Coronavirus / 4 posts found
How Coronavirus is Impacting Luxury Real Estate
Reposted from Forbes | Dima Williams, Contributor | March 19, 2020 In the final quarter of 2019, luxury real estate in the U.S. rallied both in sale volume and price. The segment posted double-digit sales growth year-over-year for the first time in 2019. The entry price rose by 2.1% to $1.27 million, according to the realtor.com’s latest luxury report. “The stock market was very strong in the last quarter and we also saw mortgage rates that were lower than they had been a year prior,” says realtor.com chief economist Danielle Hale. “That really helps the luxury segment show a lot of strength.” The new year looked promising. Then, coronavirus gripped the…
Investing in Luxury Real Estate
Reposted from Investopedia | By AMY FONTINELLE | Updated Sep 13, 2020 Real estate has long been considered a safe investment, whether you own, flip, or rent. If you have the money, you may want to expand your portfolio into the luxury real estate market. Before you jump in, here are some of your options for investing in luxury real estate. Luxury real estate prices were hot and had been soaring. Case in point: The most expensive residential real estate sale of 2019 was a Manhattan penthouse that sold for $240 million, according to data from Miller Samuel Inc. That’s almost $166 million more […]
The Luxury Market is Bouncing Back
Repost from housingwire.com | By Julia Falcon | June 25, 2020 Chief economist says the luxury market is leading the recovery With home price growth outpacing the overall housing market, it appears that luxury homes are bouncing back as homebuyers returned to the market in full force in May. According to realtor.com’s Luxury Housing Report released on Thursday, the luxury market actually outpaced the rest of the housing market in both price growth and views. Luxury home sellers re-entered the market with new listings for homes priced above $1 million, down just 15.1% year over year in May, compared to 57.8% in April. This means […]
Los Angeles’s Luxury Real Estate Market Might Be Covid-19 Proof
Reposted from Bloomberg | By James Tarmy | July 24, 2020 In late June, Lillian Lim, an independent developer whose company Sea Society LLC buys and renovates homes, listed a 2,400-square-foot craftsman-style home a short walk from the Larchmont Village neighborhood of Los Angeles. She’d bought it for $1.5 million in 2019 and done extensive renovations; within a week of listing it for $2.495 million, she had a firm offer. Soon after, a second, all-cash offer above ask came through, and now the house is in escrow. “I was nervous, but by the time it was ready to hit the market, there […]