Coldwell Banker Bermuda Realty Luxury Market Update - July 2013

Luxury Home market update by Brian Madeiros - Coldwell Banker Bermuda Realty - July 2013

Market Update

Recent policy changes relating specifically to PRC’s and overseas buyers announced in early 2013 were most certainly welcomed by the industry. The Government’s stated objective was to stimulate the market and ultimately, our economy by incentivising overseas buyers and PRC’s to participate and engage in our community through the acquisition of real estate. During Q2 of 2013, our agents have noted an overall increase in enquiries from PRC’s and luxury home buyers however, it’s difficult to state unequivocally at this juncture, whether this increased activity will result in notable and sustainable increases in transactional activity in this market segment through 2013. We are pleased to announce that we have received significant interest in one of our waterfront Tucker’s Town homes from both PRC’s and Bermudians and successfully negotiated sales and purchase agreements on two condominiums with prices in excess of $2,500,000. Luxury homes and condominiums which are located in sought after areas, in excellent condition and priced for the current market are benefitting from the recent increase in market interest from qualified luxury home buyers. This bodes well for 2013.

Global Marketing Strategy - Coldwell Banker Presence in Manhatten

Coldwell Banker announced that the Belmarc Group has joined the Coldwell Banker global network in the flagship market of Manhattan. The Belmarc Group will now do business as Coldwell Banker Belmarc and Coldwell Banker AC Lawrence with a combined 600 real estate agents working in 7 Manhattan office locations. As a significant feeder market for Bermuda’s luxury homes, we will explore ways to create synergy between our organizations in order to enhance our global marketing exposure. Neil Binder who will serve as President of Coldwell Banker Belmarc Group has stated “their new association with Coldwell Banker will allow us to better serve our agents and reach domestic and international consumers through the amazing resources and tremendous referral network offered by Coldwell Banker”. We look forward to working with our new Coldwell Banker team in Manhattan.

Coldwell Banker Moves into Switzerland

Coldwell Banker will now have a presence in 51 nations with the signing of an agreement which will see the introduction of Coldwell Banker in Switzerland. This very important expansion of the global Coldwell Banker Network will be administered by Christian Ammann who created Switzerland’s second largest brokerage. “International growth is one of our key initiatives and entering into this agreement is a positive step in the brand’s expansion in Central Europe” said Budge Husky, President and Chief Executive Officer of Coldwell Banker Real Estate. This is an incredibly important move for the Coldwell Banker Network as the Swiss market significantly enhances our European presence.

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