London has been pushed off its top spot by Monaco as the most expensive place to buy residential property, with the UK capital and surrounding counties suffering some of the biggest price falls in the world.

Monaco, where prime property is being sold for €50,000 ($68,000) per sq m (your average 1,500 square foot apartment would theoretically run you $10 million), is now followed by London, at €28,000 per sq m, then Manhattan, at €16,500 per sq m.

The Wealth Report, compiled by Citi Private Bank and Knight Frank shows that property values fell 17 percent in London and 25 percent in Hong Kong.

Source: Financial Times

Real estate mogul Victor MacFarlane has placed his huge St. Regis penthouse on the sales block for $70 million, a figure that would obliterate the previous record price tag for a San Francisco residence.

Commandingly sited atop the highest floors of the Five-Star St. Regis Hotel & Residences in San Francisco, this one-of-a-kind, palatial penthouse features over 20,000 expansive square feet, including 2,900 square feet of terraces – one of the largest personal residences in all of San Francisco.

The property also features 2,900 square feet of terraces with 360-degree views of many San Francisco landmarks. Glass walls also offer plenty of light and the foyer has a winding staircase and two-story waterfall.

There are six bedrooms, seven baths, four powder rooms, four fireplaces, two offices, a wine storage room, a gym with a sauna and steam room and a 13-seat cinema. It is definitely one of the most striking apartments in the country.

The asking price for the completed condo works out to $3,500 for each of the roughly 20,000 square feet. MacFarlane bought the property, originally three unfinished units on the top two floors, for about $30 million in late 2005.

The question remains, however, whether anyone will be willing to pay that much for one now.

(The Ohio-born MacFarlane is the chief executive officer of MacFarlane Partners, a San Francisco real estate investment firm with $11 billion under management. He has been managing money for the California Public Employees Retirement System since the early 1990s.)

Powerhouse Company designed this amazing villa set in the woodlands of Holland.

Located near Ludwigsburg in Germany, this building, designed by J. Mayer H. Architects, echoes the footprint of the original house built in 1984, duplicating and rotating it.

Lifted up, it creates a semi-public space on ground level between two layers of discretion. The skin of the villa performs a sophisticated connection between inside and outside and offers spectacular views onto the old town of Marbach, Germany.

I love the luminosity of the place and the futuristic shapes and I would love to live in this house! The flow of space just inspires so many possibilities for personalizing and living, but of course, this is extremaly minimalist and if you are looking for the toys, the mess, the half-eaten yoghourt on the table and the newspaper wrapped on the floor, this house/exposition hall is probably not meant for you :)

© Photographer David Franck

The Lusso Collection portfolio of multi-million dollar residences in the world’s most desirable vacation spots (such as Cabo San Lucas, Aspen, Miami, Hawaii and the Bahamas) has acquired its first European property, a $5 million villa in Tuscany – its first European estate.

Located on the outskirts of picturesque Cortona, La Ripa (picture above) is a 500-year-old, 4,000-sq.-ft. fully-restored stone farmhouse with five bedroom suites, stone fireplaces, terracotta floors and brick archways , enhanced by luxurious modern amenities : the estate’s 27 landscaped acres include a privately situated swimming pool, lush gardens and olive and cypress groves.

The ancient city of Cortona is nearby and Florence and Sienna are about 50 miles away. Cortona has a large number of restaurants, festivals and regular open air markets where you can become a true local.

“On Monday (September 22, 2008), a famous 800-year-old Belgian castle will be auctioned off by court order to the highest bidder, and it looks as if someone could snag a real bargain.”

On that date, the third and final session for the public sale of the historic castle, Corroy-le-Château, will occur. The castle, situated just south of Brussels, is surrounded by a moat and borders a 12-hectare, protected park.

With walls and seven massive original towers dating to the 13th century, the property’s pristine condition makes it one of Europe’s only remaining perfectly-preserved castles. It has the popular architecture of medieval dark ages and is full of secret passages and mysterious moats.

Inhabited today by the same family descended from the original owners, the castle has undergone continuous transformation over the centuries and has been maintained in immaculate condition, preserving both its mythical quality and modern comfort throughout its 5,000 square meters of habitable space.

The castle’s status as a historic landmark provides the additional benefit of eligibility for government subsidies for any major work. Its majestically decorated parlors, beautiful corridors, bright interiors and sweeping staircases continue to attract touring groups and cultural performers, offering the possibility of dual use as both a residence and commercial endeavor.

A family dispute between the existing owners over the use of the castle culminated in a court decision which led eventually to the castle’s sale by public auction. The first two rounds of bidding yielded a current offer of €2.1 million ($3million), the International Herald Tribune reports, an astonishingly low price in view of current European real estate values.

The September 22 auction session will be the last time that bids will be accepted for Corroy-le-Château. The 16,000-sq.ft. fortress will be sold to the highest bidder, even if it goes no higher than the €2.1 million, a spokesman said.

More information on the auction, as well as a video tour of the property, can be found on the castle’s Web site.

Source : reuters