Sotheby’s International Realty Significant Sales 2016 ~ Volume I | Issue VI

Legacy Properties Sotheby’s International Realty is pleased to provide you with the newest installment of the Sotheby’s International Realty Significant Sales 2016 – Volume I, Issue VI.

From a world-class waterfront home in New York, to a sprawling 40-acre ranch in Wyoming, this issue of Significant Sales also showcases homes from throughout the United States, Sweden and St. Barthelemy.

Click here for a PDF version.

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Sotheby’s International Realty Expands Luxury Brand Presence in Southeast Asia

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MADISON, N.J. and BANGKOK and MANILA (September 29, 2016) – Sotheby’s International Realty Affiliates LLC today announced that it has signed agreements with LIST Co., LTD, which owns List Sotheby’s International Realty, to expand the Sotheby’s International Realty® brand presence in Thailand and the Philippines.

List Sotheby’s International Realty has acquired the existing Sotheby’s International Realty affiliate brokerage operations in Phuket, Thailand, and the Philippines, respectively. The company will continue operations at the existing location in Taguig, Philippines and will rebrand using the List Sotheby’s International Realty name. The company plans to launch a new List Sotheby’s International Realty office in Bangkok, Thailand during the first half of 2017.

This agreement furthers the growth of List Sotheby’s International Realty in the Asia-Pacific region. Led by Owner and Chief Executive Officer Hisashi Kitami, the firm expanded into Singapore earlier this year, building upon its existing market presence in Japan and in Oahu, Hawaii.

“Thailand and the Philippines are key gateways into the growing markets of Southeast Asia and also hold attractive properties for global investors,” said Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC. “Hisashi Kitami and his team continue to exemplify our brand’s core values and commitment to providing the highest levels of service in luxury real estate and we are proud of their continued growth.”

“We are excited to complete our acquisition of the territory of Thailand, starting in its capital city of Bangkok, while unveiling our strategic expansion into the brand’s existing market presence in the luxury residential segment in Phuket,” said Kitami. “The Philippines has been one of the top destinations for investors worldwide and offers attractive opportunities for our existing clientele and has an international consumer base. The global reach of the Sotheby’s International Realty network is beneficial to our clients and aligns with the mindset of our team.”

The Sotheby’s International Realty network currently has more than 19,000 affiliated independent sales associates located in approximately 850 offices in 65 countries and territories worldwide. List Sotheby’s International Realty listings will be marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.

Luxury property sales soften, but here’s why it’s not all bad

Last month, the National Association of Realtors reported thathomes priced above $1 million dipped four percent from the previous month. While far from being a correction, the downturn has been noticed by more than a few real estate market observers. In certain markets such as New York, Miami and San Francisco, frothy prices are beginning to give way to gravity.

That said, not all real estate professionals are in a panic about the current state of the market. There’s a definitive chill in the segment of the ultra high-end market priced for homes above $10 million, yet there is still a “great deal of activity” in others, Philip White, president and CEO of Sotheby’s International Realty Affiliates, told CNBC in a recent interview.

“Some markets are seeing a slowdown in the high end but some aren’t,” White said, whose company cranked out $80 billion in U.S. sales volume in 2015. “It is sort of a mixed bag and obviously there is some slowing,” he said, even as he cautioned that ultra-high end sales were a much smaller slice of overall real estate turnover in the U.S.

Read more (original source)…

 

Maine Home Sales Rise Over 10% In August

The sale of single-family homes in Maine continued to increase both in the volume of transactions and in price last month.

The Maine Association of Realtors said sales of existing homes in August increased 10.78 percent over the same month last year, while the median sales price ticked up 5.35 percent to $197,000. A total of 1,840 Maine homes changed hands last month.

“Maine’s real estate market, overall, is healthy due to continued buyer confidence and very low interest rates,” Ed Gardner, president of the Maine Association of Realtors, said in a release.

Nationally, single-family home sales rose only 0.6 percent, while in New England it was 6.1 percent. The national median sales price was $242,200, a 5.3 percent increase over August 2015, and in New England it rose 0.8 percent to $274,100.

Gardner, who is an owner/broker of Ocean Gate Realty in Portland, said business has been brisk across multiple residential markets.

“We are experiencing movement in all segments of the market, including seasonal properties and land parcels,” he said. “Real estate continues to be a great long-term financial investment – and quality of life investment. We expect markets to remain steady as households and investors take advantage of the tax incentives for real estate ownership through the end of the year.”

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Old Port Magazine – Insider Picks

OldPortBlog

 

Legacy Properties Sotheby’s International Realty was featured in the October issue of Old Port Magazine…

“These real estate pros know Greater Portland inside and out. We chat with them at their Old Port office to find out what they think are the area’s most beautiful views.”

Featured in Old Port Magazine – On the Market

Moshier Island Portland Maine Real E

 

This is perhaps one of the finest private waterfront island properties in Casco Bay. The architect-designed cottage with superior craftsmanship offers 1872 square feet of elegant living space with panoramic water views from every room. The property consists of 3 acres and 2500′ of waterfront on a peninsula. Come experience the timeless charm of Moshier Island which is just a short boat ride from the mainland and accessible by a private dock. Designed by Architect Carol A. Wilson and Built by Ron Tozier of The Tozier Group Builders.

http://www.legacysir.com/eng/sales/detail/507-l-536-2486k3/5a-moshier-island-yarmouth-me-04096

 

 

 

Sotheby’s International Realty Expands Presence in Massachusetts

MADISON, N.J. (September 14, 2016) – Sotheby’s International Realty Affiliates LLC today announced that Barrett Sotheby’s International Realty in Massachusetts has acquired local brokerage The Higgins Group. The acquired firm will now operate as Barrett Sotheby’s International Realty.

The acquisition expands Barrett Sotheby’s International Realty into new markets, including Lexington and Bedford, while continuing to service the luxury residential real estate markets in Concord, Carlisle and Lincoln. In addition, the firm has now grown to over 100 independent sales associates.

Laurie Cadigan is the broker/owner of Barrett Sotheby’s International Realty and will remain at the helm. Diane Higgins, former broker/owner of The Higgins Group, will become managing broker at Barrett Sotheby’s International Realty.

“Barrett Sotheby’s International Realty has been serving their local luxury residential real estate market since 1977,” said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “We are proud of all that Laurie Cadigan and her firm have accomplished, and we support their growth within Massachusetts. Additionally, we have great respect for Diane Higgins and her team of top sales professionals. This acquisition will serve to strengthen Barrett Sotheby’s International Realty’s commitment to delivering an exceptional level of service to their clients.”

“The Higgins Group is known for its personalized approach and dedication to its clients,” said Cadigan. “Together, our companies will form one of the finest firms in greater Boston and we are thrilled to be welcoming the Higgins Group to our organization.”

“Barrett Sotheby’s International Realty is a widely recognized and respected company, and we are proud to be joining such an acclaimed team, bringing the finest international network and premier level of worldwide exposure to our clients’ doorstep,” added Higgins.

The Sotheby’s International Realty® network has 40 branded offices throughout the state of Massachusetts.

The Sotheby’s International Realty network currently has more than 19,000 affiliated independent sales associates located in approximately 850 offices in 65 countries and territories worldwide. Barrett Sotheby’s International Realty listings will be marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.

Legacy Properties Sotheby’s International Realty to Target China’s Wealthy with New Juwai.com Alliance

Legacy Properties Sotheby’s International Realty to Target China’s Wealthy with New Juwai.com Alliance

Portland, ME (September 08, 2016)Legacy Properties Sotheby’s International Realty has announced an alliance with Juwai.com that enables the luxury real estate brand to generate Chinese buyer interest on one of the world’s most prominent real estate websites with over two million monthly visitors. As a truly international brand, Sotheby’s International Realty now has the most global representation on Juwai.com, displaying luxury listings from 65 countries and territories.

Chinese Real Estate Buyers

China is already the second-largest source of visits to sothebysrealty.com, only after the United States, and accounts for one out of every 10 visitors.

Chinese Wealth

Because of its rapid economic growth, the number of Chinese dollar millionaires is expected to reach 2.3 million by 2020, a 74 percent increase compared to today.[i] Largely due to China, Asia was responsible for 70 percent of all new billionaire wealth in 2015.[ii]

Chinese Real Estate Buyers

Chinese investors favor real estate as an asset class. Chinese purchasers acquired at least US$350 billion of U.S. real estate between 2010 and 2015.[iii] 69 percent of Chinese purchase on an all-cash basis.[iv] Between 2009 and 2015, Chinese buyers went from accounting for 10 percent to 28 percent of all foreign residential real estate acquisitions in the U.S. In the same period, its annual investment level increased more than nine-fold.[v]

Looking forward, Chinese buyers are expected to continue their international real estate purchasing spree. The best estimate is that they will spend at least US$218 billion on existing U.S. real estate between 2016 and 2020[vi] – with investments in the rest of the world on a similar scale.

Details of the Alliance

The Sotheby’s International Realty brand alliance with Juwai.com includes the following components:

“We are constantly looking for opportunities to expand globally by adding new distribution opportunities that showcase properties to affluent consumers in key growth markets. The alliance with Juwai.com achieves that by giving us better access to a market that is already one of our most important, and which promises great future growth.”

“One of Juwai.com’s key advantages is that it is hosted on both sides of China’s internet firewall, so its listings are visible online both within China and outside of China.”

–Wendy Purvey, chief marketing officer, Sotheby’s International Realty Affiliates LLC

“The Sotheby’s International Realty alliance with Juwai.com puts our listings in front of Juwai.com’s audience of high net worth Chinese international property buyers.”

“Having Juwai.com’s team respond to leads in timely fashion overcomes the cultural and time-zone challenges of working with overseas buyers. That’s a huge competitive advantage to our clients,” says Chris Lynch, President of Legacy Properties Sotheby’s International Realty.

Legacy Properties Sotheby’s International Realty, which has offices in Kennebunk, Portland, Brunswick, Damariscotta, and Camden, ME offers exclusive Sotheby’s International Realty® marketing, advertising and referral services that are designed to attract well-qualified buyers to the firm’s property listings. Property listings from Legacy Properties Sotheby’s International Realty also are marketed on the sothebysrealty.com  global website, as well as on the firm’s local website, LegacySIR.com.

As a Sotheby’s International Realty affiliate, the firm and its clients also benefit from an association with the Sotheby’s Auction House, allowing the firm’s sales associates the opportunity for real estate referrals with auction house clientele as well as the unique ability to refer real estate clientele for appraisal services for jewelry, art, antique furniture and collectibles.

The Sotheby’s International Realty network currently has more than 19,000 affiliated independent sales associates located in approximately 850 offices in 65 countries and territories worldwide.  Each office is independently owned and operated.

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[i] Credit Suisse, Global Wealth Report 2015

[ii] Wealth-X, Billionaire Census Highlights 2015-16

[iii] Asia Society, Breaking Ground: Chinese Investment in
U.S. Real Estate

[iv] National Association of Realtors (USA), 2015 Profile of Home Buying Activity of International Clients

[v] National Association of Realtors, International Buyer Report for years 2011 to 2016.

[vi] Asia Society, Breaking Ground: Chinese Investment in
U.S. Real Estate

Summer 2016

Maine Real Estate

Maine Real Estate Update – It was not all that long ago that we were managing a relative flood of prospective international buyers looking to purchase their dream vacation home or lock in an investment property with a weak US dollar when compared to their local currency. Read more:http://www.legacysir.com/eng/news/summer2016

Sotheby’s International Realty Significant Sales – Volume I | Issue IV

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