Top 5 Most Expensive Private Yachts in the World

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Top 5 Most Expensive Private Yachts in the World

From Rismedia - 6 Reasons to Buy a Vacation Home Now

Here's a great read from Rismedia about buying a vacation home now.




RISMEDIA, August 11, 2010—As the real estate market continues its bumpy road toward recovery, the vacation home market is heating up, causing homeowners around the country to seriously consider buying the vacation home they’ve been eyeing.


Margaret La Grange and Christine Van Tuyl, an award-winning mother-daughter team with Prudential California Realty in Coronado, CA, offer the top... read more

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.

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.

Vacation Home Sales up in 2010

Vacation-Home Sales Up in 2009 but Investment Sales Down

Washington, March 31, 2010

(March 31, 2010) – Vacation-home sales recovered in 2009 while investment sales fell sharply, according to the National Association of Realtors®.


NAR’s 2010 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2009, shows vacation-home sales rose 7.9 percent to 553,000 last year from 513,000 in 2008, while investment-home sales fell 15.9 percent to 940,000 in 2009 from 1.12 million in 2008. Primary residence sales rose 7.1 percent to 4.04 million in 2009 from 3.77 million in 2008.


NAR Chief Economist Lawrence Yun said, “The typical vacation-home buyer is making a lifestyle choice, with nine out of 10 saying they intend to use the property for vacations or as a family retreat,” he said. “Investment buyers primarily seek rental income, with six in 10 planning to rent to others, although one in five wants a family member, friend or relative to use the home.”


Only one in four vacation-home buyers plan to rent their properties to others, while one in five investment buyers plan to use their homes for vacations or as a family retreat. However, 26 percent of vacation-home buyers and 8 percent of investment buyers intend to use the property as a primary residence in the future.


The market share of homes purchased for investment was 17 percent in 2009, down from 21 percent in 2008, while the vacation-home share rose a percentage point to 10 percent. The total share of second homes declined from 30 percent of sales in 2008 to 27 percent last year. “First-time buyers were at record levels in 2009 with fewer sales of second homes,” Yun said.


The median transaction price of a vacation home was $169,000 in 2009, compared with $150,000 in 2008. “The higher vacation home price may reflect increased sales in higher priced markets, particularly in areas of Florida and California where prices became highly attractive for buyers over the past year,” Yun said.


Half of vacation homes purchased last year were in the South, 21 percent in the West, 17 percent in the Midwest and 12 percent in the Northeast. Seven out of 10 were detached single-family homes.



The median investment property sold for $105,000 last year, down 2.8 percent from $108,000 in 2008. There were more investment sales in the West in 2009, consistent with reports in California of a high share of all-cash purchases, notably in lower price ranges.


The distribution of investment sales was fairly close to the distribution of population: 35 percent in the South, 25 percent in the West, 24 percent in the Midwest and 16 percent in the Northeast. There was a higher share of condos in investment sales: 27 percent of investment homes were condos vs. 21 percent of vacation homes.
Similar to 2008, cash factored strongly in the second-home market: three out of 10 vacation-home buyers in 2009 paid cash for their properties, while half of investment buyers paid cash. Fairly similar ratios for each group indicated portfolio diversification or good investment opportunities were factors in the purchase decision.


The typical vacation-home buyer in 2009 was 46 years old, had a median household income of $87,500, and purchased a property that was a median distance of 348 miles from their primary residence; 34 percent were within 100 miles and 40 percent were more than 500 miles.


Investment-home buyers last year had a median age of 45, earned $87,200, and bought a home that was relatively close to their primary residence – a median distance of 24 miles. Roughly one in four investment buyers purchased more than one property in 2009.


Three out of four second-home buyers were married couples.


Demographically, the long-term demand for second homes looks favorable because large numbers of people are in the prime years for buying a second home. “Historically, people become interested in buying a second home in their mid 40s,” Yun said. “The large number of people who are now in their 30s and 40s will dominate the second-home market in the coming decade with a strong underlying demand, although sales in a given year will vary depending on the economy. Mortgage lending for second homes was extraordinarily tight in 2009 but it is likely to ease a bit in 2010.”


Currently, 40.1 million people in the U.S. are ages 50-59 – a group that dominated sales in the first part of the past decade and established records for second-home sales. An additional 44.4 million people are now in the primary buying demographic of 40-49 years old, and another 40.6 million are 30-39.


Buyers were more likely to purchase investment homes within a metropolitan area, while vacation homes were generally located in a rural area, small town or resort.


Vacation-home buyers plan to keep their property for a median of 16 years while investment buyers plan to hold their property for a median of 12 years.



NAR’s analysis of U.S. Census Bureau data shows there are 7.9 million vacation homes and 41.1 million investment units in the U.S., compared with 75.0 million owner-occupied homes.


NAR’s 2010 Investment and Vacation Home Buyers Survey, conducted in March 2009, includes answers from 1,930 usable responses. The survey controlled for age and income, based on information from the larger 2009 NAR Profile of Home Buyers and Sellers, to limit any biases in the characteristics of respondents.


The 2010 Investment and Vacation Home Buyers Survey can be ordered by calling 800-874-6500, or online at www.realtor.org/newresearch. The report is free for NAR members, but the cost is $125 for non-members.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.


# # #


Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data, tables and surveys also may be found by clicking on Research.

Beach Front Luxury Properties Hit Hardest in Downturn

ublished: 24th March 2010

Beach-front property hit hardest by global downturn
Beach-front property hit hardest by global downturn

Prices of coastal second homes were hit hardest by the global downturn in 2009, according to new data from Knight Frank.

In their annual Wealth Report published yesterday, Knight Frank reveal an uneven picture of house price performance both by geographical market and property type.

Overall, high-end residential house prices fell 5.5% in 2009 but prices in city centres rose by 0.4% while coastal second homes and ski property prices fell 13.9% and 12% respectively.
The divurgance is explained partly by the strong performance of a small number of city centre markets in the second half of 2009, most notably Shanghai (up 52%), Beijing (up up 47%) and Hong Kong (up 40.5%).


Super-rich buy up “cheap” property in capital cities



In the uncertain economic environment and with a supply of cheap credit, the super-rich have been flocking to buy super-prime property in capital cities. The trend was no doubt enhanced by the sharp drop in prices in 2008 which led to a perception that property was cheap by historical standards.

Indeed many of 2008’s worst performers, were the top performers of 2009. London moved from 53 to 9 in the rankings and Hong Kong moved from 55 to 3 for example.


Coastal properties could buck the trend in 2010 and 2011



The evidence suggests that there is merit in investing in good quality property in locations that have fallen the most in value. After all, markets tend to over-correct on the way up and under-shoot on the way down. In markets with strong demand and limited supply, price reversals can happen quite quickly as price falls result in construction projects being put on hold which puts upward pressure on prices.

Although holiday home markets tend be more fickle than city centres, don’t be surprised if some of holiday home destinations at the bottom of the list appear towards the top in next years figures. Now could be the time for your clients to invest.

Good News for the Second Home Market

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Investors Are Buying Houses Again

Posted: 23 Mar 2010 07:40 AM PDT

Good news for the second-home market. What’s happening in your area?

More home buyers are snapping up properties with cash, a trend driven in large part by investors returning to the market after four years of falling prices around the country.

The share of home sales involving all-cash transactions was 26% in January, up from 18% a year earlier, according to the National Association of Realtors. The figures come from a survey of members about their most recent transactions. Many home buyers also are paying cash, but investors are largely using cash so they can avoid paying interest charges on loans and get a larger return on their investment.

Other NAR data also show a pickup in investment activity.

Home purchases made by buyers identified as investors climbed to 17% in January, up from 15% in December and 12% in November.

“We bottomed out in 2008, and in late 2009, prices stabilized and investors have returned,” says Mark Fleming, chief economist at First American CoreLogic. “It’s a different type of investor going after foreclosed properties and expecting to hold on for longer time frames.”

Many investors say they’re financing their purchases with cash on hand, rather than borrowing.

Evan Spinrod of San Francisco bought three rental properties in November and February and now owns 21 in four states. The rent he collects gives him an 8.5% annual return on his investment. Some of his homes are worth about $165,000. “I’m still looking,” Spinrod says. “You can’t build these houses for the prices they’re selling them. I’ve always seen that the real wealth was in real estate. People have been sitting on cash, and there’s no interest from the bank (to pay).”

Leonard Baron, a real estate professor at San Diego State University, has bought three homes with cash in the

San Diego area in the past eight months, ranging in price from $100,000 to $130,000. He rents the properties.

Baron says now is an ideal time to make such purchases. “It’s because prices have dropped so much and rents really haven’t,” he says. “The deals were unbelievable.”

Some Realtors also say they’re seeing increased investor activity.

“Flippers, rehabbers, investors … are, in fact, buying,” says Lisa Johnson, with Coldwell Banker Residential Brokerage in Haverhill, Mass. “I’m getting builders who have stopped building and are instead buying up condos and single-family homes to fix them up and sell them. It’s a neat change I haven’t seen in four years.”

All-cash purchases also reflect a growing number of investors buying higher-end properties without credit, says NAR spokesman Walter Molony. That’s a sign that some investors see real estate prices as having nowhere to

go but up. All-cash offers give buyers a competitive edge on rival offers – even higher ones – that are dependent on financing. Cash deals can close faster and are less likely to fall through.

“You have to have cash to be able to close quickly and have negotiating power. Cash is king,” says Tanya Marchiol, president of Phoenix-based Team Investments, which buys about 70 properties a month with cash it raises from investors. “We do want to flip it or generate cash flow (through renting it out). Now is the time to buy for cash flow. We know the market is going to rebound.”

Some investors say the current real estate market is an ideal time to buy because homes are so low priced, they are bound to hold their value.

That’s the philosophy of Jim McClelland of Tinley Park, 111.

He is buying about 120 to 150 entrylevel homes in the Chicago area this year and owns a total of about 300 properties.

He says now is a good time to buy because properties going into foreclosure are no longer just one-bedroom, fixer-uppers but nicer, split-level brick homes with more bedrooms that will probably appreciate to a higher value.

That’s because so many prime-rate borrowers who bought more expensive homes have gone into foreclosure.

He puts about $60,000 into upgrading a property, then rents it out.

“Do I think this year will be a better time to invest than in 2009? Yes,” McClelland says. “There have always been foreclosures. The difference now is you get a better home for the same kind of money. You’re sitting on better inventory. People get into real estate for financial independence. It’s not a quick fix. It appreciates. It doesn’t happen overnight.”

By Stephanie Armour USA TODAY

Boomers and Second Homes

--------------------------------------------------------------------------------
Boomers Ready for Retirement Housing

Posted: 05 Mar 2010 02:20 PM PST

According to John Migliaccio, director of research for MetLife’s Mature Market organization, more than 78 million baby boomers, born between 1946 to 1964, will reach age 55 over the next 10 years.

He and other trend spotters believe this dominant group of home owners will lead the industry out of its slump.

Baby Boomers approaching retirement continue to be interested in buying into active-adult communities, but their moves are slowed due to a decline in the value of both their retirement savings and their current homes. To encourage seniors to find a way, 51 percent of builders of active-adult housing cut prices in the third quarter of 2009 – often as much as 25 percent or more – according to a survey by the National Association of Home Builders.

Practitioners point out that new isn’t always best. Buying an existing home in an active adult community can be a particularly good deal because these communities have extensive amenities, including golf courses and gyms. Some new construction projects on which builders have trimmed prices are not nearly as well equipped.

Source: Investor’s Business Daily, Joe Gose (02/25/2010)

Best Second Home Markets in US

Brits Staying Closer to Home for Second Home Purchases

Brits reject far-flung destinations in flight to safety‏

British overseas home buyers are reverting back to more traditional second home destinations, according to a survey of 1200 second home owners by Savills International.

During the overseas property boom, the proportion of Brits buying outside of Western Europe grew significantly as buyers became motivated by the potential for capital gains.  However, since the market turned in September 2008, buyers have returned to the traditional favourites of Spain, France, Portugal and Italy.

“In 2010, the overseas second home market will be characterised by cash-rich, lifestyle buyers benefiting from lower prices in traditional, established holiday home hotspots.” Says Charles Weston-Baker, Head of Savills International.

The survey data also confirms that 2009 was one of the worst years for the industry.  70% of respondents invested in overseas property between 2003 and 2008 but just 2% had in 2009.

Rebecca Gill, research analyst at Savills International comments. “Whilst UK overseas home ownership has doubled since 2001 recent global recessionary trends have seen take-up levels dramatically slow. Factors such as fewer overseas holidays, reduced leisure spend capacity and financing availability, unfavourable exchange rates and declining house prices have impacted second home purchasing activity.”

20% of owners plan more purchases

The positive news is that a fifth of respondents said they are considering or planning additional holiday home purchases in the future.  The top ten destinations being considered were France, Spain, Portugal, the US, Italy, Greece, Cyprus, Morocco, Brazil and Turkey.

However, further property price falls, better mortgage availability and a strengthening of sterling against the Euro are all necessary conditions before we see the market return to anywhere near the transaction volumes of 2007.

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Second Home Ownership at all time high in UK

UK buyers: Second home ownership reaches all time high