Insights for 2014
“For Rich, ’13 Was Good for Making, and Spending, Money” - an article in Yesterday’s New York Times, highlights the fact that the wealth of the über-rich continues to grow.
For some time now, we've seen affluent foreign buyers snapping up luxury homes for their children being educated in the U.S. This report suggests that in many cases affluent American families are "chipping in" on luxury home purchases for their children. Not surprising given current economic and equity market conditions, the amount of money on the sidelines, and the current real esate market.
Are you seeing this trend in your market? What do you see as the drivers?
According to the National Association of Realtor’s 2013 Profile of International Home Buying Activity, 12% of International home buyers in the U.S. are Chinese. In Canada, Chinese investors have been snapping up properties in Canada's largest cities, driving up prices and according to observers, often outbidding Canadians.
Liberace’s once gold laced, not-so-humble abode is now being sold for what seems a bargain price, considering it is rumored that the previous owner paid $3.7 million for the property during the housing boom. Now bank owned, offers on the once lavish home must be cash only and according to the LA Times, owner JPMorgan Chase would prefer a quiet pre-sale.
According to the Knight Frank The Wealth Report 2014 which surveyed about 600 private bankers or wealth advisors representing around 23,000 UHNWI clients across the world,
"Almost a quarter of UHNWI investment portfolios is accounted for by property and as an asset class it is growing in popularity.
For those of you who like to look at the most expensive homes on the market (and who doesn't?!) The Huffington Post Canada has published a slideshow of the most expensive homes currently for sale in each province. Enjoy.
Forbes’ new Billionaire List hit the newsstands and the Forbes website this month. The current list of 1,645 billionaires reveals that after four years, Microsoft magnate Bill Gates has jumped over Mexican Carlos Slim Helu to retake the number one spot on the list. The five wealthiest on this year’s list with their estimated wealth and home country