Real estate investors confident for 2016
With the new year approaching Colliers International has been gauging the sentiment of investors globally. The survey of more than 600 investors including REITS, private equity firms and institutions with a collective U$1.5 trillion in real estate assets. Sentiment remains high with more than half of those polled expecting to increase property assets in 2016. The US is the favoured market with global gateway cities also on the shopping list. A large proportion of the investors highlight the additional risk that investing in real estate will bring due to factors such as China’s flagging economy.
The most popular choice for the investors polled are offices followed by industrial, developments and shopping centres. Although globally there is less interest for 2016 in residential real estate, this sector has a higher profile for the US and Canada.
Overall Colliers’ survey suggests that investors will be cautiously growing their real estate portfolios but will be keen to ensure that they are not overpaying for acquisitions. There will be a greater focus on selling, bringing new supply to markets.
Strong growth for Virginia home sales
Residential sales in Virginia continue to remain buoyant with the total value of year-to-date sales in November rising by 11.7 per cent year-over-year to $33.02 billion. The Virginia Association of Realtors says that for the 12 months to November sales were up by 10.2 per cent. The most significant jumps in sales activity have occurred in high price bands - between $350,000-$400,000 and $525,000-$600,000. November 2015 median sales price ($251,500) was slightly higher than November 2014 ($250,000) and 2 percent higher than November 2013 ($245,000). Days on the market declined more than 2 percent from last November.
Hockey legend drops asking price by more than $2 million
Wayne Gretzky has cut the asking price of his 5-bedroom, six-bathroom mansion in Westlake Village, Califonia, almost two years after first listing the home. Gretzky listed the home in January 2014 at $10.5 million but the Realtor.com reports that it is now back on the market at $8.195 million. Listing agent Nicole Van Parys of Enger & Volkers says that it will be marketed worldwide in a bid to find a buyer.