Here is some interesting Real Estate news from forbes.com. Check out the intro to this article titled, “Most Expensive U.S. Home Sale Ever: Connecticut Estate Goes For $120 Million”.
Ladies and gentlemen, a new record has been set: Copper Beech Farm is now the most-expensive home sale in the United States–ever. The estate, at 499 Indian Field Road in Greenwich, Connecticut, closed Friday for $120 million.
That figure shatters the prior record held by Softbank billionaire Masayoshi Son, who paid $117.5 million for his Woodside estate in November 2012. It also beats the highest home sale of 2014 to date, the $102 million purchase of the Fleur de Lys Estate in Los Angeles’s Holmby Hills by someone whose legal firm shares an address with Michael Milken.
David Ogilvy & Associates, an affiliate of Christie’s International Real Estate, had the listing, and Christie’s confirmed the sale to FORBES. The buyer was not disclosed, but purchased through an LLC.
The 50-acre estate originally listed for $190 million in May, then dropped the price by $50 million in September to $140 million. Subsequently, the listing dropped another $10 million before closing for $120 million last week. That’s a very speedy sale–less than a year–for a house at such a high price point.
“It was 11 months from start to finish,” Ogilvy told FORBES. “But if you find the right buyer, there is nothing else that would fill the bill. There’s just no other 50-acre waterfront piece–nothing within 45 minutes of New York.”
This article is from MarketWatch.com. The title is what caught my eye, “Detroit’s $1,000 houses may be a lousy deal. The price is right, but good luck turning a profit, house flippers say”.
For Sale: A spacious 1,600-square-foot, three-bedroom Tudor-style home built in 1929, with one-and-a-half baths, glass block windows, hardwood floors, crown molding and custom fireplaces. Within walking distance of restaurants, playgrounds and public schools.
And it’s being offered next month for as little as $1,000.
Just one catch. The single-family house on 5500 Kensington Ave. has a zip code that makes listing agents wake up in cold sweats: 48224.
For the uninitiated, that’s the center of Wayne County, Michigan. Otherwise known as Detroit.
Still, if you’re the right kind of buyer, the Motor City has a deal for you. The city, which filed the largest-ever municipal bankruptcy last year and has been ground zero for urban blight for decades, is holding an online auction for more than a dozen Tudor and Colonial-style homes in tax lien-related foreclosures. The starting bid at www.BuildingDetroit.org is just $1,000, which officials hope will clear off an unwelcome inventory of more than 16,000 empty homes.
“We are moving aggressively to take these abandoned homes and get families living in them again,” Detroit’s Mayor Mike Duggan said at an April 14 press conference. “There are a lot of people who would love to move into many of our neighborhoods. Knowing that other people are going to be buying and fixing up the other vacant homes at the same time will make it a lot easier for them to make that commitment.”
The auction, which starts next month, will put a handful of single-family homes on the market for as little as a few dozen C-notes or a swipe of a credit card. You can bid up homes in $100 increments, according to the auction site.
For the last portion of Real Estate Investing News and Notes we give to you an article from money.USnews.com titled, “Real estate is a great way to diversify your portfolio.” Check out some highlights from the article below:
Real estate is an excellent way to diversify your portfolio. One of the major tenets of investing is diversification. With diversification, the investor can increase returns while smoothing out and reducing risk. The less correlated an asset class is with another, the greater benefit there is from adding it to your investment portfolio.
Real estate, U.S. and international, offers a diversification benefit to investors of all ages and stages in life.
There is a way to invest in real estate and benefit from the cash flow which comes from renting out that real estate without the aggravation of managing tenants and fixing broken pipes in the middle of the night.
As with any investment, stocks, bonds and buying and selling apartment buildings, there is a risk that the value of your investment will go up and down. That said, over time, real estate values have appreciated. That means, as a long-term real estate investor, you are likely to increase your returns by putting part of your cash in real estate investments.