How much space does $1 million buy you around the world?
A million dollars isn’t what it used to be — especially in luxury real estate.
According to the new Knight Frank Wealth Report, $1 million buys you only 16 square meters (or about 172 square feet) in Monaco, the world’s most expensive luxury market as measured per meter. That’s down from 17 square meters (182 square feet) in 2020.
In Hong Kong, which ranks second, $1 million gets you 22.5 square meters, or about 242 square feet. New York looks downright affordable next to London, Singapore and Geneva, with $1 million getting you 33.9 square meters, or 365 square feet.
Marblehead House sell for $1.2 million OVER List Price
I think it was 2015 when I first wrote about Marblehead’s Unknown Oceanfront properties in the area off Atlantic Avenue from Preston Beach to Beach Street.
This week two houses in that area sold:
A house on Goldthwait Road, listed at $3 million, sold for $4.2 millon.
And one on Greystone Road, listed at $3.8 million, sold for $4.4 million.
I also referred to the area as Marblehead’s secret Oceanfront.
It seems that the secret is out.
Read these recent articles:
My Property Tax reports mentioned at Town Meeting
Marblehead Q1 2024 Market Summary
Swampscott Q1 2024 Market Summary
Salem Q1 2024 Market Summary
Essex County Q1 2024 Market Summary
Why Mortgage Rates will fall in 2024
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact me on 617.834.8205 or ajoliver47@gmail.com.
Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
m 617.834.8205
www.OliverReportsMA.com
““If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Salem, Beverly, Lynn and Swampscott.”
“Thank you for the wonderful, wonderful job you do for the community (explanation of property tax process and calculation) – it is so helpful and so clearly explained.”
2 of Every 25 U.S. Homes Worth at Least $1M
While $1M signified luxury property a short while ago, it’s now 8% of the nation’s housing stock – but a large percentage of those homes are still in Pacific Coast states..
The share of homes worth seven figures is on an upswing after dipping to a 12-month low (7.3%) in February because prices are rising on a year-over-year basis after a decline early in the year.
Overall, the median U.S. home-sale price rose 3% in July, the biggest increase since last November, according to Redfin, with luxury home prices rising even faster – up 4.6% year over year to $1.2 million in the second quarter.
Elevated mortgage rates discourage potential home sellers, who are staying put to keep their relatively low mortgage rates. As a result, inventory dropped so low that buyers still in the market are competing for those few homes that are for sale. That’s driving up home prices and pushing many of those listings above the million-dollar mark.
“The supply shortage is making many listings feel hot,” said Redfin Economics Research Lead Chen Zhao. “In most of the country, expensive properties that are in good condition and priced fairly are attracting buyers and in some cases bidding wars, mostly because for-sale signs are few and far between right now.”
The share of homes worth seven figures has doubled since before the pandemic. In June 2019, just over 4% of homes were valued at $1 million or more.
East Coast metros gain most $1 million-plus homes
Over one-quarter (25.8%) of homes in the Bridgeport, CT metro – which has many popular New York City suburbs – are worth at least $1 million, up from 23.1% a year ago, the biggest increase of the metros analyzed. It’s followed by Boston, where the share increased from 20.3% to 21.5%, and Newark, N.J. (8.7% to 9.7%). (more…)
Richard Gere Pays $10.8M for Paul Simon’s Lush Connecticut Sanctuary
After over three years on and off the market, the Connecticut estate Paul Simon and Edie Brickell has changed hands. The buyer, according to Dirt, is Richard Gere, who paid the pair $10.8 million for their longtime home. The property had been listed for as much as $13.9 million since first appearing for sale courtesy of its now-former owners in the spring of 2019.(American Luxury).
(more…)
Most expensive home in Naples history sells for $62 million
The most expensive home in Collier County history sold Thursday for $62 million, shattering the old record by $10 million.
Built in 2014, the 16,000-square-foot estate features six bedrooms, a glass wine room, a gourmet kitchen, a game room and a second-level pool and came furnished in the transaction.
Marblehead Neck Oceanfront New Listing
It has been 9 months since the last oceanfront house on Ocean Avenue sold and now comes this Wonderful opportunity to enjoy Marblehead living at its finest.
This spacious and gracious home sits on a bluff with sweeping views directly out over the ocean. Built in 1920, the home retains much of its original charm, period details and architectural elegance, yet offers many recent updates providing for luxurious living for today’s discriminating buyer.
Experience the breathtaking vistas and sounds of the sea with spectacular views from almost every room. The tastefully landscaped grounds feature an acre+ of rolling lawns and beautiful gardens leading to your own private gate allowing direct access to the rocks, ocean and beach.
The home offers plenty of space including 4 bedrooms with en-suite baths including a stunning master with luxurious spa-like bath and amazing views. Located in Marblehead – a unique town that embraces community and sea-side living.
Click here for full details and photos.
Please call me on 617.834.8205 to arrange a private showing.
And read these recent articles:
Why This Housing Market Is Not a Bubble Ready To Pop
Why are Mortgage Rates so high?
The Federal Reserve and Mortgage Rates
How Marblehead’s 2022 Property Tax Rate is calculated
Essex County 2022 Property Tax Rates: Town by Town guide Guide to Buying and Selling in Southwest Florida
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact me on 617.834.8205 or ajoliver47@gmail.com.
Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
m 617.834.8205
www.OliverReportsMA.com
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Salem, Beverly, Lynn and Swampscott.”
__________________________
Andrew Oliver, M.B.E.,M.B.A.
Real Estate Advisor| Market Analyst | The Feins Group | thefeinsgroup.com
m.617.834.8205
www.OliverReportsFL.com
Andrew.Oliver@Compass.com
Putin’s $100 million yacht
Vladimir Putin’s yacht Graceful left Hamburg recently before finishing repairs, according to German media.
The Graceful measures 82 meters is powered by 2 MTU engines that give it a cruising speed of 14 knots and a top speed of 18 knots. The vessel also has a range of more than 4,000 nautical miles. Designed by H2 Yacht Design, the sleek superyacht is constructed out of steel and aluminum and has a tri-deck design. The posh interior of the Graceful is finished in a variety of materials and textures, including tooled leather, tapestry walls, marquetry, marble, stainless steel, ebony and untreated teak, and more. The superyacht is big enough to accommodate up to 12 guests and 14 crew.(www.luxurylaunches.com).
Here are some photos of Putin’s modest yacht:
(more…)
$10 million plus sales more than doubled in 2021
High-end home buyers were a tour de force in 2021, and Los Angeles was their shopping destination of choice, according to an inaugural ultra-luxury-focused report from Compass released Wednesday.
Across the U.S. last year, more than 2,300 residential properties priced at $10 million or more changed hands across the 30 major markets the brokerage profiled—more than twice as many deals as in 2020.
Los Angeles took the lion’s share of those trophy-home sales, with 27.3%—or 628—of all $10 million-plus sales occurring in La La Land. Next in line was Manhattan, with 326 transactions, followed by Palm Beach, Florida, with 203.
Across all 30 markets analyzed, more than $40 billion was spent on residential real estate at or above $10 million, the report said, a 138% surge from 2020. (Mansion Global)
And read these recent articles: (more…)
Guide to Buying and Selling in Southwest Florida
The goal of this document is to acquaint you with the process of buying and selling in Southwest Florida.
Buyers
Showings
Listings appear in MLS with a link to ShowingTime to schedule showings. The advantage of this method for a buyer is that I can monitor the number of showings and gain insight into activity.
Two recent examples: a house near me in North Naples was listed at $415,000 on a Friday with Showings starting on Saturday. I could see that showings were back-to-back- to-back and on Sunday the listing agent asked for offers by 5 pm. The house sold for (more…)
Manhattan real estate prices reach record as buying ‘frenzy’ takes hold
Manhattan real estate prices reached an all-time high in the second quarter, as buyers returned to the city and boosted demand for the largest, most expensive apartments, according to new reports.
The median resale price for Manhattan apartments hit $999,000 in the second quarter — the highest on record, according to a report from Douglas Elliman and Miller Samuel. Average sale prices rose 12% in the quarter, topping $1.9 million.
The price jumps and shrinking inventory suggest the Manhattan real estate rebound continues to gain momentum, as more families look to trade up to larger apartments and buyers look to take advantage of lower prices and low mortgage rates.
“It’s a sign of the frenzy and intensity of the market,” said Jonathan Miller, CEO of real estate appraisal firm Miller Samuel. “It’s rebounding much faster than most participants expected.” (more…)
How to Win a Naples Smart Home plus Mercedes plus $100k Cash
Note: you can enter twice a day until June 11.
Click 2021 Smart Home tour for more photos. (more…)
Bing Crosby’s Onetime Bay Area Home For Sale for $13.75 Million
In the San Francisco Bay Area, the onetime home of Bing Crosby is listing for $13.75 million.
The late crooner bought the Tudor-style home in Hillsborough, a tree-lined suburb about 20 miles south of San Francisco, in 1963 for $175,000, according to press reports from the time, moving with his then-wife Kathryn Crosby and their three young children from Beverly Hills.
Tom Cruise Lists 320-Acre Colorado Retreat for $39.5M, down from $59 million
According to American Luxury, the alpine estate of actor Tom Cruise is back on the market this month. The property last appeared in 2014, when it was priced at $59 million. “At $39 million, the Colorado retreat may well find a buyer quickly.”
It’s 80 degrees in Florida…
In this weekend’s Wall Street Journal, Peggy Noonan wrote:
“In the past year the owners of great businesses found how much can be done remotely.
They hadn’t known that!
They hadn’t had to find out.
They don’t have to pay that killer rent for office space anymore.
People think it will all snap back when the pandemic is fully over but no, a human habit broke; a new way of operating has begun. People will come back to office life to some degree, maybe a significant one; not everything can be done remotely; people want to gather, make friends, instill a sense of mission; but it will never be what it was.
The Partnership for New York City reports 300,000 residents of high-income neighborhoods have filed change-of-address forms with the U.S. Postal Service. You know where they are going: to lower-tax and no-income-tax states.
A recent report suggested that 850 people per day will move to Florida for the next 5 years as they seek “the weather, lifestyle and tax benefits” offered by Florida.
The housing market is on fire in Southwest Florida, although I like to point out that “low” inventory in Florida is a bit like a “cold” spell: it’s all relative.
Last May I published Goodbye Boston, Hello Marblehead which contained these predictions:
– People, especially families with young children, will look to move out of Boston and to towns like Marblehead with great schools, open spaces, history – and ocean
– The demand for open floor plans will give way to the desire for separate rooms. after families get bored of listening to everybody else’s Zoom calls, online classes, etc. etc.
– The perceived negative of Marblehead that commuting into Boston is a challenge (one which residents happily overcome) will diminish as more people work remotely at least some of the time.
– Did I mention the ocean?
The median price of the Single Family Homes sold in Marblehead spiked from $678,500 in the first half of 2020 (which was down a fraction from 2019) to $839,900, driven by a combination of buyers fleeing cities and ‘Headers even more reluctant than usual to sell and leave town.
What started as a movement on health grounds has developed – and in my opinion will continue to develop – into a secular trend of people moving to more hospitable surroundings – whether for weather, lifestyle of taxes – or all three.
Just yesterday I spoke to a woman in Naples who said she and her husband were thinking of selling their house in Massachusetts and living full-time in Florida – and they are not alone.
Another consequence of this trend is that, as people decide to spend more time in Florida, to work in Florida, and perhaps to make Florida their main residence, so the demand for Single Family Homes and Villas will increase as people seek more space and more independence from their neighbours than they have in their current Condo.
While I still maintain my market research in Massachusetts and work with Dick McKinley and Matt Dolan of Team Harborside in buying and selling properties there, I have also activated my Florida license with Domain Realty, whose offices in Naples, Bonita Springs and Fort Myers generated $440 million of sales in 2020.
I am in the process of populating my Florida database website (www.OliverReportsFL.com) while AndrewOliverRealtor.com allows you to search any town or community in Southwest Florida and set up alerts, and Oliver Reports Florida on Facebook, is the page that will get my updates on the market here and other Florida news.
But…. the market is hot right now (and next year seems likely to see even more demand as the Canadians and Europeans return) so please contact me – or refer me to a friend – and I will help you in your search for a home – or a bigger home – in Paradise.
Andrew Oliver
Sales Associate | Market Analyst | DomainRealty.com
REALTOR®
Naples, Bonita Springs and Fort Myers
Andrew.Oliver@DomainRealtySales.com
m. 617.834.8205
www.AndrewOliverRealtor.com
www.MarbleheadSouth.com
Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
www.OliverReportsMA.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
2020: The Top End comes Roaring Back
One of the surprise of the last 2-3 years – to me at least – has been that there has not been more activity in the top end of the market, even as activity increased at lower levels. But that changed in 2020.
Let’s look at sales by price point:
The number of sales over $1 million increased 39% from 353 to 489:
The number of sales over $2 million increased to 60 compared with the prior high of 51
Sales over $3 million doubled from 10 in 2019 to 21 in 2021, passing the prior peak of 18 in 2007:
And there was a rebound in sales over $4 million to 12, also passing the prior 2007 peak of 11.
These charts support what one would normally expect in a rising market – an increase in top-end sales. It took a COVID-inspired exodus from cities to achieve it on this occasion.
Mortgage Rates are Rising
How Marblehead’s 2021 Property Tax Rate is Calculated
Essex County 2021 Residential Property Tax Rates: a Town by Town guide
Conforming Mortgage Loan Limits raised for 2021
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReportsMA.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Andrew Oliver
Sales Associate | Market Analyst | DomainRealty.com
REALTOR®
Naples, Bonita Springs and Fort Myers
Andrew.Oliver@DomainRealtySales.com
m. 617.834.8205
www.AndrewOliverRealtor.com
www.MarbleheadSouth.com
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Salem, Beverly, Lynn and Swampscott.”
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