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Christie’s International Real Estate has created a list of the 10 most popular small towns for luxury home buyers.
As part of the report, Co. founder and CEO Michael Saunders suggested that the recent increase in luxury property sales is driven by a boost in the economy. He said: “The encouraging pace at which luxury properties are selling has prompted many sellers who waited out the recession and list their properties this season.”
The list of top 10 luxury towns is topped by Bedford, New York, and also includes such well known luxury destinations as The Principality of Monaco, Martha’s Vineyard, Massachusetts, and Montecito in California.
According to the report, Sarasota has also taken a top 10 place due to the fact that the percentage of local properties worth $1 million or more has now risen to eight per cent, making it an increasingly popular destination for luxury home buyers.
The complete ‘Jewel Box’ of the 10 best small towns for wealthy buyers is: Bedford, New York; Jackson Hole, Wyoming; La Jolla, California; Martha’s Vineyard, Mass; Sylt, Germany; The Principality of Monaco; Montecito, California; Punta del Este, Uruguay; Lugano, Switzerland; and Sarasota, Florida.
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What is the future of real estate in Las Vegas?
It remains uncertain.
Nevada has $100B worth of residential real estate, with $125B of mortgages. This means that Nevada has $25B of negative equity to shed.
Currently 1 in 7 homes have had a notice of default filed and 1 in 4 borrowers are behind on their mortgage payment.
If there were no more new foreclosure actions, it would take 42 months for the current number of foreclosures to clear before the market returned to normal.
Fortunately, the bottom end of the market has stabilized with cash investors paying as little as $30,000 for a house and $20,000 for a condo or townhome. Rents hav…
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