The first half of 2020 reshuffled the deck in many international markets. Luxury real estate is no exception, but unlike many other sectors, it has emerged from the current health and economic crisis stronger.
Its status as a safe haven is now more relevant than ever, both on a financial front and as a physical haven. The result is that many investors are rebalancing their asset portfolio with a greater emphasis on high-end properties. "At the same time, says Jean-Christophe Thouait, BARNES Board Director, some owners are looking to sell in a hurry; often those with multiple residences who opted for real estate investment for its flexible liquidity. As their assets have increased significantly since buying, they are ready to accept serious lowerings of the sale price, even beyond 20% to 25%. These price decreases are exceptional, and are not the result of overvaluation!"
Its position as an international leader in the luxury real estate market enables the BARNES Group to rapidly bring buyers and vendors into contact for these ‘opportunity’ sales in the most sought-after cities and holiday destinations. Below are a few examples:
- In Mauritius, a villa on a private estate with views over a lagoon and a golf course, owned by expats looking to return to their home country, the price of which has been cut by 20%, representing around USD 1.2 million.
- In Lugano (Italy), a renovated Belle Epoque villa featuring remarkable architectural elements, the price of which has been lowered from CHF 9 to 7.5 million, i.e. a 17% decrease (approx.).
- In Corsica (France), a renovated villa with excellent rental potential, valued at €1.3 million, but the owners are willing to accepts offers upwards of €950,000 as they want to sell quickly. I.e. a 25% decrease.
- In Marbella (Spain), a property on a stunning piece of land with fabulous views of the sea, the mountains and the neighbouring village. It has been reduced from €3.95 to 2.95 million, i.e. a 25% drop, at the request of its owners who are eager to liquidate this asset.
- In Miami (USA), a 2,530 sq ft penthouse in a luxury condo on an island in Biscayne Bay, with breathtaking views and a private jetty. Currently listed at the competitive price of USD 1.3 million, although its owners are “open to negotiation” to ensure a quick sale!
- In Manhattan (USA), on the Lower East Side, in New York Harbor, in one of the most stunning residential skyscrapers to go up in recent years, some new 1- to 3-bed apartments have seen their initial price slashed by 20%.
Examples abound worldwide, but as always with real estate, it is important to seek expert advice for each market. The recognised expertise of the 90 BARNES offices guarantees investors access to the most attractive offers, and ensures vendors access to a leading network established in 15 countries.
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