Los Angeles in top 3 for residential property investment cities
The latest Wealth Report from global real estate firm Knight Frank says that Los Angeles is one of three of the most important global cities in terms of investment in residential real estate. Improved urban centers, retail and the wider lifestyle are highlighted as “opening up new areas to investors.” Investment has been bolstered by Asian buyers, the report notes. The other two cities mentioned in this category are Shanghai and Madrid.
New York is also mentioned as an important one for investors, but specifically the Lower East Side (whereas LA is listed for the city overall). This is due to amenities and restaurants driving price growth along with luxury developments. The US is listed among the three most important countries, along with Vietnam and Germany.
Globally, Vancouver topped the report’s Prime International Residential Index for price growth with a 24.5 per cent rise in prices in the city in the year to December 2015, beating growth in Sydney, Shanghai, Istanbul and Munich, which complete the top 5. Average global growth in the 100 cities studied rose 1.8 per cent. San Francisco (at 7 with a 10.9 per cent rise in prices) and Miami (number 14, up 5.4 per cent) are the only US cities in the top 20.
Shoe tycoon’s former home lists for $72 million
The former home of the late shoe designer Vince Camuto is on the market in the Hamptons with a price tag of $72 million. Forbes reports that the estate “Villa Maria” in Water Mill, NY has 15 acres with a waterfront; 20,000 square foot main home with 28 rooms, including 11 bedrooms; and a separate 2-bedroom guest house.
Camuto and his wife Louise bought the home in 2005 for $35 million but listing agent Cody Vichinsky of Bespoke Real Estate estimates that the couple spent almost as much on renovations of the 1887 property.
Maryland realtors report busy start to the year
Realtors in Maryland saw home sales increase more than 14 per cent in January compared to a year earlier. Maryland Association of Realtors reports a 2.5 per cent average price increase for the month compared to January 2015 while median prices increased 4.8 per cent.
The state had regional variations with Kent County and Talbot County recording declines of more than 30 per cent in average and median prices. Overall though, realtors are hoping for a positive 2016: “We are cautiously optimistic about the start of 2016,” said MAR President Bonnie Casper. “The one area of concern is the decline of 1,114 homes in pending units from 6,013 in January of 2015 to 5,899 to the same time this year,” added Casper. “We look forward to a vibrant spring market.”