By Stacey Staum
The Latest Luxury Reports from Around the U.S.
Westside Estate Agency Opens Miami Office
Westside Estate Agency (WEA) has opened its first Miami office, giving the agency unprecedented access to the growing Miami real estate market. According to WEA co-founder Stephen Shapiro, “The Miami luxury real estate market is one of the top and fastest growing in the world.”
Spearheading operations at the new office is Cyril Bijaoui, one of Miami’s top brokers, who has been involved in several hundred million dollars in real estate transactions. Bijaoui states, “WEA is the true definition of a high-end boutique luxury residential brokerage as a market leader in Los Angeles. Miami will very much benefit from their expansion into our amazing burgeoning city.” Miami is quickly catching up to New York City in price per square foot for luxury residential real estate.
Wealthy Hold $3 Trillion in U.S. Real Estate
A report issued by Wealth-X and Sotheby’s International Realty shows that the United States is the most popular destination for international owner-occupied real estate sales, with nearly $3 trillion spent on secondary homes.
Ultra-wealthy individuals are classified as those with $30 million or more in net assets, which comprises 211,275 people worldwide. According to the report, these individuals own 2.7 owner-occupied residences, and these assets increased 8 percent worldwide in 2014. Second residences are generally 45 percent more valuable than primary residences, with twice the square footages and an average of 10 acres of land. While locations like New York City, London and Hong Kong are still staples of the luxury real estate market, rural areas are becoming increasingly popular second-home destinations.
Engel & Völkers Opens New Shop in Concord
European-based luxury real estate brand Engel & Völkers announced the opening of its newest location in Concord, Massachusetts. Anthony Hitt, the CEO of Engel & Völkers North America, explains “With its unique historic offerings, deep-rooted cultural heritage and tight-knit community, Concord presents itself as an ideal location to further Engel & Völkers’ Massachusetts presence in the greater Boston region.” Concord is desirable because of its proximity to Boston, growing job market and acclaimed schools.
The new office is the result of a merger between the company and luxury real estate firm Mendosa-Balboni Fine Properties. Engel & Völkers recently expanded its brand into several major U.S. markets, opening new brokerages in Beverly Hills, Dallas, Atlanta and New York City.
Tucson Real Estate Market Growing Steadily
Tucson, Arizona, has seen tremendous real estate growth in recent months, as market conditions have reached near pre-bubble levels. According to Keller Williams South Arizona agent Jerimiah Taylor, as the Federal Reserve remains confident that the economy will continue its upward trend, interest rates are expected to continue rising in the coming months.
Tucson’s real estate market conditions are improving largely because employment rates are increasing and potential buyers are earning more
annually. According to Ginger Kneup of Bright Future Real Estate, foreclosure sales are also decreasing. While rising interest rates will make the purchase of a first home difficult for the sizeable millennial population, the market is perfect for sellers, who will benefit from the economic upturn.