The average 30-year fixed-rate mortgage was recorded at 3.56 percent, which was the 16th week in a row that it has been below 4.00 percent. The average 15-year fixed-rate mortgage was reported at 2.86 percent, which was the 7th week in a row that it has stayed below 3.00 percent.
According to the LA Times news report, borrowers can lock in rates that are even lower by shopping around and paying upfront discount points.
So what does this mean for luxury real estate? This means luxury homes for less! As we noted in a recent post on Top Tips for Buying Mega-Mansions, it’s more economical to purchase a multi-million dollar home with a mortgage, even if you have the cash up front.
Hurwitz James Company specializes in buying and selling multi-million dollar estates and trophy properties all across the globe; below are some of our current listings. Investors and homebuyers interested in purchasing luxury real estate can contact Hurwitz James Company at 888-681-5902.
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.
A recent Forbes article names auto lifts as the latest trend in luxury real estate amenities. While car elevators sound like a flashy addition, we still find the most jaw-dropping garages to be the ones that hold an impressive number of cars or feature exquisite finishes. Take a look at two of our current luxury estate listings that feature beautiful garages for car lovers.
This Malibu oceanfront estate currently listed at $36 million offers a climate controlled garage that can fit more than 15 cars.
The stunning car showroom of the Castello Della Costa d’Oro, currently listed at $50 million, doubles as an entertaining space with exquisite finishes to display cars with class.
A true car collector may not want to stop at cars. The Castello Della Costa d’Oro, in that case, would be the perfect property for you. The Golden Coast Castle in Cambria, California boasts a helicopter pad.
The enchanting Malibu French Country Estate, currently listed at $14.5 million with Hurwitz James Company, is much more than a prestigious vineyard. It’s an equestrian manor, a peaceful oasis, a gorgeous setting for an entertainer’s dream. With its luxurious outdoor amenities, lush foliage and awe-inspiring views of the Pacific and perfectly manicured vineyard, experiencing the Church Estate Vineyards is like experiencing the best that California has to offer.
The expansive green pastures, horseback riding trails and private barn together make for an equestrian palace. The clay tennis court is enclosed in stone walls and complete with spectator seating for an athletic arena that is fit for pros. Finally, multiple outdoor living areas, each with something special to offer, create gorgeous outdoor spaces for every mood and occasion from peaceful meditation to sophisticated soirees.
To see more of the magical Church Estate Vineyards, take the online video tour, or schedule a showing to see it in person by contacting Hurwitz James Company at 888-681-5902.
Hurwitz James Company currently has this exclusive listing on Malibu’s coastline at an amazing value. The Malibu French Country Estate is available at a reduced price of $14.5 million (previously listed at $19.5 million). This magnificent property has incredible potential to produce substantial income with its award winning wine grapes. In addition, the breathtaking panoramic vineyard and ocean views make for the perfect venue for private event bookings including A-list weddings.
While your Cabernet, Pinot and Chardonnay vines are producing fine California wine, you will be living in the lap of luxury in an 8,000-square-foot Normandy style chateau with stunning artisan details and finishes. From the custom designed chef’s kitchen and coffered ceilinged library to the 19th century pool table and 4,000-bottle wine cellar, every room of this residence embodies old-world charm and sophistication with the addition of the latest modern luxuries.
In our next post, we will reveal the ideal outdoor living and recreational opportunities that make life at this Luxury Malibu Estate more like a permanent vacation. To schedule a showing, contact Hurwitz James Company at 888-681-5902.
High-end investors and luxury homeowners are smiling right now because they know that at the end of the day, this top tier market is the place to be. Headlines continue to confirm that the luxury real estate market is outperforming all other sectors of the housing market currently.
According to a recent Investors Business Daily news report, several agents are reporting increases in sales prices as a result of shrinking supplies and multiple offers, especially in sought-after areas such as Beverley Hills. Value is returning to mega-mansions in these desirable U.S. neighborhoods, and domestic and foreign buyers who have been patiently waiting are now making their move.
“And consumer confidence, while variable lately, is at least higher than it has been most of the past three years. Against that backdrop, higher-end buyers have started pulling out the checkbook.”
The high-end real estate market is not only seeing more action, it is literally driving the nation’s housing recovery. Buyers and sellers looking to make their own moves can call on the experienced agents at Hurwitz James Company, who specialize in multi-million dollar sales all over the world. Contact the Hurwitz James Company office in Beverley Hills at 888-681-5902.
Even with a price tag of $78.8 million, the Bradbury Estate, currently listed with Hurwitz James Company, is not expected to remain on the market too much longer.
We invite you to imagine what life at the majestic Castello della Costa d’Oro would be like with an exclusive virtual tour. The following video will take you through the one of a kind California estate to see what makes the Golden Coast Castle so magical.
From the sparkling shores to the vibrant green foothills, the video begins with bird’s-eye views of the incredible location and breathtaking landscapes that surround the property. Taking you in closer, you’ll then enter through the double doors of the main entrance to begin a tour through the interior of the main residence. During your tour, you will witness stunning architectural details and finishes including columns, dome ceilings and Venetian paintings and sculptures as well as impressive amenities including the gorgeous car showroom.
Of course, the true beauty and luxury of this estate can only be realized in person. To schedule a personal showing to see the Castello della Costa d’Oro in California currently listed at $58 million, please contact Hurwitz James Company in Beverley Hills at 888-681-5902.
The location of this property is simply surreal. Situated just above Cambria’s art colony, the 80-acre estate stretches a half-mile down the coast and a mile inland, allowing for exhilarating views of both the Pacific Ocean and the Santa Lucia range. With its rich riparian land, the property is abounding with pinot noir and olive plantings as well as rare Monterey pine forests. Neighboring the famous La Cuesta Encantada or Hearst Castle, the estate is also minutes away from the 280 globally recognized and award-winning wineries of the thriving Paso Robles wine country.
The stunning natural landscape of this estate is matched by breathtaking Venetian architecture and interiors. The main residence of the grand Castello estate boasts recherché finishes including 31 classical and trompe l’oeil mural paintings. The master suite features a world-class spa and two-story vestiary. There is both a professional-grade kitchen and catering kitchen. Amenities include a presidential office suite, home theater and a secret passage that leads to a wine cellar – just to name a few. The residence also lends itself to hosting occasions from the large and grandeur to the intimately small with a magnificent entertainment hall and a soaring pavilion complete with penthouse.
You won’t want to miss our next post, where we will unveil the other luxurious and over-the-top amenities of the Golden Coast Castle. Interested buyers who would like to see the Castello della Costa d’Oro, currently listed at $58 million, can contact Hurwitz James Company at 888-681-5902 to schedule a showing.
So as multi-million dollar homebuyers continue to flood the market, Business Insiderthought 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.