Christie's luxury property survey shows prices still unrealistic - Spear's Magazine

Christie’s luxury property survey shows prices still unrealistic

A survey from Christie’s International Real Estate shows that most vendors of luxury property ‘are still unrealistic about pricing, but considerably less so than in 2010’

A survey from Christie’s International Real Estate shows that most vendors of luxury property ‘are still unrealistic about pricing, but considerably less so than in 2010’. 62.5 per cent of affiliated brokerages said clients had too high expectations, especially in a market where HNWs were downsizing and rationalising their property portfolios.

The report, ‘The state of the international luxury real estate market’, says that sellers are more optimistic but that economic volatility means the second half of the year will be slower than the first. There have been some large transactions in 2011, including the $85 million sale of the Spelling mansion to Petra Ecclestone, and ‘glamour destinations’ such as London, New York, Paris and Hong Kong were all seeing increased interest.

The role of cash is becoming greater, the report adds. 87 per cent of affiliates said it was the key means of payment. ‘The higher the price,’ says Ron Shuffield of Esslinger-Wooten-Maxwell in Miami in the report, ‘the larger the percentage of cash in the deal.’

One affiliate reported achieving perhaps the world’s highest square-foot price: £7,709.70 for 10 Pollocks Path in Hong Kong.

To read the full Christie’s International Real Estate report, click here

Top ten houses sold by Christie’s affiliates this year:



 

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