I just had an email from a friend, asking about our Coldwell Banker International Division. Her brother owns property in the U.K. and wondered about exposing it to the American market. Interestingly, I read an article last night about ultra-wealthy Russians who are buying luxury properties in the U.S., including Donald Trump's 62,000 square foot beachfront mansion in Palm Springs, which recently sold for $95 million to a multi-billionaire from Russia. (The photo is of the pool area.) Our weak dollar, concern about stability at home, and the nouveau riche buyer's desire for international holdings have combined to make these the new buyers for "trophy" properties. They are replacing Americans who were the previous buyers of these homes...subprime barons and hedge fund parvenus who were done in by the credit crunch.
No comments:
Post a Comment