Canadian Luxury Resort Sales Booming

Canada record-breaking sales of luxury homes
High End Market Trends report, ReMax Canada said previous sales records for high-end homes broke records in nine of the 13 regions examined. The real estate ...
http://www.theglobeandmail.com/report-on-business/remax-reports-record-breaking-sales-of-luxury-homes/article1546686/
ReMax's definition of a luxury home varies by market, from $400,000 in St. John's to $2-million in Greater Vancouver. The amount is usually arrived at by looking at the top 1-to-5 per cent of sales in any given market
From the survey:
A luxury home was most expensive in Greater Vancouver at $2-million, followed by $1.5-million in Greater Toronto and Montreal Island.
Upper-end markets were most abundant in Atlantic Canada and smaller centres in Ontario, where luxury home prices started at $400,000 in St. John’s, $450,000 in Halifax-Dartmouth, $500,000 in London St. Thomas, and $750,000 in Ottawa and Hamilton-Burlington.
Winnipeg and Edmonton saw the luxury market around $500,000 and $850,000 respectively.
The most expensive house sold in Canada in the first quarter, according to the Multiple Listing Service managed by the Canadian Real Estate Association, was in Vancouver's west side, selling for $10-million. The house is on 3/4 of an acre, and is 11,600 square feet.
“While comparisons are being made to one of the worst first quarters on record – it’s important to note that the bounce back in many areas including Greater Vancouver, Victoria, Winnipeg, London-St.Thomas, Greater Toronto, Ottawa, Montreal (Island), Halifax-Dartmouth, and St. John’s - exceeds record levels reported in years past,” ReMax stated.

Vail Real Estate Sales Booming

First quarter real estate sales continue upward path

Positive first quarter real estate figures in Eagle County showed twice the volume compared with first quarter of 2009.

March saw the highest dollar volume month in over a year with $131 million in sales. This brings 2010 first quarter total to $318,726,934 which is more than twice the numbers of first quarter in 2009.

There were 102 transactions in March bringing the first quarter to 276; again nearly twice that of 2009 through the same period. Fourteen of these transactions were Westin Riverfront sales, totaling more than $6 million.

The high end market continues to move in March. There were 9 properties that each sold for over $5 million totaling $57,669,800.

Three contributing factors for the quick start to the year:

1. Westin Riverfront: 64 sales totaling $37,229,400
2. High end sales: 16 sales have sold for over $4 million, totaling $94,475,000
3. Bank owned sales: 17 totaling $13,578,900

March Highlights:

• 53 Multi-family homes sold for an average sales price of $990,296
• Properties over $2 million accounted for 62% of the total dollar volume
• Eagle County’s overall average sales price was $1,291,187

Aspen Real Estate Market Booming

The Telluride real estate market has historically followed the Aspen and Vail market trends about 6 months in arrears. FYI.

Summary for the month of March

• $103,247,244 total dollar volume, up 120% from March 2009
• 84 total transactions, an increase of 105% from March 2009
• Year to date, through March, dollar volume totals $207,733,603 – a decrease of 23% from the same time period last year
• Through March, transactions total 179, a decrease of 7.25% from the same time last year
• Aspen led the county with 31 transactions, interval sales totaled 14, Snowmass Village reported 13, Basalt reported 4, Old Snowmass reported 3, the remaining 19 transactions were quit claim deeds with an associated document fee
• Aspen’s total dollar volume was $52.37 million, Snowmass Village reported $38.26 million, Old Snowmass $6.587 million, Basalt $3.275 million, Intervals $2.642 million, the remaining $117,912 were quit claim deeds
• There were two notable residential sales for the month, both in Snowmass – one for $10 million and another for $9.04 million
• There were no sales in the month of March with a bank listed as the grantor, there have been 2 thus far in 2010
• The average single family sold price through the month of March is $3,712,121, a decrease of 24% from full year 2009
• The median single family sold price through the month of March is $4,100,000, an increase of 30% from full year 2009
  • Please see page 4 of the PDF for additional information by specific area of the county
• Interval dollar volume totaled $2.642 million, a decrease of 81% from March 2009
• Interval transactions totaled 14, a decrease of 39% from March 2009
• Hyatt Grand Aspen led with $918,000, followed by Timbers with $705,000, Ritz Carlton reported $470,000, St. Regis $350,000, and Sanctuary $199,000
• Hyatt led transactions with 6, Ritz Carlton reported 4, Timbers had 2, St. Regis and Sanctuary rounded out the total, each reporting 1
• Through March, interval dollars total $18,643,975, a decrease of 84% from the same time period last year
• Though March, interval transactions total 37, a decrease of 68% from the same time period last year
  • Recall that in early 2009 there was a lot of activity with both The Residences at Little Nell and Dancing Bear.  Through March of last year, the Nell had a total of 67 transactions and Dancing Bear had 25

Dual Carribbean Citizen via Property Purchase

Catherine Deshayes

7th Heaven Properties, a specialist in the sale of Caribbean properties, has seen sales enquiries up 60% in early part of 2010. Of these nearly 20% are a direct result of the Economic Citizen Partnership which allows purchasers to become island residents...

Under the Partnership agreement, people making a minimum investment of US$350,000 in a property or villa plot are entitled to apply for island Citizenship. Islands to realise the potential in allowing purchasers to become residents have quickly become hot spot destinations and include St.Kitts and Nevis, Dominican Republic, Belize and Dominica - with more to follow including St.Lucia, Grenada and St. Vincent and the Grenadines.

On the island of St Kitts, Oceans Edge (1 bedroom beachfront apartment) www.7thheavenproperties.com/property.asp?Id=541 is for sale for £252,736. Under the Economic Partnership Scheme the eventual purchaser will be in line to become a citizen of St Kitts for life with eligible family members also being given full residency status. Other benefits include:

· Dual citizenship opportunity

· Passports are issued to successful applicants and any eligible dependants

· Residency in St Kitts is not required

· Visa Free travel to a number of countries including European Schengen Countries

· Tax free status on foreign income, capital gains, gift, wealth and inheritance tax

· The right to work in St Kitts

As owner and director of 7th Heaven, Walter Zephrin explains: "In light of the downturn in the economy, increases in taxes across major economies and the significant drop in property value across the globe, the Caribbean remains a strong and vibrant investment option. The ECP provides property buyers and investors with an added incentive to purchase in the region. Having dual citizenship provides the buyer with ease of access to the destination, relocation alternatives and year round access to the sun and sea. Taxes in the Caribbean are generally lower and the region remains stable with diverse appeal."

To date the Caribbean has not suffered a development downturn in any way similar to many destinations.

The region's continuous drive to attract tourists to the islands all but guarantees property investors taking the buy to let option are sure of a sound investment. Walter Zephrin is establishing himself as a trusted and knowledgeable expert in the sales of Caribbean property as new client Rufus Gobat explains "I have known Walter personally for many years, and have always been impressed by his knowledge of the global property investment market and the Caribbean region in particular."

Naples Real Estate Market Improving

Naples Real Estate Market Statistics – April

by adeltarealty

in Naples Market Update

The Naples real estate market for the month of March is continuing to show strengthening. The buyer’s market continues, however, it weakening especially since last year.

HOMES:

Homes available for sale, as of March 31 – totaled 3784. Of this total 659 were potential short sales, and 136 were foreclosures. This translates to 10.8 months of inventory (normal market is between 5 and 7 months) versus last year 21.1 months. This statistic most clearer reflects the higher level of sales activity of homes in the Naples area.

A total of 366 homes closed in March. Last March a total of 318 homes were closed.

Pending sales for the month of March was 700 homes versus last March’s figure of 575 homes.

The median sold price for a single family home in the Naples in March was $244000 in a year over year comparison March 2009 saw the median sold price at $177200.

An indicator of future closed sales in addition to the current month’s pending sales, is the total number of pending sales. The total number of pending sales includes not only the current month (700), but also an cumulation of those homes which have not yet closed from previous months. The total pending sales as of the end of March was 1370 homes. Of the 1370 homes, 735 were potential short sales and 185 were foreclosed homes (bank/lender owned).

CONDOS:

Condos available for sale as of March 31 – totaled 4036. Of this total 426 are potential short sale condos and 83 foreclosures. This translates to 14.9 months of inventory versus last year’s 29.9 months.

A total of 377 condos closed in March versus last March where 263 condos were sold.

Pending sales for the month of March was 627 versus last March’s figure of 465.

The median sold price for a condo in the Naples area was $165000 compared to last year’s median of $164000.

The indicator of future closed sales in addition to the current month’s pending sales is the total pending sales. In March a total of 1141 condos were pending sale. Of this number, 529 were potential short sales and 81 foreclosures.

The statistics used for this post were taken from the Sunshine MLS on April 1st using data obtained for the month of March. The March data is primarily at this time, the final statistics are generally available on the fifth business after the end of the previous month.

London Luxury Market up 20%

London prices boom, 20% growth in 12 months (UK)
Thursday 1 April 2010
Knight Frank Prime Central London Residential Index - March 2010 result headlines:
* Prices for prime central London prices rose by 20% in the 12 months to the end of March 2010
* Prices are now rising at their fastest rate since March 2008
* Growth has been led by the lower to mid end of the central London market, with 24% growth for the sub-£2.5 mln. sector
* Prices are now only 9% lower than the March 2008 market peak
Liam Bailey, head of residential research, Knight Frank, commented: “The central London market has enjoyed boom-like conditions in recent months, at least in terms of prices, which rose by 20% in the 12 months to the end of March 2010. This growth has not been evenly spread, and it has been the low to mid end of the market, especially sub-£2.5 mln., which has seen the strongest growth (c 23%). The more expensive price brackets have lagged (c 17% for the £5mln. + sector), reflecting the fact that the recovery in pricing started later in this part of the market.

“The rate of price growth in March, at 0.7%, represents the slowest monthly rate of growth since last April, and suggests that price growth is beginning to slow on the back of higher supply and slightly weaker demand in the market. The balance between purchasers and vendors, has become more even in recent months. In the final quarter of 2009 our local offices recorded 10 new buyer registrations for every new sales instruction – well above the long run trend of 5.5. By March this ratio had dropped back to 7 as more vendors began to bring properties forward for sale on the back of rising prices, and also as buyers began to delay activity in the run up to the budget and the election.”

Global position
Bailey added, “The rapid growth in London’s pricing, reflects not only the stimulus given to the market from low interest rates and the weak pound – which have driven domestic and international demand – but also to very thin supply over the year, set against very healthy interest from buyers. However we can not overlook the importance of international buyers to the market – we reported in the recently released Knight Frank Wealth Report, that a record 49 nationalities bought residential property in central London in 2009. “Despite the result of our World Cities Survey, that London’s position as the leading global city had been ceded to New York, London prime residential market is still underpinned to a considerable degree by international demand – which appears to be rising not declining at the current time.”