While California realized some incredible appreciation in home values during the housing boom, we also were one of the hardest hit states when our economy fell apart. According to a recent UPI article, California now offers one of the country’s best turnaround real estate markets and can play an integral role in leading the nation to recovery.
Realtor.com puts together a quarterly list of the country’s top turnaround towns, and the most recent ranking included 6 California cities in the top 10 spots. A major difference that we are seeing in our region is an increase to the average transaction price, likely meaning that more owner occupied homes are being purchased. There are still a number of incredible deals to be had though, which continue to make this one of the best buyers market in real estate history.
Whether you want to get the most value out of your current luxury home or are in the market for a new one, contact the global high-end real estate experts of Hurwitz James Company at 888-681-5902.
A breathtaking view of the Big Sur California coasline taken from the Castello della Costa d’Oro estate, which is currently listed with Hurwitz James Company for $58,000,000.
Already outpacing other markets, the luxury real estate market may be seeing another increase in activity with the potential expiration of the Bush-era tax cuts. According to a recent Fox News report, high-end homeowners planning to sell are being motivated to cash-in before January, when the capital-gains tax cuts may expire.
“Some well-heeled homeowners are reportedly scrambling to offload luxury properties by the end of the year or else risk having a serious bite taken out of their bottom lines.”
This new factor affecting the high-end real estate market could be a win-win for us all. High-end homeowners will be able to sell properties at a 15 percent tax on the profit versus a 20 percent tax if the Bush-era tax cuts expire. In addition, if luxury homeowners are motivated to sell, this not only means that new inventory will be popping up, but it also means there may be a potential for great deals as well!
Will this change affect you? Get advice from the experienced luxury real estate agents at Hurwitz James Company in Beverley Hills by calling 888-681-5902.
The Bradbury Estate is listed at $78 million. If tax cuts were expiring, wouldn’t you want to cash in on this property as the owner?
As one of the industry’s leading luxury real estate companies, Hurwitz James Company sees countless homes with extravagant amenities. But in the end, we know that our clients are going to choose a home based on amenities that best reflect their hobbies, passions and lifestyles.
In recent posts, we’ve revealed our luxury estates listings with incredible garages perfect for car collectors as well as multi-million dollar homes with gourmet kitchens perfect for the at-home chef or foodie. To continue our series on specialized amenities and in honor of the 2012 Summer Olympics, we are now going to take a look at our current mega-mansion listings made for those especially active individuals and sports fans.
The Malibu French Country Estate, listed at $14,500,000 has a professional-level clay tennis court complete with accommodations for spectators.
Listed at $78,000,000, the 24.3-acre Shelter Island Estate includes a world class clay sporting course and a shooting course connected by a 1-mile road that doubles as a beautiful running and walking trail. The home also features a fully equipped home gym with gorgeous lake views.
The Bradbury Estate, listed at $78,800,000, is the ideal home for those who love to swim to stay in shape. The California residence boasts a 350,000-gallon pool that has a length almost equivalent to an Olympic-sized pool.
To learn more about these luxury listings or other Hurwitz James Company listings, please contact us at 888-681-5902.
If you enjoy learning about today’s most luxurious trophy properties, we encourage you to become a fan of Hurwitz James Company on Facebook and Twitter. Here are some of the exclusive posts and updates you’ll get to enjoy.
- Stunning photos of our latest multimillion dollar real estate listings from those in the most expensive zip codes to those with breathtaking architecture or amenities and those in exotic locations with unbelievable views
- Links to virtual tours of our mega-mansion listings from TV appearances on shows such as LuxVT
- Tweets from the president and lead broker of Hurwitz James Company, Bob Hurwitz, himself
- Fascinating articles, such as the one Bob recently tweeted on 10 Super Huge Homes for Sale (of course Bradbury Estate made the list)
- Luxury real estate news and trends in the market
To see theses posts, updates and more, “like” Hurwitz James Company on Facebook and follow Hurwitz James Company on Twitter. We want to hear from you, too! Comment on our page or tweet us back to tell us what you think about our current listings and other luxury real estate topics.
Luxury real estate is winning the race to recovery. Real estate expert Robert Frank from CNBC recently reported that the real estate market seems to have split in two. As wealthy investors and homebuyers are driving up prices and stability in the high-end market, the rest of the housing market is struggling at a slower speed.
According to Altos Research, Prices are up 10 percent and inventory is down 10 percent in markets where the median home price starts at $1 million. In the ultra high-end market where the median price is $10 million or more, prices are up 13 percent and inventory is down 11 percent.
As CEO of Altos Michael Simonsen told CNBC, ”It’s become a tale of two markets. At the high end, well-financed people have taken advantage of cheap money. And demand is up, inventory is down and prices are responding.”
There are many factors stimulating the growth of the top sector of the real estate market. First of all, the wealthy are opting to invest in fewer stocks due to the volatility of the European markets. Instead, they are taking advantage of historically low mortgage rates and investing in real estate assets. Foreign buyers from Asia, Russia and Latin America are also contributing to the decreased inventory of real estate in the most sought after U.S. neighborhoods.
To read more about this “tale of two markets,” visit Frank’s article from CNBC.com.
The Bradbury Estate listed at $78,800,000 with Hurwitz James Company.
Call 888-681-5902 for more information.
More money does not mean more problems if you are a buyer in today’s ultra-high-end housing market. As we already know, the luxury real estate market is sizzling with bargains and bidding wars on trophy properties.
So as multi-million dollar homebuyers continue to flood the market, Business Insider thought it was the prime time to seek advice from experts in this top tier market on how to begin the mega-mansion buying process. Here are their top tips for a successful multi-million dollar real estate investment.
• Do Your Online Research: Search listings online to get an idea of exactly what you are looking for.
• Enlist an Experienced Luxury Broker: Check to see what brokers are selling the most high-end properties in the area you are interested in.
• Get Pre-Approved: Have your pre-approval record ready before you even hire an agent.
• Prepare to Disclose Details: Expect that your real estate agent will want to know a few things about yourself such as your occupation and other assets in order to gauge your level of seriousness.
• Opt for a Mortgage: Even if you have the cash and don’t need one, a mortgage can actually be a more economical way to spend your money because of current interest rates.
Investors and homebuyers looking for properties in the nation’s most sought-after zip codes and most talked-about estates can call on Hurwitz James Company in Beverley Hills at 888-681-5902.
The grand foyer of the Bradbury Estate in San Gabriel Valley, which is currently listed at $78.8 million
Unique Homes magazine recently sat down with Bob Hurwitz, president of Hurwitz James Company, for a fascinating discussion about the recent trend of foreign investing in the luxury real estate market.
While there are no specific statistics, it’s very clear that the BRIC countries – Brazil, Russia, India and China – are leading the way in multi-million dollar, foreign real estate investments. And Bob Hurwitz has seen this first-hand, as Hurwitz James Company has received an influx of inquiries on California listings specifically from potential Russian buyers.
Russian investors have held a prominent role in the upper-end segment of London real estate, but London is now becoming a second choice next U.S. hubs like New York. In fact, there is currently a disproportionate number of Russian buyers in the Manhattan $20 million-plus market. As Founder and CEO of Chase International, Shari Chase, told Unique Homes, “Even though they are strong negotiators, their spending habits are often more spontaneous.”
There are several factors that could be contributing to the recent increased interest in foreign real estate – especially in Europe and the U.S. – among Russian investors. First of all, getting a visa in the U.S. is fairly easy. Second of all, the political climate in Russia has made safe haven cities particularly appealing. Weather is also a factor that is making these U.S. and European cities looks quite glamorous compared to St. Petersburg or Moscow.
Pending contracts and new construction are suggesting that this trend is far from slowing down and will most likely be breaking into the $50 million price point. To read more of the Unique Homes article on foreign investing featuring interviews with Bob Hurwitz and other real estate authorities, visit the article online at content.uniquehomes.com.
Photo via Unique Homes
As it was featured in a recent Forbes article, the definitive travel publishing empire Fodor’s Modern Guides has released its “Best of Europe 2012.” With 18 categories that include family vacations, outdoor activities and picturesque charm, the “Best of Europe 2012″ name the top European getaways as ranked by Fodors.com visitors. To no surprise, France led the way with the most category wins.
- Fodorite Favorite: Paris
- Food & Wine: Burgundy
- Romance: Champagne
- Winter Trips: France
- Spring Trips: France
- One-Week Trips: Paris
With food, wine, romance, stunning landscapes and year-round enjoyment, France is certainly a wonderful place to relocate or to own a second home. Here are the two properties that Hurwitz James Company is currently listing in France.
The Chateau de Paradis has been a historical monument since 1947. This grand castle rests on 37 breathtaking acres that boast horse pastures, fruit trees and ancient forests. Available for €3,500,000.
The Avenue du President Kennedy, is a 2-story luxurious penthouse in the heart of Paris with awe-inspiring views of the Seine and Eiffel tower. Available for €45,000,000.
For additional information on either of these properties please call Hurwitz James Company based in Beverly Hills, California at 888-681-5902.
While our last article sited some of the small signs of a healing housing market, one California community has extra reason to be hopeful of a stronger local real estate market. As of November of 2011, Google has firmed its roots in Venice Beach with the leasing of more than 100,000 square feet in three buildings on Main Street. Part of the new Google office is also being housed in world-renowned architect Frank Gehry’s iconic Binoculars Building.
According to an article from The Hollywood Reporter, “While Google’s relocation is expected to lead at least some employees to purchase property in Venice, perhaps more importantly, brokers and others say that the company’s choice of location there is spurring others to consider the beachside community.” It is clear that the effects go beyond the fact that Google chooses locations for its offices in areas that have room to grow.
As associate economist for the Los Angeles County Economic Development Corp Kimberly Ritter-Martinez told The Hollywood Reporter, it’s the clustering effect. The area is consequently more appealing to like-minded companies and individuals. Big names that have hence purchased buildings in the same area include ad agency Zambezi Ink, actor-director Jon Favreau, Robert Downey Jr., and co-founder of Luma Pictures Payam Shohadai.
Photo by Majunznk