Majestic Mediterranean Estate

A majestic estate awaits you at 2709 Vista Oceano Ln in Summerland, California.

Nestled quietly in the valleys of the Santa Ynez Mountains, this Mediterranean inspired mansion is surrounded by incredible mountain and coastal vistas.  A private, tree-lined driveway brings you to the grand motor court with regal arches welcoming you into the home. Equipt with a guest house, pool cabana with bedroom, kitchen, gym, 18-stall horse barn with office, tack room, and two-bedroom apartment, this tantalizing estate is perfect for keeping to yourself or entertaining others.

Situated on nearly 20 acres, this breathtaking equestrian property was built with luxury in mind: hand-selected, custom-made materials imported from France, Italy, and elsewhere in Europe come together perfectly to finish this impeccable estate.

Check out this listing here!

The Time to Buy in Greenwich, CT

2017 saw the greatest discounts for multi-million dollar estates in the famously expensive Greenwich, Connecticut, with home prices seeing price cuts similar to those during the 2008 recession.

High end homes last quarter saw an average price cut of 13.5 percent, the highest discount since the last three months of 2008 when the housing market crashed.

This is good news for the market (though maybe not the sellers), as the lower prices have helped clear the backlog of luxury homes on the market, with three sales for more than $20 million in the fourth quarter where there was only one earlier in the year, and none for 2016.

“Sellers were unrealistic in their pricing and were chasing the market,” Scott Durkin, president of Douglas Elliman, said in an interview. “The real sellers, who wanted to sell, have negotiated down from their asking price.”

With consumers favoring cheaper homes closer to the town’s center, owners of the pricey properties are tired of waiting. The 19 luxury homes that sold in the quarter were on the market for an average of 310 days—double the time for similar properties just last year. Some sellers had their homes on the market for even longer.

This is good news for buyers in search of incredible luxury homes, as the owners are opting to lower the prices of their estates to unload them faster. Thomas Peterffy’s 80-acre property, for example, saw a price reduction from $65 million all the way down to $21 million after spending more than two years on the market.

Agents are now urging their buyers to make offers in the wake of these deep price cuts, because now more than ever sellers are willing to counter.

 

A Banner Year for Housing

The housing market had an impressive 2017 year, as another $2 trillion was added, bringing the collective total to $31.8 trillion, according to a recent report by a major real estate company. Home values last year increased 6.5 percent and at the fastest pace since 2013.

“This was a record year for home values, as the national housing stock reached record heights in 2017,” says Aaron Terrazas, senior economist of a major real estate company. “Strong demand from buyers and the ongoing inventory shortage keep pushing values higher, especially in some of the nation’s booming coastal markets.”

According to the report, Los Angeles, New York, and San Francisco were the most valuable markets in 2017, at $2.7 trillion, $2.6 trillion, $1.4 trillion, respectively. Though it didn’t exceed $1 trillion, Columbus, Ohio grew at the most rapid rate.

Meanwhile, money spent on rent increased by 1 percent from 2016, from $480.1 billion to $485 billion.

“Renters spent more than ever on rent this year, but the amount they spent grew at the slowest pace in recent years as more renters transitioned into homeownership and new rental supply slowed rent growth across the country,” Terrazas says.

He predicts that housing in 2018 will maintain this trend, despite the federal tax code changes.

“Despite recent changes to federal tax code hat have historically made homeownership financially attractive, the long-term dynamics pushing up home values and rents are unlikely to change significantly in 2018,” Terrazas says.

Cryptocurrency Transactions Rising in Popularity in Real Estate Market

 

Cryptocurrencies, Bitcoin Litecoin Ethereum

The real estate market is not immune to the increasing popularity of cryptocurrency transactions. As popular cryptocurrencies like Bitcoin grow in value and the benefits of a secure, coded block-chain transaction gain prevalence, the real estate market is becoming slowly intertwined with the possibility of cryptocurrency-based sales and rentals.

The benefits of block-chain transactions boast value within the real estate climate; From international transactions any time of day and the freedom to dictate fees as the seller pleases, to the security of cryptographically protected currency.

Cryptocurrency and block-chain transactions can be completed overnight. In this vein, ManageGo, an app for landlords and renters, allows tenants to pay their rent with cryptocurrency through the app, as well as request maintenance to their apartment. ManageGo crafts a portal by which landlords can receive secure funds by the next day and renters can file grievances or requests at any time.

The integration of cryptocurrency into mainstream real estate practice will only become present as cryptocurrency gains traction in other areas of the retail and consumer market. In other words, it is popular, but not mainstream enough. Cryptocurrency’s presence in the real estate world hinges upon this.

Luxury Market Lags Behind General Market in 2017

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According to a report on realtor.com, luxury real estate lagged behind general market growth in 2017, despite that million-dollar homes now make up more than seven percent of the real estate market, a significant increase from 2016.

While popular locations like New York City and Hawaii continue to see their luxury markets expand significantly, 2017 proves the luxury market leaves something to be desired.

Realtor.com attributes the gap to longer days on market for luxury homes; 116 days compared to 71 for general market properties. Additionally, while the entry-level price of luxury homes grew by 5.1 percent in 2017, the overall market saw a 6.9 percent growth in entry-level price.

The luxury market continues to grow and saw a steady uptick in 2017, and can boast rapid, significant growth in areas like San Francisco and Maui. However, when compared to the general market’s growth overall, it becomes apparent that “supply outpaces demand” in the luxury market.

Facebook’s New Business Venture: Rental Listings

As one of the most popular and successful internet communities of its time, Facebook continues to be looking for ways to rebrand as an all-in-one service. Their newest endeavor to compete with other trending social media platforms is the addition of their “Marketplace” storefront, which allows users to make listings for things such as household items, job postings, and car listings.

Recently, Facebook has made the move into real estate by adding apartment and home rentals onto the Marketplace service, but has included 360-degree photo capabilities and utilizes its current platform to reduce chances of scams, thusly allowing them to compete with the likes of Craigslist.

The company is planning to list its consumers’ properties on Marketplace by pulling property information from partnered sources Apartment List and Zumper, leading to the company possibly becoming a direct competitor of Zillow and other popular home search sites.

For the time being, however, Facebook needs to work out some kinks in its idea. Marketing outside of a multiple listing service limits visibility, so landlords will have to settle with only reaching Facebook users, which can lengthen the process of renting their property. In addition, the service plans to cut out agents, which means there would be no vetting by an experienced agent. This leaves credit checks, references, and rental histories all to the landlord themselves.

For these reasons it is interesting to see how Facebook fares with this venture, and how close of an eye the industry needs to keep on it.