London's new high-rises: speculators' luxury flats designed never to be occupied

London is the epicentre of the British affordable housing crisis, and while there are over 500 high-rises under construction in the capital, consuming nearly every available lot, virtually every one of these towers is designed to serve the high-end luxury market (despite plummeting prices in this category), whose anonymous offshore buyers often never occupy or rent out the flats they buy, merely holding them to flip them later. Read the rest

New York's luxury real-estate market is crashing

New York is a great city that has been hollowed out by real-estate speculation, where the conversion of housing to safe-deposit boxes in the sky has pushed out the city's people and the city's businesses, who can't compete with financiers and oligarchs who value property as an investment, rather than as part of the fabric of a city. Read the rest

A Hong Kong parking space just sold for USD664K

The 188 square foot parking space went for HKD5.18m (USD664,300) -- HKD27,500/sqft. Read the rest

San Francisco's 58-story "leaning tower" is sinking fast

San Francisco's 419-apartment, 58-story luxury Millennium Tower has been sinking since at it opened in 2009, and now it's begun to lean alarmingly. Read the rest

Singaporean bank stops lending money to UK property speculators

Singaporeans are the most prolific speculators on UK commercial property, and the United Overseas Bank is the most prolific lender to Singaporeans who want to speculate in that market -- and now they're turning off the faucet. Read the rest