Fed renews crackdown on cash buyers of luxury real estate

Fed renews crackdown on cash buyers of luxury real estate
Fed renews crackdown on cash buyers of luxury real estate

Critics have said the order is an ineffective method for catching money launderers

The downtown Miami skyline (Credit: Lonny Paul)

The federal government renewed its geographic targeting order of luxury residential purchases in six major markets, including South Florida, New York and Los Angeles. 

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Global Luxury Realty Conclave: Window to Global Luxury Real Estate - Economic Times

Global Luxury Realty Conclave: Window to Global Luxury Real Estate - Economic Times
Fluctuating market dynamics and unpredictable global situations are the key factors that impact and influence the Real Estate industry. North India Sotheby's International Realty will debate and discuss the future of the Global Luxury real estate market at its first ever Global Luxury Realty Conclave in association with Confederation of Indian Industry (CII), to be held in New Delhi on February 25-26 at The Taj Palace Hotel. Global Luxury Realty Conclave, a much-awaited convention and exhibition, will bring leaders and stakeholders in the world of luxury real estate under a single roof. In its capacity as an international networking platform of high repute, the event will welcome representatives from Sotheby's International Realty® in India and overseas , experts from the global luxury real estate industry, real estate developers, individuals with high net-worth, attorneys, and other stakeholders in the real estate industry. Led by innovation and designed to perfection by Sotheby ' s International Realty , a much-recognized luxury real estate brand, the Conclave will showcase the global developments and changes in the niche segment of global luxurious real estate.

Partnered by other apex industry bodies like Royal Institution of Chartered Surveyors (RICS) and Price water house Coopers (PwC), the two-day event scheduled at The Taj Palace Hotel will provide a unique platform to interact with top business minds in the Luxury Real Estate industry. There will also be an exhibition showcase of Indian & International properties along with panel discussions on the real estate sector.

Aiming to get real estate thinkers, developers, buyers, brokers and other stakeholders together, this global convention will offer an exhaustive repository of the most wanted, exquisite luxury properties located worldwide. The exhibits on show will feature the USPs and all noted features of residential properties steeped in opulence and luxury - which will be of special interest for those who care for nothing but the best. The conclave will also provide in-depth discussions and brainstorming by a distinguished panel of real estate industry experts on the current state, threats, opportunities, weaknesses and strengths of global real estate markets. An engaging and result-oriented platform, the conclave will present plentiful networking opportunities with Indian HNIs, with the representatives associated with Sotheby's International Realty being at the fore. The conclave will provide helpful opportunities for participants to engage in interactions with tax advisors, attorneys and other domain experts. The participants at the conclave will encounter discussions on avenues to understand and undertake mortgages, liberalized remittance schemes, citizenship by investment in select countries, immigration formalities, and more. As the ownership of any luxury property overseas is fast becoming a trend and passion among the super-rich investors of all nations, the given opportunities will help participants take the right decision. The conclave will also offer attractive ways of owning homes abroad with discussions on tax efficiency, children's education, stability and security, investment opportunities, better standard of living, and ease of travel.

The Global Luxury Realty Conclave will also lay focus on the real estate purchase behavior of NRIs and the paradigm shifts in the luxury segment of real estate in India. It is expected to throw light on the fast catching concept of investments in world class branded homes within the country, contribution of acclaimed international architects, innovative architecture, concierge and other services that are a part and parcel of basic amenities demanded by NRIs and high net-worth individuals seeking ownership in luxury real estate.

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2017 will be a strong year for real estate

2017 will be a strong year for real estate

Exterior image of the fictional X-Mansion, located roughly 40 miles outside of New York City (PRNewsFoto/Coldwell Banker Real Estate LLC)

While the recent economic and political atmosphere is seeing serious ups and downs, real estate is poised to have a strong year, according to the chief economist of the Leading Real Estate Companies of the World.

A business-friendly White House administration, an appreciated United States dollar and the current strength of the economy will be supportive factors for a positive 2017 real estate year. The first round of millennials will be entering the home buying process, while baby boomers are looking into legacy buying.

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US Crackdown on Money Laundering in Luxury Real Estate Set to End

US Crackdown on Money Laundering in Luxury Real Estate Set to End
Federal regulations meant to catch illicit money flooding into luxury real estate are set to expire on Thursday, leaving the future of the so-far successful initiative in limbo.

The federal government launched the program a year ago in two municipalities—Manhattan and Miami-Dade County, luxury real estate hubs where all-cash buyers of multimillion-dollar homes commonly hide their identities behind obscure limited liability companies, known as “shell companies.” But the pilot program ends this week, and the federal government has given no indication of whether it will be continued, replaced or scrapped despite comments from top officials in the past about its effectiveness.

More: Click to Read ‘Panama Papers’ Confirm Funny Money in Miami Property Market

In Manhattan, the temporary regulations required title insurance companies, which are involved in virtually all property transactions, to report the personal identity of all-cash buyers using shell companies to purchase a home for at least $3 million to the U.S. Treasury Department’s Financial Crimes Enforcement Network, known as FinCEN.

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Will Micro Mansions Really Take Over The Luxury Real Estate

Will Micro Mansions Really Take Over The Luxury Real Estate
Frank McKinney eschews the terms typically used to describe someone in his line of work: builder, designer, developer. The way he sees it, he’s a real estate artist. And his canvas is Florida’s Gold Coast. 

McKinney works in only one medium: luxury homes with commensurately high price tags. The 41 oceanfront mansions he’s built on spec along Palm Beach County’s southern coastline are not just big—they’re enormous, including a 3-acre, 32,000-square-foot estate with four stories, nine bedrooms and a 12-car garage, which sold for $50 million after only three days on the market.

Despite his success, McKinney (who at 53 pulls off an upscale rocker-chic look so effortlessly that you begin to question your own level of cool) says he’s never been one to settle comfortably into convention. Now he’s reinventing his brand, challenging the bigger-is-better movement that has been his mentality for the past 35 years.

So what do you do when you’ve maxed out mega? You go micro—as in micro mansion.

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How luxury real estate agents can make lasting connections with clients

How luxury real estate agents can make lasting connections with clients
Every luxury real estate agent wants his or her marketing to bring results and yield a return on investment.

Obviously, agents don’t want to waste money on unsuccessful marketing. Effective techniques will lead to the desired outcome.

The goal of lead generation for luxury real estate agents is to identify interest in their services — or at least — in the high-end market.

Remember that every communication with clients (whether potential, present, or past customers) should include an offer. Yet it does not always have to request a purchase. There is a place in marketing for free offers.

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Trump, The Russian Connection, And The Future Of Ultra Luxury Real Estate

Trump, The Russian Connection, And The Future Of Ultra Luxury Real Estate

President Donald Trump speaks with Russian President Vladimir Putin on the telephone in the Oval Office. Courtesy of Pete Marovich / Pool via CNP / MediaPunch/IPX

Whatever your political optics no one can avoid the word “Trump” these days. So amid all of the executive orders, cabinet hearings, and media ju-jitsu doesn’t anyone else find it surprising that we haven’t heard much about the segment of the economy closest to the new President’s heart: luxury real estate?

If the sparkling, new multi-million dollar Sunny Isles Ritz-Carlton Residences sales center just north of Miami Beach is any indication of what the “Trump Effect” means for international real estate investment in the U.S., it’s already giving it a nice tailwind. It’s also a telling symbol in some ways of what a Trump Presidency represents economically and globally from the outside in.

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​Oahu luxury real estate sales more than doubled last month

​Oahu luxury real estate sales more than doubled last month
​Oahu luxury real estate sales more than doubled last monthPacific Business News (Honolulu)Strong sales are expected to continue in the upcoming months due to the number of luxury properties in escrow at the end of January. Single-family homes in escrow were up 57 percent, 58 compared to 37 the same period last year. Meanwhile, the number of ...Original link
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Luxury homes: $2.28 million Scottsdale home has backyard pizza oven - AZCentral.com

Luxury homes: $2.28 million Scottsdale home has backyard pizza oven - AZCentral.com

Richard and Jean Blasdell used their family trust to pay cash for this Paradise Valley home. Built in 2016, the home is Santa Barbara-style with high-end finishes and appliances, clean lines, an open floor plan and high ceilings. The backyard is uniquely designed with a checker-patterned grass and tile lawn leading up to the resort-style pool and ramada that rests in the middle of it. Inside the home, there's an oversize gourmet kitchen, white custom cabinetry, separate kids' wing and a large game room. The master suite overlooks a private patio with a cozy two-way fireplace. There are four other bedrooms and five-and-a-half bathrooms in the 6,906-square-foot space. Regal American Homes sold the estate.(Photo: streetscout.com)

This week's priciest home sales in metro Phoenix may ignite your taste buds and fuel a hunger for luxury living.

$3,350,000

Richard and Jean Blasdell  used their family trust to pay cash for this Paradise Valley home. Built in 2016, the home is Santa Barbara-style with high-end finishes and appliances, clean lines, an open floor plan and high ceilings. The backyard is uniquely designed with a checker-patterned grass and tile lawn leading up to the resort-style pool and ramada that rests in the middle of it. Inside the home, there's an oversize gourmet kitchen, white custom cabinetry, a separate kids' wing and a large game room. The master suite overlooks a private patio with a cozy two-way fireplace. There are four other bedrooms and five-and-a-half bathrooms in the 6,906-square-foot space. Regal American Homes sold the estate.

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Toronto's Healthy Luxury Real Estate Market Predicted to Carry Over ... - Mansion Global

Toronto's Healthy Luxury Real Estate Market Predicted to Carry Over ... - Mansion Global

Amid his rising pop-stardom, rapper Drake reportedly unloaded his swanky Toronto condo in 2013 for C$3.75 million—back when housing prices in the Canadian city were rising at an annual rate of about 4%.

That was near the bottom, now we’re here.

More: Toronto Poised to Lead Canada’s Luxury Markets For a Third Year in 2017

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