Real Estate News: Where are millennials predicted to buy in 2016?

Millennials are reshaping the housing market and are said to increasingly settle in cities throughout the United States in 2016 transitioning from renting to owning.  This generation will play a large role in markets across the nation – including Boston, according to Realtor.com.

Millennials have begun to shape every aspect of living – including homeownership. The older end of the millennial generation, ages 25 to 34, make up 13.6% of the U.S. population and an incredible 30% of the current population of existing-home buyers.

This younger generation of home buyers is gravitating towards cities that have an abundance of jobs and a trendy atmosphere of their own. With the number of Universities, hospitals and job opportunities in Boston, there is no surprise that the area is to see an increase in the number of millennial home buyers in 2016.

As part of the realtor.com® 2016 real estate forecast, the top 10 markets to see a surge of millennial buyers in 2016 are:

  1. Atlanta, Georgia
  2. Pittsburgh, Pennsylvania
  3. Memphis, Tennessee
  4. Boston, Massachusetts
  5. Austin, Texas
  6. San Diego, California
  7. Seattle, Washington
  8. Houston, Texas
  9. Denver, Colorado
  10. Charlotte, North Carolina

For more information visit realtor.com

Sotheby’s International Realty News: Significant Sales Volume 7, 2015

The latest issue of Significant Sales features top sales from around the world beginning with an extraordinary home in New York. Also featured is an elegant waterfront property in Martha’s Vineyard, a sprawling ranch in Texas and more than twenty other properties from around the globe.

1$30,000,000 USD | New York, USA

New York – History, elegance, and the conveniences of modern restoration converge in this magnificent home. Boasting unobstructed views down Fifth Avenue, Central Park, the midtown skyline and The Jacqueline Kennedy Onassis Reservoir, this home’s 26 windows and custom detailing accentuate the graceful layout of the grand scale rooms. A Shelton, Mindel and Associates extensive three-year renovation, featured by Architectural Digest, only enhances this rare opportunity to live in one of Fifth Avenue’s most highly regarded buildings.

2$24,750,000 USD | Massachusetts, USA

Massachusetts This residence is part of the exclusive 600-acre Oyster Watcha Midlands Association, an enclave of 15 private homes containing some of the most sought after properties Martha’s Vineyard has to offer. With direct accessto more than half a mile of private, sandy beach along the South Shore, this world-class setting also includes aneighborhood tennis pavilion with a clay court and two hard courts. The compound includes a six-bedroom main house and two-bedroom guest house with 180 degree water views, gourmet chef’s kitchen, solarium, remarkable wine cellar with attached billiard room, home gym and steam room all offering spectacular attention to detail,design and craftsmanship.

3$24,750,000 USD | Texas, USA

Texas – One of the largest ranches in McMullen County, where land is rarely ever for sale, this property has been ownedand operated by the same family since 1963. The ranch was named after a hundreds-of-years-old Live Oaktree, or Encino, that along with the San Caja mesa, appears on maps as far back as the Spanish Colonial Period.The property includes five homes, cattle pens, 18 pastures, and eight water wells. Under a Managed Land DeerPermit, it is a haven for native wildlife including whitetail deer, turkey, quail, dove, javelina, hogs and others.

4$21,000,000 USD | Florida, USA

Florida – With 200 feet of private interior Gulf of Mexico beach frontage this home was expertly crafted by Jerryde Gennaro (architect), Newberry North (builder) and Russell Bencaz (landscape designer). Step through the walled and gated entry and get the feeling of a botanical garden with lakes, waterfalls, koi ponds and native tropical foliage. The dark wood and stone detailing of the interior coupled with the walls of mahogany and French doors create seamless living indoor/outdoor spaces that bring the Gulf views into almost every room. Features include a state-of-the-art media room, outdoor kitchen and one-bedroom carriage house over a three-car garage.

5$15,600,000 USD | New York, USA

New York – This residence is located on a prime residential block off 5th Avenue near Central Park and the Metropolitan Museum. 21 feet wide and 6-stories tall, the house was built as a single-family residence in 1883 andre-designed in the 1970’s by renowned architect Robert A. M. Stern. The house is in excellent condition with high ceilings and working fireplaces throughout.

Click here for the full issue of the Volume 7 2015 Significant Sales.

Significant Sales was designed to be a powerful tool for listing distinctive properties as it showcases the global reach and power of our broad network.

 

Grand Dining Rooms: A Feature of Listings from our Affiliates Around the World

Thanksgiving is just around the corner! Are you planning to spend the next few days preparing a delicious meal to share with your loved ones around a table?

Explore some of the grandest dining rooms courtesy of our affiliates from all over the world and make one of these homes your own.

aspen$34,849,846 | Dubai, United Arab Emirates 

Dubai – An immaculate 32,398-square-foot villa, this home is located in the R neighborhood of Emirates Hills and features opulent facades, contemporary finishes and a manicured garden.  Ideal for entertaining, the home includes an oversized dining room, breakfast room, main kitchen and a state-of-the-art kitchen located directly below the main kitchen with a separate staircase and dumbwaiter.

hollywood Fla$8,900,000 USD | Hollywood, Florida

Florida – Located within the Estate Oak gated community, this sprawling mansion is a smart home comprised of 11 bedrooms, five full-bathrooms and five half-bathrooms.  The home features an incomparable dining room, Passover kitchen, Kosher kitchen, crystal chandeliers, custom ceilings and tri-color custom inlay marble floors imported from Italy.

spainPrice Upon Request | Costa del Sol, Spain 

Spain – A French Colonial-style mansion overlooking the Mediterranean Sea, this home features natural stone and carved wood finishes throughout.  In addition to an ornate dining room, the property features a piano bar, cinema room, spa area with indoor swimming pool and a gym.  Outside, there is an infinity pool surrounded by Roman-style marble columns, a tennis court and an interior courtyard with water fountain.

houston$43,000,000 USD | Houston, Texas

Houston – This Versailles-inspired chateau spans over 27,000 square-feet and is situated on 2.5 acres of wooded land.  With a most regal dining room, the residence features hand-painted décor, meticulously reproduced molding, white marble tile and inlaid hardwood floors, antique boiserie, chandeliers and marble fireplaces.  The home’s kitchen includes an entertaining kitchen, catering kitchen, butler’s pantry and office.

aspen$49,500,000 USD | Aspen, Colorado

Aspen – Nestled on almost six acres of land atop Red Mountain, this home has seven bedrooms, seven full-bathrooms and four half-bathrooms.  Named The Summit House, it features opulent finishes, custom designed furniture and state-of-the-art audio, visual and lighting systems.  With floor-to-ceiling windows throughout, the inspiring formal dining room features breathtaking views of the Rocky Mountains.

 

Do not hesitate to contact us today regarding the above properties and make one of these extraordinary homes your own. Call 844.667.6663 or visit our website: Gibson Sotheby’s International Realty for more information.

 

Real Estate News: Greater Boston Area Sees Record Setting Sale Prices in October

Homebuyers stayed active this fall as closed home sales went up in October close to eight percent compared to October 2014 in Massachusetts according to the Massachusetts Association of REALTORS® (MAR). This is the fifth straight month of year-over-year increases in single-family home sales.

“Buyer momentum continued to drive the increase in closed sales this October,” said 2015 MAR President Corinne Fitzgerald. “Buyers are snapping up the available inventory of all homes very quickly and this is pushing prices higher. Like everyone else involved in real estate, we’re waiting to see what the Fed does with interest rates in December as a predicted increase could impact prices.”

More specifically in Greater Boston, the housing market experienced an overall increase in residential property sales during October, as sales for detached single-family homes rose to a new record level for the month. However, condominium sales slowed for the first time in four months as prices rose sharply and inventory lagged, according to data from the Greater Boston Association of REALTORS® (GBAR).

“Following a month of record single-family home sales and a significant rise in pending sales in the single-family home and condo markets, we and many of our agents feel optimistic about the market going forward,” said GBAR President David McCarthy. “We’re seeing steady price appreciation and many buyers feel that if they don’t act now they could be subject to that increase in the future, and right now no one is predicting prices to flatten within our market in the coming year.”

Greater Boston Single-Family Market Overview

  October 2014 October  2015 +/-
Closed Sales 1,048 1,184 +13.0%
Median Sales Price $435,000 $440,000 +1.1%
Days on Market Until Sale 71 70 -1.4%
New Listings 1,546 1,586 +2.6%

In the single-family home market, the median selling price improved 1.1 percent over the past 12 months, from a median of $435,000 in October 2014 to a new record high price of $440,000 this October. In the single-family home market, pending sales increased 20.5 percent on last October’s rate, with 1,410 pending sales last month up from 1,170 pending sales a year ago.

Greater Boston Condominium Market Overview

  October 2014 October 2015 +/-
Closed Sales 865 802 -7.3%
Median Sales Price $394,000 $454,950 +15.5%
Days on Market Until Sale 53 52 -1.9%
New Listings 1,080 1,137 +5.3%

The condominium median selling price had a sharp price increase of 15.5 percent in the past year, from a median of $394,000 last year to a record high median for October of $454,950. Pending condominium sales last month also increased from 822 pending sales in October 2014 to 977 pending sales this year, resulting in an 18.8 percent gain.

“We live in a region with well-paying jobs and excellent schools and that combination leads to a strong housing market, even with a limited housing supply, as we saw last month,” said McCarthy.

Demand for both condominiums and single family homes is healthy, although lack of inventory is putting upward pressure on prices. Due to this, sellers are profiting greatly – especially in the condominium market. October marks the seventh consecutive month the ratio of list price to sale price has stood at or above 99 percent – meaning the typical condo owner was able to sell their unit for nearly full asking price or above the original list price – meaning that now is a great time to take advantage of the current state of the market.

About the Greater Boston Association of Realtors: The Greater Boston Association of REALTORS® (GBAR) represents over 6,500 real estate professionals throughout the Greater Boston and Eastern Massachusetts area and is one of the local boards of the National Association of REALTORS® – the largest trade association in America. GBAR® provides professional development courses, standard forms, legal reports and updates, brokerage counseling, legislative and regulatory representation, ethics, mediation and arbitration services, as well as recognition awards.

Sources: Greater Boston Association of Realtors®, Massachusetts Association of Realtors®

Planning a Trip to Times Square this December?

As part of a collaboration with the New York Stock Exchange, Sotheby’s International Realty will have a video promotion amongst the bright, flashing lights of Times Square.

On average, Times Square sees 1.6 million visitors PER DAY. Set to run 15 times per day throughout the month of December, this ad will solidify the strength of the Sotheby’s brand and further expose the extraordinary services that Sotheby’s International Realty has to offer.

Watch the banner live below:

Sotheby’s Auction News: Picasso Piece Sets New Auction Record

In just 26 hours Sotheby’s sold $726.7 million at their Impressionist and modern art evening sale in New York. The lot included masterpieces by Pablo Picasso and Vincent Van Gogh that sold for $67.5 million and $54 million, respectively. A total of forty-seven lots were offered in the trade. This semiannual sale kicked off a ten-day auction. It was the first big test in the art trade business since the stock market revision in August and September, and it did not fail to raise confidence in art buyers.

La Gommeuse
The most expensive work to be sold was Picasso’s “La Gommeuse” from billionaire owner, William Koch. The piece itself fetched $67.5 million from the estimated$60 million to a Zurich-based art dealer, Doris Ammann. Picasso’s masterpiece was created at the start of his “Blue Period” in 1901. It depicts a nude cabaret dancer with a pale face, red lips, and black curls. On the back of the canvas lies a second painting- a caricature of Picasso’s friend Pere Manach.

 

art1

Pablo Picasso, La Gommeuse (1901), was the sale’s top lot and fetched $67.5 million. (Photo: Sotheby’s)

The painting was originally bought in 1984 for $1.7 million at Sotheby’s in London. Additionally, Koch sold his Claude Monet’s 1908 “Nympheas” for $33.9 million- tallying the sale to about $100 million, a third of the night’s sales.

Wild Flowers 
The second-priciest piece of the night was Vincent van Gogh’s “Paysage Sous Un Ciel Mouvementé”, a landscape piece of wild flowers under billowing clouds. This masterpiece took in $54 million from an estimated $50 – $70 million. On a surprising note, only one bidder wanted the piece. It came as a surprise to Impressionist specialists that night.

art2

“Paysage Sous Un Ciel Mouvementé” by Van Gogh. (Photo Sotheby’s)

These two works are just a sample of items for auction. For more items on Auction visit Sotheby’s.com.

Additional Sources: Observer, NY Times, WSJ, Bloomberg

 

Sotheby’s International Realty News: Brand Expands Presence in Washington

washingtonSotheby’s International Realty Affiliates LLC today announced that DiDario Colon in Walla Walla, Washington, is the newest member of its real estate network and will now operate as Walla Walla Sotheby’s International Realty.

The firm, which is owned and operated by Jayne DiDario and Lew and Cherie Colon, will service the greater Walla Walla County area including College Place, Dayton, Lowden, Touchet, Waitsburg, and Walla Walla. With this addition, the Sotheby’s International Realty brand now has seven independently owned and operated affiliates in Washington state.

“We’re excited to add this fine firm to the Sotheby’s International Realty network,” said Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC. “Located in a premier wine producing area in the Pacific Northwest, Walla Walla has seen an increase in interest from buyers all over the world, making it an ideal market for our brand.”

“Our affiliation with Sotheby’s International Realty offers our local clients global exposure and gives us the opportunity to serve clients internationally,” said DiDario. “We are excited to be a part of such a recognizable and well-respected brand while continuing to offer the highest standard of professionalism.”

The firm’s office is located at 3 East Main Street in Walla Walla. Each office is independently owned and operated.

Our network continues to grow at lengths as we have a presence in over 61 countries and territories worldwide encompassing 17,000 dedicated real estate sales associates. Here at Gibson Sotheby’s International Realty we would like to congratulate Jayne DiDario and Lew and Cherie Colon, their team and of course the Sotheby’s brand for this significant achievement.

Take a look at our previous blogs below in order from most recent to older news to read about other grand openings to see just how far the Sotheby’s brand has come in such a short period of time.

Source: Sotheby’s International Realty 

Luxury Real Estate News: New Study Shows Ultra Wealthy Buyers Seek Non-Traditional Homes Abroad

It has been reported that an increasing number of ultra high net worth (UHNW) individuals are buying non-traditional homes outside their domiciles according to a new study by Wealth-X and the Sotheby’s International Realty® brand, released today.

Wealth-X has identified more than 211,000 ultra high net worth individuals globally – defined as those with US$30 million and above in net assets – and 79% of them own two or more residences.

The Wealth-X and Sotheby’s International Realty UHNW Luxury Real Estate: Multi-Homers Report reveals that these UHNW buyers look for residences that are environmentally sustainable, technologically sophisticated, or that fit better with their personal and family needs.

Below are other key findings from the report:

  • The average UHNW Multi-homer is 63 years old, has a net worth of US$165 million and is married.
  • The United States is the most popular location for second homes among the ultra wealthy, followed by the United Kingdom and Switzerland.
  • Four types of luxury home types have emerged as favorites among the global ultra wealthy: Green Homes, Smart Homes, Private Islands, and Serviced Apartments. These types of luxury residences serve their needs, aspirations, and lifestyle considerations.
  • The Caribbean and the Mediterranean remain favorites among UHNW buyers for private island homes, but Southeast Asia, Canada, Belize and the United Kingdom are gaining popularity.
  • UHNW Multi-home buyers are fueling market growth in regions beyond global urban hubs such as London, New York City and Hong Kong. The report profiles Miami, Florida; Geneva, Switzerland; and Long Island, New York.

Download the full latest report here.

The Wealth-X and Sotheby’s International Realty reports look at trends in the UHNW population’s appetite for luxury residential real estate across the world, identifies specific attitudes, behaviors and locations that matter to this industry and this wealth segment.

View previous joint reports below:
Global Luxury Residential Real Estate Report
Europe, Middle East and Africa Luxury Residential Real Estate Report
UHNW Luxury Real Estate Report: Homes As Opportunity Gateways

Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website.  In addition to the referral opportunities and widened exposure generated from this source, the network’s brokers and clients benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs.  Each office is independently owned and operated.

About Wealth-X
Wealth-X is the global authority on wealth intelligence, providing sales, marketing, strategy and compliance solutions to clients in the financial services, luxury, not-for-profit and education sectors. Its award-winning research and thought leadership are regularly cited by the world’s media such as CNBC, Financial Times, Thomson Reuters and BBC. Wealth-X has more than 250 staff in 10 locations, including Singapore, London and New York.

About Sotheby’s International Realty Affiliates LLC
The Sotheby’s International Realty network currently has approximately 17,000 sales associates located in approximately 800 offices in 61 countries and territories worldwide. Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby’s International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.

Real Estate News: Brighton’s New Lancaster Condos Selling Quickly!

lancasterA brand new Boston condominium complex is official open and selling quickly. The new 55 unit Lancaster condos at 1501 Commonwealth Avenue in Brighton are brand new, spacious and affordable.

According to Curbed Boston, units are selling at a range of different prices including a one bedroom closing for its asking price of $490K. Other units including a one bedroom was originally asking $615,000 and sold for $630,000. A two bed, two bath penthouse over 1,200 square feet got $806,000. Other units are selling for prices such as $630K, $535K.

The various size and style condos include anything from 1 bedroom to 3 bedrooms and penthouse floor plans. The condos feature: Bosch appliances in the kitchen, shaker style cabinetry, granite countertops, Hardwood floors in the living area, and balconies for most 3 bedroom and penthouse condos. The Lancaster also includes a common courtyard and patio area, a fitness & exercise area, and a heated garage and is located directly on the Green Line T stop. Not only are these apartments for sale but select units are for rent as well, starting at $2800 with parking.

The building is officially open and condos have sold fast, however, to get a better look at the beautiful Lancaster condominiums in Brighton, visit Lancaster Boston.