Skip to content

Posts tagged ‘London’

New & Notable Luxury Properties for Sales | July 2018

Posted on 

Singapore | Jonathan PAN, List Sotheby’s International Realty 

The Harbour View House is located on the northern of Sentosa Cove and enjoys a spectacular view across the sea towards the soon-to-be Greater Southern Waterfront of Singapore’s mainland. Designed by the renowned SCDA Architects, this two-story seaside home has two wings connected by an entry pavilion at its south, and in them sits a deep courtyard.

Coral Gables, Florida | Dennis Carvajal, ONE Sotheby’s International Realty

An extraordinary Neoclassical waterfront estate in the exclusive guard-gated Gables Estates, this grand home sits on nearly two-and-one-half acres of abundant tropical landscaping, including over 600 different species of palms, trees, plants and flora all perfectly positioned to thrive. The estate radiates elegance with dramatic hallways to highlight the vaulted arches, arched doorways, and impact windows to allow for the natural light to emphasize the grandeur of the home.

London, England | Lee Koffman, United Kingdom Sotheby’s International Realty

A stunning four-bedroom penthouse apartment positioned within this luxury development and accessed via one of two private passenger lifts, this engaging home benefits from an amazing wrap-around balcony offering breath-taking views across Primrose Hill, Regent’s Park, and the London city skyline. Inside, this penthouse apartment has an abundance of natural light flowing through each of the bedrooms, while the open-plan kitchen/breakfast/reception room invites family members or guests to unwind and enjoy the views.

Moscow, Russia | Elena Rudenkaia, Moscow Sotheby’s International Realty 

The timeless homes at Noble Row are located in the most prestigious area of Moscow near Ostozhenka; the project represents a completely new format of deluxe-class properties in Moscow. An international team of professionals who have received world recognition and authority such as Ralph Lauren Home, Gregory Tuck Architecture, Foly & Cox, and Christopher Peacock were among those involved, creating living spaces noted by architecture and design magazines Galerie and Departures, giving them their highest praise.

Salzburg, Austria | Dali Shoval, Austria Sotheby’s International Realty 

This striking property is located at the foot of the Gaisberg, one of the most exclusive locations in Salzburg. Above the rooftops of the festival city, the location features a magnificent view. The highest-quality equipment is featured throughout the house’s four floors, five bedrooms with bathrooms, master bedroom, and living area on the ground floor with fireplace and access to the terrace. A Valcucine kitchen including a Gaggenau wine cabinet/ice maker, equipped gym, sauna area, indoor pool and lounge are also featured in this home.

New & Notable Properties for Sale | May 2018

Posted on 

From an inviting modern home in London, England to a Caribbean masterwork by renowned architect Marco Aldaco in Turks and Caicos, this month’s collection of exceptional propertiesfor sale feature homes from some of the world’s finest locales.

London, England | Emma Reade & Aree RandUnited Kingdom Sotheby’s International Realty

Classic and charming neo-Georgian architecture meets the finest modern interior design set on one of the most exclusive roads within one of the most exclusive postcodes in London. This beautiful home set over five floors of luxurious and generously proportioned accommodation enjoys a south-facing front that leads to a reception room and dining area following on to a contemporary kitchen with integrated state-of-the-art appliances looking out onto the beautifully landscaped gardens.

Upper West Side, New York | Michael SiegerSotheby’s International Realty – West Side Manhattan Brokerage

One of only three townhouses remaining on Central Park West, this thoroughly restored Queen Anne mansion affords luxurious modern living while paying homage to its distinguished past. The eye-catching façade is distinguished by an ornamental gate and restored museum-quality sandstone carvings. The grandeur of late-19th-century Manhattan fills the versatile interior, which has been updated with an open, airy ambience and 21st-century technologies and amenities.

Kailua, Hawaii | Brandon E Kim & Myra BrandtList Sotheby’s International Realty

Kai Moena, “House of the Resting Sea,” is a captivating oceanfront estate that reflects the skillful merging of modern architecture and luxury design. Inspired by Hawaii’s culture and climate, this expansive property totals almost 60,000 square-feet of land with over 250 linear feet of pristine white sand once owned by the storied Rothschild family.

Providenciales, Turks And Caicos | Nina Siegenthaler, Turks & Caicos Sotheby’s International Realty 

Bajacu is a Caribbean masterwork, designed by renowned, Architectural Digest Top 100 Architect, Marco Aldaco who is known for his technical mastery of scale, color, and materials. Bajacu (“rising sun” in the language of Caribbean natives) sits proudly above the beautiful island of Providenciales, Turks and Caicos. The ultra-private six-bedroom estate is situated on one of the island’s highest points, on an over eight-acre south shore site, with breathtaking views of the Caicos Banks.

Discover New & Notable homes from around the world on sothebysrealty.com

To visit Telluride Luxury Properties click here

New & Notable Luxury Properties for Sale | March 2018

Posted on 

From an inspiring, modern home in New Zealand to a grand, suburban estate in London, England, this month’s collection of exceptional properties for sale feature homes from some of the world’s finest locales.

Queenstown, New Zealand | Julian Brown & Mark Harris – New Zealand Sotheby’s International Realty

Meticulous planning during the construction of this home has resulted in a truly inspiring property, one that cannot help but impress. Precise attention to detail is evident throughout this significant home; from the moment of your arrival, the awe-inspiring, modern lines of the home’s striking exterior leave a lasting and powerful first impression.

Tribeca, New York | Laurie Silverman – Sotheby’s International Realty – Downtown Manhattan Brokerage

140 Franklin Street is situated on the highly coveted corner of Franklin and Varick Streets and is considered one of Tribeca’s most important landmarked loft buildings – an architectural masterpiece built in 1887. Designed by Albert Wagner, the architect of the famous Puck Building, with a lobby specially commissioned by world-renowned artist Sol LeWitt, this exquisite home offers two master suites, four additional bedrooms, four full-baths, a karaoke room, and powder room for guests.

Portofino, Italy | Barbara Fregonara – Italy Sotheby’s International Realty

Overlooking the beautiful Bay of Portofino, this villa is spread over multiple levels for a total surface of 750 square-meters, plus parkland of around 1,800 square-meters overlooking the sea. The property consists of large living room and dining room, kitchen and office, service area, three master suites with bathroom and wardrobe, studio, wellness area with indoor swimming pool and whirlpool, and fitness center.

San Jose Del Cabo, Mexico | Marco Ehrenberg & Jhoanna Higuera – Los Cabos Sotheby’s International Realty

Bahia Rocas is a 12,000-square-foot, nine-bedroom estate within the gated community of Villas Del Mar. Exceptional Spanish architecture meets modern comfort and features wrought-iron fixtures, intricate tile work and colorful linens, all reflecting the artisanal skill and vibrant spirit of Mexican design.

London, England | Aree Rand – United Kingdom Sotheby’s International Realty

This newly-built, 14,358-square-foot home is set on Ingram Avenue, a highly sought-after leafy road in Hampstead Garden Suburb, which is defined by absolute privacy by backing directly onto Turners Wood Bird Sanctuary. The property is within walking distance to Kenwood House as well as Hampstead Heath.

Discover New & Notable homes from around the world on sothebysrealty.com

To visit Telluride Luxury Properties click here

Best of 2017 | Top 5 Destinations

Posted on 

You clicked and we counted – this week we’ll take a look back at your favorite blogsvideos, destinations, and homes from sothebysrealty.com in 2017.

The Sotheby’s International Realty brand is a global presence; with offices in 69 countries, we showcase homes in the world’s most sought after locales. Here are the top five destination cities visited on sothebysrealty.com in 2017.

NEW YORK CITY, NEW YORK

A historic masterpiece of its time, the Crown Penthouse at 212 Fifth Avenue is in a class of its own and a trophy residence on Madison Square Park. Designed by Pembrooke and Ives and spanning three floors, with over 10,000 square-feet of living space, this residence is the epitome of New York City living.

Contact Brad IngallsMara Flash BlumKevin B. Brown, and Nikki Field for more information

LONDON, ENGLAND

This magnificent, contemporary house with private courtyard and staff accommodation in the heart of Chelsea features a state-of-the-art home theater, masterfully executed glass design, and enjoys close proximity to local shopping and restaurants.

Contact Shereen Malik for more information

LOS ANGELES, CALIFORNIA

“The Point” is the ultimate in traditional detail combined with modern finishes. Years in the making, this incredible estate in Los Angeles offers nine bedrooms and 14 baths. Public rooms include formal living room, wood-paneled library, family room overlooking pool, gourmet kitchen, formal dining room , screening room for 10 guests, billiards room, three bars, gym and wellness area.

Contact Barbara Boyle for more information

DUBAI, UNITED ARAB EMIRATES

This bespoke villa boasts a spot in a truly special location with the best beachfront frontage available for a private residence in Dubai. The villa provides full ocean and skyline views back to the Burj Al Arab and the Dubai Marina. Its wide and private decks allow for complete privacy with lush garden surroundings.

Contact Leigh Williamson for more information

PARIS, FRANCE

This residence comprises two apartments with over 16-foot ceilings in the heart of Paris. Over 1,000 and 2,000 square-feet of living space in each, respectively, these apartments can be connected. Also featured are six maid’s rooms and two garages.

Contact Virginie de Saint Leger for more information

EXPERIENCE LUXURY HOMES FROM AROUND THE WORLD ON SOTHEBYSREALTY.COM

To visit Telluride Luxury Properties click here

Mansion Global | View from the Top: Five Penthouses with Endless Vistas

These days, penthouses are easy to find — any unit that happens to sit on the top floor of a shiny, new condominium will bear the name. But without a jaw-dropping view, many are just fancy apartments in the sky. A true penthouse rises above all others, treating its owner to exclusive vistas of the surrounding area.

Whether you prefer the city lights from a modern high-rise or waves crashing below a beachfront retreat, a stunning view can be a major selling point.

Here’s a look at five multimillion dollar views from penthouses around the world.

NEW YORK


Corcoran

PRICE: $68.95 million
BEDROOMS: 4
BATHROOMS: 4 full, 1 partial

Known as the Dome Penthouse, this extravagant residence occupies the 18th and 19th floors of the famed Plaza Hotel. The 5,655-square-foot home, which belongs to fashion mogul Tommy Hilfiger, is lavishly appointed with bold colors and rich textures. The apartment comes with a private patio with unobstructed views of Central Park. Residents will have access to all of the hotel’s amenities, including housekeeping, valet and 24-hour room service. An added perk: The concierge can book a private jet.

Agent: Marie-Claire Claessen-Gladstone, The Corcoran Group

View full listing

MIAMI


Durston Saylor

PRICE: $53 million
BEDROOMS: 4
BATHROOMS: 5 full, 2 partial

Set in the exclusive South of Fifth enclave, at the southern tip of Miami Beach, this two-story penthouse spans the 9th and 10th floors of the boutique condominium 321 Ocean. The 6,807-square-foot residence has an open floor plan; floor-to-ceiling windows offer sweeping views of South Beach and the Atlantic Ocean. The residence also features a private rooftop terrace with a bar and a 36-foot-long, infinity-edge swimming pool — perfect for sundowners.

Agent: Jorge Uribe of ONE Sotheby’s International Realty

View full listing

PARIS


Knight Frank

PRICE: €3.49 million (about $3.98 million)
BEDROOMS: 3
BATHROOMS: 3

What could be more quintessentially Parisian than a view of the Eiffel Tower from your living room? The roughly 1,450-square-foot, newly renovated apartment sits on the top floor of an early 20th-century building in the 7th arrondissement. The renovating architect replaced part of the roof above the living room with a glass panel. The base of the Eiffel Tower is visible from a window; the rest of the landmark can be seen through the sloping roof.

Agent: Roddy Aris, Knight Frank

View full listing

LONDON


United Kingdom Sotheby’s International Realty

PRICE: £8.95 million (about $12.72 million)
BEDROOMS: 4
BATHROOMS: 4

This two-story penthouse in the posh Marylebone neighborhood underwent a full renovation. With more than 4,000-square-feet of living space, the residence offers a spacious floor plan, with nearly floor-to-ceiling windows on all sides offering striking views of the London skyline. The residence is also equipped with a modern kitchen and smart-home technology.

Agent: Raphael Fitoussi, United Kingdom Sotheby’s International Realty

View full listing

DUBAI


Gulf Sotheby’s International Realty

PRICE: Upon request
BEDROOMS: 4
BATHROOMS: 4 full, 5 partial

The penthouse occupies the 45th floor of Le Rêve, one of the tallest residential buildings in the world. The 13,400-square-foot residence offers views of the Dubai Marina, the Palm Jumeirah and the iconic sail-shaped Burj Al Arab hotel. It also includes more than 800 square feet of terrace space, so the stunning views can be enjoyed outside. The penthouse comes with living accommodations for two chauffeurs on the parking level.

Agent: Jonathan Gardner, Gulf Sotheby’s International Realty

View full listing

To visit Telluride Luxury Properties click here

Mansion Global: How to Spend $30 Million in the World’s Top 5 Cities

BY KATHRYN HOPKINS

ORIGINALLY PUBLISHED ON APRIL 04, 2016

According to the 10th Edition of the Knight Frank Wealth Report, the world’s ultra-high-net-worth individuals (defined as having at least $30 million in assets) fell by 3% last year, to roughly 187,500. That’s still a lot of buying power for people who traditionally love real estate.

Where do these UHNWIs prefer to purchase property? For the second year in a row, London edged out New York as “the most important city for the ultra-wealthy,” according to the report. They’re the only two Western cities to appear on this year’s list. Singapore, Hong Kong and Dubai round out the top five.

Naturally, we wanted to know what $30 million buys in each of these top-five cities.

ON THE MARKET IN LONDON


Knight Frank

PRICE: $24.16 million
BEDROOMS: 8
BATHROOMS: 7

Not only will this palatial style mansion on the outskirts of London leave you with change to spare, the newly built four-story property boasts eight bedrooms, a two-bedroom staff apartment, two security gates and a 40-foot swimming pool.


ON THE MARKET IN NEW YORK


Douglas Elliman Real Estate

PRICE: $31.5 million
BEDROOMS: 3
BATHROOMS: 4 1/2

This three-bedroom trophy home in the ultra-luxurious One57 has breathtaking views of Central Park and Midtown. The building itself has 24-hour doorman service, a fitness center, yoga studio and a swimming pool.


ON THE MARKET IN SINGAPORE


Christie’s International Real Estate

PRICE: $26.6 million
BEDROOMS: 5
BATHROOMS: 5

This five-bedroom, five-bathroom Bali resort-style home sits on a 10,000-square-foot seafront facing plot in Singapore’s Sentosa Cove. Added bonus: With the prime location comes a natural sea breeze throughout the day.


ON THE MARKET IN HONG KONG


Hong Kong Sotheby’s International Realty

PRICE: $30.7 million
BEDROOMS: 5
BATHROOMS: 4

This beautiful three-story, five-bedroom waterfront home in Hong Kong has a large living room with wall-to-wall sliding glass doors leading to the private terrace and infinity pool.


ON THE MARKET IN DUBAI


Gulf Sotheby’s International Realty

PRICE: $34.8 million
BEDROOMS: 8
BATHROOMS: 9

This Pierre-Yves Rochon-designed home is located in the Emirates Hills. Known for his hotel projects such as the Savoy in London and the Four Seasons George V in Paris, Rochon sought the same balance between luxury and functionality in this eight-bedroom villa.

To visit Telluride Luxury Properties click here

WSJ: The Most Expensive Cities in the World to Live

A stronger dollar has propelled New York and Los Angeles into an annual ranking of the world’s 10 most expensive cities.

Singapore took the top spot in the ranking from the Economist Intelligence Unit for the third straight year, followed by Zurich and Hong Kong.

ENLARGE

The survey compares more than 400 individual prices across 160 products and services, and volatile exchange rates have rippled through the survey.

ENLARGE

 

ENLARGE

This means that even if the cost of living in, say, New York didn’t rise much for New Yorkers over the past 12 months, the survey will show that New York became more expensive because the dollar strengthened, raising prices of goods and services relative to other countries.

Indeed, New York climbed to No. 7 on the list from No. 22 just one year earlier. It had been far as down as No. 49 in 2011, and it peaked at No. 6 from 2000 through 2002. Compared with New York, 106 cities saw living costs decline last year, while 16 saw a rise in the relative cost of living.

Los Angeles was tied for No. 8 on the list. Other pricey American cities include Chicago(21), Minneapolis (24), Washington, D.C. (26), Houston (31) and San Francisco (34).

One important caveat: The index includes the cost of household goods, clothing, food and transportation, but it doesn’t include the cost of shelter. This is a huge household cost, of course, which may make the ranking less meaningful. In any event, this helps explain why some expensive U.S. cities, namely San Francisco, don’t rank higher in the index.

Of the 16 U.S. cities surveyed, Cleveland and Atlanta were the least expensive, with a cost of living that is 31% less than New York. On average, New York was about 20% more expensive than other U.S. cities.

While the stronger dollar meant that the relative cost of living rose for most American cities last year, all 28 cities surveyed in Western Europe saw cost of living declines compared with the U.S. In Russia, the collapse of the ruble caused the cost of living inMoscow and St. Petersburg to decline nearly 40%.

A summary of the full survey is available online.

To visit Telluride Luxury Properties click here

New & Notable Luxury Properties For Sale | July 2015

Beginning with the majestic Stone Mansion in New Jersey to an iconic estate in Brazil, this month’s collection of exceptional properties for sale features homes in some of the world’s most sought after destinations.

NJ$48,880,000 USD | Alpine, New Jersey | Prominent Properties Sotheby’s International Realty

New Jersey – This gated estate sprawls over approximately 30,000 square feet. Built of solid granite and steel, the Stone Mansion boasts twelve bedrooms, nineteen bathrooms, indoor basketball court, movie theatre, 4000-bottle wine cellar, fitness center and three exquisite bars for entertaining. There is a ballroom, formal dining room, great room, library, den, master suite including 2 spa bathrooms with dressing suites and the estate has a fully equipped staff apartment and separate pool house.

London£25,000,000 GBP | London, England | London Sotheby’s International Realty

London – This striking home is both inviting and elegant. With an enduring brickwork exterior and large windows looking out over the garden, this private residence offers sophisticated living in close proximity to the city. Seven bedrooms and bathrooms, conservatory bar and two rooftop terraces are among the vast amenities offered.

HongKong$280,000,000 HKD | Hong Kong | Hong Kong Sotheby’s International Realty

Hong Kong – Offering views of the surrounding greenery and the harbor, this home showcases its abundance of outdoor space including an 8,000 square-foot private garden and swimming pool. The immaculately appointed interior features high ceilings and boasts bright floor-to-ceiling windows.

BrazilR$ 80.000.000 BRL | Sao Palo, Brazil | Bossa Nova Sotheby’s International Realty

Brazil – This iconic mansion features a Social area with several lounges, dining room for eighteen people, great library and a winter garden. The meticulously manicured outdoor area showcases the spacious garden, swimming pool and fitness areas.

FrancePrice Upon Request | Cannes, France | Côte d’Azur Sotheby’s International Realty

France Showcasing exquisite panoramic and sea views, this Belle Epoque mansion is located in the heights of Cannes. The villa’s lush gardens, indoor pool, electrically-operated glazed roof and oversized Winter Garden with lounge are just a taste of the elegant amenities offered.

View Newly Listed Luxury Properties for Sale >

To visit Telluride Luxury Properties click here

WEALTH-X & SOTHEBY’S INTERNATIONAL REALTY EMEA LUXURY RESIDENTIAL REAL ESTATE REPORT Q1 2015

Ultra wealthy individuals are buying up luxury homes around the world to further diversify their holdings, according to a new report by Wealth-X and the Sotheby’s International Realty® brand released today.

The joint report, Europe, Middle East and Africa Luxury Residential Real Estate Report For 2015,provides insight into the EMEA region’s luxury residential real estate market and identifies purchasing and investment opportunities for ultra high net worth (UHNW) individuals looking to diversify their holdings.

The report shows that the UHNW Residential Real Estate index tracked by Wealth-X hit a new record high of 112.1 in the first quarter of 2015, up nearly 4 percent from the fourth quarter of 2014, and 7 percent from the first quarter of 2014. This highlights the strength of the global luxury real estate sector on the back of demand by ultra high net worth (UHNW) individuals.

wealth-x-2

The index takes into account the full range of luxury residential properties that are owned by the world’s wealthiest individuals. Wealth-X data shows there are 211,275 UHNW individuals globally, who collectively own nearly US$3 trillion of real estate, equal to 10 percent of their net worth.

Below are other key findings from the report:

  • The EMEA region offers purchasing and investment opportunities, particularly in Madrid, Dubai and Cape Town (three EMEA cities featured in the report), where luxury properties and strong lifestyle considerations may appeal to UHNW buyers.
  • London remains the top real estate hub for the EMEA region. The city’s price per square foot (US$3,103) is nearly four times that of Dubai, six and nine times more than Madrid and Cape Town respectively.
  • One-third of all premium London properties for sale (homes valued above US$1 million) are worth more than US$10 million. By comparison, Dubai has only 8 percent of its luxury properties listed in the super prime range above US$10 million.
  • The less expensive price per square foot for premium real estate in Cape Town generally leads to larger houses. A luxury property in the South African city has six bedrooms on average – higher than Madrid and Dubai, the two other cities profiled in the report.

“Wealth-X is pleased to partner with the Sotheby’s International Realty brand for this second luxury real estate report for 2015. Because it touches upon several key elements in an ultra affluent individual’s life, including lifestyle, investments and family, luxury residential real estate encapsulates a core part of their identity,” commented Wealth-X President David Friedman. “As their wealth continues to grow, so will their investment fueled by flight to safety from less geopolitically stable geographies.”

According to Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC, this joint report was designed to provide a deeper understanding of the UHNW consumer, specifically in the EMEA region. “The research shows that trends and the economic climate in some EMEA countries are stimulating alternative investments such as real estate in these local markets,” he said. “These opportunities are exciting and we are proud to be able to provide an in-depth look at them.”

Download the Report >

To visit Telluride Luxury Properties click here

Market Watch: 5 Real Estate Trends to Watch in 2015

By

DANIEL GOLDSTEIN

PERSONAL FINANCE REPORTER

Credit crunch to continue for many

LoanDepot’s Hsieh says he has been encouraged by the recent moves by the federal government to expand credit by allowing agencies to buy loans with lower down payments as well as other moves that are designed to give lenders more guidance and confidence in making loans.

“There’s lots of communications coming out that we need to increase availability of credit the marketplace,” he said.

Still, the overall tightness in credit standards will continue to hurt first-time borrowers in 2015, especially the millennials. While the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to begin buying loans in 2015 with as little as a 3% down payment, Trulia’s Kolko says that is unlikely to help.

“For young people, a slightly lower down payment requirement won’t solve the problem of not having a good steady job and a good credit history,” Kolko says. Many millennials are struggling with crushing student loan debt burdens and jobs that don’t pay well, which hurts the all-important debt-to-income ratio that’s computed into lending decisions.

Scott Everett, president of Supreme Lending in Dallas, which made more than $4 billion in home loans in 2014 says that compliance costs of Dodd Frank regulations and fear of the Consumer Financial Protection Bureau (CFPB) will spur another round of mergers and consolidation among lenders in 2015. “A compliance department that used to have two people now requires twenty-two,” he said.

Local markets to watch

For real estate investment hot spots for the wealthiest like New York, property is likely to get even more expensive, as economic and political turmoil make other markets look less attractive.

“Hong Kong, Moscow and Dubai are no longer ‘safe’ investment spots compared to New York and London,” said CityRealty’s Levy, who expects nearly a dozen ultra-luxury apartments in Manhattan to sell for more than $100 million each in 2015.

Elsewhere in the U.S., former Rust Belt cities like Pittsburgh, Cleveland, Milwaukee and even Detroit are trying to repurpose themselves and could provide investors new opportunities. “You can get in at one-tenth the cost,” of a New York or a San Francisco, says Levy.

Elsewhere, cities like Boulder, Colo. and Austin, Texas, have become technology hubs and established themselves as good markets for real estate investments. “Smaller cities are going to be an interesting story for the next couple of years,” he said. Other North American hot spots will continue to be Miami and Toronto, he said.

On the flip side, Daren Blomquist of RealtyTrac says that inland California, which was hit badly in the last real estate crash, could be due for yet another correction, as a result of the five-year long drought that has devastated crops and ranching in the typically fertile valley that stretches for hundreds of miles from Chico to Bakersfield. “It’s really in dangerous territory because of the drought,” he said. “They are still reeling from the last crisis and unemployment is still really high.”

Gas prices could affect the housing market

The late 2014 gift of lower gas prices (which could act as a $1,000 to $2,000 tax break for middle class families) could carry over into the housing market, at least in a small way.

Blomquist says lower gas prices could boost the refinance markets or encourage move-up borrowers. “I don’t see it moving the needle that much, [but] it could make some homeowners more comfortable tapping their equity,” for a large purchase such as a boat or a vacation home.

Gas prices fell for 88 straight days between Sept 25 and Dec. 22, according to AAA, to a national average of $2.39, down 85 cents a gallon from a year ago. The savings amount to about $450 million a day for consumers, AAA said.

If low(er) gas prices do last for at least a year or two, Blomquist said it could help the entry-level home buyer who typically has to “drive till you qualify.” It could also help some far-flung suburban communities like Stockton, Calif., which bore the brunt of foreclosures when gas prices soared and commuters could no longer afford their homes. Kolko of Trulia says lower gas prices “could alter some housing patterns with some willing to have a longer commute,” he said.

The oil-price crash of the 1980s brought down real estate markets like Houston, and to a lesser extent, Dallas. The good news: Today those markets are more diversified, with technology and financial services companies and more corporate headquarters than 30 years ago, says CityRealty’s Dan Levy. “There isn’t the crazy overbuilding that we saw during the tail end of the S&L crisis,” in the late ‘80s and early 1990s, Levy said.

To read the complete article, click here

%d bloggers like this: