian
New York - and San Francisco, London, Paris and other cities where cost of living has skyrocketed - are no longer places where you go to be someone. They are places you live when you are born having arrived. They are, as journalist Simon Kuper puts it, "the vast gated communities where the one percent reproduces itself". — aljazeera.com
Are you interested in visiting South Africa? Interested in seeing the real South Africa? Interested in experiencing how the real people live? Interested in tasting the poverty and hardship of life in a shanty town? And—most importantly—are you fearful and white? Congratulations! You're a perfect guest for the Shanty Town at Emoya Luxury Hotel and Spa, where, for less than $100 a night, you can get the authentic experience of living in a shanty town—without the bothersome shanty dwellers. — gawker.com
Zhang, a Chinese real estate developer, is the seventh richest self-made women in the world, worth $3.6 billion, according to Forbes. She's worth $800 million more than Oprah Winfrey, the world's best known self-made female billionaire.
Not only does Zhang's rags-to-riches story mirror that of China itself, but it is Zhang who has shaped much of the country's modern urban landscape, with the logo of her company SOHO China, on the side of buildings wherever you turn in Beijing. — cnn.com
Galaxy SOHO, designed by Pritzker Prize winning architect Zaha Hadid for Zhang' SOHO China, was built in 2012 on a 50,000 square meter plot in central Beijing. It was Hadid's first building in Beijing.
The salesclerk at a Belgravia clothing boutique, who also spoke on the condition of anonymity because she did not want to get in trouble, said that at some times of the year the area was virtually abandoned. “We’ll shut for the whole of August,” she said. — NYT
Earlier this week Sarah Lyall explored how some neighborhoods in London have become "So Exclusive Even the Owners Are Visitors". This is because the owners are increasingly, superwealthy foreigners from places like Russia, Kazakhstan, Southeast Asia and India, who are purchasing a residence...
Lord Norman and Lady Elena Foster of Thames Bank in Great Britain purchased the 28-acre “gentleman’s farm” in West Tisbury for a whopping $22 million last month, The Vineyard Gazette reports. According to the broker who handled the sale, the new owners do not intend to rent the property to the first family — or anyone else. — news.bostonherald.com
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