Tuesday, January 14, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
You know all those ultra-slender, ultra-fancy tower condominiums that have been popping up out of the Manhattan concrete since 2015? Next time you look at one, bear in mind that half the condos in them are empty. Surprise! No buyers, according to Nancy Packes Data Services. The other half are probably Starbucks that have gone vertical.
The reason for all the empty rooms over Manhattan: a combination of overly aggressive pricing and a growing public disdain for the skyline-disrupting mansions in the clouds. But really, it's all about pricing.
Comparing the prices of new development units to resale units over the last decade tells the story. In 2012, new units sold for a 22% higher prices than resale units. At the end of last year, the premium was 118%.
Nancy Packes lists three reasons for the “extraordinary oddity of the current cycle. ”
According to Packes, buil ...
Monday, January 6, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems,
When the ball at Times Square dropped to announce 2019 last January, people in the real estate community were apprehensive about the upcoming twelve months. There was plenty to be worried about. There was a serious drought of listing inventory in 2018, and it didn't look as if there was anything on the horizon promising to kick more homes on the market. New York and New Jersey had been battling back from ten years of recession, and mortgage rates had started to rise. Even the weather was against us.
Half-way through the year, the scenery hadn't changed much, but it had brightened slightly. One bit of good news was that interest rates dropped back into the threes. As of June 2019, the benchmark 30-year fixed-rate mortgage fell to 3.99 percent from 4.04 percent, according to Bankrate’s weekly survey of large lenders. The year before, it was 4.70 percent.
But the 800-pound gorilla in the roo ...
Tuesday, December 10, 2019 / by Vanessa Saunders
Do you have dreams of moving abroad? Maybe you plan to retire somewhere tropical where island breezes and warm sand are a part of every day living? Or perhaps finding a little bit of paradise overlooking Tuscan vineyards or Spanish olive groves for you to visit a few months out of the year? If you've ever thought of buying a little place of your own in another country, first you need to do some homework. Below are five things to consider when you plan your great escape.
1. How's the economy?
Moving overseas can be a good idea in an area with a low cost of living. But first, you should look into what it costs to live in paradise. Analysis by experts is available from the World Population Review's website . Plan ahead and budget accordingly.
2. Foreign Property Ownership Laws
Not every country allows just anybody to own real property like the United States. According to financial consulting firm SmartAsset, "Even if the country you’re interested in allows foreigners ...
Tuesday, December 3, 2019 / by Vanessa Saunders
There are six inches of freshly fallen snow on the walk to my front door. What better reason to write about the nine Bahamian islands recently listed for sale and prime candidates for winter dreaming!
Located 70 miles off the coast of Florida, the set of nine islands was last owned by the late billionaire coal entrepreneur Chris Cline. Cline died in a plane accident during a flight back from the islands in July.
Cline’s estate is now selling off the island estate, which is comprised of 277 acres as part of the larger Bahamian Abaco Islands. Prior to Cline, the island paradise was owned by Robert H. Abplanalp, a close associate of President Richard Nixon.
The property has a mid-century modern style main building with 4 bedrooms and 5 bathrooms, a salt-water swimming pool, deep-water dock, caretakers’ quarters and a seaplane ramp. Other amenities include a gym, tennis courts, basketball court, professional kitchen all powered by it's own electrical generator ...
Monday, November 18, 2019 / by Vanessa Saunders
Global Property Systems helped our International Buyers find this gorgeous 240 acre property with Farm House along the Wallkill River with views of the Shawangunk Ridge- Mohonk Mountain Preserve.