Vender una casa no es sencillo si no te dedicas a ello, pero la buena noticia es que algunos asesores inmobiliarios son excelentes en su trabajo y pueden ayudarte a vender más rápido, con el precio correcto y el cliente perfecto.
¿En qué te puede ayudar, y cómo puedes distinguir a un asesor inmobiliario de los buenos? Aquí 10 rasgos:
Te escucha: un excelente asesor inmobiliario sabe escuchar y hace las preguntas adecuadas para entender tus necesidades y las de los potenciales compradores.
Optimiza tu tiempo: seguramente tu día está lleno de prioridades de tu propio trabajo, tu familia, etc. Un excelente asesor te librará de las tareas de promover tu casa, mostrarla a potenciales compradores, ordenar la papelería y gestionar los trámites necesarios.
Te asesora: un excelente asesor inmobiliario sabrá darte la información adecuada sobre temas de impuestos, procesos, trámites, y lo mejor, resolverá las dudas que te puedan surgir.
Sabe de precios: un excelente asesor inmobiliario sabe sugerir un precio correcto para la venta de tu casa, conoce el valor de los mts de terreno en esa zona y puede darte un estimado acerca del valor de las construcciones. De esa manera y con el precio correcto, la venta es más ágil y obtienes lo más justo por tu casa.
Conoce y domina la zona: Un excelente asesor inmobiliario no sólo conoce de casas y terrenos, también sabe hacia a donde va el crecimiento de la ciudad, qué tiene de especial cierta zona, en donde puede haber cambios de usos de suelo, construcciones nuevas, etc.
Sabe cómo hacer más atractiva e incrementar el valor de tu casa: un excelente asesor inmobiliario puede hacerte algunas sugerencias sobre cambios mínimos en tu casa que puedan representar un mejor precio para su venta. Sabe realzar lo bueno y mejorar los detalles para que la propiedad sea mejor apreciada.
Sabe a qué tipo de “comprador” debe dirigir sus esfuerzos: conoce el perfil adecuado para los potenciales compradores de tu casa, y así, enfoca mejor su publicidad y sus esfuerzos de venta.
Está relacionado con otros asesores claves: un excelente asesor inmobiliario tiene contacto con otros asesores excelentes y así hacen una mancuerna de éxito.
Sabe en donde y cómo promocionar tu propiedad: un excelente asesor inmobiliario sabe perfectamente donde y cómo es mejor promocionar tu casa. Ninguna propiedad es igual ni va enfocada al mismo mercado, él o ella lo sabe y sabe cómo optimizar la promoción.
Tiene los contactos: un excelente asesor inmobiliario también tienen los mejores contactos con asesores hipotecarios (Finanz, por supuesto), y tienen buenos contactos con peritos valuadores, notarías, etc.
Te acompaña: nunca te dejará sólo. Te va guiando durante el proceso de compra o de venta, te dirige con las personas adecuadas, te apoya por si hay que llenar formatos, etc.
Apoyarte con un buen asesor inmobiliario puede hacer la diferencia entre quedarte en el intento y volverte loco….o lograr la venta de tu casa al precio y en el tiempo adecuado. Platica con tu asesor, conócelo, pregúntale su experiencia y pregúntale sobre las ventajas que te ofrece. Verás que vale la pena elegir un buen asesor inmobiliario.
The Roaring Twenties are no longer a distant murmur in this striking collection of homes that evoke the glamour, grace, and architectural ingenuity of the Jazz Age
turn to a golden era of opulent living as Luxury Defined presents its collection of fine homes that evoke the Jazz Age exuberance and the glitz, glamour, and style of 1920s’ architecture. Gone are the speakeasy, the flapper’s beaded dresses and cloche hats, the collegiate “Oxford bag” trousers, and wasp-waisted suits. But the iconic architecture of, what F. Scott Fitzgerald dubbed, the “age of miracles, the age of art, and the age of excess” will never go out of vogue. Whether the style is Art Deco, Moderne, Bauhaus, Neo-Georgian, Spanish Colonial, or Mission Revival, you will see simplicity and richness of design, clean lines, warm-toned palettes, lavish textures, and visual grace notes as refreshing to contemporary taste as they were to the Gatsbyesque residents of that excessive, often turbulent, but ultimately glamorous epoch of the 20th century.
Splendid Chateau (1927) Westmount, Quebec, Canada
The spirit of post-WWI affluence and style lives on at this château-like manor in a leafy enclave of Montreal. Built in 1927, the four-story, seven-bedroom residence commands 8,000 interior square feet and nearly half an acre of tranquil wooded grounds. The interior architecture harks to the splendor of the past: nine-foot ceilings and mahogany floors, crafted millwork, wainscoting, and coffered ceilings. A library with floor-to-ceiling windows overlooks the garden. Fireplaces warm the grand salon and dining room, which seats 16 comfortably. Creature comforts include an elevator, gourmet kitchen, numerous fireplaces, wine cellar, bar, billiard room, sauna, and gym. There are ample accommodations, seven bedrooms including staff quarters and a master suite complete with fireplace, dressing room and boudoir/office with a private terrace with breathtaking views of Montreal.
Casa Espanol (Mid-1920s) Long Beach, California
Buster Keaton shot silent movies in Long Beach, and he would feel at home in this classic,three-bedroom Spanish Colonial hacienda, restored to its mid-1920s’ grandeur. The interior’s earthy palette uses cream and tan walls accented with dark wood tones, with custom fresco hand-painted crown moldings and ceilings, burnished wood floors, and Spanish tile throughout. The sensational amenities include a gourmet kitchen, separate kitchenette, laundry room, powder room, and library/den. French doors off the formal dining and living room open to the courtyard’s resplendent garden with waterfall, pond, and seating area surrounding a fire pit. Upstairs, the three bedrooms all have individual balconies and cedar walk-in closets. The garage includes superb guest quarters above.
Riverfront Grandeur (1920) James Island, Charleston, South Carolina
This star of this elegant waterfront home is a breathtaking front-row panorama of Charleston’s Stono River. Adding to the splendor is a deepwater dock with a 30-foot floater, eight-ton boat lift and a dry slip, all serviced by a generator, water line, and boat shed. The ornate 4,560-square-foot interiors have retained all of their 1920s opulence. A study with cypress built-ins adjoins the family room and formal living room with fireplace. The covered patio with Jenn-Air grill is just off the eat-in kitchen with Wolf appliances and a wet bar. The second floor’s master suite has a large walk-in closet and a lavish spa bathroom. The third and fourth guest bedrooms look out upon enchanting views of the river.
Rationalist Villa (1928) Benimàmet, Valencia, Spain
This traditional Valencian villa was built in 1928, during the Spanish Rationalism period, when clean lines, geometric forms, and structurally defined spaces were paramount. Renovated in 2008, the residence features a multi-tiered façade and original Art Deco elements such as ornate stained glass finishes, beautiful mosaic-tile floors, and decorative beamed ceilings. There are five bedrooms, formal reception rooms, and luxury amenities including a wine cellar and lower-level recreation area for entertaining in style. The mature landscaped garden is an oasis of serenity complete with spaces for alfresco entertaining, including a unique paella cooking area.
Mediterranean-Revival Manor (1923) San Antonio, Texas
Built in 1923, this Mediterranean Revival is distinguished by its exquisite proportions and craftsmanship. Evoking a Gatsbyesque grandeur, a gated entrance opens to a long driveway that winds past close-cropped lawns to arrive at sumptuous Neoclassical-inspired checkered terraces and a grand foyer. Arched sliding pocket doors open onto a library with outdoor access, a dining room, and a formal living room with a detailed fireplace and adjoining sunroom. The large-scale kitchen offers restaurant-grade appliances and a butler’s pantry. A grand staircase ascends to a spectacular living area that opens onto a balcony revealing enchanting views of the parklike grounds, replete with a canopy of trees and specimen plants. Seven classically appointed bedrooms and five bathrooms comfortably accommodate owners and overnight guests.
Villa Hoogenoord (1923) Doorn, Utrecht, Netherlands
Villa Hoogenoord was built in 1921 on three quarters of an acre of landscape-sheltered grounds in the pastoral, Medieval province of Utrecht. Behind massive wooden double doors, roomy, light-filled interiors await, especially the 645-square-foot living room, with its monumental tiled fireplace and half-round sunroom. The dine-in kitchen is an epicurean’s dream with a fireplace, wainscoting, and a coffered ceiling. The upper floor has a balcony revealing a pastoral perspective at the front of the house. The central hall accesses three bedrooms (two with a balcony) and the luxe master suite. A detached stone outbuilding provides a cozy living space with underfloor heating, kitchen, sauna, and parking garage. In addition to glorious grounds, this exclusive estate enjoys proximity to the historic center of Doorn, famous for the eponymous castle that was home to the last German Emperor, Kaiser Wilhelm II.
*Fuente: Luxury Defined, Christie’s International Real Esate
From kitchen updates to backyard decks, these are the features to consider if you’re hoping to sell to a first-time homebuyer.
If you own a midsized home (especially in a hot suburban real estate market like Cary, NC, or Chesapeake, VA), you may be selling to a younger demographic. Millennials have begun entering the home-buying market and, according to a Trulia survey, are specifically interested in homes between 2,000 and 2,600 square feet. If your house already includes these five features, you’re in luck: Your house has the amenities this group will be looking for by 2018, when 72% of people between the ages of 18 and 34 plan to buy a home. Read on to learn which features will help you sell your home fast, and how you can renovate your home now to be ready to sell in a few short years.
1. Backyard deck
Few things disappoint a millennial more than discovering their otherwise-perfect dream home has no back deck. If you don’t have one, or if you have a tiny afterthought-type deck, consider building one for the 59% of millennial homebuyers who, according to Trulia’s survey, adore this feature.
Besides pressure-treated pine, there are composite deck materials, which many homebuyers prefer. Composite materials require less maintenance and can be just as beautiful as wood — or even more so. But they often cost more to build with. Split-level decks and built-ins are also great features to consider when designing a back-deck addition.
2. Gourmet kitchen
Remodeling your kitchen can be a great way to see a sizable ROI and will keep your home attractive to buyers in a competitive market — 53% of young buyers surveyed are interested in gourmet kitchens. But do you know what constitutes a gourmet versus a functional kitchen? Here’s your formula for a millennial’s dream kitchen: state-of-the-art appliances, impressive surfaces, and storage galore.
Gourmet cooks and gas ranges go together like love and marriage. Double ovens (one being convection), warming ovens (much better to keep foods warm than zapping in the microwave), and a microwave drawer are other impressive features to include in a kitchen overhaul. And if you don’t have room for a separate fridge and freezer, choose a fridge with a freezer drawer on the bottom.
Stainless steel or stone countertops are good options, especially when paired with a subway tile backsplash. If those just aren’t in the budget, choose a laminate that mimics the look. “Millennials have grown up on HGTV and want the look of a granite countertop, even if the seller has used less expensive materials to achieve that look,” says Melissa Rubenstein, a New Jersey real estate agent. And you know cooks will open all the cabinets and drawers to see what’s what. Impress potential buyers with a big pantry, impressive use of space — such as a sliding spice rack — and lots of cabinet room.
Can’t afford to go totally gourmet? “Definitely spend the money on a cosmetic update,” says Ann Wilkins, a San Francisco, CA, real estate agent. “New counters, subway tile backsplash, and freshly painted (white) cabinets go a long way in updating a kitchen for minimal money.”
3. Open floor plan
If you have an open floor plan, you’ll attract 45% of millennials, who use the space for socializing while cooking, keeping an eye on the kids, and having a more impressive entertaining space. Plus, the open floor plan lets in more light, which makes your house show better. If your house still has a staged living and dining room, be honest: How many times a year do you use these rooms? Only on holidays, right? Remove those walls and create an open floor plan. (Of course, you might need to leave up a partial wall or install some posts to hold up the house!)
4. Balcony with a view
If you’ve got a balcony with a view, you’re golden — 60% of millennials put this at the top of their lists in Trulia’s survey. While you can’t create a view from scratch, you can make your balcony more inviting. Add some flower boxes on the top railing for enhanced privacy. Create a welcoming seating area with bench seating along the walls or add outdoor tables and chairs to show potential buyers how they can enjoy dining alfresco.
5. Vegetable garden
Question: What do millennials and the sweet grandma down the street have in common? Answer: They both love vegetable gardens.
Besides posting pictures on social media of their homegrown produce, large numbers of millennials are truly interested in getting back to nature and living a simple, healthy lifestyle. Buying organic can be pricey, so being able to grow produce is hugely attractive to 40% of millennials surveyed. Start a garden yourself, or at least point out the perfect spot in your yard for growing vegetables.
Stars’ house-hunting expeditions look quite a bit different from everyone else’s.
Never mind what the celebrity magazines say: When it comes to home listings, the stars are not just like us.
Agents who represent celebs on either side of a real estate transaction must tread carefully.
“The last thing you want is your neighbor taking a selfie with your Academy Award,” said Kofi Nartey, who recently launched Compass’ global sports and entertainment division.
1. No cell phones allowed
Nartey and other agents frequently prohibit cell phones inside properties listed by stars. Allowing them is not worth the trouble, and people who are truly interested in buying the home — sometimes celebrities themselves — tend to understand.
2. Discretion is key
Because paparazzi and gossip mongers are constantly lurking, it’s important to be discrete about all sorts of things — including what exactly a celebrity client is looking for in a home. Take the star Nartey represented who was deciding whether to buy homes “based on how many people could fit in the shower.”
That was a tricky expedition. “Sometimes you can tell from photos; sometimes you preview it,” Nartey explains. “Sometimes you call the listing agent and say, ‘This is going to sound odd, but how many people can fit in the shower?’”
3. Tell a story
Celebrities who agree to publicity for their multi-million dollar listings often have more control over the message, and an agent can have a lot of fun with those stories both in the media and in presenting homes to potential buyers.
When Nartey was marketing the Michael Jordan estate outside Chicago, which is listed for $14.855 million, “we were able to talk about the breakfast club, which was a group of his teammates who got together for breakfast and to train at his house.”
Even former homes of everyone from Cher to Groucho Marx can gain publicity points for the lingering stardust.
4. Some stars are shy
Fame brings more eyeballs to a property, and sometimes more money. But it can cut both ways: Stars who value privacy must take extraordinary steps to hide their ties to a home.
That can start when the home is bought, by using a trust name and address that’s not traceable to the real owner. Still, photographers and fans have a way of ferreting out celebrities’ homes — one reason that, by the time they sell, they’re ready to leverage their celebrity.
Even then, the going can be rough.
One star had people trying to climb over his fence as soon as news of his listing hit, said Sally Forster Jones of the John Aaroe Group. She has brokered her share of celebrity real estate transactions, including for Mariel Hemingway, Candy Spelling and baseball player Coco Crisp.
5. Other celebs are just weird
It helps when celebrity sellers move to another home so prospective buyers can drop by without invading their privacy. But some insist on staying.
Christophe Choo of Coldwell Banker Previews International in Beverly Hills had one client who hung out in her bedroom during showings and hid behind a screen while potential buyers were in the room.
“I can’t tell you how private some of these clients are,” he said.
6. Watch out for looky loos
People used to dropping by open houses just to snoop can forget about that with celebrity homes — or almost any luxury listing.
Agents are good at sussing out whether you have the dough to buy a place, and whether you’re genuinely interested. There’s the Internet, the polite-but-probing telephone interview, and the network of other agents. Some agents require people to come with their own real estate agents.
“We vet who the buyer is, so they’re not going to see a home just because of the star appeal,” said Forster Jones.
On occasions when an open house is permitted for a select group of brokers, there will often be security guards in bedrooms and even in large closets, Choo said. “There can be maybe 10 people manning a private open house.”
7. Keep the entourage happy
Control is a big deal for many high-end clients, whether they’re used to the limelight or the board room.
“A well-paid billionaire or businessman likes to be in control of situations,” Choo said. Even celebrities who are not control freaks can have PR managers, lawyers and others who are, he said, adding that he can’t mention the names of famous clients whose homes he’s sold.
How “millenipreneurs” (affluent millennial entrepreneurs) and other emerging buyers are influencing the prime property market
Up-and-coming homebuyers including high-income workers from the burgeoning tech sector and “millenipreneurs” are spurring a resurgence in prime residential markets across the globe.As part of our Luxury Defined 2016 report on the international luxury residential market, we explore the property markets that are attracting emerging buyers and how young HNWIs are reshaping the luxury residential landscape.
The Rise of the Millennipreneur
The health and pricing of luxury real estate markets are not always internationally fueled; the spending habits of local entrepreneurs also have an influence. Increasingly, where affluent millennial prime property buyers are to be found, so too are what Scorpio Partnership recently dubbed “millennipreneurs” —those of the millennial generation (born between 1980 and 1995) and active in entrepreneurship. Many of the “comeback” markets that have seen an uptick in sales transactions are also seeing an increased interest from affluent millennial and entrepreneurial buyers, particularly in the lower-mid luxury tiers.
Although these “millennipreneurs” frequently purchase homes in urban destinations, some are also choosing traditional resort markets with world-class lifestyle offerings as their primary residence. Today’s digitally connected business world is enabling HNWIs to employ lifestyle pursuits while still maintaining their globally connected entrepreneurial ventures.
Destinations such as Jackson Hole are seeing an uptick from these buyers. “Historically reserved for the understated wealth of iconic families like the Rockefellers or global leaders like former World Bank Chair Jim Wolfensohn, our luxury home buyers are now expanding beyond the historic demographic with a different type of buyer,” says Julie Faupel of Jackson Hole Real Estate Associates in Wyoming’s picturesque town of Jackson Hole, which saw year-on-year luxury home sales increase by 45 percent. “Still understated, Jackson has a new appeal to 30-something angel investors and dotcom sensations, as well as entrepreneurs and business owners with young families that are telecommuting in order to raise their families in this mountain destination.”
Rising prices, limited inventory, and a flurry of low-mid level luxury home sales in major urban areas have also pointed toward this new phenomenon: local buyers moving to outer boroughs if not out of the city altogether seeking a lifestyle arbitrage. In Toronto, outer suburban areas and commutable cities as far away as Collingwood are flourishing thanks to buyers armed with a windfall of disposable income from their million-dollar-plus Toronto home sales. “As it is becoming increasingly expensive for many buyers to purchase in urban markets, many families and empty nesters are moving to the Southern Georgian Bay area where they are able to purchase more affordable homes in all price categories without sacrificing quality of life,” said Diana Lea Berdini of Chestnut Park Real Estate.
The phenomenon is not simply limited to urban pockets and smaller cities on the global hub fringe. High-end property markets in coastal communities are also witnessing this phenomenon. New Zealand’s North Island northeastern coastline has seen an influx of city dwellers who are purchasing luxury coastal properties after selling a high-value Auckland home. Million-dollar-plus home sales in the area have almost tripled over the past three years. Interestingly, this lifestyle arbitrage is at times being fueled by HNWIs who are flocking to areas once seen solely as second-home resort markets. Advances in technology, communication, business attitudes, and transportation are enabling HNWIs to live and work where their passions are best aligned.
In New York, the arbitrage is evident in much closer confines. As trendier Manhattanites migrated to upand-coming areas of Brooklyn, the prices of closer-in areas like Brooklyn Heights, Cobble Hill, and more recently Williamsburg, have ascended to the point that Manhattan is at times being viewed as a lower-priced luxury home alternative. Recent commentary has noted the move from Williamsburg to the Upper East Side, for example, as buyers seek out more affordable per-square- foot pricing and the convenience of Manhattan living.
*Fuente: LuxuryDefined Christie’s International Real Estate
On a per-square-foot basis, the glamorous Monaco ranks as the most expensive market for luxury housing worldwide, followed by Hong Kong and London
The average starting price for a luxury property worldwide is $2,200,000. But how much does a luxury property cost in a markets like Singapore, London, or Toronto? Is the typical price per square foot US$300 or US$3,000? Local context as well as supply and demand all figure into the prices found within different real estate markets, each of which has a unique set of characteristics. In its comprehensive report Luxury Defined 2016, Christie’s International Real Estate experts consider the factors that shape global cities’ real estate profiles and assess how these cities stack up against one another in terms of relative cost.
Many premier global centers—as well as prized second-home resort destinations—continue to command exceptional prices for prime property. A snapshot of 36 luxury primary and resort housing markets (see chart below) reveals that on a price-per-square-foot basis, global economic hubs Hong Kong, London, and New York are the most expensive markets for luxury real estate worldwide by a significant margin. Million-dollar-plus homes in the majority of other luxury housing markets span from just under US$1,100 per square foot to US$200. The exception to this rule is the tiny city-state Monaco, which towers ahead of all other markets and averages more than US$4,500 per square foot for luxury homes.
The following is a snapshot of relative values of luxury homes around the world.
Average Luxury Home Prices (Per Square Foot) $1 million-plus-home sales, 2015
Monaco US$4,500: Average price per square foot for luxury property
Home to the world-famous Grand-Prix motor race, a glittering yacht-lined harbor, and glamorous casinos, the world’s second smallest nation is also home to the world’s most prized real estate on a price per square foot basis. Luxury properties sell for US$4,500 per square foot on average—more than double the next highest city or country around the world. This elegant waterfront estate overlooking Port Hercule exemplifies the allure of Monaco’s idyllic perch on the French Riviera. This apartment truly shines at dusk, when the sun sets over the nearby cliffs, affording residents prime views of the Mediterranean from both the floor-to-ceiling windows and the comfortable balcony.
London US$1,930: Average price per square foot for luxury property
A cosmopolitan city since its days as the ancient Roman outpost of Londinium, London tops the 2016 luxury index with an average market sale price of US$2,356,000 and a typical luxury property starting at US$7,000,000. London is extremely desirable to international buyers, and it currently has more properties over US$1 million offered from sale than any other city. In 2015, London had the second-most expensive residential property in the world sell for US$140,000,000 or £92,000,000. This lovely four-bedroom row house in desirable Notting Hill (US$7,200,000 or £4,950,000) shows how a historic property that’s been skillfully and stylishly updated can suit a growing family and offer room for entertaining as well. A landscaped garden and cleverly designed wine room are among its many charms.
Hong Kong US$3,000: Average price per square foot for luxury property
In 2015, the fashionable harbor city of Hong Kong edged out London for the most expensive residential sale in the world with single family home selling for $194,000,000 or HK $1,500,000,000. Typical luxury residences here start at US$5,000,000, and sell on average for US$3,000 per square foot. Hong Kong is also the site of the highest price paid per square foot on a single residential sale (US$19,563).
New York US$1,860: Average price per square foot for luxury property
Known across the United States as the eternal home of the next “it” neighborhood and some of the costliest real estate in the country, New York ranks as the fourth most expensive city for luxury homes worldwide on a per square foot basis. Perhaps no neighborhood in Manhattan better illustrates the constant evolution of the city’s luxury market than Chelsea, where the art world elite dominate the streets along 9th and 10th Avenue and the High Line brings fresh blooms and serene green space to a former industrial rail line. New luxury condos are constantly taking shape here. In a West 23rd Street building designed by Neil Denari with interiors by Thomas Juul-Hansen, this exquisite 12th-floor residence has floor-to-ceiling windows that provide spectacular skyline (and High Line) views.
Paris US$960: Average price per square foot for luxury property
The City of Light remains an international symbol of luxury and style. With its unparalleled concentration of art, culture, architecture, food, and fashion, Paris belongs in any list of top luxury locations worldwide. High-end homes in Paris range from new-build condos to grand Beaux Arts-style apartments that line the city’s leafy boulevards. Million-dollar-plus homes sell on average for just under US$1,000 per square foot. The city is now one of the least expensive European economic hubs for luxury property and prices are 20 percent below their 2011 peak. This exceptionally well-maintained two-bedroom apartment near the Seine and the Champs-Élysées is rich in period detail with high ceilings, floor-to-ceiling windows, ornate plasterwork, and herringbone floors. At approximately US$5 million, it represents a typical offering with all the qualities that make Parisian luxury living unique.
Miami US$750: Average price per square foot for luxury property
Neon-lit Miami is being stylishly transformed by the construction of sophisticated luxury condos along its iconic waterfront that are setting a new bar for interior square footage, spectacular views, and high prices. In 2015, the city broke a regional record with a US$55,000,000 sale of a new-build penthouse. Typical luxury listings in this culturally vibrant tropical mecca hover around US$1,000,000.
Sydney US$680: Average price per square foot for luxury property
Australia’s most populous city set regional records in 2015 with a US$53,500,000 sale of a single residence, brokered by exclusive Affiliate Ken Jacobs. Luxury homes in the harbourside city sell on average for US$680 per square foot. With its cosmopolitan culture and spectacular sunny weather, Sydney is becoming an established global hotspot for prime property. It currently claims one of the most exceptional listings in the Pacific, the Elaineestate, a historic property located on the harbor. The estate is composed of multiple waterfront parcels as well as a magnificent Victorian that was once the residence of a prominent Australian media family.
Toronto US$680: Average price per square foot for luxury property
Canada’s most populous city, Toronto, where luxury properties sell for an average of just under US$700 per square foot, ranked as the second “hottest” city for luxury property in this year’s Luxury Defined report. Like Sydney, Toronto is known for its Victorian architecture mixed with innovative new designs as well as its spectacular waterfront position. This five-bedroom estate in nearby Kleinburg is listed at US$7,543,712. It sits on 1.28 acres of pristine land adjacent to a ravine and boasts top-of-the-line finishes throughout. Its many amenities include a 2,500-bottle wine cellar as well as a unique swimming pool and impressive gardens.
San Antonio US$284: Average price per square foot for luxury property
On a comparison of luxury real estate on a price per square foot basis, one of the cities that offers the best value for money is San Antonio in south-central Texas. Million-dollar-plus homes sell on average for less than US$300 per square foot in this historic city, the seventh largest in the United States. This grand and impeccably crafted two-story home is a perfect example of San Antonio’s finest estates. Its expansive, 5,421-square-foot interior boasts scores of luxurious finishes, including warm wood paneling, porcelain and marble, hardwood floors, and an ornate wrought-iron stair rail.
Shifts in the global economy are influencing prime property buyers, presenting once-in-a-lifetime opportunities for some and challenges for others
High-net-worth-individuals (HNWIs) are becoming increasingly global in their investment outlook. Extensive fluctuations in global exchange rates—the US dollar hit a 10-year high in mid-2015 after climbing from an all-time low just four years earlier—have presented exceptional opportunities, as well as challenges, for buyers seeking to acquire prime property outside their resident country.
As part of Luxury Defined 2016, our annual report on the prime property market, we explore the impact of exchange rates on the cross-border movements of important buyer groups and examine how currency-strong buyers may benefit from exchange rates that are positioned in their favor.
Gateway US markets such as Phoenix and Miami, where overseas buyers were a steadying post-financial crisis force, have seen the number of international buyers trending down as the rising dollar made US luxury homes more expensive.
Overseas buyers now comprise 35 percent of luxury sales in Miami, a nine percent decrease from 2014. “This reflects the financial uncertainties of countries whose residents have historically been active purchasers of South Florida real estate,” says Ron Shuffield of EWM Realty International. “Despite the downward trend, affluent foreign buyers continue to purchase property in Miami as a currency hedge and a safe store of wealth.”
Although many of our 100 surveyed markets reported decreases in buyers from oil and commodity-dependent countries including Russia and Canada, there has been limited dropoff in Chinese buyer interest.
Wealth has grown fivefold in China since the beginning of the century and Chinese nationals now make up eight percent of the global UHNWI population. After years of widely reported capital outflows, the country’s slowing economy has yet to have significant impact on the global luxury real estate market, with most brokers reporting an increase in Chinese buyers and only a few observing a slight dropoff.
Amid this headline-grabbing national turmoil, Chinese buyers are still purchasing prime property at top prices across the globe. 2015’s highest price residential sales in several important markets (Sydney, Hong Kong, Seattle, and the New York Adirondacks, among others) were sold to Chinese nationals or recent emigrees. And wealthy Chinese nationals aren’t just buying real estate—they are also purchasing art at the top end of the market. A$170 million Modigliani painting, sold at Christie’s in November, went to a Chinese art patron.
A declining euro is also presenting opportunities for affluent second-home buyers in Europe as well as several destinations in the Caribbean. “2015 saw a boost to the market from American clients who are starting to reinvest thanks to the strengthening of the dollar,” notes Zarek Honneysett of Sibarth Real Estate in St Barths.