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Property sales in top US ski resort of Aspen hit eight year high
Sales in Aspen, regarded as the US’s premier ski resort, have reached an eight year high, and prices are up 3.9% year on year. The data from Knight Frank residential partners Douglas Elliman shows that the resort, which covers four mountains, saw more than 80 properties changing hands in the first nine months of 2015, nine of which were above US$10.6 million. Aspen Mountain itself generated the strongest volume of property enquiries and the highest property prices, with values around US$3,000 per square foot, the report reveals. By comparison, a luxury home on one of the neighbouring mountains of Snowmass, Buttermilk and Highlands ranges from US$1,000 to US$2,000 per square foot. Overall residential prices in Aspen rose by 3.9% in the 12 months to September 2015 and more enquiries have been coming from Chinese buyers. The report explains that each resort has its own distinct appeal. Aspen Highlands is favoured by the locals, Snowmass appeals to families and Buttermilk is considered the best mountain for beginners. Property demand is primarily domestic but international interest is on the rise. Alongside those Europeans seeking a ski retreat, primarily German, French and British, and Australian and Chinese enquiries are strengthening. Aspen is described as a truly year round resort, offering a programme of events from Jazz Aspen, Food and Wine Classic, the Aspen Music Festival and the Aspen Institute’s Ideas Festival in the summer months. The X Games, Wintersköl and World Cup Ski Championships dominate the winter months. The report says all of this helps to put Aspen on the radar of international buyers. Aspen, due to its cooler climate, is also popular with Texans and Californians in the summer months. It adds that the Aspen-Pitkin Co. Airport is located less than four miles from the heart of Aspen and has a more regular service from major carriers than any other regional ski town airport in North America. In the winter, its regular, weekly flights number more than 170. In addition to regular service from Denver, Aspen sees more than 20 flights a week from Chicago and Los Angeles. Continue reading
Not all estate agents ask about neighbours when selling a house
Only 40% of estate agents ask people selling their home if they have issues with their neighbours at a time when issues from next door can knock thousands off the price of a property, new research shows. It is clear that not all estate agents want to ask the question when it comes to neighbourly problems and 10% rely solely on the purchasers’ solicitor or conveyancer to investigate existing issues with neighbours. The research from Churchill Home Insurance also found that according to estate agents the most contentious disputes are over communal space. Over half, 56%, of the estate agents surveyed identified this as the major issue while 10% said it was noise and 8% boundaries. Dogs and anti-social behaviour were also cited. Some 14% of estate agents highlighted cases where the seller had to drop the price of a property because of issues with neighbours. The average price drop was 3.8%, around £7,000 in England and Wales and £6,400 in Scotland. Churchill’s research also reveals that 20% of estate agents ask sellers if they have had issues with their council and 15% of these would pass this information on to the prospective buyer. As such, it is vital that prospective buyers ask the right questions to ensure they get all of the information they require to make an informed purchase, the firm said. Buyers are relying on their solicitors or conveyancers to investigate issues with potential new neighbours. The conveyancing process can unravel any open disputes or circumstances that could lead to disagreements, but the subjectivity of loud music or an aggressive neighbourhood dog means these checks may not capture potential day to day problems. ‘Buying a property is one of the most expensive decisions many of us will ever make. As such, we are well within our rights to be informed about issues that may affect our buying decision,’ said Martin Scott, head of Churchill Home Insurance. ‘Buyers should ask their estate agent to disclose as much as information as they can about the property, seller and neighbours to help the buyer make the right decision,’ he added. He also pointed out that since the demise of the Property Misdirection Act in 2013, estate agents are required under the Consumer Protection from Unfair Trading regulations to reveal any negative issues about a property, if known to them, which may affect the buying decision. If an estate agent has been made aware of a nightmare neighbour or previous council disputes, they are obliged to inform the buyer. Withholding information that could affect the buying decision could land estate agents in hot water. They may be subject to legal action and fines of up to £5,000 and/or two years in prison. Churchill says that buyers should not be afraid to ask questions and when they meet the estate agent or seller they should specifically about issues such as past/ongoing disputes and the… Continue reading
New development set to boost London’s Canary Wharf as a place to live
Canary Wharf in London is known as being one of Europe’s largest financial services employment clusters but it is also a leading prime London residential market with a new wave of development set to get underway. The new home building is accompanied by new infrastructure and amenities which will reinforce the area’s position as a prime residential address, according to a new report from international real estate Knight Frank. Already home to one of the busiest and most vibrant shopping malls in the city, as well as more than 300 shops, cafés, supermarkets, bars and restaurants, it says that Canary Wharf is already an attractive residential environment as well as a business centre. According Gráinne Gilmore, head of UK residential research at Knight Frank, the development planned for this area, which includes a new primary school, will augment its appeal to a wider demographic, attracting families as well as young professionals, and serve to further change perception away from ‘pied a terre’ to ‘home’. Meanwhile, the opening of Crossrail will enhance Canary Wharf’s connectivity. Property prices in Canary Wharf have risen by 27% since early 2013, comfortably outstripping the 10% growth seen across prime central London over the same time, according to Knight Frank’s index. Gilmore pointed out that such strong growth is partly underpinned by the improving UK economy, something which is also reflected in the commercial property market in Canary Wharf, with vacancy rates falling and upward pressure on office rents. The other effect at play on prices is the return of the ‘ripple effect’, with house price growth spreading outwards from central London, as it did in previous UK housing cycles. ‘However, despite this outperformance in price growth, average values are still significantly lower than those in more established prime residential neighbourhoods in West London,’ said Gilmore. She pointed out that Canary Wharf and its surrounds are also emerging as a hub for culture and entertainment as London’s ‘cultural centre of gravity’ is enhanced by activity in the East. There is a popular arts and events programme already hosted on the Canary Wharf Estate, with live music shows, outdoor dance performances, sporting events, open air theatre and exhibitions. There are 14 schemes of around 400 units or more already under construction or with full planning on the Canary Wharf Estate and nearby on the Isle of Dogs. Some of these schemes are in the very early stages of development and will take some years to deliver. Canary Wharf Group has already begun work on Canary Wharf Residential, a mixed-use scheme of over 3,000 new homes, including over 600 affordable units, a school and a medical centre. The scheme will expand the estate from 100 acres to 122 acres. Berkeley Homes has permission to build a residential tower on Marsh Wall, which, once complete, will be the UK’s tallest residential building, surpassing the 181 meter St George Wharf Tower in Vauxhall. Meanwhile Eco World-Ballymore is constructing twin residential towers at Wardian, just across the… Continue reading
