Boston Real Estate Blog

Upcoming Sotheby's Auction Events

Posted November 14th, 2024

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

A Legacy of Beauty: The Collection of Sydell Miller Evening Auction | November 18th - New York

The product of a lifetime devoted to beauty in all its forms, A Legacy of Beauty: The Collection of Sydell Miller Evening Auction brings together some of the finest pieces of artistic innovation in the twentieth century. From the monumental and forward-looking Nymphéas by Claude Monet, to the stately Neo-Classical depiction of a female artist by Pablo Picasso, and a pivotal, pre-Bauhaus exploration of color and rhythm by Wassily Kandinsky, this collection embodies Miller’s unerring eye and keen aestheticism. Joined by a stunning example of Yves Klein’s sponge reliefs, a monumental reclining figure by Henry Moore and a gilded elephant table by François-Xavier Lalanne, among other noteworthy pieces of painting, sculpture and design, A Legacy of Beauty: The Sydell Miller Collection Evening Auction presents an ode to timeless beauty and creative feat.

Modern Day Auction | November 18th 2024 - New York

Highlighted by rare examples of work by Charles Angrand and Camille Claudel, vibrant canvasses by Pierre-Auguste Renoir and Marc Chagall, exceptional works of American illustration by Norman Rockwell and Maxfield Parrish, and Latin American masterworks from the Jacques and Natasha Gelman Collection, Sotheby’s Modern Day Auction curates a century of paintings, drawings and sculpture from across Europe and the Americas to showcase the best of Impressionism through to mid-twentieth-century modern art.
 

Why Now Is an Ideal Time For Homebuyers

Posted October 18th, 2024

After months of waiting on the sidelines many homebuyers who experienced high mortgage rates and affordability issues now have a chance to act. With rates on the decline, the current market is becoming more favorable for buyers, but this situation might not last long. If you have been waiting to make a move, consider why you might want to act now. As you think about whether to buy now or wait, ask yourself: What will other buyers do?

If mortgage rates keep declining, as experts expect, more buyers will return to the market. A survey from Bankrate indicates that over half of homeowners would be willing to buy this year if rates fall below 6%. With rates already in the low 6% range, we are close to reaching that level. Once rates reach the 5% range, the number of buyers will likely increase, which means more competition for you.

This higher demand could encourage home prices to rise, possibly reducing some advantages of having lower mortgage rates. Nadia Evangelou, a Senior Economist at the National Association of Realtors, explains that higher demand can push home prices up as multiple buyers compete for fewer homes available. In areas with housing shortages, this price increase can offset some benefits of lower mortgage rates. So, while waiting might seem wise, it could be the opposite if prices rise faster than your savings from the lower rates.

What This Means for You
Right now, you have an opportunity to benefit from this situation. The current market is good for buyers because many are still waiting, resulting in less competition for homes. Affordability has also improved as recent mortgage rate dips have made owning a home easier. Mike Simonsen, from Altos Research, shares that typical mortgage payments are 7% lower than last year and 13% lower than their peak in May 2024.

While home supply is still low, it is better than it has been in years. Ralph McLaughlin, an Economist at Realtor.com, notes that the number of homes for sale has increased by 35.8% compared to last year, reaching the highest level since May 2020.

This situation gives you more options to choose from than you’ve had in a long time. With fewer buyers, improved affordability, and more homes available, you can find the right home now before competition rises.

Why Waiting Could Cost You
If you are waiting for the perfect moment to buy, keep in mind that predicting the market is never an exact science. The longer you wait, the greater the chance that conditions will change—and not always in your favor. Greg McBride, Chief Financial Analyst at Bankrate, warns that a further drop in rates could lead to a surge of buyers, making it harder to buy a home.

Upcoming Sotheby's Auction Events

Posted October 11th, 2024

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Ansel Adams: A Legacy | Photographs from the Meredith Collection | Oct 16, 2024- New York

This month Sotheby’s is excited to present Ansel Adams: A Legacy, Photographs from the Meredith Collection. This exceptional collection is comprised of photographs printed by Ansel Adams and later gifted to The Friends of Photography, the non-profit organization that was a catalyst for a generation of photographers to pursue their passion for the medium.

The Impeccable Burgundy Collection Part V | October 17th, 2024 - New York

Sotheby’s Wine is pleased to present the latest chapter of its prestigious single-owner series, The Impeccable Burgundy Collection Part V. This installment highlights the elegance of Burgundy and the timeless allure of Champagne, showcasing a hand selected collection from the region’s most esteemed Domaines and Maisons. We invite you to explore these exquisite wines, each chosen with the utmost care by a passionate oenophile.

Picasso Ceramics | October 17, 2024 - New York

Sotheby’s is proud to present Picasso Ceramics, a dedicated sale that will showcase over 50 lots of the artist’s editioned ceramic work. Spanning the artist’s career and with estimates ranging from $1,000 to over $50,000, the diverse collection of works in this sale appeals to new and experienced collectors alike.
 

Are We Approaching A Balanced Real Estate Market?

Posted September 13th, 2024

If you’ve been paying close attention to the real estate market over the past couple of years, you know it has been a seller’s market. However, is that going to change now that inventory is growing? Here are some details of what you need to know.

The Definition of a Balanced Market
A balanced market is defined as a real estate market with approximately 6 months worth of supply of homes available for sale. In this sort of market, neither buyers or sellers have an advantage over the other with both being equal. Home prices also tend to level out, and there’s a good amount of homes to choose from on the market for sale. 

At the beginning of this year there was a three-month supply of homes nationally and now inventory has increased to four months. This is positive news as we are heading in the right direction despite it not being quite there yet. It is important to understand this increase in inventory is not leading to an oversupply that would cause a crash. Even with the recent growth there’s still nowhere near enough supply for that to happen. At the moment it is still a seller’s market, but it’s just not as frenzied as it’s been over the past few years. As Mark Fleming, Chief Economist at First American, says: “The faster housing supply increases, the more affordability improves and the strength of a seller’s market wanes.”

What This Means for Your Move
Here’s how this shift impacts you and the market conditions you’ll face when you move. Lawrence Yun, Chief Economist at NAR, explains: “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”

Homes are remaining on the market longer- Since more homes are on the market, they’re not selling as fast. For buyers, this means you may have the luxury of more time to find the right home while for sellers it means you need to price your house right if you want it to sell. If you don’t, buyers might pick some better priced options.

Sellers are getting fewer offers- As a seller, you may need to negotiate more and compromise on price or terms to close the deal. For buyers, you could start to see less intense competition since you have more homes to choose from.

A Fewer number of buyers are foregoing inspections- As a buyer, you have more negotiation strength these days and that’s why fewer buyers are omitting home inspections. For sellers, this means you need to be ready to negotiate and make concessions as you deal with any special requests to keep the sale moving forward.

If you are buying or selling, understanding how the local market is changing gives you a big advantage. Contact me today for the latest data and local insights so you know exactly what’s happening and how to navigate it.

Upcoming Sotheby's Events

Posted September 6th, 2024

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Chinese Art | September 18th, 2024 - New York

This month Sotheby’s Chinese Art auction features over 270 lots of Ming and Qing porcelains, early ceramics, jades and more. Kicking off this sale is a magnificent and extremely important archaic bronze Zhou Zha Hu and a rare Yongzheng mark and period Ge-type bronze-form vase. The exhibit also features a selection of important ceramics and works of art from the Junkunc Collection, jades from the Collection of Sam and Myrna Myers and the Collection of Robert A. and Elizabeth Cookson, as well as the reference library of Dalva Brothers. 

Prints & Multiples | September 18th, 2024 - London

Open for bidding from September 18th–25th, 2024, the autumn Prints & Multiples auction at Sotheby’s London will bring together a diverse collection of modern and contemporary editions from the early 20th century to the present day. Exciting sale highlights include classic modern masterpieces such Picasso’s renowned linoleum cuts Buste de femme d'après Cranach le Jeune and La femme au chapeau, to be offered alongside iconic Post-War and Pop works by pioneering printmakers such as Andy Warhol, Roy Lichtenstein and Keith Haring. The event will also feature a special collection of inventive prints by Britain’s beloved Howard Hodgkin, from the Artist’s Estate.
 

How Mortgage Rates Are Influenced By The Economy

Posted August 16th, 2024

Anyone who is in the market to buy or sell a home in the near future is probably following mortgage rate trends and questioning what lies ahead. One thing that can affect mortgage rates is the Federal Funds Rate which influences how much it costs banks to borrow from one another. While the Fed doesn’t directly control mortgage rates, they do control the Federal Funds Rate. 

The relationship between the two is why people have been monitoring closely to see when the Fed might lower the Federal Funds Rate. Whenever they do that, that puts pressure on mortgage rates to decrease shortly thereafter. When the Fed meets, three of the most important metrics they’ll look at as they make their decision include the rate of inflation, how many jobs the economy is adding and the unemployment rate. Here is some information on the three.

Rate of Inflation
Inflation has been in the news very often over the past year or two and everyone has likely felt it whenever they go to buy just about anything. That’s because high inflation means prices have been rising quikcly. The Fed has stated that its goal is to get the rate of inflation back down to 2%. Right now, it still remains higher than that, but is moving in the right direction.

How Many New Jobs
The Fed is also keeping tabs on how many new jobs are created every month. They want to see job growth slow down consistently before taking any action on the Federal Funds Rate. If fewer jobs are created, it means the economy is still strong but cooling a bit which is their goal. That looks to be exactly what is transpiring now. Inman says: “. . . the Bureau of Labor Statistics reported that employers added fewer jobs in April and May than previously thought and that hiring by private companies was sluggish in June.” So, while employers are still adding jobs, they’re not adding as many as they were before. That’s an indicator the economy is slowing down after being very overheated for quite some time and is an encouraging trend for the Fed to see.

Unemployment Rate
The unemployment rate is the percentage of people who would like to work but cannot get a job. A low rate means a lot of Americans are employed so that’s a good thing for many people. However, it can also lead to higher inflation because more people working means more people spending which can drive up prices. These days the unemployment rate is low, but it’s been rising slowly over the past few months. While it may sound harsh, a consistently rising unemployment rate is something the Fed needs to see before deciding to cut the Federal Funds Rate. That’s because a higher unemployment rate would mean reduced spending, and that would help get inflation back under control.

In the end some recent economic data may signal that hope is nearing for mortgage rates. Count on a local real estate agent you can trust like myself to keep you up to date on the latest trends and what they mean for you.
 

Upcoming Sotheby's Auction Events

Posted August 8th, 2024

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Porsche 911 Targa Reimagined by Singer | August 12-16, 2024 - Monterey, CA

Sotheby’s Sealed is pleased to present The Sotto Commission, the 300th Classic Study reimagined by Singer Vehicle Design. Based upon a 964-generation 911 Targa, at the heart of the Sotto Commission is Singer’s 4.0-liter flat six-cylinder engine, mated to a five-speed manual gearbox and rear-wheel drive power. Finished in Resistance Blue over a Citrus Orange interior, it is offered from its first and only Californian owner, having only accumulated testing and delivery mileage since the completion of Singer’s exhausting work in December 2023. On display at RM Sotheby’s Monterey auction, this is a remarkable opportunity to acquire a significant example of Singer’s beloved reimagined Classic Study.

NBA Auctions: National Team Capsule  |  August 15th, 2024 - New York

Sotheby’s is the premier destination for authentic NBA game-worn jerseys. As the Official Game-Worn Source of the NBA, we are excited to bring NBA fans and collectors an opportunity to own a piece of basketball history. Throughout the electrifying 2023-2024 NBA season, Sotheby's will host online auctions featuring a curated selection of official, game-used player jerseys. From the excitement of the Kia NBA Tip-Off to the prestige of the NBA All-Star Game and the intensity of the 2024 NBA Finals, our auctions offer a unique chance to collect rare and collectible jerseys from pinnacle events. Join us in investing in sports history and securing one-of-a-kind NBA memorabilia through this exciting partnership.

Upcoming Sotheby's Auction Events

Posted July 8th, 2024

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Contemporary Discoveries | July 9th, 2024 - New York

Sotheby’s is pleased to present the July Discoveries sales, which bring together diverse artworks of various media, regions and eras from each of Sotheby’s Fine Art Departments in an exciting sale context. The event encompasses paintings, prints, photographs, digital art and sculptures from the last 150 years. Modern Discoveries focuses on early Impressionism through ground-breaking Abstract Expressionism. Contemporary Discoveries has a focus on artwork from the 1960s to today. This sale series is curated with the collector of today in mind: both emerging buyers, who have no reason to limit the scope of their collections, as well as those connoisseurs whose collections already transcend traditional categories.

The Contemporary Discoveries auction will open for bidding on Tuesday, July 9th, and lots will close in succession on Tuesday, July 16th. Please note: The highlights exhibition will open at our York Avenue galleries on Thursday, July 11th.

Japanese Woodblock Prints | July 11th, 2024 - London

Sotheby’s is excited to present Japanese Woodblock Prints online auction this 11 - 18 July 2024. The sale features iconic designs by woodblock print artists from the 18th century to the early 20th century. From the beauty portraits of Harunobu and Utamaro to the striking landscapes of Hokusai and Hiroshige, fine examples of this popular art form exhibit the zeitgeist of metropolitan life in Japan during a time of radical change. Key features include a painting of a standing courtesan by Kaigetsudo Ando, a seminal figure in the ukiyo-e genre, a complete set of Hiroshige’s final masterwork One Hundred Famous Views of Edo and impressions from Hokusai’s Thirty-six Views of Mount Fuji.
 

Available Housing Inventory is On The Rise

Posted June 13th, 2024

For anyone who has been attempting to purchase a home in the past few years it has certainly been a challenge. The lack of homes on the market for sale has made it tough to find the right home and to actually get it by being the best offer. However, things are starting to look better these days as inventory is taking a turn. 

There are more properties on the market this year per data shared by Realtor.com. If we look at the trends for each April for all years dating back to 2017 it is quite interesting. From 2017 to 2020 inventory was higher but then showed some drops for 2021 and 2022. We saw increases in 2023 but 2024 showed much more on the market comparatively for a positive trend. The direction of increased growth of inventory is encouraging, but we are still not back to the same levels seen during 2017-2020. 

As Realtor.com explains: “There were 30.4% more homes actively for sale on a typical day in April compared with the same time in 2023, marking the sixth consecutive month of annual inventory growth.”

If you have halted your purchase plans because of the void of selection then you might start seeing more options opening up these days and think about resuming your search.

Real estate is all about location and it is wise to make your connection with a real estate professional in the area of interest. An agent can help you get the story on the properties available in the area you are interested in.  As Bankrate states: “In today’s homebuying market, it’s more important than ever to find a real estate agent who really knows your local area — down to your specific neighborhood — and can help you successfully navigate its unique quirks.”

Contact me today and let us know how we can help you with your real estate needs. 
 

Upcoming Sotheby's Auction Events

Posted June 10th, 2024

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Fine & Rare Whisky |  June 9th, 2024 - Singapore

The lineup for the Sotheby's Singapore Spirits Auction sounds absolutely exquisite! The inclusion of rare and sought-after whiskies from both Japanese and Scotch origins ensures a diverse range for collectors and enthusiasts alike.
The Karuizawa offerings are particularly enticing, with the Karuizawa 1965 Japonisme standing out as a blend of unparalleled rarity and craftsmanship. The mention of the Karuizawa Geisha variants and the 36 views of Mount Fuji adds layers of intrigue for collectors keen on completing their collections.

Yamazaki's presence with sought-after single casks, notably the legendary cask #3T70070, is sure to draw significant attention. The cask's reputation precedes itself, making it a highlight of the auction.

Turning to Scotch whisky, the spotlight on Bowmore with the 1964 Trilogy set underscores the prestige of this Islay distillery. The perfect condition of these bottles adds further allure to an already prestigious offering. The inclusion of other notable Islay whiskies like the Laphroaig Cairdeas 30 Year Old and the Caol Ila 38 Year Old Cask of Distinction ensures a well-rounded selection for enthusiasts of peaty drams.

Overall, the auction promises a captivating assortment of fine and rare whiskies, catering to discerning collectors and enthusiasts eager to explore the world of premium spirits.

NBA Auctions | City & Icon Capsule | June 12, 2024 - New York

Sotheby's latest update regarding Buyer's Premium rates is definitely a boon for collectors, offering more favorable terms for acquiring items across various categories. While this change doesn't apply to Wine & Spirits lots, it's still a positive move overall, making acquisitions in other areas more accessible to enthusiasts and collectors alike.
Shifting gears, Sotheby's partnership with the NBA as the Official Game-Worn Source brings a thrilling opportunity for basketball aficionados and collectors to own authentic pieces of NBA history. The curated selection of game-used player jerseys spanning significant events throughout the 2023-2024 NBA season adds an extra layer of excitement for fans.

Whether it's capturing the energy of the Kia NBA Tip-Off, the prestige of the NBA All-Star Game, or the intensity of the NBA Finals, these auctions provide a unique chance to own a piece of sports history. The allure of acquiring rare and collectible jerseys worn by top athletes during pivotal moments in the basketball calendar is sure to resonate with fans and collectors alike.

Overall, Sotheby's continues to establish itself as a premier destination for acquiring exceptional memorabilia across a diverse range of categories, from fine art and collectible spirits to now authentic NBA game-worn jerseys.
 

Recent Data On Home Price Trends

Posted May 10th, 2024

According to data recently shared by Fannie Mae, about 25% of people feel that home prices are going to decline soon. If you are among those who think so, here are some things that you will want to know. 

A lot of this thinking is probably coming from what we see in headlines or in the media, but we all must realize that negative news sells. It is important to look to professionals in the industry to learn the real story of what is actually happening in general and in your local area. 

Home Prices Increased For Most of Last Year

Case-Shiller releases data each month regarding home prices changes. If you review their data from 2023 you would see that with the exception of January 2023 every month had month-over-month price increases ranging in amounts between 0.2% and 0.9%. It is also worth mentioning that in January most markets do see things experience a winter slow down so that would be normal. Not as many people are looking to move around the holidays and at the start of the year so there is less activity seen then. Also, even the amount of decrease seen in January at -0.2% was very small compared to the much larger ranges of increases seen all year. 

To recap on all of that, Case Shiller explains: “Month-over-month numbers were relatively flat, . . . However, the annual growth was more significant for both indices, rising 7.4 percent and 6.6 percent, respectively.” 

So if one of the expert organizations in the industry who is tracking home price trends says the very slight dips are nothing to be concerned about then why should we worry? Even Case-Shiller is drawing your attention to how those were small and how home prices actually grew over the year.

Ultimately the data shows that overall the home prices rose over the past year. If you have questions about what’s trending with home prices in your local area, be sure to reach out and speak with a trusted real estate professional such as myself. I would be happy to help you! 

Upcoming Sotheby's Events

Posted May 3rd, 2024

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

RM Sotheby’s | May 10-11th, 2024 - Monaco

Monaco is the ideal destination for the classic car and motorsport enthusiast, playing host to both the Grand Prix de Monaco Historique and RM Sotheby’s biennial Monaco auction, which returns now for the seventh time on May 10-11th 2024. Once again hosted at the Grimaldi Forum, this year’s event features a bumper offering of 115 automotive lots over two days of action, with treasures ranging from the personal collection of Formula 1 World Champion, Jody Scheckter, to landmark hypercars, including the McLaren Elva and Lamborghini Countach LPI 800-4. As the hammer falls to the sound of howling V-12 reverberating around the most famous city circuit in the world, there is truly no more of an ideal place to be for those with petrol in their veins.

Contemporary Evening Auction | May 13th, 2024 - New York

The Contemporary Evening Sale this month will feature works which capture the seismic shifts that occurred in art in the latter half of the 20th Century. Beginning with Post-War abstraction in America and Europe, through to Color-Field painting, Minimalism and the Pop Art movement, and into the critical postmodern inquiries of the 1980s and 1990s, this radical new mode of art-making fundamentally altered the course of art history, laying the groundwork for the art movements which would shape the next 50 years across the world. Spotlighting these developments within a unified platform, the masterworks of the Contemporary Art Evening Sale call into focus the plurality of visions, identities, and artistic innovations that reshaped the trajectory of art history as we know it today.
 

The Latest Update For Mortgage Rates

Posted April 12th, 2024

Some of the headlines in the news lately may have you questioning what is going on with mortgage rates. A short while back there was discussion that there were going to be cuts that would bring mortgage rates down. This was in particular cuts to the Federal Reserve (The Fed) and the Fed Funds Rate. Any changes in the Fed Funds Rate does not directly set mortgage rates, but it does often influence them. As of the recent meeting the Fed had, a cut was not yet made. While there are many things that are considered in how the Fed makes their decision to make a cut, the real question we all have now is if this means that mortgage rates will soon fall or not. 

Mortgage Rates Should Still Fall This Year
Just because it has not yet happened does not mean that it is not going to happen. Jerome Powell, the Chairman of the Fed, says they still plan to make cuts this year, assuming inflation cools: “We believe that our policy rate is likely at its peak for this tightening cycle and that, if the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year.”

When this happens, historical patterns show mortgage rates will likely follow suit. That means hope isn’t lost. As a recent release from Business Insider explains: “As inflation comes down and the Fed is able to start lowering rates, mortgage rates should go down, too. . .”

What This Means
With any movement in the rate it isn’t necessarily smart to wait for it to carry over to mortgages. Mortgage rates are historically tough to forecast what and when things will happen. There are so many factors at play and any one of those can change the projections as the economy changes. And it’s why the experts offer this advice. As Mark Fleming, Chief Economist at First American, says: “Well, mortgage rate projections are just that, projections, not promises and don’t forget how hard it is to forecast them. . . So my advice is to never try to time the market . . . If one is financially prepared and buying a home aligns with your lifestyle goals, then it could be the right time to purchase. And there’s always the refinance option if mortgage rates are lower in the future.”

So ultimately if you’re looking to move and trying to time the market, don’t wait for any specific time in the future. If you’re ready and prepared to move then it may still be worth it to do it now, especially if you can find the right home you’ve been looking for.

Upcoming Sotheby's Auction Events

Posted April 5th, 2024

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

An Important European Collection of Chinese Ceramics - Acquired from Edward T. Chow | April 9, 2024 - Hong Kong

Having seemingly vanished since its acquisition from Edward T. Chow (1910-1980) in the 1960s, this remarkable collection of exquisite Chinese ceramics is appearing on the market for the first time in more than 50 years. Each piece was hand selected by Edward T. Chow, who is celebrated for his discerning eye for ceramics. Mostly comprising some of the rarest and most noteworthy monochromes charting the rise and fall of China’s dynasties from the Song to Qing dynasties, highlights include an extremely rare guan-glazed octagonal vase, a Yongle period tianbai-glazed chess jar, and a Yongzheng period pair of ruby-pink and famille-rose ‘lychee’ cups.

NBA Auctions: 2024 All-Star Game | Live | April 11, 2024 - New York

Sotheby’s is your destination for authentic NBA game-worn jerseys. As the Official Game-Worn Source of the NBA, Sotheby’s is excited to bring NBA fans and collectors an opportunity to own a piece of basketball history. Throughout the electrifying 2023-2024 NBA season, Sotheby's will host online auctions featuring a curated array of official, game-used player jerseys. From the excitement of the Kia NBA Tip-Off to the prestige of the NBA All-Star Game and the intensity of the 2024 NBA Finals, our auctions offer an extraordinary chance to acquire rare and collectible jerseys from pinnacle events. If investing in sports history and securing one-of-a-kind NBA memorabilia is for you, please join Sotheby’s and celebrate this exciting partnership.

Upcoming Sotheby's Auction Events

Posted March 15th, 2024

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Fine Jewels | March 27th, 2024 - Paris

Sotheby's is pleased to present its Fine Jewels sale on March 27th, as part of The Paris Luxury Sales.  

The event will feature a selection of Art Nouveau pieces, including the famous “Femme ailée” brooch by Vever, the well-known maker. Cartier's creations include many incredible stones like a sugarloaf sapphire weighing more than 23 carats but also an exceptional “Tigre” bracelet set with yellow diamonds. But the selection doesn't end there: there are many pieces signed by the renowned houses Van cleef & Arpels, Boucheron or Chaumet. Finally, we are excited to offer a unique selection of pieces from Conchita Piquer’s collection, the famous Spanish singer and actress.

Art Without Boundaries: An Arts Access Exhibition | March 29-April 7th - New York

Sotheby's Impact is proud to present Art Without Boundaries, our second selling exhibition in partnership with the Arts Access Program at Matheny special hospital and special education school in New Jersey. Matheny's mission is to provide exceptional care and an optimal quality of life for both children and adults that have special needs and medically complex developmental disabilities. This thoughtfully curated exhibition highlights the work of five Arts Access artists: Jessica Evans, Karen Frascella, Bari Kim Goldrosen, Tammy Heppner, and Paul Santo. These artists create dynamic works through painting and across multiple mediums including poetry, playwriting, choreography, and more. Featuring an array of dynamic visual art, this exhibition presents a view into the minds of these multi-talented artists.

50% of proceeds benefit the artists directly and 50% supports the Arts Access program.
The exhibition is free and open to the public to view in-person at Sotheby’s New York from Friday March 29 – Sunday April 7, 2024. Open Hours are Monday – Saturday 10AM – 5PM and Sunday 1PM – 5PM.

Why You Want An Agent To Guide Your Move

Posted March 8th, 2024

Buying and selling a home is a big deal as other than your home being your biggest asset, it is also the place you live and plant your roots. So where so much needs to be considered, getting the best advice available from a professional in the industry is always going to be most helpful. 

You need insights from the pros to help you feel confident in your decision. Freddie Mac explains it like this: “As you set out to find the right home for your family, be sure to select experienced, trusted professionals who will help you make informed decisions and avoid pitfalls.” 

While only you can ultimately make the best decision that is right for you, a seasoned agent can provide you with all of the best information to help you arrive at what is best for you. 

The Value Of An Expert’s Advice
For example, let’s consider if you need to hire a lawyer. You would probably begin by finding an expert in the type of law required for your particular case. Once you do, they won’t immediately be able to tell you how the case is going to go, or how the judge will rule. However, what a good lawyer can do is guide you through the most effective strategies using their experience and help you craft an effective plan together and even utilize their knowledge to tweak that plan as new information comes about.

The job of a real estate agent is very similar. Just like you can’t find a lawyer to give you perfect advice, you won’t find a real estate professional who can either. The reason why is because it is not possible to know everything that’s going to happen throughout your property transaction. An agent’s role is to furnish you with the best advice they can. An agent will provide you with valuable things like their experience, industry knowledge, and current market data. They are well versed in the latest trends, the ins and outs of the home buying and selling processes and what has worked well for buyers and sellers in the same situation as you.

With my expertise as a professional real estate agent, I have the foresight to anticipate what could happen next and work with you to plan accordingly. I'll assist you through the process, helping you make informed important decisions along the way. Ultimately, I'll give you the best advice you could possibly get to ensure a smooth and seamless transaction. Please click this link to see testimonials from my past clients. Many of whom are repeat clients with multiple transactions. https://www.judypagano.com/pages/2396/Testimonials

Feel free to contact me if you are looking to buy or sell. The Spring Market is in full swing and I'd be happy to help you. 

Judy Pagano
judypagano22@gmail.com
617.257.2431
 

A Few Factors That Determine Home Loan Rates

Posted February 8th, 2024

Anyone who is ready to buy a home in the near future is most likely paying close attention to mortgage rates and trends. Over the past few years we had gotten used to historically low rates making money cheap only to have them increase dramatically and now taper off a bit. But what exactly makes the rates fluctuate? While the answer can be slightly complex, here is some information about some of the most influential factors.

Inflation and Federal Reserve
While the Federal Reserve (Fed) does not determine mortgage rates directly, they do in fact move the Federal Funds Rate as a response to some economic factors. These factors inflation, employment rates, the economy, etc. When this occurs, the mortgage rates often follow suit. Business Insider explains “The Federal Reserve slows inflation by raising the federal funds rate, which can indirectly impact mortgages. High inflation and investor expectations of more Fed rate hikes can push mortgage rates up. If investors believe the Fed may cut rates and inflation is decelerating, mortgage rates will typically trend down.”

Over the past handful of years the Fed raised the Federal Fund Rate to combat inflation and as that happened mortgage rates spiked as well. The good news is that experts all feel that the forecast for both inflation and interest rates is that they both should be more optimal as this year progresses.

The 10-Year Treasury
The other big factor that plays a role is that of the 10-Year Treasury Yield. Mortgage companies will also look at this and base their rates off of it. If the yield goes up, mortgage rates will often then too. According to Investopedia “One frequently used government bond benchmark to which mortgage lenders often peg their interest rates is the 10-year Treasury bond yield.”

The trend has mostly been that the 10-Year Treasury Yield and the 30-year fixed home loan rate have been pretty consistent except for recently. The good news is that this should mean that there is some room for improvement on mortgage rates where they should be coming down somewhat soon. These factors all contribute to why most experts and economists project that we should see favorable rates coming this year.

Upcoming Sotheby's Auction Events

Posted February 1st, 2024

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Contemporary Discoveries | February 12, 2024 - Paris

Following auctions in New York and London, Sotheby's is pleased to host the first edition of Contemporary Discoveries in Paris, which will include works by some of the most sought-after artists. This auction series is designed with the collector of today in mind: young emerging buyers eager to discover new artists, as well as connoisseurs whose collections transcend traditional categories.
 
The event will feature an original artwork by the artist Liu Bolin commissioned by LVMH, which will be auctioned for the Robert-Debré Hospital, as part of LVMH Dîner des Maisons engagées. All funds received will go to the Hospital to support research into sickle cell disease, and improve the daily lives of children.
 
Entitled l'Arbre de vie (The Tree of Life), the work features the artist and a child patient from the hospital, who merge into a backdrop made up of a dozen drawings of children being treated at the Robert Debré hospital.

Ferrari 250 Testa Rossa | February 21-23, 2024 - Detroit MI

Sotheby’s Sealed is excited to present one of the most beautiful and desirable Ferraris ever to leave Maranello: The 250 “Pontoon Fendered” Testa Rossa. Built in early 1958, chassis no. 0738 TR is one of only 19 special examples bodied by the renowned Italian coachbuilder Sergio Scaglietti. With nearly 20 period races and four overall victories, 0738 TR was active in competitions for over a decade. In more recent years, it has benefited from a full restoration at Ferrari Classiche, where it was Red Book certified as one of few remaining TRs to retain its matching engine and gearbox. Offered for sale from a prominent collection for the first time in over a decade, this represents a noteworthy chance to acquire one of Maranello’s all-time greats.
 

What Experts Say for 2024's Housing Market

Posted January 12th, 2024

Whether you are thinking about buying or selling a home soon you probably want to know what to expect from the new year’s housing market. Last year in 2023 we saw mortgage rates on the high side, a lack of housing inventory and some confusion about what headlines suggested about home price trends. The good news is that many experts are forecasting some positive direction for the real estate market.

Mortgage Rate Trends
The good news here is that home loan rates have started to come down. The pattern for them is to follow inflation and since that has declined, rates will now follow. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says: “For home buyers who are taking on a mortgage to purchase a home and have been wary of the autumn rise in mortgage rates, the market is turning more favorable, and there should be optimism entering 2024 for a better market.”

Housing Supply Trends
As the mortgage rates start to ease, there should be more activity in the market where those who have put their move on pause will be picking it back up. If more sellers decide to put their homes on the market then we will see inventory increase which has slowly been happening towards the end of 2023. Lisa Sturtevant, Chief Economist at Bright MLS, says: “Supply will loosen up in 2024. Even homeowners who have been characterized as being ‘locked in’ to low rates will increasingly find that changing family and financial circumstances will lead to more moves and more new listings over the course of the year, particularly as rates move closer to 6.5%.”

Home Price Trends
Mortgage rates moderating isn’t the only good sign for housing affordability. Home price growth is also expected to moderate too. As the Home Price Expectation Survey (HPES) from Fannie Mae, a survey of over 100 economists, investment strategists, and housing market analysts, says: “On average, the panel anticipates home price growth to clock in at 5.9% in 2023, to be followed by slower growth in 2024 and 2025 of 2.4 percent and 2.7 percent, respectively.” 

Ultimately experts project 2024 will be a better year for the housing market. So, if you’re thinking about making a move next year, know that early signs are indicating that we’re turning a corner. As Mike Simonsen, President and Founder of Altos Research, puts it: “We’re going into 2024 with slight home-price gains, somewhat easing inventory constraints, slightly increasing transaction volume . . . All in all, things are looking up for the U.S. housing market in 2024.”

Upcoming Sotheby's Events

Posted January 5th, 2024

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Art of America |  January 19, 2024 - New York

From Hudson River School paintings to dynamic illustrations of the western frontier, Art of America showcases portraiture, landscapes, and sculpture depicted by the nation’s leading artists. Noteworthy highlights from this season’s Art of America sale include early American portraiture by Charles Willson Peale, a Native American subject rendered in marble by female-sculptor Edmonia Lewis, and exceptional examples of nineteenth and early twentieth century landscapes showcasing a variety of wide-ranging regions across the Americas by artists from Ferdinand Bellermann to Jose Maria Velasco, signaling the cultural and geographic diversity of nineteenth century American art.

Contemporary Discoveries | January 19, 2024 - London

The January issue of Contemporary Discoveries in London is delighted to present works by some of the most sought after emerging artists, including Miriam Cahn, Mohammed Sami, Glendon Cordell and Victor Man, as well as many renowned international artists including as Günther Förg, George Condo, Victor Vasarely and Antony Gormley. This auction series is created with the collector of today in mind: both emerging buyers and those connoisseurs whose collections transcend traditional categories.
 

Experts See Home Prices Increasing For Next 5 Years

Posted December 8th, 2023

Despite the data showing trends of regular home price increases there are still many people who fear that there will be another crash in the near future. Fannie Mae recently shared a survey that 23% of consumers think that home prices will fall over the next 12 months. While nobody has a crystal ball to know exactly what will happen, here is what experts are saying not just for the next year but for the next five. 

Projected Appreciation

Don’t just listen to a few people, consider what the vast majority of experts are suggesting to reassure you. The Home Price Expectation Survey (HPES) from Pulsenomics includes projections from over 100 economists, investment strategists and housing market analysts. The latest quarterly release indicates that home prices are projected by these experts to increase every year through the year 2027. Anticipated increases include:

2023 - 3.32%
2024 - 2.17%
2025 - 3.24%
2026 - 3.79%
2027 - 4.18%

Even though the increase speculated for 2024 isn’t as large as 2023, just remember that the appreciation is cumulative so it will add up over time regardless. But if you’re worried home prices are going to start to fall, here’s the big takeaway. Even though prices are going to be different by local area, experts agree that they’ll continue to rise across the country for years to come at a pace that’s more normal for the market. 

To put all of this into some context, if you bought a home in January of 2023 for $400,000 then based on these predictions from the HPES then you could potentially accumulate more than $71,000 in household wealth over the course of the next five years. 
 
So ultimately there are many experts that predict that home prices will increase overall rather than show signs of decline. So if you are in the market to purchase a home it still may be a good time to do so. 
 

Upcoming Sotheby's Events

Posted December 1st, 2023

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Magnificent Jewels | December 5th, 2023 - New York

Hollywood takes center stage in this season’s auction of Magnificent Jewels, which includes items from the collections of Mary Tyler Moore, Frank and Barbara Sinatra, Red Skelton and Tony Randall. Jewels from noteworthy houses such as Van Cleef & Arpels, Cartier, Harry Winston and David Webb figure prominently, as do dazzling diamond jewels and a spectacular collection of colored gemstones.

European and British Paintings | December 7th, 2023 - London

Our winter sale includes art from Britain and mainland Europe, demonstrating the wide-ranging fascinations of nineteenth and twentieth century artists, from still-life to portraiture, the depiction of animals and landscapes to romantic or realistic depictions of everyday life. 

Some highlights include masterworks by British artists John William Godward, Frederic, Lord Leighton and Sir Lawrence Alma-Tadema, as well as important and rare European works by Karl Friedrich Schinkel, Adolph Menzel and Hermenegildo Anglada Camarasa.
 

The Truth About Home Prices 

Posted November 10th, 2023

These days there is often a lot of chatter and speculation about where the direction of the real estate market is headed as we approach the beginning of next year. Specifically many are guessing at what may happen with interest rates, but also with where home prices are headed. This has left some buyers and sellers a bit confused about what to do about their own moving plans. Here is some more information about the subject. 

According to a recent data release from Fannie Mae, 23% of Americans still think that home prices will decline over the next year. But why would this group of people be thinking this will be the case? A lot of this has to do with countless headlines that people have read as well as general media coverage creating fear that a crash could be impeding similar to what we experienced back in 2008.

For anyone that lies within the camp of thinking prices will be falling, ask yourself which source you are going to follow. The general headlines or a trusted expert in the market? Here is some data that you can refer to from those in the industry. Experts in the industry will acknowledge that there was a dip in prices last year during Q3 and Q4 of 2022 but as we saw that was short lived. Housing prices reverted to increasing during Q1 through Q3 of this year. Furthermore, it is not just Fannie Mae with these reports of data showing the strength of home prices. Zillow, NAR, AEI, HPES and MBA all forecast some amount of appreciation with all of them averaging at 3.9% for the year of positive gain. Fannie Mae originally forecast 3.9% for their thoughts but recently increased that to 6.7%. 

Ultimately there has been a lot of misleading information or negative speculation for home prices over the past year. This lingering idea is still having its impact on how buyers and sellers are making their purchase and selling plans. Consider this information as you discuss your plan with your local real estate professional for what is happening in your particular area.
 

Upcoming Sotheby's Auction Events

Posted November 3rd, 2023

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Modern Evening Auction | November 13th - New York

The Modern Evening Auction presents pieces that capture innovative pursuits of artists across the late 19th and early 20th centuries from Impressionism through Abstract Expressionism. Highlighting the innovations of the avant-garde, the Modern Evening Auction spotlights masterworks by the most noteworthy artists of the modern era that define art history as we know it today including Claude Monet, Pablo Picasso, Balthus, Mark Rothko and Philip Guston.

Master Sculpture | November 15th - Paris

Sotheby’s is delighted to announce our first major Master Sculpture auction in Paris on November 15th, which will be dedicated to European Sculpture and Works of Art.

Featuring a wide variety of materials and techniques in three dimensions, the sale will present an exceptional selection of works ranging from the Middle Ages to the 19th century.
This auction presents an opportunity to discover fresh-to-the-market works in bronze, terracotta and marble. A pair of French Baroque bronzes of Actéon and Latona, exquisite casts from the former collection of Count Alexandre Stroganoff (1733-1811) are among the flagship lots. A terracotta by Augustin Pajou from 1789 of Un voyageur auquel un homme tire une épine du pied from the collection of Marie-Angélique Diderot (1753-1824), daughter of the famous philosopher, as well as an exceptional portrait of man by Jean Baptiste II Lemoyne, are noteworthy for the quality of their modeling and execution.

Finally, an important terracotta relief illustrating Genius taming Peace by Joseph Chinard from 1791, as well as a life-size allegorical figure of the muse Erato in sandstone, signed and dated by Gilles-Lambert Godecharle in 1810, perfectly illustrate Neoclassical elegance.

Is Housing Inventory On The Rise?

Posted October 13th, 2023

An important factor that is helping shape the real estate market these days is the number of homes on the market that are available for sale. This can have an impact on what buyers have to choose from, but can also have an effect on sellers who are considering listing their home for sale. When inventory levels are lower, your home will stand out especially when correctly priced. 

For a long time now we have been faced with slim levels of inventory, but is that going to change in the near future? There have been some early hints of more listings coming soon. According to some recent data from Realtor.com, new listings have been trending on the up. Here is a closer look.

More Inventory
The typical busy season for the majority of markets is spring. This is the most anticipated time of year for an increase in the volume of homes being listed for sale. Sellers are usually ramping up for these months when buyers are most active. By contrast as soon as the school year begins and then the holidays approach, then the market tends to cool down which is also expected. However, based on the data from Realtor.com there is an increase in the number of sellers listing their homes on the market for sale later this year than usual. 

As Realtor.com explains: “While inventory continues to be in short supply, August witnessed an unusual uptick in newly listed homes compared to July, hopefully signaling a return in seller activity heading toward the fall season . . .”

Although this is only one month of data, it is unusual enough to be noteworthy. It is still too early to know if this trend will continue, but it is definitely something to stay on top of.

What This Means
If you have been holding off on putting your home on the market now may be a good time to do so. If more homes come on in the near future like this trend suggests, then you will have more competition. Inventory levels are still very low and while they won’t be overwhelmingly changed overnight, you still may have a good opportunity to list sooner than later. 

If you are thinking of selling in the Spring, please feel free to call me. Now is a great time to discuss pricing, timing, marketing and staging so you are prepared to list as soon as the time is right. 

617 257-2431
JudyPagano22@Gmail.com

Upcoming Sotheby's Auction Events

Posted October 5th, 2023

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Fine Chinese Paintings | October 8th - Hong Kong

This autumn, Sotheby’s Hong Kong is delighted to offer an exquisite collection of over 230 works of modern painting and calligraphy. Bringing an amazing visual impact to the auction scene is a 1968 lustrous splashed-color landscape by Zhang Daqian, Verdant Mountains of Summer Spirit, from an American private collection. This event will bring together works from various collections with impeccable provenances such as Chang Chun’s collection of works gifted by close friend Zhang Daqian, political leaders of the Republic of China and reputable Beijing-Shanghai artists; the collection of Wong Nanping’s daughter, Karen Wang, alongside the exquisite works from the collection of Paul Chang’s children tell heartfelt stories of familial bonds and memories. This is not to be missed!

Classic Design: Furniture, Silver & Ceramics | October 6th - New York

Shifting generational tastes, desire to create highly personal spaces, and concerns about sustainability and the environment are fostering demands for antique and classic design. Our sale series Classic Design Week – encompassing European Furniture, Silver, Ceramics and Objects of Vertu – highlights over 500 years of craftsmanship. The signature Classic Design auction offers the most noteworthy examples in each collecting category, and is defined by a worldly exploration of design across the centuries. Classic Design Weeks are hosted biannually in London, Paris and New York.

Historic and Future Mortgage Rate Potential Trends

Posted September 15th, 2023

Anyone who may be looking to purchase a home these days is more than likely following the current mortgage rate trends. With home prices maintaining a relatively strong foothold, fluctuations in mortgage rates are really impacting what homebuyers can afford. Where rates had been historically low for years, now is a great time to take a look at the big picture of where rates have been, where they are and where they are possibly headed to put things into perspective.

Mortgage Rate Historical Trends

Freddie Mac has been recording and tracking 30 year fixed rate mortgages for decades stemming back to 1971. They release the results from their mortgage market survey every week which averages mortgage application information from across the United States.

While rates have increased a few points over the past year or so, they are still lower than the 52 year average. This may be interesting overall but today’s buyers are still trying to adjust to rates around 7% where they were between 3 and 5% for a while. This is still a far cry from the 18% that existed in the early 1980’s. Nevertheless a dip in rates these days would certainly be welcomed by today’s buyers. Let’s take a look if this is realistic by examining inflation trends and their relationship. 

Potential Future Rates

The Federal Reserve has been working to lower inflation since the beginning of 2022. This is important to note as there is a relationship between inflation and mortgage rates. If we turn to trends of inflation and interest rates we see their patterns are most often similar. When inflation has gone up or down over the past few decades, mortgage rates followed suit soon thereafter. Recent tracking of inflation shows that it has moderated a bit this year recently, but we have yet to see mortgage rates follow with their similar move. But if history has proven to be any kind of a guide, then we should expect to see rates dip then soon too. While nobody has the ability to forecast the future, it is helpful to review past trends so we know what we can realistically expect.
 

Upcoming Sotheby's Auction Events

Posted September 8th, 2023

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Dharma and Tantra, including Masterpieces from the Nyingjei Lam Collection | September 18th - New York

Dharma and Tantra is a carefully selected auction of sculptures, paintings and ritual works of art that depicts the development and diffusion of Buddhist art in Asia. The journey originates in the ancient region of Gandhara with a private English collection of stone sculpture and traverses the Silk Road with a comprehensive group of early Chinese sculpture from the Six Dynasties period through to the Liao dynasty, finally culminating in a fine collection of gilt-bronzes from the Imperial palaces of the Ming and Qing dynasties, and a unique set of sutra covers from the Kangxi Kangyur. The auction also includes a 7th century Japanese wood stupa enclosing arguably the earliest Buddhist printed text in private hands.

Noteworthy highlights of the Himalayan section include seven bronzes from the Nyingjei Lam collection, sold to raise funds to support medical and educational projects throughout Asia, a group of thangkas formerly in the Fournier collection with Musée Guimet exhibition history, an early Western Tibet figure of Padmapani from the Pan-Asian and Ellsworth collections and a magnificent Yuan dynasty gilt-copper alloy figure of Hevajra and Nairatmya, formerly in the collection of the Cathay Art Museum.

Vestiges of Ancient China | September 19th - New York

This offering of over 50 lots explores China’s antiquity through a selection of bronzes, jades and sculptures from the earliest Neolithic Cultures to the cosmopolitan Tang dynasty (618-907). The sale is led by an exceptionally rare marble frog from the Shang dynasty, a private collection of archaic jades, and a pair of inscribed Western Zhou bronze gui from an Important European private collection.

Pending Home Sales Show Increase

Posted August 17th, 2023

According to a recent report from the National Association of Realtors (NAR), pending home sales have recently experienced an increase in activity. Specifically, June’s pending home sales had gone up by 0.3% overall for the whole country from the month before. While both the South and West saw slight decreases, the Northeast and Midwest have grown. 

"The recovery has not taken place, but the housing recession is over," said NAR Chief Economist Lawrence Yun, "The presence of multiple offers implies that housing demand is not being satisfied due to lack of supply. Homebuilders are ramping up production and hiring workers."

The Pending Home Sales Index is a forward looking indicator of home sales that is based on contract signings and had risen by 0.3% this June. This was the first increase that we have seen since February this year.

Rates

NAR anticipates that the 30 year fixed mortgage rate will rise to 6.4% this year but then lower to 6.0% for 2024. "With consumer price inflation calming close to the Federal Reserve's desired conditions, mortgage rates look to have topped out," Yun added. "Given the ongoing job additions, any meaningful decline in mortgage rates could lead to a rush of buyers later in the year and into the next."

Home Sales and Prices

NAR expects that existing-home sales will decrease a total of 12.9% from 2022 to 2023, coming in at 4.38 million, before climbing up by 15.5%, to 5.06 million in 2024 next year. Compared to last year, the national median existing-home prices will stay steady before rebounding by 2.6% next year, to $395,000. The West, being the country's most expensive sector, will see a reduction in home prices while the more affordable Midwest region is likely to see a smaller increase. Housing starts for new construction are anticipated to drop 5.3% from 2022 to 2023 before increasing 5.4%, in 2024.
 

Upcoming Sotheby's Auction Events

Posted August 4th, 2023

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Fashion Icons |  August 31- September 14th - New York

Sotheby’s inaugural Fashion Icons sale features a highly curated collection of fashion pieces from the most influential people, designers and cultural moments. The Fashion Icons sale celebrates the legendary people, unforgettable events and unmatched creativity through the lens of fashion. Headlining the Fashion Icons sale is Princess Diana’s Warm and Wonderful Black Sheep Sweater. The Black Sheep sweater is one of the most iconic pieces worn by Princess Diana to ever come to market. Media attention has spanned over 40 years from the first newspaper covers of Lady Diana in 1981 to wide press coverage of Rowing Blazers reissue of the Black Sheep design in 2020.

Contemporary Discoveries | August 11th - London

Sotheby's August Contemporary Discoveries Auction in London is excited to present works by some of the most sought after emerging artists, including Javier Calleja, Glendon Cordell, Otis Kwame Kye Quaicoe and Albert Willem well as many famous international artists such as George Condo, Günther Förg, Tracey Emin, Richard Prince and Tom Wesselmann.
 

Why Homeownership Is The Long Term Answer

Posted July 14th, 2023

These days we are faced with headlines surrounding higher mortgage rates, inflation challenges and the concern about a potential recession. All of this is mounting which has many people wondering if they should consider buying a home now or hold off until later. While these concerns may be valid today it is important for one to think about the long-term benefits of homeownership.

To put it in perspective, most homeowners that purchased a property 5, 10 or 25 years ago would most likely not regret their decision. The reason being is that home values grow with time and in turn so does your wealth. In fact, according to a recent survey by Fannie Mae, 70% of respondents stated that they believe buying a home is a safe investment. 

Across the country home prices have increased quite a bit with some varying degree per region. According to data from the Federal Housing Finance Agency (FHFA) the national average of home price gains was just over 56% over the past five years. Another data set from FHFA shows a 30 year time span with a national average of 290% increase in home prices. This means the typical homeowner who bought a house 30 years ago saw their home almost triple in value over that time frame. That’s a primary reason for why so many homeowners who bought their homes years ago are still happy with their decision.

More recently you may have heard talk in the latter portion of last year that home prices would crash, but that didn’t happen. Even though home prices have leveled somewhat from the record peak we saw during the past few years, prices are already starting to climb again in several areas today. This means that in most markets home prices should grow in value over the next year.

Finally, the alternative to buying a home would be renting and rental prices have been escalating for many years now too. So why rent and deal with annual lease increases for no long-term financial benefit? One thing is certain that if you are renting there will be no gain in equity for yourself where history proves that there is long term with a property purchase.

Sotheby's Auction Events

Posted July 7th, 2023

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Contemporary Discoveries | July 10th - New York

Sotheby’s is excited to present the July Discoveries sales, which bring together diverse artworks of various media, regions and eras from each of Sotheby’s Fine Art Departments in a fantastic sale context. The auction brings together paintings, prints, photographs, digital art and sculptures from the last 150 years. Modern Discoveries highlights early Impressionism through ground-breaking Abstract Expressionism. Contemporary Discoveries focuses on artwork from the 1960s to today. This sale series is designed with the collector of today in mind: both emerging buyers, who have no reason to limit the scope of their collections, as well as those connoisseurs whose collections already transcend traditional categories.

Fine Books and Manuscripts, Including Americana | July 20th - New York

Sotheby’s is delighted to announce New York’s July sale, “Fine Books and Manuscripts, Including Americana.” Part 1 of this sale will be open for online and absentee bidding on July 6th and will culminate in a live auction on July 20th. This first part brings together a select group of truly noteworthy books and manuscripts. With material ranging across periods and categories, the auction includes noteworthy and early manuscript Americana, a fine copy of Charles Dickens’ Great Expectations, original artwork from Ludwig Bemelmans beloved Madeline, and much more.

Strong Job Market Fuels Buyer Demand

Posted June 9th, 2023

The spring real estate market has been an active season this year in most areas. Even with home loan rates being higher this year as compared to last year, buyer demand is still strong and getting stronger. According to data from Showing Time, which is a measure of buyers touring homes, it is showing that more buyers are actively touring homes this March compared to March in pre-pandemic years. Here is a closer look at why buyers are so active at this time.

Current Job Market
With inflation continuing on the higher side, the Federal Reserve increasing the Federal Funds Rate and headlines discussing a potential recession, it is interesting to see just how strong the job market is. Furthermore, it continues to gain strength as well. According to the Bureau of Labor Statistics (BLS), there have been a significant amount of jobs added to the market. Specifically, there were 88,000 more jobs created this April than in March. Also, the April numbers exceeded expert projections as well. This shows progress in the direction of growth.

Unemployment Nearing All-Time Low
Another noteworthy factor that goes alongside new job growth is that of unemployment figures. According to BLS the unemployment rate is at the lowest since May of 1969. The average rate from 1948 to 2023 was 5.7% and we are currently at 3.4%. So with so many people employed now they are able to consider buying that home these days. 

The Impact on The Market
In the end this is positive news particularly for sellers in this market given the buyer activity. With the number of homes available for sale still being lower, sellers should be expecting strong interest in their properties listed for sale. If you are considering selling your home in the near future, feel free to reach out to me and let’s have a discussion on what you should anticipate for your home in your particular area. 
 

Upcoming Sotheby's Auction Events

Posted June 1st, 2023

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Art Contemporain Evening Auction | June 5, 2023 - Paris

The Paris Art Contemporain Evening Sale brings together beautiful artworks created by some of the masters of the latter half of the 20th century and the 21st century. Among the highlights of the sale will be found a magnificent painting by Zao Wou-Ki from the Hurricane period, a rare Anthropométrie by Yves Klein and an impressive work by Simon Hantaï. The sale also includes nine masterpieces from the collection Op Art, The collection of a visionary. These large scale works by the greatest artists of the optical art movement such as Victor Vasarely, Piero Dorazio and François Morellet have never been seen at auction before. Artists such as Pierre Soulages, Lucio Fontana and Sam Francis are also superbly represented, and the Art Contemporain Evening Sale is a unique occasion to acquire rare masterworks by these artists.

Photographs | June 6-13 - London

Sotheby’s is pleased to present our June Photographs sale. The event will feature a range of material from the 20th and 21st centuries and will illustrate the expressive breadth of the medium. The Photographs auction will give both established and new collectors the chance to acquire classic and contemporary works by some of the most significant names in photography, including Helmut Newton, Shirin Neshat, Andreas Gursky, Thomas Ruff, Irving Penn, and many more. A selection of the photographs will be on display from 15–18 May and from 30 May–13 June at Sotheby’s London. 

Think Twice About Waiting For Lower Home Prices

Posted May 12th, 2023

The real estate market continues to evolve this year leaving many to wonder where it will go from here. Gone are the days of seeing historically low mortgage rates which powered the bidding wars that were occurring on most any property for sale. These days rates have climbed which has called for a slower pace for home sales perhaps giving buyers a bit more time to negotiate the right deal with less competition. The question many are left with now is what should we expect in the way of trends for home prices?

There has been a lot of discussion about a potential dip in prices since home prices peaked last year in June. Many have been pondering if they should be waiting on a home purchase as a result. In fact, a recent statistic from Zonda shows 53% of millennials are still renting right now because they’re waiting for home prices to come down. However, other recent data is suggesting that home prices have already bottomed out and are now on the rise again. Specifically, data from Black Knight shows home price trends in November of 2022 compared to February of 2023. The study shows that 96% of home prices had declined in the month of November where 78% of home prices increased during February of 2023.

This report will make you think twice about waiting as signs are showing that prices are now increasing as opposed to decreasing. Other experts and studies including the Home Price Expectation Survey forecast that prices will increase steadily and return back to more of a normal pace of appreciation after 2023. 

Each market behaves differently and there will be subtle variations within every area. The best way to help you understand the trends in your market or area of interest is to consult with a professional real estate agent like myself to assist you with the best insight and guidance.

Upcoming Sotheby's Auction Events

Posted May 5th, 2023

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Sotheby’s Sealed – Ferrari F40 Allocated New To Alain Prost | May 10-12

Sotheby’s Sealed is pleased to offer this very special F40 at no reserve. Delivered new to four-time Formula 1 World Champion Alain Prost during his first season as a Scuderia Ferrari Formula 1 driver, this is an extremely desirable ‘non-cat, non-adjust’ specification example of Ferrari’s vaunted supercar. Ferrari Classiche certified and retaining its original chassis, engine, gearbox, and bodywork, this F40 was awarded second in class honors at the Ferrari 70th Anniversary Concours in Maranello back in 2017. A noteworthy example of its breed having been delivered to one of Formula 1’s most successful drivers, this F40 is not to be missed!

Centuries of Time: A Private Collection | May 14 - Geneva

Sotheby’s proudly presents an exceptional collection of rare pocket watches assembled over the course of 45 years, including a wide, diverse array of pieces spanning from the 16th to the 20th centuries. Comprising nearly 100 watches of supreme craftsmanship, originally made for various different markets, from China to the Ottoman Empire, the lot is led by a rare Breguet watch thought to have been made for the Sultan of the Ottoman Empire.

Studies Show Staging Sells Homes Faster

Posted April 14th, 2023

According to a recent study prepared by the National Association of Realtors (NAR) nearly half of seller’s agents stated that staging a home had decreased the number of days on the market for sale. Furthermore, 20% of buyer and seller agents stated that staging a home can increase the offer price anywhere between 1 and 5%. 

"As days on market has lengthened for home sellers, it is not a surprise to see the return of home staging as a tool to attract potential buyers," said Jessica Lautz, NAR deputy chief economist and vice president of research. "Buyers want to easily envision themselves within a new home and home staging is a way to showcase the property in its best light."

Most buyer agents also concurred that a staged property makes it far easier for buyers to visualize the property set up as their own. Living rooms were listed as the most important room to be staged followed by the primary bedroom and kitchen respectively. Vacant homes of course are in need of these rooms to be staged with appropriate furniture. For homes that sellers currently live in, sometimes light staging is helpful with eliminating, adding or rearranging furniture and decorations in order to show off the home’s true potential.

Nowadays with so many real estate shows on television many buyers are conditioned to expect to see homes for sale staged and looking more turnkey. This has set the stage for what they anticipate to see when visiting homes for sale. 

Professional real estate agents are trained and have the expertise to assist sellers with what needs to be done to their own home when it comes time to sell. This can include decluttering, doing some necessary updating, cleaning and staging. While the home may not be set up as a homeowner typically had it, this valuable prep work can really make a significant difference when putting the home on the market for sale. 
 

Upcoming Sotheby's Auction Events

Posted April 7th, 2023

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Finest Scotch & The Rarest American Whiskey | April 14th, 2023 - London

Sotheby’s London Whisky auction is led by some of the most rare bottles of American Whiskey ever to be offered for sale. The bottles in this noteworthy set are the prototypes for a United Distillers initiative to launch an ultra-rare whiskey range in 1997. The Rare American Whiskey Selection, set up as a yearly release displaying the USA's most coveted spirit, was never released. These are the only bottles still in existence from this untold chapter in American Whiskey history. 

Also on sale is The Macallan In Lalique Six Pillars Collection, a full set of six bottles regarded as the pinnacle of collectable whisky produced by the distillery. Alongside this is the Glenfarclas The Family Casks Trunk, a set of 50 bottles dating back to 1954, as well as The Macallan James Bond 60th Anniversary Collection in a Globe-Trotter suitcase.

Exceptional Jewels: The Wolf Family Collection | April 20, 2023 - New York

Like the fine and decorative art in the The Wolf Family Collection, the jewels alone reflect a lifetime of connoisseurship and an appreciation for rare, often one-of-a-kind designs. The  majority are signed by esteemed makers, from inventive creations including René Boivin, Jean Schlumberger, and JAR to classic styles by Van Cleef & Arpels, David Webb and Harry Winston. Perhaps the most remarkable of the Collection is the large selection of Van Cleef & Arpels mystery-set jewels – one of the most impressive of its kind ever to be at auction – with nine impressive examples from a variety of periods in sapphires and rubies.
 

Pending Home Sales Are Up

Posted March 17th, 2023

According to a recent release from the National Association of Realtors (NAR) pending home sales have been increasing for the second month in a row. Despite the number of transactions being lower than last year at this time, contract signings have improved by 8.1% in January.

“Buyers responded to better affordability from falling mortgage rates in December and January,” said NAR Chief Economist Lawrence Yun.

NAR anticipates that the economy will remain strong and add jobs this year and next with 30 year fixed mortgages lowering to just over 6% this year and to the mid 5’s next. Yun predicts that this year we will still experience lower year-over-year sales before rebounding next year. 

“Home sales activity looks to be bottoming out in the first quarter of this year, before incremental improvements will occur,” Yun said. “But an annual gain in home sales will not occur until 2024. Meanwhile, home prices will be steady in most parts of the country with a minor change in the national median home price.”

NAR also forecasts that home prices will remain stable compared to last year in most areas. It estimates that we will see more significant price increases resume come 2024.

Regional Breakdown

The Northeast pending home sales went up by 6.0% this January from the month before. The Midwest increased by 7.9% for the same time period. 

The South grew by 8.3% with the West jumping the most by 10.1% in January from the month before. “An extra bump occurred in the West region because of lower home prices, while gains in the South were due to stronger job growth in that region,” Yun added.

In the end all of these signs show good strength and positivity in the marketplace. 
 

Sotheby's Auction Events

Posted March 2nd, 2023

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Made in Britain |  March 8th - London

Celebrating the absolute best of British artistic creativity across the disciplines of painting, works on paper, prints, photography, contemporary and studio ceramics and design, “Made in Britain” boasts the perfect opportunity to acquire works by some of the century’s most celebrated and sought-after British artists and makers. This sale features an exciting array of fresh-to-market works by artists and makers such as David Hockney, Lucian Freud, Bridget Riley, Damien Hirst, Alfred Wallis, Lynn Chadwick, Edmund de Waal, Dame Lucie Rie and Hans Coper, along with  many others, and with estimates starting from only £500, the event has something for every collector, at every price level.

Surrealism and Its Legacy | March 15th - Paris

Dada and Surrealism transformed chaos into beauty, contradiction into poetry, darkness into imagery and the impossible into the possible. This was an avant-garde movement that emerged from the ashes of the First World War. Surrealists didn’t try to invent the beauty of the world–they did the opposite, taking it as it was and exploring its many elements to find the beauty, joy, force, hope and humor that Classicism could not achieve. Surrealism is the disobedient wife of Blue Beard, who wants nothing more than to open the forbidden door. In today’s increasingly complex, contradictory and multipolar world, the legacy of Surrealism resonates more because it acknowledges these contradictions instead of resolving them.

This March, “Surrealism and Its Legacy” will return for a second installment, charting the history and undeniable impact of the movement. Echoing the theme of the auction, the paintings and sculptures within will unlock the story behind Surrealism, showing how these artists brought to the fore timeless themes that remain just as relevant in today’s world. 

Have The Prices of Homes Hit Their Low?

Posted February 10th, 2023

If you are a homeowner currently or if you’re going to purchase a home in the near future, the recent headlines about home prices may have you coming up with more questions than getting answers. The chatter about property values cooling and decreasing and that’s causing concern about a repeat of what happened to prices during the last crash back in 2008.

One of the top things people ponder today is just how much will home prices decline? However,  what not everyone may realize is that experts aren’t predicting a free fall in prices. If you consult recent data, there’s an argument to be made that we may be past the most significant portion of month-over-month price depreciation. The numbers were not significant declines on the national level. Instead of wondering how far they will drop, the real question is if home values have already hit bottom.

Recent studies provide a snapshot of home pricing from Case-Shiller, the Federal Housing Finance Agency (FHFA), Black Knight, and CoreLogic. The reporting collectively indicates that on a national scale property values have changed month-over-month since January 2022. (November and December numbers have yet to come out.)

The most interesting trend is that if we look at the last four months that were published from July to October of 2022 we can see that all reports show the largest decline in home depreciation had occurred during the month of August of 2022. This certainly does not solidify that home prices have reached their low, but it does show that homes are not on a free fall which could mean that the worst may already be behind us.

If you have questions about what’s happening with home prices in your local market, contact me to further discuss. Each market performs differently and some may have seen prices that were more inflated than others. I am happy to review how the local market is currently trending with you.

Upcoming Sotheby's Auction Events

Posted February 2nd, 2023

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Fine Jewels | February 9th - London

Sotheby's presents London Fine Jewels on February 9th.  This sale will display a selection of extraordinary jewels for the most discerning collectors looking for rare and iconic designs by houses such as Van Cleef & Arpels, Cartier and Bulgari. The jewels on sale represent over a century of jewelry making, spanning from the 19th century through to contemporary designs.

On the Road: Photographs by Robert Frank from the Collection of Arthur Penn | February 22nd - New York

This February, Sotheby’s is delighted to present On the Road: Photographs by Robert Frank from the Collection of Arthur Penn. As the world’s most robust private collection of Robert Frank photographs, the Arthur Penn Collection covers several decades of the photographer’s storied career. The Penn Collection demonstrates Robert Frank’s expertise in quietly observing and incisively documenting people and cultures from all walks of life. This live sale includes more than 100 photographs, including icons of 20th century photography such as Parade, Hoboken, New Jersey, Daytona, Florida, and St. Petersburg. Notable images from Coney Island, works from the London Businessmen and Welsh Miner series, images from his filmic From the Bus series of the late 1950s, and intimate family portraits are also on auction. 

What To Expect For 2023's Real Estate Market

Posted January 13th, 2023

The real estate market for last year was most notable for inflation and a steep increase in mortgage rates. This collectively had a significant impact on buyer activity where momentum slowed leaving some buyers pushing off making their home purchase. So what does this mean as we kick off the new year? Here is what some experts have to report.

Home Loan Rates
Most of the experts agree that the future of mortgage rates hinges on inflation. If it is high, then rates will be too and if it continues to fall, rates will be sure to follow. There have been indications that inflation is cooling but it is still on the radar these days. What experts are suggesting now is that they expect rates to stabilize during 2023. It remains to be seen where they will land but if you average the reports from Freddie Mac, Fannie Mae, MBA and NAR you will see them arriving between mid 5% and mid 6%. 

Home Price Trends
We can anticipate that home prices will still be defined by classic supply and demand. We experienced this in recent years yet the landscape has shifted during 2022. Buyer demand has simmered due to the higher mortgage rates allowing supply to grow. Similar to mortgage rate predictions, we should turn to the average of what experts forecast. Some feel we should see prices continue to rise while some feel they may fall. However, when you average what Realtor.com, HPES, NAR, Freddie Mac, MBA, Fannie Mae and Zelman have to say, you see them remain steady for 2023. Each market is different where some have been more inflated than others. So ultimately it makes sense that some may see drops while others will see increases this year. Lawrence Yun, Chief Economist of The National Association of Realtors puts it best by saying “After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”

Upcoming Sotheby's Auction Events

Posted January 11th, 2023

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Art of the Americas, Live Auction | 18 January 2023 - New York

Sotheby’s is excited to present our inaugural Art of the Americas auction on January 18, 2023. This sale series, taking place during Americana Week at Sotheby’s, will display examples of 19th and early 20th century historical American paintings, drawings and sculpture by noteworthy artists from John James Audubon to Frederic Remington. The auction will be led by Property from a Distinguished Canadian Private Collection which includes Asher B. Durand’s masterwork Lake Hamlet (Passing Showers) and also works by Albert Bierstadt, Alfred Bricher, William Trost Richards and David Johnson. Additionally, Sotheby’s will be offering Property from a Distinguished Private Collection presenting important historical paintings by John James Audubon, Jasper Francis Cropsey, Fitz Henry Lane, Robert Salmon and many more. In this auction we are pleased to be featuring Property From the Estate of Benjamin D. Holt, Jr. and Property from the Philadelphia Montessori Charter School.

Baroque: Masterpieces from the Fisch Davidson Collection | New York - January 26th

The Fisch Davidson Collection is one of the most notable collections of Baroque art ever to appear on the market. Ten extraordinary pieces from the collection will be offered in a dedicated single owner event at Sotheby’s, New York, in January 2023, during Masters Week. Including several masterpieces, The Fisch Davidson Collection constitutes a spectacular ensemble that traces the development of the Baroque. Assembled over the span of almost thirty years, the collection’s profound quality reflects the rare combination of passion and taste.

Mortgage Rates Will Drop, It's Just a Matter of Time

Posted December 9th, 2022

Since around the spring time we have seen the real estate market make a correction with the number of homes sold starting to take a slower pace. For many years the market was out of balance with consistent and steep home price increases and record low rates, but now that has changed. This is all due to the fact that the average 30-year fixed mortgage rate has quickly surged this year rising to over 7% and then landing recently in the 6% range. We are starting to see now what next year may bring in terms of home loan rate trends.

Inflation and Fluctuating Interest Rates
So long as inflation is high then we are sure to see higher mortgage rates. We have recently seen some signals that inflation may be cooling which gives us some insight into the future. Many, including the mortgage industry, are hoping for positive news. Ali Wolf, Chief Economist at Zonda, says: “The housing market is expected to face continued uncertainty heading into 2023 as consumers, financial markets, and policymakers work through their respective challenges in today’s economy. . . . we are watching for any additional stability in the MBS market, signs of cooling inflation, and/or less aggressive Federal Reserve action to give us confidence that mortgage rates are past their peak.”

How Mortgage Rates Will Trend
As we continue to navigate through the inflation war and see it starting to come down, we can expect that mortgage rates will shortly follow. We have seen some indication of this over the past few weeks. As the Federal Reserve works to bring inflation down, mortgage rates will come down as well. Bill McBride from Calculated Risk says: “My current view is inflation will ease quicker than the Fed currently expects.” As we fast approach the new year, we certainly hope he’s right on this. This will help fuel the market with some more buying power as we strive towards a healthy balance between both buyers and sellers. 

Upcoming Sotheby's Auction Events

Posted December 1st, 2022

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Himalayas: The Richard R. & Magdalena Ernst Collection of Important Tibetan Paintings and other Himalayan Works of Art | December 8-15 - Paris

Richard and Magdalena Ernst shared a fascination for Tibetan and Nepalese art and culture, engendered by a trip to Kathmandu in 1968 where the first of many of their Tibetan thangkas paintings was obtained. Their knowledge of Tibetan art increased with every new purchase from art dealers and auction houses around the globe. One of the first thangkas they bought on their return home from Asia turned out to be one of the most important of the later Tibetan works in the lot, the circa 1600 Ngor monastery Vajrabhairava (fig. 1). The thangka was among their favorite paintings and hung in pride of place in the salon of their home in Winterthur, Switzerland.

Exclusive Releases from Eva Fricke | Pristine Burgundy from the Cellar of a Distinguished British Collector | Finest & Rarest Wines |  December 13th - London

Sotheby’s Wine is excited to present our final London sale of the Winter season, Exclusive Releases from Eva Fricke | Pristine Burgundy from the Cellar of a Distinguished British Collector | Finest & Rarest Wines. This sale encompasses a selection of wonderful cellars, containing a huge variety of intoxicating delights to round off a busy vinous year.

The auction starts with an exclusive-to-Sotheby’s, direct release from the cellars of Weingut Eva Fricke, including her universally lauded Beerenauslese from Lorcher Krone and Lorcher Schlossberg.
 
Following this fine selection of benchmark Rheingau Riesling, we move to the joys of the Côte d'Or, with Pristine Burgundy from the Cellar of a Distinguished British Collector. This noteworthy collection features recent vintages from Domaine de la Romanée-Conti plus countless other blue-chip Domaines, such as Leflaive, Clos de Tart, and Jacques Prieur, all purchased upon release from highly esteemed British merchants.
 
Ending the sale, the various-owner Finest and Rarest Wines portion sees a handful of eclectic British collections brought to market. Displaying an impressive variety of beautifully mature stock from Europe’s most historic and desirable estates, the cellars offered here represent a lifetime of dedicated work on the part of these longstanding, steadfast collectors.
 

The Current Status on Housing Supply and Demand

Posted November 17th, 2022

The past few years there has been a considerable discrepancy between high homebuyer demand and lower levels of housing stock. This difference had forced buyer competition to a whole new point of bidding wars. However, nowadays we are seeing things shift which is changing the landscape. 

This year we have seen home loan rates rise along with some economic uncertainty which has softened buyer demand. According to data from ShowingTime, showings have slowed by 12% at this time compared to last year showing us a trend in buyer demand. We also can look at some data from Realtor.com which is telling us that the number of active listings this year is up by 27% as compared to last year. The easing of buyer demand has shown us that it has allowed for inventory to increase. 

The Forecast For Buyers
What this means for buyers is that you will have less competition and maybe an easier time purchasing a home than last year. There should be more available homes to choose from and this also should mean you as a buyer could also have more buying and negotiating power. Each market is still different which is why your trusted real estate professionals such as myself can direct you best for market nuances. 

The Forecast For Sellers
What this means for sellers is that there may be more competition when you list your home for sale, but inventory is still sitting at the lower end. Pricing your home today is a little different strategy than what it was about a year ago. Once again a local real estate professional will be able to guide you best on reading the current market value of your home in today’s conditions. Listing your home at the appropriate asking price for today’s market will still result in a sale where there is such a great buyer demand out there. 
 

Upcoming Sotheby's Auction Events

Posted November 7th, 2022

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Important Watches | November 9th - Geneva

Sotheby’s is pleased to present our Important Watches auction in November, encompassing beautiful and collectible watches from renowned makers such as Patek Philippe, Rolex, Audemars Piguet, Vacheron Constantin and Cartier. It also includes both vintage and contemporary pieces from various makers as well as independent brands like F.P. Journe.

We are currently accepting consignments for this exceptional auction. Please contact our specialists to receive a free and confidential valuation.

One of the most significant Formula One Cars of all time
The Michael Schumacher 2003 Ferrari F2003-GA | Chassis 229 | November 9th - Geneva

On November 9, 2022 at Sotheby’s in Geneva, car collectors will have their first opportunity to bid on a unique Formula One Cars: The Michael Schumacher 2003 Ferrari F2003-GA, Chassis 229 offered by RM Sotheby’s.

Ferrari has a long history in motor racing and has competed in the Formula 1 World Championship since its inception in 1950. However, it has never known a period of sustained success to match what it achieved in the early years of the 21st century. After signing German sensation Michael Schumacher—already a two-time World Champion with Benetton—for the 1996 season, the Scuderia built around him a “superteam” which was overseen by Jean Todt and included such engineering talent as Ross Brawn, Rory Byrne and Paolo Martinelli. Once they all hit their stride, Ferrari and Schumacher became unstoppable.

Ferrari began the year with an update of the old F2002, but Schumacher won just once in the opening four races. Only at the fifth round in Spain did the Scuderia introduce its new F2003-GA—the initials honoring late Fiat boss Gianni Agnelli, who had passed away in January. It was a longer-wheelbase design than its predecessor, which enabled Ferrari to package the aerodynamics in a very different way to the short-wheelbase car used by title rival Williams. The changes also supported a slightly longer Tipo 052 variant of the 3-litre V-10 engine, a truly special 845-horsepower powerplant that was capable of spinning to a spine-tingling 19,000 rpm.
 

Projected Home Price Trends for 2023

Posted October 21st, 2022

Fall has started and now the end of 2022 is officially in sight and too far off in the distance. This has many people questioning what is in store for home prices in the new year and experts have started to make their predictions. The forecasts are showing to be positive news for homeowners who may have thought the future was going to be more grim.

In past years home prices have been appreciating quite rapidly as we all know. Predictions for next year’s home price escalation are coming in at an average of 2.5% by forecasters including Fannie Mae, HPES, Freddie Mac, MBA, NAR and Zelman. Zelman & Associates was the only entity that projected a small depreciation of 3%. 

Financial expert, Dave Ramsey sums it up by saying “The root issue of what drives house prices almost always is supply and demand . . .”   

The two things that play into this is that there still is an consistent lack of supply of housing options that we are experiencing across the country. While rates increasing will lessen one’s buying power, there is still a large pool of buyers who are looking to make a home purchase with few options. Inventory levels stand below a 6 month supply which is telling us that we still remain more in a seller’s market for now. 

The other factor that plays a part in the forecast for demand is who is making up a large pool of buyers. That group is millennials and they make up the second largest demographic behind baby boomers and they are amidst their peak buying years. 

In the end no one has a crystal ball to tell us how things will play out and what markets will experience which trends. However, when we look at these important elements making up today’s real estate market landscape it looks like we can expect home prices to still appreciate just not as greatly as we have seen in recent years.
 

Upcoming Sotheby's Auction Events

Posted October 6th, 2022

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Modern Details |  October 13th, 2022 - London

Taking place this month on the 13th, the Modern Discoveries sale showcases the creative output of key influential figures working across the late 19th and 20th centuries. Highlights of the auction include an elegant selection of works on paper, ceramics and sculpture by Pablo Picasso, the master of modernism, coming from the collection of the artist’s grand-daughter Marina Picasso. Additional highlights include noteworthy pieces by those working at the height of the avant-garde, including Henri Matisse, Joan Miró and Auguste Rodin. We are also excited to represent a selection of works by Leonor Fini that encompass her wildly unique artistic vision. With a number of works by these celebrated artists with estimates below £10,000 the Modern Discoveries event presents the perfect opportunity to begin or grow your collection.

Modern & Contemporary African Auction |  October 14th, 2022 - London

Sotheby’s is delighted to present the October 2022 auction of Modern & Contemporary African Art taking place in London. The sale will feature a specially curated collection of paintings, photographs, drawings and sculpture from across the African continent. Notable highlights include pieces by highly sought-after artists including El Anatsui, Ben Enwonwu, Hassan El Glaoui, Mohamed Melehi, Cheri Samba and Gerard Sekoto, as well as trailblazing artists presently working on the continent, such as; Olamilekan Abatan, Isshaq Ismail, and Oluwole Omofemi, Tafadzwa Adolf Tega and Nedia Were.

Inventory Levels Show No Crash in Near Future

Posted September 16th, 2022

Everyone recalls the last housing crash in 2008 regardless of whether you owned a home then or not. The news these days about an economic downturn brings feelings of concern by many that we could be destined to experience the same thing as we did back then. However, we can rely on some data and facts that prove that today’s housing market is not like it was then and one of the key factors is inventory. 

Today’s continued lack of supply of newly built homes, existing homes being listed by sellers and distressed properties are still far from saturating the market which makes it unlikely to crash. Here is a closer look at each of these property categories.

Current Homeowners Listing For Sale
Regardless of inventory increasing lately there are still very few homes on the market for sale. For example, according to data from Calculated Risk, inventory for the third week of August is 27.8% higher than last year in 2021 but is 42.6% lower than that of 2019. What this translates to is there simply isn’t enough housing stock to tip the scales to where home prices fall resulting in a market crash. 

New Construction Homes
New construction nowadays is also going at a slower pace than what it was during the last bubble. Ali Wolf, Chief Economist at Zonda, states “It has become a very competitive market for builders where they are trying to offload any standing inventory.” Builders are responding to the mortgage rate increases and slowing down their production rate where they are being cautious about overbuilding. 

Distressed Properties
Another arena where a glut of inventory can come from is distressed properties which includes short sales and foreclosures. During the last housing crisis there were many of these due to lax lending standards where today’s market is completely different and more strict. According to ATTOM Data Solutions in 2009 there were 2.8M foreclosure filings whereas in 2021 there were only 151k. Also, in recent years the forbearance program was further assistance to help prevent another wave of distressed properties like we saw around 2008. 

Collectively these patterns and numbers show us that supply is not anywhere near where it would need to be for a crash to be in our near future. 

Upcoming Sotheby's Auction Events

Posted September 1st, 2022

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Prints & Multiples | September 8th - London

Open for bidding from September 8th - 14th, Sotheby’s London’s Prints and Multiples sale features the work of prominent printmakers from the turn of the 20th century to the current day. The works on offer will represent the best of printmaking globally, including intaglio and relief prints by modern masters, as well as pop icons like Andy Warhol’s Queen Elizabeth II of the United Kingdom.

Fine Jewels | September 8th - London

The Fine Jewels event on September 8th in London will proudly present over 350 lots. The auction features an array of exceptional signed pieces by world-class jewelry houses such as Cartier, Van Cleef & Arpels and Bulgari, an assortment of coloured stones complemented by white diamonds of every shape and size to suit all tastes, as well as many noteworthy private collections. Highlights of the sale include a magnificent 16.18 carat Fancy Yellow diamond, a stunning Art Deco double-clip brooch by Cartier which was formerly in the collection of Elton John and an Archaeological-revival carnelian scarab necklace from the 1870s. The jewels in this sale represent nearly every decade starting from the early 19th century through to the modern day. In addition to this, a number of lots are to be sold with no reserve, so make sure to stop by our exhibition to find your autumn jewel!
 

The Real Estate Market Forecast For The Rest of 2022

Posted August 19th, 2022

As we are now beyond the midpoint of this year most of us have felt a slight change in the real estate market. For many years we have been in a market that was greatly favoring sellers with inventory levels hovering around one month’s supply where a truly normal market falls somewhere closer to six months.  This has some questioning if it may be a good time to purchase or sell a home. Here are some interesting points that are covered by experts in the market.

The Mortgage Rate Forecast
Some buyers are feeling the squeeze as mortgage rates have been climbing this year by over 2%. While nobody has a crystal ball to know just what lies in store for where they are headed, but we can turn to some logic as to why they are rising now. Chief Financial Analyst of Bankrate states “Until inflation peaks, mortgage rates won’t either. Without improvement on the inflation front, we don’t know where the interest rate ceiling will be.” Home loan rates do impact buying power so it is important to heed expert advice from professionals about your specific move. 

Housing Supply Forecast
Good news is finally here for buyers. The housing supply has been increasing this year due to more homeowners listing for sale but also because rising interest rates have softened buyer demand which results in more inventory. Realtor.com has updated their forecast for inventory projections for 2022 from 0.3% to 15% by year’s end. While there won’t be any quick burst of available homes, this steady growth should make buying a home easier than it has been in the past handful of years. 

Housing Price Forecast
A few things are at play here with the trajectory in home prices. Inflation has triggered interest rates to climb, but while that is calling for less buying power, there is still significant buyer demand in the marketplace. The same inflation factor drives renters who are experiencing increases to want to buy in order to have more control over monthly expenses with a fixed-rate mortgage. When you add all of this up experts feel that home prices will not see a decline, rather we will see more of a “foot off the gas” scenario. Deputy Chief Economist of CoreLogic states “The current home price growth rate is unsustainable, and higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in home prices.” 

Ultimately we are seeing more of a market correction rather than any sort of crash. The changes in the landscape are pushing conditions towards more of a balanced market that favors both sellers and buyers. 

Upcoming Sotheby's Auction Events

Posted August 8th, 2022

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Contemporary Discoveries | August 12th - London

Sotheby’s is pleased to present the summer edition of Contemporary Discoveries, which is a collection of works by some of the most exciting emerging artists and established names. This season’s sale includes a selection of fantastic works by Damien Hirst, Tracey Emin, Thierry Noir as well as Fika Leon, Ayako Rokkaku, Aboudia and Isshaq Ismail.

Original Film Posters | August 30th - London

Sotheby’s is excited to present our Original Film Posters sale as part of September Luxury Edit. The sale demonstrates over 100 years of cinematic history from across the globe, featuring promotional materials including posters, lobby cards, production stills and original artworks used to herald some of the world’s most iconic films.

James Bond on Bond Street | August 29th - London

Sotheby’s is delighted to release our cross-category James Bond auction to coincide with the 60th anniversary of the first time Bond hit the screens in 1962 with Dr. No. Featuring exceptional first edition Fleming books, rare original film posters, photography, watches, memorabilia and more, the auction will celebrate Britain’s favorite spy in true Bond style.

Homeownership Can Help Hedge Impact of Inflation

Posted July 7th, 2022

Inflation is a popular news subject these days and is at an all time high. According to a statement by the National Association of Home Builders, “Consumer prices accelerated again in May as shelter, energy and food prices continued to surge at the fastest pace in decades. This marked the third straight month for inflation above an 8% rate and was the largest year-over-year gain since December 1981.”

With inflation rising many are feeling the pinch from gas to groceries. For those thinking of buying a home in the near future it can play a role in the decision of whether it makes sense to act soon or wait until later. Everyone’s answer will be different depending on their own unique situation, but here is how homeownership can help you battle some rising costs. 

Homeownership Helps Stabilize Your Monthly Expenses
During times of inflation prices will rise for a variety of things like food, entertainment, other goods and also housing including both home prices and rental prices. Buying a home will allow you to have some control of one of your largest monthly expenses being your housing cost. When you have a fixed rate mortgage the largest portion of your housing expense will be maintained. While other things like insurance and taxes may creep up over time, you won’t have the same control if you are renting your home. 

Investing in an Asset That Typically Outperforms Inflation
While homes today are higher priced than last year, buying a home still sets you for the long term. That is because you want to be invested in an asset that historically has outperformed inflation. Over the last 50 years home price appreciation has outperformed inflation for most years per data from NAR, CoreLogic and the Consumer Price Index.

So ultimately if you are looking to buy a home soon there are things in your favor to set you up for hedging future inflation. 
 

Upcoming Sotheby's Auction Events

Posted June 30th, 2022

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Contemporary Curated | July 8th - Hong Kong

Sotheby's Hong Kong presents the next edition of Contemporary Curated in partnership with NET-A-PORTER, the world's premium luxury retailer. For the first time, NET-A-PORTER turns to the world of contemporary art having previously collaborated with Sotheby’s on luxury-themed events in New York and London last year. The co-curation today makes for Sotheby's Asia's first partnership with a fashion retailer – the exhibition theme shares a united vision to close the imagined distances between art galleries and would-be collectors, fashion runway and future trendsetters, glossy magazines and inspired readers alike.
 
From June 25th to July 7th, Sotheby’s Contemporary Curated Exhibition reflects on the visual and conceptual dialogues between art and fashion, showcasing hot on the heels artists including Ayako Rokkaku, Chris Huen Sin Kan, Shara Hughes and Liang Yuanwei alongside fashion parallels. NET-A-PORTER responds with an innovative approach through fluidity, color, and structure as a guiding principle of experiencing the world. 

Handbags & Accessories |  July 6th - Hong Kong

The Sotheby's Handbags & Accessories event boasts extraordinary examples of the finest craftsmanship from Hermès, Chanel and Louis Vuitton amongst others. The sale features a hand-picked collection of handbags in a variety of sizes, skins and colors, as well as accessories to complement every occasion.
 

How a Recession Doesn't Equal a Housing Crisis

Posted June 17th, 2022

The one thing every homeowner today needs to know is that a recession does not always equal a housing crisis. With the long trend of increasing home prices, low mortgage rates, tight inventory and general inflation some experts warn that we could be experiencing a recession soon but if true, this economic slowdown does not mean homes will lose value. 

The National Bureau of Economic Research defines a recession as: “A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.”

To help illustrate a picture of how home prices are not always affected during recessions we can look at some historical data for the country. There have been 6 recessions in the United States over the past 40 years. During recessions in 1980, 1981, 2001 and 2020 homes had still appreciated while only in 1991 and 2008 did they depreciate. Also, during the recession of the early 1990’s home prices dropped by less than 2% which was quite small. Perhaps people more clearly recall the recession of 2008 and feel that this same thing may happen again. However, that particular market was very different from things today. For one, lenders created fake demand by loosening up necessary qualifications for mortgages where many obtained them when they shouldn't have. Furthermore, many homeowners were treating their homes like personal ATM’s and pulling out all of their equity to purchase big ticket items like cars, boats or second homes. When prices slipped they found themselves underwater leading to foreclosure. This larger amount of property foreclosures only fueled the decline of home prices. 

In the end if you look at the data, should we be heading towards a recession the history proves that it does not equal a housing crisis. 

Upcoming Sotheby's Auction Events

Posted May 27th, 2022

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Arts d'Asie | June 16th - Paris

This season, the Asian Art sale will present some rare imperial jade objects from China, including an important historical seal from back to the reign of Emperor Qianlong, which comes from a private French collection, and a lot of jades from a prestigious European collection.

This collection was acquired in London between the beginning of the 1960s and the 1980s, and boasts pieces obtained at public auction and from large specialist dealers such as Spink & Son Ltd. Another spectacular European collection of Buddhist sculptures, cloisonné works, archaic bronzes and porcelains completes this selection of fine objects, ensuring that the Paris sale will be a noteworthy event. 

Design Edit Milan | June 21st - Milan

From June 21st - 27th, Sotheby’s will hold its first dedicated design sale in Milan to coincide with the Salone del Mobile and celebrate the remarkable influence of Italian design on the Design development from the 20th Century to the present day. The event will feature a selection of works by Italian design masters, spanning from the rationalist architects Piero Bottoni, Giuseppe Pagano and Gino Levi Montalcini, through the postwar entrepreneurship of Osvaldo Borsani, Gio Ponti, Gino Sarfatti, Ico Parisi, Max Ingrand and Ignazio Gardella, to the later experiences of postmodern architects Ettore Sottsass and Gaetano Pesce. A rare example of the ingeniousness of Ingo Maurer’s lighting design is also highlighted.
 
Sotheby’s is excited to present the work of Osvaldo Borsani through a collection of furnishings designed and chosen for a private residence in the south of Italy in the 1950’s, showcasing his delightful touch and playful spirit, extreme attention to craftsmanship and quality production as well as his efforts to collaborate with artists such as Lucio Fontana and Agenore Fabbri, who were his friends.

Why Today's Real Estate Market Is Not a Bubble Ready To Burst

Posted May 13th, 2022

Homeownership is undoubtedly one of everyone’s life goals and is often regarded as the American Dream. Before the 1950’s less than half of the country owned their home while after World War II many veterans sought the assistance of the GI Bill to buy their first house. Since then the rate of homeownership has grown to a current level of over 65%. The growth has been on a regular incline except for a few years between 2006 and 2008 during the last bust in the market. Seeing that dip in our not too distant past may make some people concerned that we may see this dip occur again. To compare things back then to now, here is a closer look at some differences.

Why The Market Crashed Back Then
Back in 2006 there were many foreclosures in the market that drove home values down tremendously. What happened was many buyers were not exactly qualified for the mortgages that they were approved for. Also, many homeowners cashed in on a large amount of equity on their homes. When prices had dropped they found themselves upside down where many just walked away from their homes. This added even more foreclosures to the market resulting in lower home values. 

Why The Market is a Different Story Today
Today’s real estate market is different for two main reasons. For one, demand for housing is actually real. Back in 2006 banks would create demand by lowering lending standards so that a larger pool of buyers could qualify for homes that normally would not. Today’s buyers as well as those refinancing are facing much stricter qualifications than back then. So by contrast today the demand for homeownership is real especially where the importance of home has increased in value due to the recent pandemic. 

Another reason why today’s market is different is that homeowners are not using their homes like they did back then as ATMs just pulling out equity. In the early 2000s many were thinking the rise of home prices was not going to end so they were pulling out a lot of equity and buying more homes, cars or other large ticket items. Soon after when prices dropped they found themselves upside down in their mortgages leading to foreclosures. Today’s homeowners have not forgotten what happened then and have learned from it and are not following this same behavior. 
 

Upcoming Sotheby's Auction Events

Posted May 6th, 2022

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Modern Day Auction | May 18, 2022 - New York

This May, Sotheby’s is excited to present the Modern Day Auction, which will feature a variety of works by artists ranging from the birth of Impressionism in France to Surrealism in Mexico to the dawn of Abstract Expressionism in New York. This sale will exemplify the critical developments of the late 19th and early 20th century through the new dialogue of the Modern Auction context. 

The evolution of art in the modern era was created by movements, counter-movements and cross-currents that defy narrow categorizations by continent or medium. Sotheby’s team of Fine Arts specialists look forward to opening up new avenues for collectors by showcasing major works by O’Keeffe, Guston, Motherwell, de Kooning, Davis, Botero, Matta and Tamayo alongside highlights by Chagall, Miro, Picasso and forerunners of the modern movement, Rodin, Degas, Renoir and Morisot. This event will feature works from The Collection of Marcia and Stanley Gumberg, featuring Modern Masterworks on Paper, alongside property from The Collection of Paul Yeou Chichong and Property Sold to Benefit the O'Donnell Foundation, amongst other established collections.

Photographs | May 13th 2022 - London

The May Photographs auction event features a range of material from the 20th and 21st centuries and illustrates the expressive breadth of the medium. The Photographs auction will give both established and first-time collectors the opportunity to acquire classic and contemporary works by some of the most notable names in photography, including Hiroshi Sugimoto, Irving Penn, Andy Warhol, Richard Learoyd, and many more. 
 
A smaller selection of the photographs will be on view from May 7th to 12th, and our pre-sale highlights exhibition will run from May 13th to 19th at Sotheby’s London. Online bidding will be open on these same dates. Please contact the Photographs Department for more information about items in the sale, to set up a viewing appointment, or for bidding assistance.

What To Expect For Spring Real Estate Market

Posted April 8th, 2022

Spring has officially arrived and many are speculating what will be in store for the real estate market this year. Whether you are interested in buying or selling a home there are some influencers that present some uncertainty including rising inflation, interest rate fluctuations and conflict overseas. Even with these ongoing factors, the housing market has presented itself as being fairly immune. Here are some projections that experts have issued for this spring. 

Mortgage Rate Increases
Freddie Mac has noted that the average 30-year fixed rate mortgage has risen by over a full point in the past 6 months. Despite some adjustments in recent weeks, experts say rates will continue to rise over the next few months. Freddie Mac says “The Federal Reserve raising short-term rates and signaling further increases means mortgage rates should continue to rise over the course of the year.”

Housing Inventory Growth
There may be some good news in the future for home buyers. Realtor.com has recently stated that the number of newly listed homes has been on the upswing for the past couple of months. The National Association of Realtors (NAR) has also indicated that the months’ supply of inventory has increased for the first time in eight months.  Historically the spring season is when inventory grows so the next few months could be promising with more homes coming on the market. For buyers, this could mean more options to choose from soon. For sellers, listing now may make more sense as you avoid more future competition. 

Increasing Home Prices
Prices are always going to be affected by supply and demand. Despite the number of homes coming on the market expected to increase, the demand is still quite strong. Realtor.com states “During the final two weeks of the month, more new sellers entered the market than during the same time last year. . . . However, with 5.8 million new homes missing from the market and millions of millennials at first-time buying ages, housing supply faces a long road to catching up with demand.”

Ultimately while we may see both rates increase as well as inventory, the buyer demand is still quite strong. Home loan rates are not expected to increase too much so home prices will most likely still increase just perhaps at a more moderate pace as opposed to what we have seen in the recent past. 
 

Upcoming Sotheby's Auctions

Posted April 1st, 2022

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Icons Only | The Best of Burgundy & Bordeaux | A Single Owner Collection | April 13th - London

Sotheby’s Wine is pleased to present the final auction of our Spring season in London, the third in our trio of exceptional Single Owner sales: Icons Only | The Best of Burgundy & Bordeaux | A Single Owner Collection. This incredible event consists of just 144 lots, a selection of only the most noteworthy names from Burgundy and Bordeaux, from one private cellar that ranks amongst the globe’s finest collections.

One thing is absolutely clear in this collector’s lot is their unflinching dedication to utmost quality, and enormous appreciation of the world’s very best wines. It is a great privilege to offer such a comprehensive collection of the wine world’s most illustrious and elusive names all in one central place, and a fitting way to close what has been one of our busiest ever Spring seasons in London.

Only the very best top quality wines are represented here, and the depth of great Burgundy is especially phenomenal, with an incredible selection of bottles and magnums offered from the likes of Rousseau, Leroy, DRC, Arnoux-Lachaux, de Vogue, Cathiard, Liger-Belair, and many more. Beyond Burgundy, we finish the sale with a remarkable array of superb, perfectly stored and wonderfully mature bottles, and rare large-formats, from every one of the First Growths. This is evidently the cellar of a wine lover with true passion and extremely discerning tastes, and is a collection that is sure to have global appeal.

Prints & Multiples | April 6th - New York

Sotheby’s is excited to present our April Prints & Multiple auction, which will feature an extensive selection of prints ranging from the 19th century to the present day. Noteworthy pieces include works by Pablo Picasso, Edvard Munch, Andy Warhol, David Hockney and Jasper Johns.
 

Existing Home Sales Increase Again

Posted March 11th, 2022

According to a recent release from the National Association of Realtors (NAR) existing home sales have seen a boost as we get under way in 2022. Each of the four major regions in the United States saw a rise in total sales on a month by month basis this January. The total number of existing sales of homes including single families, condos, coops and townhomes was up by 6.7%.

"Buyers were likely anticipating further rate increases and locking-in at the low rates, and investors added to overall demand with all-cash offers," said Lawrence Yun, NAR's chief economist. "Consequently, housing prices continue to move solidly higher." 

Housing Inventory Levels
Total housing inventory at the end of January had decreased by 2.3% from December and down 16.5% from one year ago. The amount of available inventory rests at a 1.6-month supply at the current sales pace which is down from 1.7 months in December and from 1.9 months in January 2021.

Home Price Trends
The median existing home price for all housing types for January was up 15.4% from January of 2021 as prices increased in each region. This marked the 119th consecutive month of year-over-year increases which is also the longest-running term on record.

Average Mortgage Rates
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage came in at 3.45% for the month of January which was a slight increase from 3.10% seen in December. The average commitment rate for all of last year was 2.96%.

Average Days on Market
Homes were on the market for an average of 19 days in January which was the same number of days on market for December, and down from 21 days in January 2021. Seventy-nine percent of the homes that were sold in January 2022 were on the market for less than a month.
 

Upcoming Sotheby's Auction Events

Posted February 11th, 2022

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

The Cellar of An Esteemed British Collector | Bordeaux, Rhone and Port Through the Ages | March 8th - London

Sotheby’s Wine is pleased to present the first London sale of 2022: The Cellar of An Esteemed British Collector | Bordeaux, Rhone and Port Through The Ages. A brilliant Single Owner collection, it is a great privilege to introduce such a comprehensive cellar of well cared for back-vintages to market, to kick off an extremely busy and very exciting Spring season for our London team.

Offering a wide-ranging journey into the classic tastes of an extremely discerning collector, there is a particularly impressive depth of Cru Classé Bordeaux on offer from the 1940s to 1990s, with  representation across First Growths to Fifth Growths in all the historic vintages, and an amazing collection of Yquem that includes the great 1967 and 1975 in tremendous quantities. This is a collection of a wine lover with a true passion, spanning as it does the entire hierarchy of the wine world, and beyond Bordeaux we find wonderful specimens from the Rhone, including iconic vintages of Chave’s Hermitage and a superb array of Jaboulet’s Hermitage La Chapelle, before closing out the sale with an incredible assortment of Vintage Ports from the great vintages of the 1960s, 70s and 80s.

Important Jewels | March 9 - New York

Indulge in the joy of spring with the March 9th Important Jewels sale! Replete with fabulous and iconic signed jewels by your favorite legendary houses like Cartier, Bulgari, Van Cleef & Arpels, David Webb and Buccellati, as well as vibrant colored stones of almost every hue and groovy gold and hardstone pieces such as malachite and carnelian, this first sale of 2022 is not to be missed. Are you looking for wearable diamond or colored diamond jewelry for your next occasion? How about a beautiful and elegant diamond for your upcoming nuptials? Sotheby’s cannot wait to welcome you into our exhibition and to help you find just what you are looking for.
 

Total Home Sales At Highest Point Since 2006

 Posted February 11th, 2022

According to a report recently issued by the National Association of Realtors (NAR), even though the total number of existing home sales had dipped during the month of December breaking a 3 month streak of gains, the overall total sales for last year were quite high.

Despite each of the four major regions in the United States seeing a dip in sales at the end of the year, overall sales for all of last year had increased by 8.5%. 

"December saw sales retreat, but the pull back was more a sign of supply constraints than an indication of a weakened demand for housing," said Lawrence Yun, NAR's chief economist. "Sales for the entire year finished strong, reaching the highest annual level since 2006."

Total Sales Forecast For 2022
Yun does anticipate that the total number of home sales may slow in pace a bit with mortgage rate increases. He expects that loan rates will remain under 4% this year with wages holding as we have a tight labor market. 

"This year, consumers should prepare to endure some increases in mortgage rates," Yun cautioned. "I also expect home prices to grow more moderately by 3% to 5% in 2022, and then similarly in 2023 as more supply reaches the market."

Inventory Levels
Total housing inventory was at a lower point at the end of 2021 as compared to the month before and to the same time last year. Available inventory sits at a 1.8 month supply at the current sales pace which is lower from the month before and last year at this same time. 

Home Prices
Home prices continue to increase with the median existing-home price for all property types being up 15.8% at the end of the year over 2020. This made for the 118th straight month for year-over-year gains which is the longest stretch on record.

Days on Market
Homes remained on the market available for sale for an average of 19 days for the month of December which was 2 fewer days than December of 2020. We also saw 79% of these homes being on the market for less than one month.
 

Upcoming Sotheby's Auction Events

Posted February 3rd, 2022

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Modern Art Online | Hong Kong - February 7th

Modern Art Online spans across a wide range to display a holistic picture of Modern Asian art during the 20th century. Highlights include a lovely selection of editioned works by Chinese maestros Sanyu, Zao Wou-Ki, and Chu Teh-Chun, vibrant paper works by Walasse Ting, figurative paintings by Vietnamese artists Le Pho, and post-war avant-garde pieces by Li Yuan-Chia and Chuang Che. This event will be an exquisite opportunity for budding and established collectors alike to acquire works by the most noteworthy names from the modern era. 

Open Roads | February 16-23rd

Kicking off the RM Online auction calendar for 2022, Open Roads, February, the globally sourced and time-based auction, will be held February 16-23rd. Proven by the success of our Open Roads sales in 2021, our online sales provide consignors and bidders with a proprietary platform that allows for faster transactions to take place while still preserving the highest level of service and international reach associated with our in-person auctions, including a carefully researched description, photography, title and documentation administration for a seamless transfer of ownership, and easy payment methods.

Each vehicle will be presented with comprehensive photography as well as condition reports completed by RM Sotheby’s Car Specialists. Where available, additional information on each lot—such as history files, production certificates, restoration documentation, service invoices, owner’s manuals, and accompanying parts can all  be viewed online once you have created an account and/or have logged in by clicking the “View Files” button on the individual lot page. View more here.

2022's Real Estate Market Forecast

Posted January 14th, 2022

As we embark on 2022, many have been wondering what is in store for this year’s real estate market. The past year and a half or so has been less of a normal pattern as we have been dealing with changes imposed by the pandemic served over a bed of limited inventory and rising prices. Here are some speculation reports by some economist experts about the forecast.

Realtor.com’s Chief Economist, Danielle Hale, states “Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise. And with more than 45 million millennials within the prime first-time buying ages of 26-35 heading into 2022, we expect the market to remain competitive.”

The National Association of Realtors Chief Economist, Lawrence Yun, comments on inventory stating “With more housing inventory to hit the market, the intense multiple offers will start to ease. Home prices will continue to rise but at a slower pace.”

Deputy Chief Economist of First American, Odeta Kushi, offers a prediction on rates. “Consensus forecasts put rates at about 3.7% by the end of (the) year. So, that’s still historically low, but certainly higher than they are today.”

For sellers, it looks like this year will continue to remain a seller’s market with home prices continuing to increase, but perhaps at more of a slower pace. Demand will probably stay consistent so seller’s will have an advantage in the marketplace. However, don’t put off listing for too long as inventory may begin increasing which will help leverage buyer’s confidence.

For buyers, some hope could be on the horizon with regards to increasing inventory levels. This would help diminish the competition when searching for that ideal home. Home prices and interest rates may see upticks but with affordability in buyer’s favor now it is smart to not put off a home purchase. 

Upcoming Sotheby's Auctions

Posted January 7th, 2022

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Fine & Rare Whisky | The Inaugural Spirit Sale in France | January 12th - Paris

2022 kicks off a new era for Sotheby’s whisky and fine spirits auctions as new sales begin in Continental Europe.

Sotheby’s is excited to launch our first Spirit auction, Fine & Rare Whisky | The Inaugural Spirit Sale in France, including an outstanding collection of exceptional bottles from The Macallan, including The Macallan in Lalique Six Pillars Collection, a landmark of luxury in the world of whisky. This collaboration between the makers of the world’s highest value whisky and one of France’s most revered crystal makers is renowned by collectors worldwide. This sale includes the 50 Year Old Pillar and the first release from this eponymous collection.

Other noteworthy lots include a magnificent The Macallan The Red Collection 78 Year Old, the oldest whisky ever bottled at the time of its release, and The Yamazaki 25 Year Old.

The Collection of Mr. and Mrs. Peter A. Pfaffenroth: American Furniture, Silver and Decorative Arts | January 19th - New York

The Collection of Mr. and Mrs. Peter A. Pfaffenroth is a celebration of the achievements of the best American craftsmen. Peter Pfaffenroth’s passion was to collect furniture, silver, and decorative arts ranging from the early 1700’s to 1840’s. He focused primarily on high style furniture made in the prominent Colonial eighteenth century popular port cities, including Boston, Philadelphia, New York, Newport, Hartford and Portsmouth, from cabinetmakers such as Benjamin Frothingham, Thomas Affleck, Benjamin Randolph and John Townsend. His collection of seating furniture is a comprehensive representation of the diversity and designs of Colonial American chairmakers. Forever the appreciator of fine craftsmanship, Peter put together distinctive examples of American silver, pewter, wrought iron, brass and copper, as well. As an example of being a consummate collector, Peter assembled one of the most outstanding and comprehensive collections of Pennsylvania copper tea kettles, including examples from all of the prominent coppersmiths.

Upcoming Sotheby's Auctions

Posted December 17th, 2021

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Olympic Dreams | December 22, 2021 - Hong Kong

Sotheby’s along with HomeArt, Sports Federation & Olympic Committee of Hong Kong, China (SF&OC) and Hong Kong Olympic Fans Club (HKOFC), is pleased to present Olympic Dreams, a charity auction to benefit the SF&OC Sports Legacy Scheme which supports local underprivileged students, and retired or planning to retire athletes to pursue their dreams in sports. This charity sale is the brainchild of Rosaline Wong who wishes through this event to celebrate the remarkable achievements of Hong Kong’s athletes at the Tokyo Olympics. The auction will show how art can be used to promote sporting culture and values, and how art and sport can be so meaningfully intertwined.

The auction will be raising funds via the sale of wonderful art donated by artists, collectors and galleries, as well as sporting memorabilia donated by Hong Kong Olympian athletes. Works on sale include a new series of paintings by Peter McDonald commissioned for the event by HomeArt and themed around the Tokyo Olympics, as well as works by Damien Hirst, Zeng Fanzhi, Simon Birch, Mak Ying Tung2 and Cheung Tsz Hin. Other highlights include autographed items donated by our Event Ambassadors: a signed foil from fencer Edgar Cheung Ka-Long and a signed artwork by epee fencer Vivian Kong Man-Wai. Finally, adding to the list is a signed T-Shirt from the Olympic China Diving Team.

Wayne Thiebaud: Cities, Sweets and Portraits | November - January 2nd - Palm Beach

Sotheby’s Palm Beach is excited to present Wayne Thiebaud: Cities, Sweets & Portraits. Spanning much of the celebrated artist’s 70-year career, this exhibition showcases a noteworthy collection of Thiebaud’s paintings and works on paper identifying his most beloved confections, fluid landscapes and sentimental figures. First associated with the Pop Art movement, Thiebaud’s work transcends categorization, and he is regarded as one of the world’s preeminent living artists. Thiebaud's devotion and passion for painting define his practice, as he remains active in his studio daily. Through a collection of paintings, works on paper and prints spanning six decades, we will showcase the incredible breadth of Thiebaud’s extraordinary career—from his early abstracted landscapes to his portrait studies on paper and masterpiece still lifes.
 

Winter Home Sales May See Surge

Posted December 3rd, 2021

Similar to most industries, the real estate market tends to have some seasonal peaks. We see car sales spike during the second quarter of the year while toy sales are up during the fourth quarter. Real estate is similar where despite your location, spring is almost always busier for the number of home sales than any other time of year. 

Just like many industries, last year was different in terms of patterns. The pandemic had struck during the spring which caused an interruption in momentum. Home sales were pushed out to later in the year making for a busier fall than seen in previous years. 

Winter Projections
Select experts have been speculating that we would return to some normalcy this winter with the number of active buyers and inventory levels diminishing. However, recent reports are indicating this may not happen. Buyer demand continues to hold strong while we may see an uptick in homes being listed for sale on the market. 

According to a report from ShowingTime, which tracks monthly showings on homes for sale, has shown that buyer activity was lower this September over September of 2020 yet much higher than that of September of 2017, 2018 and 2019. Meanwhile another report from Realtor.com confirms strong buying activity. 

“New housing data shows 2021’s feverish home sales pace broke a yearly record in October, . . . with last month marking the eighth straight month of buyers snatching up homes more quickly than the fastest pace in previous years. . . .”

The only factor in question as we approach winter is if inventory levels will rise enough to start accommodating buyer demand. The good news is that data shared from Realtor.com is indicating that sellers may be gearing up to list. The Manager of Economic Research at Realtor.com states: 

“The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception. Recent survey data suggests the majority of prospective sellers are actively preparing to enter the market this winter.”

Compelling data in the report includes that 93% have already started taking steps towards listing their homes, 36% have researched their home’s value and 36% have started decluttering. Other interesting facts include 37% of sellers wanting to move as their home no longer fits their needs with 23% in search of a home office. 

In the end the data shows continued strong buyer demand coupled with research suggesting supply could soon rise. We may see a busier winter real estate market than what we normally experience. 
 

Upcoming Sotheby's Auction Events

Posted November 12th, 2021

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

The Warhol’s 2021 NYC Benefit Auction | November 15th - New York

The Andy Warhol Museum returns for a visit to New York City this November for the museum’s annual fundraising dinner. Guests will join The Warhol’s Director, Patrick Moore and special hosts, Billy Porter and KAWS, in an evening of food, visual delights, and exciting entertainment. Since 2015, The Warhol has hosted an annual dinner in support of the museum’s exhibition and learning and public engagement programs. In keeping with Warhol’s eclectic mix of Uptown and Downtown, guests mingle with contemporary artists, restaurant scene regulars, Hollywood stars, blue chip art dealers and collectors, and museum patrons. A small art auction with pieces from several contemporary artists who were inspired or influenced by Warhol is another perk of the evening. Proceeds from The Warhol’s NYC Dinner benefit to sustain The Warhol’s mission to provide a platform for artists, scholars, and the public to creatively interact with the life and art of Andy Warhol.

The Constitution of the United States | November 18th - New York

Thirty-three years after its most recent appearance at public auction, a truly rare and extraordinarily historic first printing of the United States Constitution returns to Sotheby’s in a dedicated one-lot auction during our series of evening sales on 18 November. This is one of just eleven copies of the Official Edition of the Constitution surviving from a printing of 500 issued for submission to the Continental Congress and for the use of the delegates to the Constitutional Convention. This is the first debut of the final script of the Constitution, now the longest continuing charter of government in the world. The current copy was purchased from Sotheby’s by S. Howard Goldman in 1988 and was the crowning jewel of his magnificent collection of historical American books and manuscripts. After Howard’s death in 1997, his widow, Dorothy Goldman, became the custodian of the Constitution, which she made the basis of a remarkable collection of primary materials that place the Constitution in historical context.

What Makes A Mortgage A Jumbo Mortgage?

Posted November 5th, 2021

The application process for a mortgage can be an overwhelming time as you gather all of your necessary documents, decide on financing options and map out your home purchase. Thinking about the responsibility of a mortgage can get you a bit nervous in general and hearing the term ”jumbo mortgage” can sound even more daunting. So what is a jumbo mortgage exactly? Let’s discuss what they are and who they are for.

Definition of jumbo mortgage
In simple terms a jumbo mortgage is a loan that exceeds the conforming amount set by the Federal Housing Financing Agency (FHFA). Conforming essentially means that the loan meets the requirements for purchase by a government backed entity like Fannie Mae or Freddie Mac. Jumbo loans can have optimal interest rates but can have higher risks for the lender which in turn means they may have more strict requirements for the borrower.

Jumbo mortgage conforming limits
While this may be subject to change from year to year, the conforming limit for a single-family home in 2021 is $548,250. Bear in mind that this number may be adjusted in some areas where housing prices are far higher than the average. FHFA establishes these baseline amounts every year by evaluating average home values in the United States. New loan limits are presented by year’s end for the upcoming year. 

How to qualify for jumbo mortgage
The average person may qualify for a jumbo loan just with slightly different or perhaps more strict criteria. First, while a good credit score is important for any loan, jumbo loans are typically only given to those with a score of 700 or more. A debt to income ratio of 36% or so is also a typical guideline. Finally, while you may find different deals in different areas you should plan on almost always putting at least 20% down unless you may qualify for a Veterans Affairs (VA) loan. 

Loan Rates and benefits
One may think that the higher risk the higher the rate but that is not the case. Generally speaking jumbo mortgage rates are found slightly lower than your average standard 30-year fixed rate mortgage. The other good news is that the mortgage interest deduction still applies so if you are looking to take advantage of this benefit on your taxes you may do so. Double check with your accountant on just how much you can deduct depending on your status and how you file. Amounts can reange if you are single, married and filing separately or jointly. 

Upcoming Sotheby's Auction Sales

Posted October 15th, 2021

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Collector, Dealer, Connoisseur: The Vision of Richard L. Feigen |  October 18th - New York

Sotheby’s is pleased to present a collection of 55 works from the legendary Old Masters dealer, Richard L. Feigen. A collector since his childhood, Richard began dealing in 1957 and ultimately had locations in Chicago, New York, and Los Angeles. His passion for German Expressionist painting is represented here by an extraordinary portrait and an important landscape by Max Beckmann. Richard’s lifelong mission to champion underappreciated and undervalued art led him to focus on Old Masters, especially early Italian works and 18th-19th century British landscapes. Remarkable examples from this first category include a small panel by Lorenzo Monaco, a Domenico Beccafumi with an interesting attribution history, and an intimate Alessandro Allori piece on copper. His collection has no fewer than eight works by the tragically short-lived Richard Parkes Bonington, and among our noteworthy pieces are oil paintings of Venice and Lerici in near-perfect condition. Also on sale are works at a range of price points by Italian and Northern Baroque artists, British portraiture, and French Romantic artists.

Diamonds: The Dazzling | October 19th - Hong Kong

Diamonds are one of nature’s most precious gifts. After being formed in the earth under tremendous pressure and heat, precise cutting and polishing bring out their incomparable beauty. For thousands of years, diamonds have piqued emotions, mesmerised and seduced. The Greeks believed diamonds were the tears of the Gods while Romans noted that they were fragments of stars fallen from the sky. The Egyptians placed a diamond ring on the fourth finger, believing a 'vein of love' ran from the finger to the heart. Diamonds have been the source of endless stories and ultimately, their beauty is the rarest of all their qualities. Hence the name of this sale is Diamonds: The Dazzling.

How Much Is Enough To Offer These Days?

Posted October 6th, 2021

The real estate market landscape these days is one with low inventory and high buyer demand  which creates the perfect recipe for competition and in the end higher sales prices. In average market conditions it is customary for buyers to submit offers that are less than asking prices and negotiate somewhere in between. However, things are much different today but just how much?

The Current Real Estate Market Stats
Today’s market is anything but the norm with homes selling very quickly and receiving multiple offers due in large part to the low inventory and low rate incentive. Here are a few quick stats according to the National Association of Realtors (NAR).

-Properties are getting an average of 3.8 offers
-Properties are selling in 17 days

The chief economist of CoreLogic explains it best by stating “The imbalance between robust demand and dismal availability of for-sale homes has led to a continual bidding over asking prices, which reached record levels in recent months. Now, almost 6 in 10 homes listed are selling over the asking price.”

What Asking Price Means Today
Historically the asking price for a home was what the seller set as the price to begin negotiations with buyers pitching a number somewhere below. However, in today's market the asking price is more of the floor as opposed to the ceiling. If the home is truly a perfect fit for you then you will want to work with your agent to devise the best offer strategy as it may ultimately be sold for over asking. 

Appraisals And Sales Price
With many offers going above and beyond the asking price there have been appraisal gaps occurring very frequently. This means the agreed upon contract price is far above what the home appraises for. 

According to CoreLogic, “Beginning in January 2020, nationally, 7% of purchase transactions had a contract price above the appraisal, but by May 2021, the frequency had increased to 19% of purchase transactions.” 

In the event that this happens you will need to be prepared to pay the difference to the seller as the lender will not loan you more than the home’s appraised value. It is very important to know your budget and what you are comfortable spending should this be the case.  
 

Upcoming Sotheby's Auction Events

Posted September 17th, 2021

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Indian, Himalayan & Southeast Asian Works of Art | September 20th - New York

Sotheby's is excited to present Indian, Himalayan & Southeast Asian Works of Art, a live auction taking place in New York on 20 September at 11:00 AM EDT. The concise but jewel-like collection of works features magnificent examples of Himalayan sculpture led by an important central Tibetan figure of Manjushri dating to the 12th/13th Century from the Albright-Knox Art Gallery Collection, along with an exquisite Gandharan Bodhisattva together with fine examples of Southeast Asian sculpture from the MacLean Collection. Other highlights of the sale include a rare 14th Century triad of Vishnu with Sridevi and Bhudevi from South India, a 15th Century Tibetan Mahakala thangka on blue silk, a 13th/14th Century Nepalese gilt-copper sculpture of Mahalakshmi, and a collection of eighty-eight Jain manuscript pages. These masterpieces will accompany other treasures of sculpture and painting from the Himalayas, South and Southeast Asia.

Diamonds: The Dazzling | September 24th - Hong Kong

Billions of years in the making, diamonds are one of nature’s most precious gifts. After being formed in the earth under immense pressure and heat, precise cutting and polishing bring out their incomparable beauty. For thousands of years, diamonds have piqued emotions, mesmerised and seduced. The Greeks had believed that diamonds were the tears of the Gods while Romans felt that they were fragments of stars fallen from the sky. Interestingly the Egyptians placed a diamond ring on the fourth finger, believing a 'vein of love' ran directly from the finger to the heart. Diamonds have been the source of endless stories and ultimately, a diamond’s beauty is the rarest of all their qualities. Thus the name of this sale is Diamonds: The Dazzling ∞.

Home Sales Are On The Up

Posted September 1st, 2021

The number of home sales has recently been increasing now for the second month in a row. A recent report shared by the National Association of Realtors (NAR) has indicated that three out of the four major areas in the United States have had year-over-year gains with the fourth remaining steady. 

Number of Home Sales
The total number of home sales including condos, co-ops, single family homes and townhouses had shown a 2% increase this July from the month before. Home sales also were up year-over-year by 1.5% from July of 2020.

Housing Inventory
The total number of available homes at the end of July was up 7.3% from the month before. Unsold inventory sits at a 2.6 month supply at the current sales pace. 

"We see inventory beginning to tick up, which will lessen the intensity of multiple offers," said Lawrence Yun, NAR's chief economist. "Much of the home sales growth is still occurring in the upper-end markets, while the mid- to lower-tier areas aren't seeing as much growth because there are still too few starter homes available."

Home Prices
Home prices have also continued to rise with the median existing price for all housing types up 17.8% this July over that of last year. Every region in the United States saw increases with this making for the 113th consecutive month for year-over-year gains. 

"Although we shouldn't expect to see home prices drop in the coming months, there is a chance that they will level off as inventory continues to gradually improve," said Yun.

Time on Market
The number of days that properties remained on the market held consistently from the month before at 17 days. However, this was down from the 22 days that we experienced in July of 2020. Most of the homes that sold during the month of July were on the market for less than one month.

Upcoming Sotheby's Auction Events

Posted August 13th, 2021

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Chinese Art Online, including Song Ceramics from the Kai-Yin Lo Collection | August 19th - Hong Kong

The sale opens with a section of Song dynasty whitewares and qingbai from the collection of Kai-Yin Lo, the Hong Kong based jewellery designer. These items were on display at Denver Art Museum in 1998 and written up in a catalogue by leading experts Regina Krahl, Roderick Whitfield and Li Zhiyan. The event also includes a wide range of Chinese artworks from a Hong Kong collection assembled at international auctions and from leading art dealers in New York, London and Tokyo, the third installment of the collection following the successful sales on 18th December 2020 and 2nd July 2021. The focal point of the sale is a rare Tang stone figure of a lady, formerly in the collection of Julius Eberhardt and a powerful group of ritual archaic bronzes.

Vine | Featuring Exclusive Releases from Weingut Eva Fricke | August 25th - London

Sotheby's Auction House is delighted to have partnered with Germany's rising star Eva Fricke in offering her 100 point 2019 Lorcher Krone Trockenbeerenauslese, 99 point 2019 Lorcher Kapellenberg Trockenbeerenauslese and 97 point 2019 Lorcher Schlossberg Beerenauslese for sale exclusively in the September 2021 Auction event.

These wines are not only Eva's first TBAs and BAs but the Lorcher Krone TBA is the first Rheingau wine to receive a perfect 100 point score from Robert Parker's Wine Advocate.

Produced in extremely limited quantities (only 18 half bottles of the 2019 Lorcher Krone TBA are available, all exclusively through this auction), demand for these bottles is already very high.

Sotheby’s is thrilled to be able to offer these coveted, limited production bottles to its global network of highly knowledgeable wine collectors as well as bringing Eva's wines to an audience that may not yet be familiar with her prodigious talent.
 

Hot Subjects In The Real Estate Market

Posted August 5th, 2021

The real estate market is forever shifting with new trends emerging at various times. These days there are a few popular topics that are having their effects on the market which are important to pay close attention to whether you are buying or selling a home in the near future. Here is some information on what is currently trending per a recent report by the Counselors of Real Estate (CRE).

Working From Home
The pandemic has had a significant impact on the “at home” needs for people in terms of what and where. Having ample space for a range of activities but namely a home office has been of top importance. Additionally, with working remotely the location of where one actually resides is less important since a commute is not necessary so buyers are seeking to move to more desirable or less expensive locations. 

The report notes: “…the pandemic universally caused a movement away from urban cores, particularly for those with higher incomes who could afford to move and for lower-income individuals seeking lower costs of living. Most of these relocations remained within their original region—84%—and, while some are returning, it is unknown as to the permanence of these movements or whether they represent a true urban exodus.”

Value Of Technology 
With the physical restrictions and limitations that were imposed over the past year the real estate industry has adapted with adopting more technological tools. For example virtual tours, video chats and digital documentation are just a few of the things that not only have made transactions possible but have also increased efficiency which will be here to stay going forward.

Housing Inventory And Pricing
The entire United States shares the challenge of a shortage of affordable and available homes for the population’s needs. However, regardless of rising prices, historically low mortgage rates are making homes more affordable. The National Association of Realtors (NAR) has shared some pleasing news with inventory showing an increase of 3.3% from May to June with existing home sales following this trend increasing by 1.4% in all major regions of the nation. Homes were on the market for 17 days in June of this year which is significantly lower than the 24 days we saw in June of 2020.
 

Upcoming Sotheby's Auction Events

Posted July 16th, 2021

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Bette Davis Eyes and Other Natural Phenomena: Photographs at No Reserve | July 21 - New York

Sotheby’s Photographs is excited to present its summer sale Bette Davis Eyes and Other Natural Phenomena – anchored by Victor Skrebneski’s iconic portrait of the famed actress and Roddy McDowall’s unique photographic collage of Davis. Taking inspiration from Kim Carnes’ 1982 Grammy-winning song ‘Bette Davis Eyes,’ the sale’s highlights include images of striking, often seductive women, such as Edward Weston’s portraits of Tina Modotti and Charis Wilson; William Wegman’s inventive reimagining of the tale of Cinderella; Vik Muniz’s contemporary interpretation of Gustave Courbet’s infamous painting The Origin of the World; and Yasumasa Morimura’s self-portrait in the guise of Frida Kahlo. 

The auction also boasts cityscapes by Berenice Abbott, Bill Brandt and Garry Winogrand; landscapes and seascapes by Stephen Shore, Henry Wessel, and Karine Laval; still life studies by William Eggleston and Andy Warhol; interiors by Diane Arbus and Matthew Pillsbury; and surrealist-inspired montages by Jerry Uelsmann. With several estimates starting at just $1,000, all photographs are offered at No Reserve and present an exciting opportunity for both seasoned and new collectors. Bidding will be open July 21–28.

The Olympic Collection | July 23 - New York

Sotheby’s is pleased to present The Olympic Collection, an impressive assemblage of memorabilia, sneakers, and collectibles related to that of Olympic athletes. 

The auction will encompass over 50 items, many without reserve, and launch the same day as the Summer Olympic Games: July 23, 2021.

Sotheby’s is excited to provide more information on the event as the Olympics grows closer. Please continue to check here for more updates.
 

Homeowners Build More Equity This Year

Posted July 1st, 2021

One of the biggest benefits and draws to purchasing a home is the path to building financial wealth. As everyone needs a place to live, buying a home as opposed to renting will always be better as it can yield a return on your investment sometimes without you even realizing it. 

The Urban Institute puts it best by stating, “The principal portion that reduces the loan balance builds the homeowner’s equity. In doing so, the principal payments behave like an automatic savings account. The principal payment is not money going out; it is money staying in.”

One’s home equity isn’t just accrued simply by the payments towards your loan’s principal that you make every month, it is also fueled by home price appreciation. In fact, a recent study issued by CoreLogic stated that the average equity gain of mortgaged homes in the past year was 6% at an average of $33,000. 

Other than the benefit of building wealth your equity can offer you some great flexibility. When you go to sell your home you will realize this increase which may open more doors so to speak for when and where you wish to relocate to. Your equity combined with historically low mortgage rates could make a move quite attractive these days. 

CoreLogic’s President and CEO states, “Homeowner equity has more than doubled over the past decade and become a crucial buffer for many weathering the challenges of the pandemic. These gains have become an important financial tool and boosted consumer confidence in the U.S. housing market, especially for older homeowners and baby boomers who’ve experienced years of price appreciation.” 

Home equity has always been a powerful wealth building tool and for many is a large part of their retirement plan. Home appreciation varies per region but is up significantly. Contact me today to better understand your position.
 

Upcoming Sotheby's Auction Events

Posted June 11th, 2021

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

A Passion For Elegance |  June 19-20 - Lichtenstien

The Best in Rolls-Royce and Bentley Motor Cars - RM Sotheby’s is excited to present a single-owner collection of fine Rolls-Royce and Bentley automobiles, to be sold almost entirely without reserve in Liechtenstein this June. The collection boasts 25 cars covering 88 years of manufacturing from the golden era of the two most famous British manufacturers of luxury cars.

The collection has been 30 years in the making offering a wonderfully curated selection of cars that reside in a beautiful purpose-built facility and which have been the subject of a dedicated book. A Passion For Elegance is an outstanding example of its owner’s dedication and focus to assembling the very finest examples of best-in-class categories from multiple decades. Notably, many of the cars are sourced from some of the world’s finest collections and while impressive individually, when seen in the greater context as a collection, its impact and significance is truly noteworthy

Important Furniture, Works of Art, Sculpture and Silver | June 23 - Paris

The Important Furniture, Works of Art, Sculpture and Silver sale, which will take place on June 23rd boasts a fine selection of works by French cabinet makers and true master carpenters.
 
Some features include a carved ebony and engraved cabinet circa 1640, as well as many pieces attributed to or stamped by the most famous 18th-century cabinetmakers, from André-Charles Boulle and Jean-Henri Riesener to Antoine-Robert Gaudreaus. Menuisiers will also be honored with sets by Gourdin, Lebas and Sené. There are select pieces with royal provenance, which will delight lovers of prestigious pedigrees. 
 
The sale can be viewed online with Sotheby’s from June 16th and from June 19th in our Paris galleries.
 

The Real Estate Market For The Second Half of The Year

Posted June 3rd, 2021

With 2021 now starting to feel more like a “normal” year now with vaccinations available to all and the economy opening up, lots of people are wondering what is now in store for the real estate market for the remainder of the year. We have been living through the common pattern of a void of inventory for a while now which is having a direct effect on the number of sales. For the month of April existing home sales had dipped from the month before due to this yet are up by 20% over that of last year per a report from the National Association of Realtors. 

This is where things are now but what is projected to come for the second half of this year? Here is some insight from key figures in the real estate industry.

Realtor.com
“. . . homes continue to sell quickly in what’s normally the fastest-moving time of the year. This is in contrast with 2020 when homes sold slower in the spring and fastest in September and October. While we expect fall to be competitive, this year’s seasonal pattern is likely to be more normal, with homes selling fastest from roughly now until mid-summer.”

National Association of Realtors (NAR)
“Sellers who have been hesitant to list homes as part of their personal health safety precautions may be more encouraged to list and show their homes with a population mostly vaccinated by the mid-year.”

Freddie Mac
“We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.”

Danielle Hale, Chief Economist, Realtor.com
“Surveys showed that seller confidence continued to rise in April. Extra confidence plus our recent survey finding that more homeowners than normal are planning to list their homes for sale in the next 12 months suggest that while we may not see an end to the sellers’ market, we might see the intensity of the competition diminish as buyers have more options to choose from.”

Overall the predictions look promising. If you have any questions about what is happening in your particular neighborhood, please feel free to reach out.

Sotheby's Auction Events

Posted May 21st, 2021

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

The DRC Magnum Collection + Finest Wines | May 22nd - New York

Sotheby’s Wine NY is pleased to head off this May’s live auction with The DRC Magnum Collection, featuring rare DRC Assortment cases, in both magnum and bottle formats, ranging from 1995 through 2001, including the outstanding 1996 and 1999 vintages. These magnum Assortments were generally released by the Domaine for their very top and longtime clients.

DRC Assortment cases are the perfect selection of each vintage as it includes all six grands crus produced by the Domaine each year: Romanée-Conti, La Tâche, Richebourg, Romanée Saint-Vivant, Grands Echézeaux, and Echézeaux.

Other highlights include, full 12-bottle cases of Richebourg, Romanée Saint-Vivant, Grands Echézeaux and Echézeaux, all in their original wooden cases. The wines were acquired on release and cellared in professional temperature-controlled storage areas until removed for this exciting auction.

A Celebration of Enlightenment: Buddhist Metalwork From the Collection of Tuyet Nguyet and Stephen Markbreiter |  May 26th - Hong Kong

Pioneers in the Asian world of art, Tuyet Nguyet (1934-2020) and Stephen Markbreiter (1921-2014) were the founders of Arts of Asia, the premier magazine for Asian art and antiques. Nguyet began her career as a dynamic journalist from Vietnam and Stephen Markbreiter was a professional English architect. Together they had a love of Chinese and Asian art, and over time they formed impressive collections of Chinese art, including a wonderful selection of Buddhist metalwork sculpture.

Presented in this noteworthy sale, the gathered works display the extensive journey across Asia taken by two passionate collectors, in a celebration of the spectacular creative vision and skill of artisans working throughout the continent.

Home Prices Climb To New Record

Posted May 7th, 2021

Significant housing demand is driving home prices to reach new record levels. According to a recent report from the National Association of Realtors (NAR) for the month of March we have experienced record-high home prices in addition to year-over-year gains in the number of sales of homes in all four major regions of the United States.

Despite home sales being up this year over last year at this time, there was a slight slow in sales from the month prior. The severe lack of inventory is still posing its challenges with not enough options for eager buyers to choose from.

"The sales for March would have been measurably higher, had there been more inventory," he added. "Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising." 

Noteworthy Details

Total housing inventory was down 28.2% from last year at this time with unsold inventory sitting at just over a two month supply at the current sales pace. The total inventory levels are near the all time lows since NAR first began tracking supply back in 1982.

Despite any fluctuation in mortgage rates, they are still staying low enough to be attractive with a promising forecast for the year. The average for a fixed rate mortgage was 3.08% for the month of March which was lower than 2020’s average of 3.11%.

The median existing home price for all kinds of properties for the month of March was now cresting over the $300,000 threshold coming in at $329,100. This has risen by 17.2% over last year at this time with price gains showing for all major regions. This also makes for the 109th month in a row for year-over-year increases. 

The average time on the market for properties for sale in March was only a quick 18 days. This was fewer than the 20 days seen the month prior and roughly half of March of 2020 at 29 days. The bulk of the homes sold in March were on the market for less than one month. 

NAR shares their forecast by stating "At least half of the adult population has received a COVID-19 vaccination, according to reports, and recent housing starts and job creation data show encouraging dynamics of more supply and strong demand in the housing sector."

Upcoming Sotheby's Auction Events

Posted April 8th, 2021

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

The Passion of American Collectors: Property of Barbara and Ira Lipman | Highly Important Printed and Manuscript Americana  |  April 13-14th - New York

Sotheby’s is pleased to offer the collection of Highly Important Printed and Manuscript Americana as the capstone to our series of sales of The Passion of American Collectors: Property of Barbara and Ira Lipman. Collectors are often encouraged to collect what they love. Ira Lipman certainly followed that counsel. He deeply loved the United States, and was proud of her achievements and eager to correct her flaws—as he demonstrated as a high school reporter during the integration of Little Rock Central High School, where he was a student. From the earliest explorations of North America to Second World War, Lipman collected, studied, and understood the primary records of American history: letters and documents, books and broadsides, maps and atlases, pamphlets and newspapers. 

The great figures of American history are certainly represented in the Lipman Collection. George Washington, Thomas Jefferson, Benjamin Franklin, Alexander Hamilton, Thomas Paine, Abraham Lincoln, and scores of others. The items in the collection illuminate the great events and movements of the last five centuries: exploration and colonization, Revolution, the establishment of a new nation, Civil War, abolition, emancipation, and much more. Ira Lipman would surely endorse the concept of these historical treasures becoming parts of many other collections that will value them in the way that he and Mrs. Lipman did.

Open Roads, April 21st-29th  |  Online

RM Sotheby’s Open Roads auctions are a series of monthly online sales that offer consignors the opportunity to sell their vehicles in various currencies and locations throughout the world. Our Online Only auctions provide consignors and bidders with a proprietary platform that allows for faster transactions to take place while still harnessing the high level of service that our in-person auctions offer, including a carefully researched description, photography, title and documentation administration for seamless transfer of ownership, and easy payment methods.

Should you be interested in offering your car or collection please contact one of our international Car Specialists today.
 

The Buyer And Seler Perks In The Current Real Estate Market

Posted April 1st, 2021

The real estate market this year has proven to show some significant strength in many areas. At any point in time buyers and sellers will debate whether it is the right time to make a move whether it be to upgrade, downsize or even to enter into the homeownership game. Nowadays there are some great advantages for both buyers and sellers that are powering these moves all across the country. 

Buyer Advantages
The biggest incentive for buyers these days are the historically low mortgage rates. Regardless of any recent fluctuations, the average 30 year fixed rate mortgage rate is sitting right around 3%. Although this is only slightly higher than it was in 2020, this is still significantly lower than historic norms. According to Freddie Mac we are experiencing some of the lowest rates seen for the last 50 years. Experts do forecast that we will see rates slowly rise as the year goes on so it is probably a wise time to secure a loan in the near future. Additionally from a homeownership perspective, a recent Homeowner Equity Report from CoreLogic has reported that homeowners last year saw major gains in their net worth as a result of owning a home. 

Frank Martell, CEO of CoreLogic states, “Positive factors like record-low interest rates and a booming housing market encouraged many families to enter homeownership. This growing bank of personal wealth that homeownership affords was noticed by many but in particular for first-time buyers who want a piece of the cake. As a result, we may see more of those currently renting start to enter the market in the near future.”

Seller Advantages
For quite some time now there just simply has not been ample inventory available for all of the buyers looking to purchase. Danielle Hale, Chief Economist for Realtor.com states, “Total active inventory continues to decline, dropping 50 percent. With buyers active in the market and sellers still slow to put homes up for sale, homes are selling quickly and the total number actively available for sale at any point in time continues to decline.” 

According to the National Association of Realtors (NAR), the average home is getting 4.1 offers and only staying on the market for 20 days until it has an accepted offer. The combination of a  shortage of inventory and the eagerness of buyers is leading to bidding wars which ultimately increases the selling price. 

Ultimately there are some great reasons to buy and sell these days. If the timing is right for you, it may just be worth making a move. 
 

Upcoming Sotheby's Auctions

Posted March 12th, 2021

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

The Taylor Cellars | Burgundy, Bordeaux, Napa - March 13th - New York

On Saturday, March 13th Sotheby’s Wine is pleased to present a dedicated sale featuring an extraordinary selection of wines from The Taylor Cellars | Burgundy, Bordeaux, Napa. The collection is regarded for its scale and quality, led by a selection of coveted Burgundy from Domaine Armand Rousseau, including very rare magnums, spanning three decades, followed by Leroy stretching back to the historic 1991 vintage. Petrus carries the flag for Bordeaux, showcasing bottles of 1989 and 1990. Napa Valley cult legends also figure prominently, led by Screaming Eagle, Bond, Insignia, and Schrader, alongside relative New World ‘newcomers.’ The wines were sourced from reputable locations and stored meticulously in temperature- and humidity-controlled cellars.

Important Chinese Art - March 17th - New York

Sotheby's is pleased to present a diverse collection of rare and exceptional Chinese ceramics and works of art from distinguished collections in March 2021, spanning 4,000 years of Chinese history from the Shang dynasty onwards. Highlights feature two early Ming blue and white masterworks from the Yongle and Xuande reigns, an impressive and important parcel-gilt silver ‘lotus and pomegranate’ bowl from the collection of Stephen Junkunc III, an important documentary archaic bronze Gui from the late Shang dynasty, early ceramics from the Aoyama Studio collection, Chinese ceramics from the lot from the Studio of Serendipitous Encounters, and Ming and Qing dynasty works of art from the estate of Allen O. Battle, Ph.D.
 

Home Sales Numbers Show Uptick

Posted March 4th, 2021

The real estate market continues to prosper with more positive news being shared. The National Association of Realtors (NAR) has recently reported that the number of homes sales has increased for another month in a row this January. While the major regions across the country saw a range of levels of activity, year-over-year gains showed double digit growth.

The total number of home sales of single-families, townhomes, condos and co-ops had increased by 0.6% from December of 2020 but was up substantially by 23.7% from this time last year. 

"Home sales continue to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market," said Lawrence Yun, NAR's chief economist. "Sales easily could have been even 20% higher if there had been more inventory and more choices."

Prices of Homes
Home prices have risen now for the 107th consecutive month for year-over-year gains. The median home price in January of 2021 was up by 14.1% from January of 2020 with price increases in all major regions of the country. 

Housing Inventory
The number of properties on the market for sale continues to be low. Total housing inventory in January was down by 1.9% from the month prior and much lower than this time last year by 25.7%. Inventory currently sits at a 1.9 month supply at the existing sales pace.

Days on Market
Homes were on the market for an average of 21 days in the month of January which was much lower than January of 2020 at 43 days. The majority of homes that were sold this January had been on the market for less than one month.

Home Loan Rates
Mortgage rates continue to hover at all time lows with the average commitment rate for a 30 year fixed mortgage at 2.74% per Freddie Mac. This is up from 2.68% in December but lower than all of last year’s average of 3.11%.

Upcoming Sotheby's Auction Events

Posted February 11th, 2021

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Vine | A Breathtaking Collection of Domaine Bizot and More | February 17 - Hong Kong

The consignor of this collection was consulting for a global wines and spirits conglomerate nearly a decade ago, and that’s when his wine journey commenced. His first love of wines began with the finesse of German Rieslings (which unfortunately are not on offer this time) and the ethereal Burgundian Pinot Noirs. He has been keeping tabs on Domaine Bizot for while and felt that Jean-Yves has really mastered his skills from the period of 2002-2010, which led to him starting to go into great lengths in collecting the wines. Needless to say, this sale is really just an unbelievable quantity of an impossible to find domaine, we hope you enjoy this breathtaking collection and share in the excitement of coming across one as such.

Open Roads | February 19-28th - Online

RM Sotheby’s is excited to announce the expansion of its forthcoming time-based auction, Open Roads, February, a globally sourced online sale set to open for bidding at 11:00 a.m. ET on Friday, February 19th. This auction will close over three days, the first of which is dedicated to consignments based in the UK and Europe, the second day which is dedicated to those cars based in North America, and a third day is dedicated to a stand-alone Swiss single-owner collection of seven rare, limited edition Porsche cars. Lots will begin to close at 10:00 a.m. ET on February 26th and continuing onward through February 28th.

Enjoying great success since its introduction into the industry in October 2019, RM’s Online Only platform provides consignors and bidders a platform that allows for faster transactions to take place while still harnessing the level of service and reach associated with the RM Sotheby’s brand. Each vehicle will be presented with comprehensive photography as well as condition reports completed by RM Sotheby’s Car Specialists. When available, additional information on each lot—such as history files, production certificates, restoration documentation, service invoices, owner’s manuals, and accompanying parts—can be viewed online once you have created an account.
 

Home Sales See Surge

Posted February 4th, 2021

The real estate market for this year has an optimistic outlook from economists stating that home sales should be strong while Fannie Mae and Freddie Mac state that loan rates should remain low. In terms of what is actually happening in the market as of late, the National Association of Realtors (NAR) has recently released a report stating that home sales have been showing significant growth.

Number of Home Sales
The total number of home sales of single family homes, townhomes, condos and co-ops had increased at the end of 2020 during the month of December by 0.7% from the month before. Comparing growth year over year was most notable as sales were up by 22.2% from the same time in 2019.

"Home sales rose in December, and for 2020 as a whole, we saw sales perform at their highest levels since 2006, despite the pandemic," said Lawrence Yun, NAR's chief economist. "What's even better is that this momentum is likely to carry into the new year, with more buyers expected to enter the market."

Housing Inventory
At the end of the year 2020, housing inventory remained low as ever. The total number of available homes for sale decreased 16.4% in December from the month prior and by comparison to 2019 at this time was down by as much as 23%. This made available inventory to arrive at an all time low of 1.9 months of supply at the current sales pace.

Number of Days on Market
Homes had remained on the market for sale for an average of 21 days during the month December of 2020. Given the slim inventory at this time the average time on the market was significantly lower than December of 2019 at 41 days as a result. 

Home Loan Rates
Mortgage rates were at extreme lows at the end of the year with Freddie Mac reporting that the average commitment rate for a 30 year fixed mortgage had dropped to as low as 2.68%. By comparison, the average rate for all of 2020 was 3.11%.

Upcoming Sotheby's Auction Events

Posted January 8th, 2021

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Majestic America: Property from an Important Western Collector |  January 14th - New York

Sotheby’s is pleased to announce Majestic America: Property from an Important Western Collector, a single-owner sale event including important Western paintings and Native American art. This sale brings to market property from a prominent private collection with paintings that share historical representations of the American Southwest, captivating landscapes and wildlife portraits alongside a collection of Native American works of art including fine early beadwork, textiles and baskets by Lakota, Navajo and other indigenous American artists. 

Among the selection of fine art included in this sale are works from prominent artists such as Roy Andersen, Ken Carlson, John F. Clymer, Gerald Curtis Delano, Clark Hulings, Gordon Phillips and Kenneth Pauling Riley, among others. 

Vineyard Dreams: Property From a Martha’s Vineyard Collection |  January 8-22 - New York

Sotheby’s is excited to announce the sale of Vineyard Dreams: Property from a Martha’s Vineyard Collection. This unique and nautically-inspired collection will represent a diverse array of works that range from a very fine group of scrimshaw including an extremely rare whalebone wall pocket, an impressive collection of Folk Art paintings, an eye catching assortment of game boards robust in color and a well curated variety of Pennsylvania furniture and decorative objects. The assortment of game boards range from checkerboards, Backgammon, Parcheesi, Beano as well as Chutes and Ladders. All pieces feature beautifully crazed surfaces and vibrant colors, these boards were all speculated to have been made sometime in the first half of the 20th century.

The 2021 Real Estate Market Outlook

Posted December 31st, 2020

The past year will be remembered in history for several reasons from a worldwide pandemic to a heated presidential election. Throughout the year we have seen some ups and downs but what was truly interesting was how the real estate market was resilient in many regions. We saw homeowners reevaluate their needs for space and amenities while others were submitting competitive bids on their next home as they took advantage of historically low interest rates. As we embark on 2021 there are predictions about how the market will perform by various economists. Here is a closer look at some noteworthy points.

Home Loan Rates
In recent years we may have thought that we had seen the lowest of the low for interest rates, but then came 2020. Previously homeowners and buyers were thrilled to see rates in the 3’s and 4’s but this year rates dipped into the high 2’s for 30 year fixed mortgages. Rates are expected to remain around 3% per a recent report by Freddie Mac and Fannie Mae which will help continue to fuel market activity. 

The Economy
While there are certainly challenges with how the pandemic has affected some, this has been only one factor in an otherwise fairly strong economy. Vaccines are already being deployed and are slated to continue being dispersed among more groups of Americans which will help with getting businesses back on track. 

Number of Home Sales 
While the economy improves and interest rates stay low, homes are predicted to continue in appreciation as more look to purchase. Realtor.com’s Chief Economist states “We expect home sales in 2021 to come in 7.0% above 2020 levels, following a more normal seasonal trend and building momentum through the spring and sustaining the pace in the second half of the year.” Furthermore, others have stated that the pandemic has changed how people are vacationing these days and could lead to the purchase of more second home or vacation properties. 

Home Prices
Finally, with all of these factors powering market activity coupled with lower inventory it is expected that home prices will also continue their rising trend. A recent report states that The National Association of Realtors (NAR) anticipates that home prices could rise 6% during the new year. 

Upcoming Sotheby's Auction Events

Posted December 11th, 2020

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Vine | The Cellar of the Intrepid Sam Lieber & More | December 12th - New York

Sotheby's Wine New York is excited to present its season-finale sale, Vine NY | The Cellar of the Intrepid Sam Lieber + More. Anchoring the sale is the collection of Sam Lieber, whose drinking cellar represents a decades-long fascination with the classic wines of Burgundy, Bordeaux, the Rhône Valley, and California.

Small Wonders | December 10-16th - London

This auction which is dedicated to early gems and jewels is led by a rare and beautiful 13th-century cameo depicting the ascension of the Prophet Elijah. Carved in the court of the Holy Roman Emperor Frederick II (1194-1250), it bears a Hebrew inscription, which alerts us that it is the work of Sephardic Jewish gem cutters or engravers with Jewish links. The cameo was for centuries in the Imperial Treasury of the Holy Roman Emperors in Vienna, where it is recorded in inventories dating way back to 1619. It is the most important medieval gem to come to auction at Sotheby’s for a whole generation. The Elijah cameo is joined by a collection of beautiful and rare early jewels and glyptics from ancient Egypt through to Napoleonic Rome.

Important Design | December 17th - Paris

Sotheby's sale of Important Design in Paris is kicked off by a rare and exceptional set of Charlotte Perriand furniture. The owners of the collection obtained the pieces directly from the Galerie Steph Simon between 1972 and 1975 on the advice of Pierre Debeaux, then architect of their villa. The unique Eventail table is the undisputed pinnacle of this private French collection.

The sale is also iconic with a selection of Art Nouveau works by René Lalique, contemporary design pieces by Rick Owens, and important pieces by Ron Arad, Rembrandt Bugatti, Alberto Giacometti, Claude and François-Xavier Lalanne, Armand-Albert Rateau, Emile-Jacques Ruhlmann and Jean Royère. An exceptional set by Henri Simmen and Eugénie O'Kin, several works by François-Emile Decorchemont from an important private collection and a vase by Pierre Soulages made by the Manufacture de Sèvres - a masterpiece of contemporary ceramics - will be among the other highlights of this sale.

The Real Estate Market Shows a Lull But Remains Hot

Posted December 4th, 2020

The 2020 real estate market has proven to be both robust and resilient. Once the spring’s lockdowns ended and restrictions were lifted we saw buyers resume with their searches and sellers soon after began to list their homes for sale. With home loan rates staying extremely low market activity continues to be fueled as we see home prices increase throughout the summer and into early fall. 

Once early November arrived buyers and sellers eased up while coronavirus cases increased and the presidential election was upon us according to a report from Realtor.com. The number of new listings dipped while the total number of homes for sale also saw a slight decline resulting in inventory falling below where it was last year at this time. This void of available homes is causing buyers to continue to compete with their bidding offers. Per the report, this year homes were spending on average 13 fewer days on the market than last year at this time. 

As far as home value trends go, listing prices have shown a steady pattern of increases by nearly 13% over last year. Danielle Hale, Realtor.com’s chief economist states “With mortgage rates expected to rise on news of a likely vaccine, buyers may have reason to jump back in and find a home sooner rather than later, but sellers may be more inclined to stay on hold. Thus, even as overall activity slows, we may very well see continued price growth and quick sales.”

This year has been anything but normal with regards to any kind of traditional market patterns. In select areas we do typically see typical slowdowns as fall hits right around the holidays. This break in the market, although perhaps a bit early this year, is often the case over several regions across the country around now. Things most often resume to a faster pace after the first of the year which is just a couple of weeks away.  
 

Upcoming Sotheby's Auction Events

Posted November 13th, 2020

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Contemporary Art Day - November 17th - New York

Following Sotheby's summer sales in May and June 2020, Sotheby's Contemporary Art Day Auction is pleased to present exquisite examples of works by leading post-war and contemporary artists, such as Helen Frankenthaler, Alexander Calder, Tom Wesselmann, Ed Ruscha, Albert Oehlen, and Yoshitomo Nara. Sotheby's Day Sale will be the only auction of its kind to share top Contemporary works during the November auction season. The sale will proceed with an online-only format that closes November 18.

Property from the Collection of Nelson Rockefeller: Eastern Traditions & Western Visions
November 19th - New York

Sotheby’s is excited to present Property from the Rockefeller Collection: Eastern Traditions & Western Visions celebrating the singular collecting vision of Nelson Rockefeller. While moving between the worlds of politics, activism and art, Rockefeller passionately worked to bring together art and objects representing a range of interests, including fine art, design, ceramics and more. The foundation of the sale is a large selection of works by Alberto Giacometti and Jean-Michel Frank that were commissioned by Rockefeller in 1938 for the acclaimed interiors of his New York apartment at 810 Fifth Avenue. Though Rockefeller gifted the lion’s share of his fine art collection to The Museum of Modern Art, this sale presents a collection of his favorite works that he kept until the end of his life. In addition to his love of modern art and design, Rockefeller was also an avid collector of Chinese ceramics and art. The auction boasts an extremely rare large pair of Chinese export carp-form tureens from the Qing dynasty, Qianlong period, previously in the collection of Lord and Lady Hastings. 

Home Prices Slated To Maintain Increases

Posted November 5th, 2020

We are now well into Q4 of 2020 and as the end of the year is within reach, some have questioned what affect this year’s events would have on the price of homes. For many years we have seen a continuous increase in prices and despite all that we have been through this year we can look at the big picture of supply and demand to provide us with the most accurate idea of what to expect. 

There remains to be a lack of many homes on the market for sale which is forcing pressure on prices. The simple economics of when there is a high demand for something and a low supply of it, consumers pay more to get it. This fall we have seen more dips with even lower mortgage rates which only has helped propel more buyer activity with their home searches. The end result has been bidding wars for properties which have fostered higher prices for homes. 

There haven’t been any hints that buyer demand will dry up at any point in the near future. Therefore some experts are speculating that home prices will keep increasing over the next year. 

According to a recent report there have been forecasts from different sources that speculate how much home price appreciation that we will see. CoreLogic states on the low end of 0.2%, the National Association of Realtors says a 4.3% increase while Zillow is the most aggressive at 7%. 

Some have shared concern that we may see an increase in foreclosures from anyone that entered into a mortgage forbearance plan. However, given demand is so high and supply is so low it is not likely that we will see a foreclosure crisis. Ivy Zelman, CEO of Zelman & Associates who is a notable expert in housing and the industry recently stated, “The likelihood of us having a foreclosure crisis again is about zero percent.”

In the end, as we near the close of 2020 many of us would have thought that the pandemic would have caused a significant decline in the real estate market. However, on the contrary, the number of home sales has continued to grow and home prices have continued to rise and we expect to see this trend carry into 2021.
 

Upcoming Sotheby's Auction Events

Posted October 12th, 2020

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Vine | A Fine West Coast Cellar - October 13, 2020 - New York

Sotheby’s Wine NY is excited to continue its fall sale series with “Vine | A Fine West Coast Cellar” which charts the high points of Burgundy, Bordeaux, the Rhône, Spain and Napa. Starting the sale is a selection of Burgundy, featuring DRC, Leroy, Comte Liger-Belair, and JF Mugnier, followed by parcel-quantities of top-class Bordeaux. Rayas and Vega Sicilia carry the flag for the Rhône and Spain, respectively, and Napa is well represented by Harlan, Bond, Colgin, and Silver Oak. Note that this sale will offer Advance and Online bidding only. 

Photographs | October 7, 2020 - London

This month, the London and Paris departments will join forces to present an exciting selection of works from some of the most renowned names in photography from the 20th and 21st centuries. The European Photographs auction will provide both established and first-time collectors the chance to acquire seminal works by select masters including Helmut Newton, Diane Arbus, Irving Penn, and Peter Beard.

Other highlights include Richard Avedon’s iconic Avedon’s Nastassja Kinski and the Serpent, 1981; Thomas Struth’s Musée d’Orsay 1, Paris, 1989 and two curated chapters of works by Horst P. Horst and Wolfgang Tillmans. The sale will also boast works from acclaimed contemporary photographers such as Cristina de Middel’s Iho Iho (from the series Afronauts), 2011 and, Richard Mosse’s General Janvier, North Kivu, Eastern Congo, 2010.

Master Paintings - October 14, 2020 - New York

This autumn season in New York Sotheby’s is pleased to host an additional opportunity to engage with an exciting array of Old Master Paintings covering various collecting genres. Highlights include a stunning group of Baroque paintings curated as part of a distinguished private collection in Washington, D.C. The group comprises works that are impressive in both size and quality. Among the paintings on display from the diverse collection of celebrated art historian and Picasso biographer, Sir John Richardson, is an active scene by Antonio Joli depicting Samson destroying the Philistine Temple of Dagan. Sothbeby’s is also pleased to offer a group of three works from the collection of preeminent American museum professional Kenneth Donahue including a version of a mythological composition by Hans Rottenhammer the Elder executed in copper.
 

Real Estate Market On Track To Beat Last Year's Numbers

Posted October 2nd, 2020

Earlier this year in the early spring everything came to a screeching halt as the economy was shut down due to the coronavirus. Homes that were for sale had come off the market, some didn’t list their homes despite their original intentions and open houses were put on hold. At that time some had forecasted that this year would have a significant dip in home sales by amounts of 15-20%. However, as we check in after 6 months it appears as the housing market has made quite a recovery. Here are some reports sharing the same feelings of a positive outlook.

National Association of Realtor’s Chief Economist, Lawrence Yun, said:

“Yun forecasts existing-home sales to ramp up to 5.8 million in the second half. That expected rebound would bring the full-year level of existing-home sales to 5.4 million, a 1.1% gain compared to 2019.”

Fannie Mae’s Economic & Strategic Research Group recently shared:

“Housing data over the past month continued to show a strong V-shape rebound, helping drive the broader economy. Existing home sales jumped to a pace not seen since 2006…We have substantially upgraded our forecasts for both new and existing home sales. For 2020, total home sales are now expected to be 1.3% higher than in 2019.”

Chief Economist at First American stated recently:

“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”

Ultimately it looks to be a commonality that home sales are proceeding strong and that economists are in agreement that not only is this year on track to beat last year’s numbers but signs indicate that there is a good chance 2021 may see continued increases. 
 

Upcoming Sotheby's Auction Events

Posted September 11th, 2020

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

A Scholar, an Artist, and a Rock Star: From the Collection of John Richardson - September 11th - 18th - New York

When he died last year at age 95, the art historian and Pablo Picasso biographer Sir John Richardson left behind a lifetime collection of art and objects. While Richardson collected many of the works over his career or on his travels, many others were valued gifts from the many artists he called friends. 

Sotheby’s is pleased to represent Richardson’s collection, unique in its style, taste and significance, which counts among its many highlights noteworthy works by Old Masters, modern pieces by Pavel Tchelitchew and Picasso, and contemporary work by Lucian Freud and Ugo Rondinone. 
 
Sotheby’s is excited to launch the sales of this personal collection with one important gift. Inscribed ‘To John R.’ by the artist, the present example of Andy Warhol’s Mick Jagger captures the intimate relationship Richardson developed with the artist over the course of his lifetime. It will be offered in a dedicated, single lot auction that commences on September 11th and closes on September 18th

Jewels of Curiosity: Ode to Nature - September 17-22nd - Hong Kong

Cabinets of curiosities was a collection of extraordinary objects from a variety of categories that spanned from gems to antiquities, with some of the earliest pieces stemming all the way back to the 16th century. These collections became the bedrock of modern museums that we have come to know and love. Continuing this timeless tradition of seeking out fine and noteworthy objects of art, Sotheby’s is delighted to present Jewels of Curiosity: Ode to Nature. This event offers exquisite jewels inspired by the natural world from both established brands and contemporary designers. Discover important treasures for discerning collectors with a passion for the avant-garde.

Reports Show More Sellers Are Entering The Market

Posted September 3rd, 2020

The current real estate market has slight challenges for buyers to locate homes available for purchase as supply has not been keeping up with high demand. However, per information recently shared from Realtor.com, there are signs showing that sellers are gradually starting to return to the market. 

Javier Vivas, Director of Economic Research at Realtor.com states: “Seller confidence has been improving gradually after reaching its bottom in mid-April, and now it appears to have reached an important recovery milestone…After five long months, sellers are back in the housing market; while encouraging, the improvement to new listings is only the first step in the long road to solving low inventory issues keeping many buyers at bay.”

While more homes are coming on the market for sale the inventory levels are still below where they need to be to keep up with buyer demand. Housing stock is ample for about 4 months at the current sales pace but we would really need enough for 6 months for the market to be in proper balance. The National Association of Realtors (NAR) explains:

“Total housing inventory at the end of June totaled 1.57 million units, up 1.3% from May, but still down 18.2% from one year ago (1.92 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, down from both 4.8 months in May and from the 4.3-month figure recorded in June 2019.”

For sellers, it can still be a prime time for them to put their homes on the market as chances are that competition in the area is still very low. Most will not want to wait until more sellers list where the options for buyers will be more abundant and in many regions the fall market can be a time when activity sees a surge.

For buyers, the trend of more inventory coming is a good one as there will be more to choose from in their searches. Record low mortgage rates continue to remain at unheard of levels which makes now a great time to make a home purchase. 

Finally, in the end housing inventory still needs to see more improvement to meet buyer demand but we see things at least moving in a positive direction. For anyone considering a move in the near future, now is the time to reach out to your real estate professionals and discuss the local market. 
 

Upcoming Sotheby's Auction Events

Posted August 19th, 2020

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon in the next few weeks.

Distilled | Including The Dalmore 38 Year Old & 39 Year Old Private Casks sold in aid of SAMH | August 18th - Hong Kong

Sotheby’s Hong Kong is pleased to present our fourth online spirits sale of the year: Distilled | Including The Dalmore 38yr old and 39yr Old Private Casks sold in aid of SAMH. This sale is led by two Private Cask bottlings in engraved Candela crystal decanters donated directly from The Dalmore Distillery for charity. The proceeds from the Dalmore 38 and 39 Year Old Private Casks 1979, will benefit the Scottish Association for Mental Health (SAMH). 

In addition, the 100 lots include a wealth of Scotch whiskies with highlights such as The Macallan 1950 Exceptional Single Cask 2018/ASB - 1683/13 aged over 67 years, Bowmore 52 Year Old 1965, Mortlach 70 Year Old Gordon and MacPhail Generations 1938 and several rare Samaroli bottlings. Japanese whiskies include Karuizawa Honor Sumo Triple Set (1981/1982/1983), Karuizawa 30 Year Old Cask #3655 Aqua of Life and The Yamazaki 25 Year Old 1984. 

Watches | August 25th-September 4 - New York

Sotheby’s is excited to feature our Fall Watches Online auction which starts bidding from 27 August – 4 September. This sale boasts a striking selection of modern and vintage timepieces for every collector. A noteworthy highlight includes an impressive modern Royal Oak Perpetual Calendar updated with a 41 mm case and extra-thin in-house caliber 5134 movement. The watch is in excellent condition, fresh from factory service by Audemars Piguet.

This sale includes a variety of Rolex sports watches and iconic models such as the Hulk, the Batman, and modern ceramic Daytona’s. Vintage models include a trio of Double Red Sea Dwellers, well preserved GMT-Masters, a 6239 Double Swiss underline Daytona, and a lovely pre-Daytona from 1964.

Rounding out our sale is a number of limited edition pieces by Omega and IWC in exceptional like-new condition, and elegant lady’s wristwatches by Piaget, Cartier, Bulgari and more.

Graff: Light and Form | August 25th - New York

For over 50 years, the House of Graff has represented some of the world’s rarest gemstones. Charismatic and visionary founder Laurence Graff’s extraordinary success stems from his understanding of diamonds and his insistence on perfectly proportioned cuts, optimizing the brilliance, color and overall quality of every stone he handles. Sotheby’s is proud to present Graff: Light and Form, a capsule collection celebrating the very best of Graff by drawing parallels with art, specifically through light and form.  
 

Home Sales See 20% Surge

Posted August 6th, 2020

Since districts have been opening back up after the lockdowns during the spring home sales have started to rise. For a stretch of three months sales had plummeted as restrictions were in place, but now they have been soaring with a 20.7% increase shown for the month of June according to a recent report by the National Association of Realtors (NAR). All of the four major areas of the United States have seen this exceptional growth. 

Existing home sales are completed transactions of condos, co-ops, single families and townhomes which have shown a 20.7% surge in the month of June from the previous month in May. This was a significant rebound yet by comparison to 2019’s numbers are still down by 11.3%.

“The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown,” said Lawrence Yun, NAR’s chief economist. “This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.”

Median Property Prices
The median price of all types of properties has also seen an increase in all four areas of the country. Prices were up by 3.5% over 2019 which marked the 100th consecutive month for price increases.

Housing Inventory
Housing inventory is still extremely low. The slim levels of homes on the market has been an issue for a while and the pandemic has only furthered this. Inventory for this June by comparison of June of last year is down by 18.2%.

Mortgage Rates
Mortgage rates continue to be extremely low. Per Freddie Mac, the average commitment rate was 3.16% in June for a 30 year conventional fixed rate loan. By perspective the average rate for all of 2019 was 3.94%.

Number of Days on Market
The average number of days on the market for homes in June was 24 days. This was slightly down from May at 26 days and also down from 27 days last year in June of 2019. 

Upcoming Sotheby's Auction Events

Posted July 10th, 2020

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Important Watches - July 11th - Hong Kong

Sotheby’s is excited to feature a selection of exquisite timepieces in our forthcoming July auction in Hong Kong. This sale will comprise 313 lots, including modern, contemporary complications, as well as attractive vintage watches. The collection offers a superb selection of chronometers from Patek Philippe, Audemars Piguet, Rolex, Philippe Dufour and more, whilst further highlights include a historically noteworthy and possibly unique automatic Rolex Daytona with Lapis Lazuli dial, a Patek Philippe minute repeating reference 3939 in platinum and yellow gold, and a rare, highly sought after Philippe Dufour Simplicity.

Furthermore, Sotheby’s has proudly teamed up with independent contemporary watchmaker Ressence, to create a unique watch of Ressence’s latest model, Type 1 Slim, to support the Covid-19 Research Programme led by KU Leuven University’s.

Chanel:  Handbags and Accessories - July 14th - Milan

Sotheby’s is delighted to present a second instalment of the wildly successful sale of A Collection of a Lifetime: Chanel Online. This carefully curated sale boasts some of the finest examples of fashion from one of the most coveted brands in the world, Chanel. From handbags to jewellery, this event will feature iconic pieces of superb quality.

Picasso Prints & Ceramics Online - July 13th - New York

Sotheby’s is excited to present the sale Picasso Prints & Ceramics Online. This dedicated sale of Picasso’s editioned pieces includes over 50 lots of the artist’s prints and ceramics from the artist’s career and a range of his most famous motifs. With estimates ranging from $1,000 to over $30,000, this sale covers a diverse selection of works by Picasso suitable to new and experienced collectors alike.
 

Should You Sell Your Home Now or Wait?

Posted July 2nd, 2020

Many sellers had intentions of selling their homes this spring but the current pandemic had made a change in their plan. While some had continued with their home selling agenda once the local districts had loosened up their restrictions others are on the fence with whether they should put their home on the market now or wait until later. If you have the ability to sell on your own timeline, here are some things to consider. 

Current Property Values
Real estate is not like the stock market which can dramatically rise or drop in a day. The market instead does usually take some time should there be major adjustments. Recent reports show that mortgage applications for new home purchases have been increasing and with slim inventory some markets are experiencing a faster rate of home sales and for higher prices. Depending on the details of your particular home and plan, now may be a good time to sell.

Price Points
Next is your specific property type, price point and location. Reports have shown that some properties of lower price points have been moving faster than those of the high or luxury end. Additionally, suburban markets have indicated to be busier than those that are more urban. 

Home Marketability
As most real estate agents are prepared to do, marketing your home in the best light and virtually is key these days. Giving all buyers the ability to preview the home online from all possible angles is most helpful during these times. Also, whether the property is vacant or occupied can impact the ease of a sale more so these days than before. In the best case scenario vacant homes are most ideal. If the home is occupied by you then you must consider your level of comfort with buyers touring it for showings.Properties that are occupied by tenants are proving to be among the more challenging.

Finally, you will need to identify your financial stability with regards to moving to your next residence. Your job security should be assessed for both income and for your mortgage approval during these times. One thing to also consider is contracts are now being written with a coronavirus clause that can allow for closing extensions or cancelations without financial repercussions. This is also something to factor into your plans as a possibility. 

Upcoming Sotheby's Auction Events

Posted June 12th, 2020

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Watches Weekly |  Geneva - June 11-18

This week will be all about Rolex with a collection of 17 lots covering the wide ranging catalogue of Rolex models.  The auction is led by the incredibly sought after vintage chronograph reference 6236. Other examples of pieces that will be offered include Daytona, Submariner, Day-Date and Explorer.

Pristine Burgundy Collection | New York - June 18th

Sotheby’s Wine New York is happy to present an event dedicated to The Pristine Burgundy Collection on June 18, 2020. Curated over the last 15 years by a knowledgeable collector with a great passion for Champagne and Burgundy, the sale offers over 450 lots purchased directly from Sherry-Lehman Wines. This was the venerable wine and spirits merchant that has been a New York institution since it was first founded in 1934 and shortly after the Repeal of Prohibition. 

Pedal Power | Online - June 17th

Offered up for auction on behalf of pedal car expert Bruce Callis, RM Sotheby’s is excited to present a unique pedal powered collection of 53 lots that include cars, trucks, boats, and even airplanes dating from 1927 to 1977, all offered entirely without reserve. Not only was Bruce Callis responsible for curating this exquisite collection, but with the assistance of his grandson, Michael Ready, the two also restored the majority of the lots together. The pedal cars look as if they are fresh out of the original packages.  

Home Sales May Heat Up This Summer

Posted June 5th, 2020

Nowadays everyone is speculating about how the real estate market will progress as we navigate through this pandemic. For many it was quite an adjustment from what is normally a bustling spring market where things were paused for shutdowns. However, as things have recently started to open again there has been an increase in mortgage applications for new home purchases already. 

According to a recent release from the Mortgage Bankers Association applications were up for the first time in over 2 months as serious buyers looked to lock in extremely low rates at the end of May. 

"This is a bit of a bigger rebound than I expected," says realtor.com® Chief Economist Danielle Hale. "It's a sign that we are going to see a delayed seasonal bump in home sales. There's pent-up demand from people who weren't able to get out in the early part of the spring, and we're seeing that [materialize] now.

As areas are starting to loosen up restrictions and people are getting more comfortable with safety precautions the more serious buyers are starting to pick back up with their home searches and take advantage of these incredibly low rates. Some regions will experience a slower pace than others while there still remains to be a shortage of inventory. While the mortgage rates are encouraging buyers, sellers need to start catching up with putting their homes on the market for sale. With the low inventory buyers should prepare themselves to encounter a competitive landscape when they begin their property searches. This could lead to higher home prices this summer as there might be more buyers active in the market than homes for sale. 

"Given the strength of this recovery, home prices will probably rise about 4% to 6% in 2020," predicts National Association of Realtors’ Chief Economist, Lawrence Yun.

Regardless of the initial strength for a boost in the come back, it is still a bit early to make any call for how things will unfold as time goes on. We will monitor how things play out in real time, but for now seeing any kind of increase in activity is most definitely a welcomed sign. 

5 DIY Ideas for When You Decide to Sell Your Home

Posted May 8th, 2020

Despite your home being in great shape there can still be a list of things that you want to get done before you put it on the market for sale. There are some things that you can do yourself but it is important that you don’t take on more than what you are comfortable handling. Here are 5 easy projects that most can do that will make a big impact. 

Flower Beds
Flowers add both color and life so if your yard permits and the season is appropriate, plant some vibrant colored flowers in a bed in your front yard. For smaller yards, add potted flowers instead to be placed by the front entryway. Either option won’t cost much money and can be done quickly and easily. 

Front Door
Nearly everyone can agree that a freshly painted front door makes a good impression when you list your home for sale. Choosing the right color is important, but a fresh coat of paint will help set the stage for a well-maintained looking home. This type of job won’t take you long and can be done for short money.

Kitchen Hardware
This is a great update because if you have a simple screwdriver, you can easily replace your kitchen hardware. If your cabinets are in good condition then sometimes you can just replace the hardware for a new and modern look. You can buy these individually or sometimes in a larger multi-pack for a better value. Be sure that you select new hardware that shares the same holes and spacing as the existing for a quick and easy fit. 

Update Switch Plates
Similar to your kitchen hardware, this just involves a screwdriver and a little bit of your time. Check each room to see which ones need replacing. If any are cracked around light switches or outlets then they should definitely be replaced. If any are just dirty, try using a bit of rubbing alcohol to a Q-tip (not the switch/socket itself) to get into any grooves.

Caulk the Tub/Shower
This is one thing that can often look dirty or unappealing if left untouched. The caulking in your shower or tub area can often become cracked or prone to mildew over time and turn black. Remove the existing caulking and then re-apply new caulking with with a clean bead-line. This job can be done for just a few dollars and with not a lot of time but the result will have the tub looking fresh, clean and it wibe water tight.

Selling Your Home Virtually Nowadays

Posted May 1st, 2020

The marketing of homes has started online for quite some a while now. However, now more than ever it is important to create the best virtual viewing process for all prospective buyers to tour a property from the comfort and safety of their own home. According to a survey recently conducted by Realtor.com, sellers who are thinking about listing their homes on the market for sale are willing to conduct showings under the right conditions. Open houses are one thing that they are less comfortable with given the current social distancing concerns. 

With this in mind it is very important to have a digital strategy to make your marketing efforts as effective as possible for all buyers. Here are some of the top things that homebuyers are reporting to be most helpful:

• Accurate and detailed listing information
• Many high-quality photos of the property
• Virtual tour of the property
• Neighborhood information
• Agent hosted video chat

Nate Johnson, CMO of Realtor.com states: “As real estate agents and consumers seek out ways to safely complete these transactions, we believe that technology will become an even more imperative part of how we search for, buy and sell homes moving forward.”

These items that are referenced should provide buyers with enough tools to decide if the property fits their needs enough to go visit it in person. Should they be serious enough, then the necessary precautions for viewings should be taken including limited in-person activity, washing of hands, removal of shoes and wearing masks and gloves. It is also suggested that sellers prepare the home and do things like leave all doors to rooms and closets open so that buyers won’t need to touch as many things. 

Ultimately things are changing quickly and these strategies can potentially help with marketing your home efficiently and possibly lead to a faster sale. As time goes on we shall see how much of these tactics will be here to stay and change the landscape. 

Hot Kitchen Trends for 2020

Posted April 10th, 2020

Just about everyone can agree that the kitchen is the heart of every home. This room is where you spend a significant amount of time every day and it is where all gather when you entertain. For all of these reasons they have such a significant value and is why most homeowners want to update them to be consistent with current kitchen trends. Here is a better look at what the top trends are for 2020 that are most desired per information recently shared by Houzz. 

The Kitchen Island
Surprise! The number one most desired thing in a kitchen is an island counter. A lot of kitchens have them and it is no wonder why they are so highly desired given their versatility. Islands can offer more counter space, a serving surface, a place to gather and even dine. Some are getting more creative with them now by doing an accent color for cabinets or a contrasting surface top to make them stand out. 

Kitchen Design Style
Today’s most popular kitchen designs are modern, contemporary or transitional. The Farmhouse look was quickly becoming popular, but this trend has slowed down per the recent studies. Transitional is less of a distinct look and where it borrows from other trends this is probably why it can stand the test of time. 

Backsplash and Kitchen Appliances
White backsplashes are still among the most popular with gray or multicolored tiles following right behind. In the appliance department, high-tech options have actually slowed in popularity as of late.

Cabinet Style
Popular cabinets are those that are more neutral with white being among the most popular tones. The mid tone wood or gray tones are coming in behind them while lighter wood tones are least popular. As cabinets are such a significant item in the kitchen, it is no wonder why most homeowners want to keep a conservative and more neutral look especially when thinking about future resale. 

Kitchen Flooring
Flooring is a more interesting design trend with hardwoods becoming the most popular among remodelers with tile coming in as a close second. What is most noteworthy is that vinyl flooring is also on the rise. Now with newer designs and patterns resembling real wood or tile, vinyl is increasing in its popularity for both its durability and cost. 

The Real Estate Market. What Sellers and Buyers Need to Know

Posted April 3rd, 2020

Things are changing a lot these days as we keep a close watch as to how the current pandemic unfolds. While we are becoming more clear on the things that we can and can’t do on a daily basis, we all begin to ponder what things will be like once all of this cools and we return to normalcy. For a while now and long before the current issue at hand there have been discussions about a possible recession with many fearing it could be similar to that of 2008. 

While it may not seem that it will be business as usual in the immediate future, housing prices aren’t anticipated to drop drastically as low mortgage rates may help preserve purchasing power for buyers. Many are being hit with temporary layoffs and pay cuts as we weather through this crisis, but once normalcy returns we have to wonder what will happen as the real estate market catches up. The hope is that the historically low rates coupled with the limited inventory could help maintain market strength and foster sales. 

"I don't know which force will be greater: the negative impact of job cuts, if that was to occur, or the positive influence of low mortgage rates," says National Association of Realtors® Chief Economist Lawrence Yun.

Additionally, where this is a temporary situation, many sellers are going to likely be less willing to accept a sales price that is substantially less than just a few weeks ago. As property inventory is already at all time lows, demand may still outweigh it where buyers have less options. We might just see the rate at which different markets return to differ. Those that are less of a common or everyday market such as ones reliant on tourism or even the high end luxury market may see a slower pace as we return to normal. Specialty markets already have a slower sales pace typically so we may see a slight lag in that area. 

While nobody knows how everything will unfold exactly, there is data to compare from the last recession to indicate that any slowdown should not be nearly as severe. 

Upcoming Sotheby's Auction Events

Posted March 13th, 2020

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Finest and Rarest Spirits - Live, March 18th

An Exquisite Collection of Whiskies will boast the highly sought after “Karuizawa Single Cask #5627 Zodiac Rat 1960,” which is the most coveted bottle from this closed Japanese distillery that is offered this year, the Year of the Rat. Additional highlights include 7 Macallan in Lalique decanters as well as a complete collection of The Macallan Six Pillars – six crystal decanters ranging from 50 to 65 years old - and the inimitable Macallan Genesis 72 Year Old which is the oldest whisky to be released from this exemplary distillery. 

This event will also include the Gordon & MacPhail Private Collection Decanters from Glenlivet, Linkwood and Longmorn. Consigned from Gordon & MacPhail, this is the first time that any bottle or decanter numbered 1 from Gordon & MacPhail has been offered for sale as opposed to kept in the Urquhart Family archives. 

RM Sotheby’s - Palm Beach, FL, March 20-21st

RM Auctions is pleased to announce that it has moved its South Florida sale to the Palm Beach International Raceway and will be held during the weekend of 20–21 March, 2020. The iconic and well-known South Florida track is noted for its history of drag racing and is home to many collector car events, including the annual Cavallino Classic. South Florida’s car community is the second largest in the nation, made up of both snow-birds and local residents, with Palm Beach (and surrounding county) one of the wealthiest areas of the country. This event will see roughly 350 collector cars cross the podium, ranging from American Classics to European sports cars, Detroit muscle, Hot Rods, Customs and modern collectibles.

Fine Jewels - Live, March 24th

London’s Fine Jewels sale this March exhibits a collection of stylish jewels stemming from the 19th to the 21st century and features a single-owner collection of antique jewels from a Scottish noble family. Additional highlights include jewels by famous 20th-century designers such as Salvador Dalí and César, as well as pieces by Cartier, Van Cleef & Arpels, Bulgari and Boucheron.

Home Sales Are Up Over Last Year

Posted March 6th, 2020

According to data recently put forth by the National Association of Realtors (NAR), home sales were steady overall in most regions with only notable declines seen in the West at the start of 2020. The total existing home sales including townhomes, single-families, condos and coops had decreased by just 1% in total due to the dip in sales in the West. However, the total number of sales are significantly up by 9.6% over this time last year. 

Lawrence Yun, NAR’s chief economist, finds the outlook for 2020 home sales promising despite the drop in January. “Existing-home sales are off to a strong start at 5.46 million.” Yun said. “The trend line for housing starts is increasing and showing steady improvement, which should ultimately lead to more home sales.”

Housing prices
Home prices have not shown any weakening with their steady increases with January marking the 95th straight month of growth. The median home price has grown in all regions across the country and is up by 6.8% over January of 2019.

Inventory Levels
The amount of available housing inventory for sale is at its lowest point since the year 1999. Levels were down by 10.7% from last year at this time with unsold inventory only being at a 3.1 month supply at the current sales pace.

Time on Market
Properties stayed on the market for an average of 43 days during January which is up from 41 days in December, but down from the 49 days seen in January of 2019. Forty two percent of homes that were sold in January had been on the market for less than one month.

Loan Rates
The average mortgage rate was lower than last year at the same time. This January the average commitment rate for a 30 year loan according to Freddie Mac was 3.62%. Last year this figure was 4.46%.
 

Six Tax Advantages When Owning Your House

Posted February 14th, 2020

During this time of year everyone is getting ready for tax season by gathering up all of their necessary files to do their taxes or potentially send everything off to their accountant to process. Last year there were some changes made to the tax code, but this year not much is different. Here is a good reminder for the benefits that you can enjoy by being a homeowner. Be sure to check with your account for more details and specifics on what is best and can apply for you. 

Mortgage Interest
If you got your mortgage before the date 12/15/2017 then you can deduct interest up to $1 million. If you got it afterwards, then only the first $750,000. The thing to make note about is that mortgage interest is an itemized deduction so you should only take this if all of your itemized deductions add up to more than the standard deduction. For married couples that is $24,400, for individuals it is $12,200 and for head of households it is $18,350.

Private mortgage insurance
If you put less than 20% down on your home when you purchased it then you are probably paying private mortgage insurance or “P.M.I.” You can take the deduction of the interest paid on this, but again just keep in mind that you only want to do so if your deductions exceed the standard deduction as this counts as an itemized one. 

Interest on a HELOC
This is another great way to add to your deductions. If you have taken out a HELOC (home equity line of credit) that is used to do an improvement on your property then you can deduct the interest. The two requirements are the loan must be for home improvements (not money taken out to buy a car, consolidate debt, etc.) and the total amount of combined interest that can be deducted for your primary loan and the HELOC is capped at $750,000.

Property tax
This amount is capped at $10,000 for a deduction for married couples who are filing jointly. Again, this is important to note where all of your deductions must add up to more than the standard deduction ($24,400 for a married couple) for it to be worth it.

Home office deduction
This is a great one for those who are self-employed and work solely from home. You can deduct $5 per foot of office space up to 300 square feet for a maximum total deduction of $1,500. Some rules apply for this like you cannot take this if you only sometimes work from home. 

Home improvements for “aging in place”
If you plan on staying in your home and need to make some accommodating adjustments to it as you age then these can potentially be deductions. Stipulations apply such as you will need to have a doctor’s note affirming the necessary changes and the improvements will need to exceed 7.5% of your adjusted gross income. Types of improvements may include things like widening some doorways, adding a wheelchair ramp, installing grab bars, etc. 
 

Upcoming Sotheby's Auction Events

Posted February 7th, 2020

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Contemporary Art Day Auction -  February 12 | London

Sotheby’s is excited to present their Contemporary Art Day Auction on February 12th, which will be an exciting collection of works by some of the most sought-after artists of the moment. This sale combines exceptional post war works by Lucio Fontana, Jean Fautrier and Zao Wou-Ki with a selection of contemporary works, which are led by stand out works by George Condo, Jonas Wood and Damien Hirst.

NOW ! -  February 18-26 | Paris

Sotheby’s is pleased to announce the sixth edition of the NOW! sale which will take place exclusively online this February. With a sharp success over the past five years, NOW! is a thoughtful blend of contemporary, photographs, African and Oceanic and design works. For this sixth edition, the New York based independent curator Lolita Cros will team up with Sotheby’s to imagine an original scenography and highlight her selection of works. Lolita grew up in France before spending a few years in Casablanca, Morocco and is now living and working in New York. Lolita Cros is known for creating exhibitions that combine work by established and emerging artists. 

Andy Warhol: Heaven and Hell Are Just One Breath Away! - February 8-28 | London

This February S|2 London will exhibit a spotlight on the last cycle of paintings by Andy Warhol. Warhol was raised in a devout Byzantine Catholic household in Pittsburgh and had preserved a personal commitment to his faith throughout his life. Alongside his interest in consumer culture and celebrity, Warhol also explored religion and mortality, particularly during his later works. The exhibition at S|2 will include works from this late period, including examples from Warhol’s 1986 Last Supper series, his crosses and skull, and his appropriations of religious pamphlets and slogans such as the prophetic Heaven and Hell Are Just One Breath Away! that became one of his last pieces.
 

Home Sales See Range of Activity

Posted January 17th, 2020

Recently a report from The National Association of Realtors (NAR) has been released stating that existing homes sales had shown some mixed activity across the major regions of the United States. Both the Northeast and Midwest saw some growth in sales while the South and West saw some dips during the month of November. The total existing sales of property types including single families, townhomes, condos and coops had dipped collectively despite some regional gains by 1.7% from the month before. However, even though sales were down from October, by comparison they were up by 2.7% over last year at this same time.

Lawrence Yun, NAR’s chief economist, said the decline in sales for November is not a cause for worry. “Sales will be choppy when inventory levels are low, but the economy is otherwise performing very well with more than 2 million job gains in the past year,” said Yun.

Property Inventory Levels
Inventory levels were down from both the month before as well as last year. Specifically, inventory was 7.3% lower from the month before and 5.7% lower than in 2018 at the same time of year according to NAR. Inventory now remains at about a 3.7 month supply at the current pace of sales.

Prices of Homes
Maintaining the trend for the 93rd month in a row now, the prices of homes are still on the up. The median home price for all housing types was up by 5.4%. 

Days on Market
Homes stayed on the market on average for 38 days in the month of November which was up by 2 days over October. This was a lower number than the 42 days seen in November of 2018. Approximately 45% of the homes that sold in November were actively on the market for less than one month.

Home Loan Rates
Freddie Mac has shared that the average rate on a 30 year fixed loan was 3.70% in November which was up from 3.69% in October. 
 

Upcoming Sotheby's Auction Events

Posted January 3rd, 2020

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

RM Sotheby’s | Arizona January 16-17th

Beginning the collector car auction season, RM Sotheby’s visits the amazing grounds of the Arizona Biltmore Resort and Spa in Phoenix, January 16 and 17th, for its 21st annual Arizona sale.

A dream for auto enthusiasts—deemed as Arizona Car Week—where car aficionados map out their year in the hobby, and acquire their next car—or cars—for the upcoming year's many events. Up for sale is everything from sub-$100,000 collectible cars to Pebble Beach—and Amelia Island—eligible show cars, as well as sports and GT cars from brands including Ferrari, Porsche and Aston Martin.

 
Highlights from Porcelain of Royal and Noble Distinction | London January 13-22nd

 The inaugural online auction, “Porcelain of Royal and Noble Distinction,” offers ceramics from factories like Sevres and Meissen made for and admired by royalty. From plates to cups to vases, the online sale will display these historic objects to a broader range of collectors worldwide through the online system.
 

Mario Buatta: Prince of Interiors | New York January 23-24th

Sotheby's is excited to share that we will present furniture, fine art and decorative objects from the personal collection of renowned interior designer Mario Buatta in a two-day auction event that will take place during one of the most notable weeks on the New York art market calendar, alongside with both The Winter Show and our Americana Week sales series in New York in January 2020.
 

Home Sales Inch Up

Posted December 13th, 2019

The National Association of Realtors (NAR) has shared that home sales have recovered this fall after seeing a slight dip. While two of the four primary areas in the United States saw minor decreases, collectively the sales of single-family homes, condos, townhomes and coops were up by 1.9% in the month of October. Despite any variances in regions, sales were up by 4.6% over last year at this same time. 

Lawrence Yun, NAR’s chief economist, said this sales increase is encouraging and he expects added growth in the coming months. “Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers,” said Yun. “We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”

Property Prices
Home prices steadily continue to be on the rise. The median price for homes had gone up by 6.2% in October over the same time last year. This now makes for the 92nd month in a row for home price increases.

Inventory Levels
On the flip side of rising prices, inventory levels were down in October. The number of available housing units had decreased by 2.7% from September and was actually 4.3% lower than October of 2018. Available inventory sits at a 3.9 month supply at the current pace. This is down from 4.3 months as of last year at this same time.

“The issuance of more housing permits is a very positive sign and a good step toward more inventory,” said Yun, citing the latest data for housing starts. “In order to better counter and even slow the increase in housing prices, home builders will have to bring additional homes on the market.”

Time on Market
Properties remained on the market for an average of 36 days in October which was an increase in time from 32 days in September. This was coincidentally the same amount of days as October of 2018. Forty six percent of the properties that were sold in October were on the market for less than one month. 

Upcoming Sotheby's Auction Events

Posted December 3rd, 2019

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

19th Century European Paintings | Live Auction: December 11th 2019

The sale of 19th Century European Paintings is going to be  led by Harald Sohlberg’s Ripe Fields, 1898, a noteworthy piece by the Norwegian modernist and representing the first full flowering of his personal style. Displaying the diversity of artistic output by artists from across Europe area from Scandinavia to Spain, the event includes pieces by Akseli Gallen Kallela, Joaquín Sorolla, Gustave Courbet, Jean-Léon Gérôme and Wilhelm Kuhnert.

Marc Jacobs: A Life of Design | Live Auction: December 12th 2019

Sotheby’s is pleased to present the extraordinary private collection of Marc Jacobs in a dedicated sale on December 12th. Spanning over the past two decades, Jacobs has assembled some of the most exceptional pieces of European design from the past century by significant people such as François-Xavier Lalanne, Jean-Michel Frank, Alberto Giacometti, Jean Dunand, Eugene Printz, Paul Dupré-Lafon and Maurice Marinot. Showcasing the best in artistry and design, each work is representative of Jacob’s impeccable taste and discerning eye as a designer and art connoisseur. 

The Birds of America from Original Drawings by John James Audubon | Live Auction: December 18th 2019

Sotheby’s is excited to be offering an early subscriber's copy of Audubon's "Double Elephant Folio"—arguably the most important and beautiful color-plate book ever published, featuring 435 magnificent hand colored etched plates, depicting in life size 1,065 birds that represent 489  species. This is an unusually large and exquisitely colored copy, with the plates in very early state: all ten first plates are engraved by Lizars alone, prior to retouching by Havell, Jr., and 141 of Low’s 150 variable plates are present in the first state.
 

Home Sales See Small Dip, But Up Over Last Year

Posted November 8th, 2019

Home sales experienced a slight dip this past September per a recent report released by the National Association of Realtors (NAR). The two months prior had shown gains, but all four core regions across the United States experienced a small decrease transitioning into fall market. 

Total existing home sales include sales of single-families, townhomes, condos and coop property types. Collectively these decreased by 2.2% from August into September. However, despite this downward dip sales are up by 3.9% over last year at this same time which is excellent news.

Lawrence Yun, NAR’s chief economist, said that despite historically low mortgage rates, sales have not commensurately increased, in part due to a low level of new housing options. “We must continue to beat the drum for more inventory,” said Yun, who has called for additional home construction for over a year. “Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential.”

Prices of Homes
The median existing home price for all styles of housing was higher this September over last year by 5.9%. As the trend of gains persists, this is the 91st month of year over year increases.

Days on Market
Homes had remained on the market for 32 days in September, which was a small uptick from 31 days in August. Almost half of all of the homes that sold in September were on the market for less than 30 days.

Home Loan Rates
Mortgage rates have continued to stay extremely low. According to Freddie Mac, the average commitment rate for a 30 year fixed home loan was 3.61% which was down from 3.62 in August. By comparison the average for all of last year was 4.54%.

“Mortgage rates under 4% are amazingly attractive for homebuyers,” said Yun. “The rise in foot traffic as evidenced by the open rates of SentriLock key boxes shows growing buyer interest.”
 

Upcoming Sotheby's Auctions

Posted October 31st, 2019

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Imperial Porcelain - November 6 - Online

Kicking off our set of sales as part of Asian Art in London 2019 is a collection of fine imperial porcelains assembled by a discerning private collector dating back to the 1970s. Highlights include a rare carved celadon-glazed 'peony' vase, and a rare underglaze-blue, famille-rose and gilt-decorated 'boys medallion' vase, both that are from the Qianlong period, offering a preview of  the splendour of the Qing court.

Photographies - November 8 - Online

Sotheby’s is proud to announce its upcoming Photographs sale gathering a collection of exciting works from across the medium alongside the famous Paris Photo international fair. This sale boasts amazing pieces by leading artists in this category, including Tracey Emin, Richard Avedon, Cindy Sherman and Wolfgang Tillmans.

Legends: Warhol/Basquiat - November 8-10 - Shanghai

In Shanghai and Hong Kong, Sotheby’s S|2 is privileged to present LEGENDS: WARHOL/BASQUIAT, an exhibition showcasing works by Andy Warhol and Jean-Michel Basquiat. Marking the two legendary masters’ first joint exhibition in China, the sale will open at West Bund Art & Design during November 8-10, 2019 and then travel to Hong Kong Gallery from November 16-23, 2019.

Not all artists become true legends, and fewer legends forge legendary friendships. Immortalized in art history is the pairing between two of the late twentieth century's greatest and most popular artists, Andy Warhol and Jean-Michel Basquiat. For a span of six years from 1982 until Warhol's death in 1987, the complex and symbiotic friendship was mutually inspiring for the two whose distinctive personas have each become apparent in their fine art. 
 

Pending Home Sales Show Increase

Posted October 9th, 2019

As the summer came to an end, a report recently shared by the National Association of Realtors has shown that pending home sales were increasing. Reports for previous months had shown growth overall, but there were slight dips in some of the areas at times. For August, all four primary regions in the country have shown positive increases. 

The Pending Home Sales Index had increased by 1.6% in the month of August making contract signings up by 2.5% over that of 2018 at the same time. “It is very encouraging that buyers are responding to exceptionally low interest rates,” said Lawrence Yun, NAR chief economist. “The notable sales slump in the West region over recent years appears to be over. Rising demand will reaccelerate home price appreciation in the absence of more supply.”

Breakdown by Region
The largest gain was experienced in the West. The Northeast had a 1.4% gain while the Midwest was at a 0.6% increase. The South had gone up by 1.4% while the West was the biggest at 3.1% which was up by 8% over last year. 

“With interest rates expected to remain low, home sales are forecasted to rise in the coming months and into 2020,” said Yun. “Unfortunately, so far in 2019, new home construction is down 2.0%. The hope is that housing starts quickly move into higher gear to meet the higher demand. Moreover, broader economic growth will strengthen from increased housing activity.”

The National Association of Realtors is saying that home sales will continue to rise. They anticipate that there will be a 0.6% rise for the rest of 2019 and expect another 3.4% for next year. Housing starts are anticipated to increase in 2019 by 2% with an additional 10.6% seen for next year. 
 

Upcoming Sotheby's Auction Events

Posted October 4th, 2019

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Contemporary Art
October 7, 2019 | Hong Kong

The Contemporary Art Day event provides a range of works by artists from both the East and the West. Covering different styles and mediums, pieces offered include those by Banksy, Liu Wei, Yayoi Kusama, Takesada Matsutani and Lee Seungtaek.

Picasso Online
October 8, 2019 - October 17, 2019 | London

Sotheby’s is pleased to share that October 2019’s auction of important Picasso ceramics will feature a collection of inventive prints from the artist’s granddaughter, Marina Picasso. Open for bidding from October 8-17, Picasso Online, Featuring Prints from the Collection of Marina Picasso will display some of the Master’s most imaginative creations, from spirited clay animals and portraits to experimental linoleum cuts. These two- and three-dimensional works survey Picasso’s artistic evolution, offering something for all tastes from the Cubist collector to the Minimalist.

RM Sotheby's: Hershey
October 10, 2019 - October 11, 2019 | Hershey

Whether drawn by the scent of chocolate from Hershey's Chocolate World or the hum of the classic motor cars making their way toward the auction event, RM Auctions' Hershey sale is not one to miss. Make your first stop the world-renowned AACA Eastern Division Fall Meet, an enthusiast's event that brings together collectors from all over for the largest swap meet in the United States. Next, visit the historic Hershey Lodge, the setting for RM Auctions' annual Hershey sale, where visitors come to witness veteran, Brass Era, and CCCA Classic automobiles cross the auction stage and set unprecedented sell-through rates.

Upcoming Sotheby's Auction Events

Posted September 13th, 2019

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

The Don Stott Cellar: 50 Years of Collecting Part IV, The Final Part. September 14th - New York

Sotheby’s is pleased to present The Don Stott Cellar, 50 Years of Collecting Part IV, The Final Part on Saturday, September 14th. During 3 sales in May 2015, December 2015 and May 2017, wines from this particular Cellar have totaled a remarkable $19 million, with this fourth event slated to fetch over $3 million.

The Don Stott Cellar: 50 Years of Collecting is the most important Burgundy collection ever to come to an auction event, and The Final Part follows in the footsteps of the previous offerings: over $1.8 million of red Burgundy wines are featured from 80 different domaines, and over $540,000 of white Burgundy from 49 different domaines. Some of the incredible highlights from the Cote d’Or are 101 lots from Domaine Georges Roumier, valued at over $465,000; 54 lots of Domaine Armand Rousseau, valued at over $330,000; and 56 lots of Domaine de la Romanée-Conti, estimated over $355,000.

Saturday at Sotheby’s: Asian Art Featuring Chinese Art from the Metropolitan Museum of Art - The Florence and Herbert Irving Gift - September 14th - New York

570 lots of important Chinese works of art will be featured including a collection of Chinese art gifted to the Metropolitan Museum of Art from the collection of Florence and Herbert Irving, pottery works from the Art Institute of Chicago, works of art from the collection of Henry Arnhold, and Tang to Qing dynasty ceramics from the collection of Dr and Mrs Gregory F Sullivan.

American Art - September 17th - Live

Sotheby’s American Art sale on September 17th will feature a group of paintings, sculptures and important works on paper. Included in the collection is Daniel Garber’s Environs of Milford, a remarkable depiction of the Bucks County landscape from 1946. Also featured will be nine works from a preeminent and widely exhibited collection of nineteenth century Hudson River School Paintings (All that is Glorious Around Us: Property from an Important American Collection). Sotheby’s is also pleased to present Milton Avery’s Gaspé Bay from California Straight Ahead: Property from the Collection of Dr. David Sanders and Prof. Jesse Dukeminier and Jamie Wyeth’s Piece of the Wreck, a striking watercolor executed in 1977 on Maine’s Monhegan island.  
 

Home Sales Increase by 2.5%

Posted September 9th, 2019

According to a recent report issued by the National Association of Realtors home sales have recently increased at the close of the month of July. The previous month there was a mix of increases in the northeast and decreases elsewhere, but July showed increases overall with a slight decline in the northeast. Total existing sales overall for single families, townhomes, condos and co-ops increased by 2.5% in July and sales overall were up by 0.6% over last year at this time.

“Falling mortgage rates are improving housing affordability and nudging buyers into the market,” said Lawrence Yun, NAR’s chief economist. However, he added that the supply of affordable housing is severely low. “The shortage of lower-priced homes have markedly pushed up home prices.”

Prices
The median price for all housing types in July had increased by 4.3% over July of last year. Once again this increase marks the 89th consecutive month for home price increases. Home price appreciation has been seen much stronger among the lower-priced market segment according to a data analysis from Black Knight and Realtors Property Source.

Inventory
Inventory levels had decreased in July from June and from the previous year at the same time. Available housing inventory is now at a 4.2 month supply which is down from a 4.4 month supply seen in June.

Days on Market
Homes were on the market for 29 days in July which was an increase from 27 days for the month in June and also 27 for July of last year. Fifty-one percent of the properties sold in July were on the market for less than one month.

Mortgage Rates
The average commitment rate for a 30 year conventional fixed mortgage dropped to 3.77% in July according to Freddie Mac. June’s average was 3.80% and the average for all of 2018 by comparison was 4.54%

Home Sales Vary Per Region

Posted August 16th, 2019

Existing home sales have ranged across the country per region according to a recent report issued by the National Association of Realtors (NAR). Two of the four major regions experienced slight slow downs in June’s sales while the other two saw increases. The South and West had declines where the North and East showed small bumps in activity. 

“Home sales are running at a pace similar to 2015 levels – even with exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country,” said Lawrence Yun, NAR’s chief economist. Yun says the nation is in the midst of a housing shortage and much more inventory is needed. “Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices,” he said.

Housing Prices
The median home price for all kinds of properties for the month of June was up 4.3% over 2018 at this same time. Continuing the trend of increases, this was also the 88th month in a row for price gains.

Housing Inventory
Housing inventory levels increased from the month of May to June, but are at the same level as they were a year ago at the same time. Available housing inventory is at a 4.4 month supply at the current sales pace.

Days on Market
Properties were on the market for an average of 27 days in June which was up from 26 in May as well as June of 2018. During the month of June, just over half of the homes sold in the month were on the market for less than one month.

Rates
The average loan rate for a 30 year conventional home loan went down to 3.80% per Freddie Mac. This was down from 4.07% in May. The average for all of 2018 was 4.54% so lately rates have been very favorable. 
 

Sotheby's Upcoming Auction Events

Posted August 5th, 2019

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon.

RM Sotheby’s: August 15th - Monterey
 

As with every August, collectors from around the world join in Monterey to celebrate the classic car hobby, with RM's flagship Monterey sale being the pinnacle auction of the weekend. Catering to our clients' demand for "best-of-category" examples, with a highlight on the top tier of the market, the auction yields a strong track record for record-breaking results of blue-chip marques. RM Sotheby's Monterey sale continues to set the bar for collector car auctions with its high-caliber consignments, unparalleled client service, impeccable presentation, and international footprint. 

Watches Online: August 20th - New York
 

Sotheby’s is partnering with Bob’s Watches* in August to offer a collection of 18 driving wristwatches in Watches Online: The Driver’s Collection. The sale draws inspiration from a select group of cars offered in RM’s auctions in Monterey, together highlighting the optimum in watchmaking and automotive technology at Sotheby’s this summer.

Heading the Watches Online sale is an exceptional ‘Big Crown James Bond’ Submariner with tropical dial, forever immortalised in cinematic history by Sean Connery’s 007. This piece presents the ideal pairing with the 1965 Aston Martin DB5 "Bond Car", ‘The Most Famous Car in the World’, being sold at RM Sotheby’s on 15 August.  

Contemporary Art Online: August 13th - London
 

Sotheby’s Contemporary Art Online auction offers a fantastic collection of works from the post-war period through today. With estimates ranging from £500, the auction offers the perfect opportunity to obtain works by some of the most celebrated contemporary artists such as David Hockney, Antony Gormley, Ed Ruscha and George Condo. The auction will be open for bidding from August 13th to 22nd.
 

Home Sales Inch Up 2.5%

Posted July 12th, 2019

Existing home sales inched up for the month of May according to a report recently released from the National Association of Realtors. All of the four major sectors across the United States experienced a growth in sales with the Northeast seeing the largest increase. 

Total existing home sales of properties including single families, condos, coops and townhomes had jumped up by 2.5% in May to an annual rate of 5.34 million. Lawrence Yun, NAR’s chief economist, said the jump shows that consumers are eager to take advantage of the favorable conditions. “The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding.”

Prices
The median existing home price had also gone up for the month of May by 4.8% which is now the 87th month in a row for gains. 

Inventory
Inventory levels have increased from the month before in April and was also up 2.7% over last year at this same time. Available inventory is at a 4.3 month supply at the current pace. Though inventory is up, the months’ supply numbers remain near historic lows, which has a direct effect on price, according to Yun. “Solid demand along with inadequate inventory of affordable homes have pushed the median home price to a new record high,” he said.

Days on Market
Properties remained on the market for 26 days in May which was an increase from April at 24 days. This was actually the same number of days on market however from May of 2018. Fifty-three percent of homes that were sold in May were on the market for less than one month.

Mortgage Rates
Finally, mortgage rates went down in May which according to Freddie Mac, the average commitment on a 30 year fixed loan was 4.07%. This is down from 4.14% in April and surprisingly lower than the 4.54% average for all of 2018.
 

Upcoming Sotheby's Auction Events

Posted July 5th, 2019

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon.

19th Century European Paintings - July 9. London
 

Bridging Nordic modernism to Spanish impressionism, Salon art to French Realism, these 19th Century European Paintings illustrate the diversity and innovation of European art from the years 1850-1930. Featured works include Joaquín Sorolla’s La Caleta, Málaga, a rediscovered winter landscape by Gustave Courbet and a Turkish bath scene by Jean-Léon Gérôme.

Watches Online - July 8. Online
 

Sotheby’s Watches Online sale is a curated selection of vintage and modern wristwatches by the top manufactures with a broad range of brands, sizes, price points and metals. 

Leading the sale is a unique IWC Pilot’s Watch Perpetual Calendar Chronograph Edition “Le Petit Prince” in 18-carat 5N gold, being sold to benefit the Antoine de Saint-Exupéry Youth Foundation, marking the 10th anniversary of the Foundation. Featuring a midnight blue dial, this superb wristwatch includes a unique luminescent beige index at 10 o’clock, making it a symbolic memento of the anniversary. The sale will be open for bidding online between July 8 – 17.

Finest & Rarest Wines featuring a Great Northern European Cellar - July 10. London
 

An impressive cellar collection from Northern Europe headlines our July sale.  This lot is dominated by magnificent wines in parcel quantities including Lafite 1986, Haut Brion 1989 and Palmer 1999.  The Burgundy line-up is marked out by four Domaine de la Romanée-Conti 1997 assortment cases, a trio of 2007 Rousseau in full dozens - Chambertin, Clos des Ruchottes and Clos St. Jacques - and Grands Crus from Roumier, Ponsot and Trapet.

Red and white Burgundy forms the heart of another cellar which features DRC, Rousseau, Leroy, Sylvain Cathiard, Leflaive, Ramonet and Raveneau.

Mature Bordeaux from the 1980s and 1990s, including Beychevelle 1989 and Calon Ségur 1995 available in bottle and magnum formats, is topped off with a Champagne-lovers' dream duo - Krug 1979 and Krug Clos du Mesnil 1979. Additional highlights include single bottles of Romanée-Conti 2005 and Montrachet 2005 DRC, a case of Chambertin 1999 from Rousseau and selection of 19th Century Madeira.

Home Sales Show Steady Pace Overall

Posted June 21st, 2019

A report from the National Association of Realtors has shared that there are slight variances in existing home sales across the country. For the 4 major U.S. regions statistics showed a combination of no change as well as slight increases and decreases with the sales pace. Overall the pace from the month before in March had only marginally decreased in total numbers countrywide.

Lawrence Yun, NAR’s chief economist, said he is not too concerned about the 0.4% dip in sales and expects moderate growth very soon. “First, we are seeing historically low mortgage rates combined with a pent-up demand to buy, so buyers will look to take advantage of these conditions,” he said. “Also, job creation is improving, causing wage growth to align with home price growth, which helps affordability and will help spur more home sales.”

Home Prices
The median prices for all property types had increased by 3.6% this April over last year. This made for the 86th month in a row for price increases. 

Housing Inventory
Housing inventory levels had also increased by 1.7% over the same time from a year ago. Unsold inventory has gone up to a 4.2 months supply this April which is up from 4.0 months in April of 2018.

“We see that the inventory totals have steadily improved, and will provide more choices for those looking to buy a home,” Yun said. He notes that sellers have to realize that price growth has moderated. “When placing their home on the market, home sellers need to be very realistic and aware of the current conditions.”

Days on Market
Homes stayed on the market for an average of 24 days for the month of April. This is significantly down from the 36 days that we had seen in March and also down from 26 days in April of last year. Fifty three percent of the homes that sold in April were on the market for less than 30 days.

Upcoming Sotheby's Auction Events

Posted June 14th, 2019

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Modern & Post-War British Art. June 18-19, London
 

Sotheby’s London is pleased to present another exciting and varied collection of Modern and Post-War British art in June. This sale will include paintings, drawings, sculptures and studio ceramics by all of the key artists and makers of the 20th Century, our June sale showcases everything that is fresh, innovative and beautiful in British art, from the very beginnings of modernism at the turn of the century through mid-century and the ‘Swinging Sixties’ and on to artists still working today. 

On sale during both Evening and Day, the June sales chart the fascinating story of British art though a highly curated and textured selection, at price points to suit all.

Jewels and Watches Online. June 13-20, Paris
 

There is a wide variety of jewellery in the sale to suit every taste and style, with a curated selection of Artist Jewels. Much sought after by collectors and those looking for wearable, contemporary art, the artists highlighted in the sale include Lalanne, Takis, Niki de Saint Phalle and Sonia Delaunay. 

Specifically for watch collectors there will be a selection of Rolex Oyster Perpetual Day-Dates in gold and steel, Pasha and Tank watches by Cartier, and styles by Chanel and Chaumet. With approximately 160 lots to choose from, there will certainly be something to cater to everyone.

Contemporary Art Online. June 14, Milan
 

Sotheby’s Milan presents Contemporary Art Online which will feature some of the most sought-after Italian and international artists. It will be open for bidding from June 14-24. Special pieces include works by renowned Italian artists such as Mario Schifano, Alighiero Boetti and Maria Lai. But the auction also boasts works by living artists from further afield such as Liu Baomin, Julio Le Parc and Thorsten Kirchhoff. The sale is a collection of over 80 works and traces the history of contemporary art through a variety of themes and media, ranging from Italian Pop Art from the 1960s, to Arte Povera, to large-scale figurative canvases and light-hearted sculptural works.

Home Prices Show a 3.8% Increase

Posted May 10th, 2019

The National Association of Realtors has recently shared a report that indicates that home prices have continued to rise. Specifically, existing home prices for property types including single families, condos, townhomes and coops have increased by 3.8% this March. This is the 85th month in a row for home price increases. 

Home sales for the month of March were down slightly from February, but this is mostly due to the substantial increase seen from January to February. 

Lawrence Yun, NAR’s chief economist, anticipated waning in the numbers for March. “It is not surprising to see a retreat after a powerful surge in sales in the prior month. Still, current sales activity is underperforming in relation to the strength in the jobs markets. The impact of lower mortgage rates has not yet been fully realized.”

Inventory levels were increasing as of the end of March showing a 2.4% gain over March of last year. Available properties for sale was at a 3.9 month supply at the current pace which is higher than both February as well as March of last year. 

“Further increases in inventory are highly desirable to keep home prices in check,” says Yun. “The sustained steady gains in home sales can occur when home price appreciation grows at roughly the same pace as wage growth.”

In terms of days on market, homes had remained on the market for an average of 36 days for the month of March which was down from 44 days in February yet higher than 30 days last year at this same time. Approximately 47% of the properties sold in March were on the market for less than one month. 

When breaking down the market it shows that the lower end of the market is still the hotter segment. Yun had speculated that tax policy changes could have swayed the activity of the higher end of the market due to limits on tax deductions. 

Loan interest rates still remain at all time lows with the commitments decreasing to an average of 4.27% in March for a 30 year fixed mortgage. 

Upcoming Sotheby's Auction House Events

Posted May 3rd, 2019

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Important Watches - May 12th - Geneva

With a focus on the very best of what vintage and modern horology has to offer, Geneva Important Watches sale will present an amazing collection of the world’s most renowned manufacturers. Selections will include brands such as Rolex, Audemars Piguet, Patek Philippe and Cartier. 

Magnificent Jewels and Noble Jewels - May 14th - Geneva

Geneva’s Noble Jewels event boasts a variety of fancy and colorless diamonds of impeccable quality. A spectacular collection of jewels, by some of the world’s most renowned jewellery houses such as Cartier, Van Cleef & Arpels, Janesich, JAR and Bulgari feature alongside unique period jewels of noble provenance, including a breathtaking tiara attributed to Fabergé from the collection of her Imperial and Royal Highness Cecilie the German Crown Princess and Crown Princess of Prussia, Duchess of Mecklenburgschwerin.

American Art - May 21st - New York

Sotheby's American Art sale taking place on 21 May will showcase an exceptional group of paintings, sculpture and stunning works on paper. Featured among the highlights is Edward Hopper’s Shakespeare at Dusk, an evocative depiction of the Central Park Mall at twilight that belongs to the artist’s celebrated series of New York cityscapes. Also on display is Maxfield Parrish’s Study for ‘Old King Cole,' the first of two studies created in preparation for Parrish’s iconic mural located at The St. Regis Hotel off Fifth Avenue on 55th Street in New York.
 

The Latest on 9 New Boston Area Developments

Posted April 16th, 2019

The City of Boston’s skyline continues to be full of cranes as there is construction for new projects all over. Last year in 2018 the Boston Planning and Development Agency (BPDA) had approved almost $7 billion in new development making it a “groundbreaking” year. 

Jonathan Greeley of the BPDA has stated, “What we find exciting is that for years and years in Boston a lot of the construction activity was kind of limited to core downtown areas,” he said. “And one of the things that’s been a real transition in recent years is that development activity has spread out across the city, which means that more and more of the city is starting to see more of the benefits of new development. Everything from new housing, new office, new retail — so that’s something that we’re generally really excited about.”

Here are nine projects that will be beginning, continuing or soon to be completed this year.

Winthrop Square, Downtown
This is on deck to be the 4th tallest building in Boston standing at 691 feet tall. Construction is on track to begin this year and be comprised of office space. The sale of the existing property to Millennium Partners will generate over $150 million for Boston to be allocated primarily for affordable housing and parks. 

Fenway Center. Fenway
This is going to be a multi-phase development made up of 4 buildings and a parking garage. The $500 million dollar project is situated near Fenway Park and will extend over the Mass. Pike with approximately 500 residential units. 

The Beat, Dorchester
Located at the former Boston Globe site, this is soon to be an “urban innovation campus.” The developers have laid out plans to repurpose the almost 700,000 square foot building into space that will accommodate office, technology, life science, fitness center, food hall and retail space. 

Exchange South End, South End
Four buildings at 540 Albany Street will soon house 1.6 million square feet of office, lab and biomedical use at the former location of the Flower Exchange near Route 93. 

Back Bay/South End Gateway, BB/SE line
This development will be 1.26 million square feet of mixed use space that will rise above and next to Back Bay Station. Plans proposed include office space, ground floor retail, two residential buildings and an expansion of Back Bay Station. 

Dot Block, Dorchester
Originally plans called for a mixed-use development and were approved a couple of years ago, but new management has taken over the project since. Now plans include existing parking lots and abandoned buildings converted into 487 units, a park, and roughly 37,000 square feet of retail space in Glover’s Corner.

Hood Park, Charlestown
This tri-phased development is situated along Rutherford Avenue in Charlestown. While some sections are under construction, others are still in the permitting process. Once home to the Hood dairy company, plans now include roughly 1.7 million square feet of development with 11 buildings for commercial, retail, residential and hotel use.

One Dalton, Back Bay
Boston’s third tallest tower is on schedule to complete this year. The 61-story building will boast luxury condos and a hotel component. Part of the plan also includes the funding of 28 affordable housing units in Roxbury. 

The Hub on Causeway, Downtown
This development is essentially an overhaul at the site of the old Boston Garden. The first phase includes a redesigned “front door” to the sports arena portion. The second and third phases include a tower of 440 residential units, a hotel with 269 rooms and a 650,000 square foot office building. It is said that Verizon is to be one of the tenants once complete in 2021.

Upcoming Sotheby's Auction House Events

Posted April 5th, 2019

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Hermes Handbags. April 10th. 

This April’s Hermès Handbags event boasts 25 extraordinary examples of the finest craftsmanship from luxury retailer Hermès. Led by a stunning amethyst porosus crocodile Birkin, the auction features a hand-picked collection of the brand’s iconic Birkin and Kelly bags in a variety of sizes and colors. The handbags will be on display in our London galleries between 22 – 25 March and 5 - 9th April with the live auction held at Sotheby’s New Bond Street on 10 April at 2pm.

Modern and Contemporary Art. April 11th. Milan

Showcasing the very best of cross-disciplinary Italian art, Arte Contemporanea offers the perfect chance to collect works by some of the century’s most sought-after artists. Coinciding with the Salone del Mobile and Miart in Milan, this event will present a noteworthy range of important artworks spanning the pre and post-war period through to the very cutting edge of Contemporary Art today.

Watches. April 16th. London

Sotheby’s is pleased to announce its forthcoming London Watches sale in April. With a focus on quality, the event will include both important modern and vintage pieces. The auction is comprised of exceptional watches, such as a very rare Rolex 3525 that belonged to a member of the SAS regiment, many Daytonas including a 6262 Paul Newman with original Guarantee, to name but a few.
 

Home Sales Slightly Dip Except for Northeast

Posted March 15th, 2019

Home sales experienced a slight dip as we started the new year according to a recent report released by the National Association of Realtors. However, of the 4 major markets across the United States, it was only the Northeast that saw an increase in sales activity. 

Total existing home sales include completed transactions of single family homes, townhouses, condominiums and co-op property types. For the month of January, there was a minor decrease by only 1.2% from the month before in December overall. 

Lawrence Yun, NAR’s chief economist, says last month’s home sales of 4.94 million were the lowest since November 2015, but that he does not expect the numbers to decline further going forward. “Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”

Home prices had inched up in January by 2.8% over last year at this same time. This marks the 83rd consecutive month for year over year gains in home prices. 

Yun stated that the median home price growth is among the slowest since February 2012, and warns that the stats do not yet tell the full story for the month of January. “Lower mortgage rates from December 2018 had little impact on January sales, however, the lower rates will inevitably lead to more home sales.”

Housing inventory had actually increased by the end of January which is important to note. The increase in activity shows that the market is headed back to normal movement after the holiday slowdown. Additionally, inventory levels were higher this year in January over last January at 1.59 million verses 1.53 million. Properties stayed on the market for an average of 49 days in January which was up from 46 in December with 38% of the homes sold during the month being on the market for less than 1 month. 
 

Upcoming Sotheby's Auction House Events

Posted March 8th, 2019

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

Brilliant Burgundy & More from the Magnificent Cellar of Marcus D. Hiles. March 9th - New York

Sotheby’s is pleased to present the 2019 wine auctions in New York with a two-part auction both live and also online. This sale is dedicated to the exceptional wines and spirits from the magnificent cellar of Marcus D. Hiles – the Texas-based property developer and philanthropist.

Gathered over the course of several decades, Mr. Hiles’ significant, meticulously stored collection exemplifies his impeccable tastes, charting the high points of Burgundy, Champagne, Bordeaux, Italy and California, with an equally impressive selection of spirits and Madeiras.

Jewels Online. March 8th - 15th - Milan

Sotheby’s is excited to start the spring shopping season with Jewels Online from March 8th to the 15th, featuring a range of fantastic jewels. Our carefully curated sale offers a variety of items including compacts, cufflinks and jewellery dating back to the 19th century through to contemporary works from artists such as Balbo, Facchini, Arnaldo Pomodoro and the Compression of Cèsar and more Italians as Consagra, Genovese or Germano as well as pieces from the renowned jewellery houses of Bulgari, Cartier and Chopard.

Modern and Contemporary South Asian Art. March 18th - New York

The Modern and Contemporary South Asian Art event is highlighted by an exciting array of art by some of the most noteworthy and avant-garde artists from India, including a rare 1948 painting, Golgotha in Goa by Francis Newton Souza, several early Maqbool Fida Husain paintings from his Japan and Banaras series and iconic pieces by Jagdish Swaminathan, Sayed Haider Raza and Ram Kumar. This auction also boasts a diverse collection from the Bengal School of Art. A curated segment of works by both modern and contemporary Pakistani artists will also be presented, including Sadequain, Shahzia Sikander, Imran Qureshi and Huma Bhabha.
 

Many U.S. Real Estate Markets See Readjustment

Posted February 8th, 2019

The National Association of Realtors (NAR) has recently released a report that after a few consistent months of increases, existing home sales experienced a dip during the month of December. All of the 4 major real estate market regions across the United States showed a decline which may be mortgage rate related or could be considered normal as things often slowdown for the holidays.

Total existing home sales for properties including single families, condos and townhomes has slipped by 6.4% in December which is 10.3% lower than that of the year before. Lawrence Yun, NAR chief economist shared that this activity may be due to an increase in interest rates during 2018. 

“The housing market is obviously very sensitive to mortgage rates. Softer sales in December reflected consumer search processes and contract signing activity in previous months when mortgage rates were higher than today. Now, with mortgage rates lower, some revival in home sales is expected going into spring.”

Regarding prices, the median existing home price for the month of December was up by 2.9% which is a ongoing gain for 82 months. Inventory levels were only a little bit down from the month prior, but were higher than last year at this time. Properties were on the market for 46 days on average in December which was up from 40 from the month before. 

“Several consecutive months of rising inventory is a positive development for consumers and could lead to slower home price appreciation,” says Yun. “But there is still a lack of adequate inventory on the lower-priced points and too many in upper-priced points.”

With the holidays at the year’s end and with the government shutdown many markets may have experienced a continued slowdown as we enter the new year. However, with spring market being right around the corner, we will soon see just how much things will increase as they often do in many areas for this big selling season. 
 

Upcoming Sotheby's Auction Events

Posted February 4th, 2019

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon this month.

RM Sotheby’s. February 6th - Paris

RM Sotheby's begins the 2019 European calendar in spectacular fashion with A RETURN TO PARIS, on February 6th for its sixth annual sale during the world-famous Rétromobile show week. 

Taking place at the historic Place Vauban in the city's centre, the picturesque grounds offer the perfect setting to present the finest sports, racing, and touring cars from both pre- and post-war periods.

Highlights from Erotic. Passion & Desire Online. February 5th - 12th - London

Complementing the success of the last two years, this February’s Erotic: Passion & Desire event will be offered online only and feature a superb range of paintings, photographs, film posters, books, drawings and more, representing the finest in eroticism from around the world.

Inspired from as far back as Greek mythology through to the modern day male and female forms, this sale comprises books and artworks from the 18th century, Impressionist and Contemporary pictures by artists including Salvador Dali and Keith Haring, as well as a strong section of photographic works by David Bailey and Chris Cheetham.

Now! Online. February 18th - 27th - Paris

The NOW! sale will gather an eclectic selection of approximately 150 paintings, sculptures, photographs and design pieces from the 1930s through today, sold exclusively online. 

Seasoned collectors looking to add interesting pieces to their collections, and first time buyers looking to enhance their homes will have the opportunity to acquire some fantastic pieces by recognised names, as well as cutting-edge art from exciting emerging artists.

Works by Olivier Debré, Hans Hartung, Seydou Keita, Charlotte Perriand, Jean Prouvé or Antoni Tàpies among others, will be exhibited in our Parisian galleries.
 

Home Affordability Reaches All Time Low

Posted January 11th, 2019

As we kick off 2019 there has been a lot speculation of what this year has in store for the real estate market. During the last quarter of 2018 there was much talk of a shift in the market with price increases slowing, more properties available on the market and fewer buyers retreating to the sidelines. However, this doesn’t mean that buyers have been having an easier time just yet. 

According to a recent report from ATTOM Data Solutions, home affordability has reached its lowest level in a decade during Q4 of last year. The data firm had identified affordability of homes in 469 counties and reviewed the percentage of income that would be needed to buy a median priced home. 

"Home affordability is getting worse nationwide," says Daren Blomquist, senior vice president at ATTOM. But buyers shouldn't lose hope. "We're going to hit an affordability tipping point in 2019, where it becomes more affordable to buy. Buyers will have more inventory to choose from and they will be running against fewer multiple-offer situations."

Areas Affordability is Getting Harder
Buying a home during the 4th quarter of 2018 became more difficult in 42% of the counties that were examined in this report as compared to that of Q3. These regions included some coastal communities in California as well as the Phoenix and Las Vegas areas. 

"The coastal California markets are still highly unaffordable ... because there is still a limited supply of homes and a lot of demand," Blomquist says. So they're less likely to be affected by a broader housing slowdown. "Those types of markets are going to operate a little bit outside of reality."

Areas Affordability is Getting Easier
Although it was becoming increasingly more challenging to buy a home in many areas, there were some locations that showed conditions becoming more favorable. These counties include areas around Chicago, IL, Houston, TX, San Diego and Los Angeles CA and Miami FL. 

"The rate of home price appreciation is slowing down in these markets. It's slowed down enough where it's actually on par with wage growth," says Blomquist. "It means for buyers there's hope to get into homeownership."

Contact me today to discuss the real estate market specifics in your area. 
 

Upcoming Sotheby's Auction House Events

Posted January 4th, 2019

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon as we kick off the new year.

January 18th - A Collecting Legacy: Property from the Collection of Nelson & Happy Rockefeller 

Starting off by 16 pieces from the celebrated Meissen “Swan” service and important Chinese export ceramics, a noteworthy collection of the couple’s furniture and decorative arts will be offered on January 18, 2019. Also featured will be silver, Americana, books and manuscripts, 

Japanese art and prints, and modern and contemporary art will be showcased while providing an intimate glimpse into how the couple lived with these timeless objects. Americana week symposium celebrating the collections for Anne H. & Frederick Vogel III, Nelson & Happy Rockefeller, and David Teiger

January 17th - RM Sotheby's: Arizona - Phoenix

Beginning the collector car auction season on a strong note, RM Sotheby's returns to the gorgeous grounds of the Arizona Biltmore Resort and Spa in Phoenix, January 17th and 18th, for its 20th Annual Arizona Sale. Set to continue the company's amazing track record in Phoenix, showcasing more than 100 blue-chip automobiles from the world's most iconic marques. Carefully curated by RM Sotheby's international team of specialists, the catalogue will cross the spectrum of the market, from pre-war classics and contemporary supercars through noteworthy sports and racing cars.

January 19th - Finest and Rarest Wines Featuring a Historic Collection of Penfolds - Hong Kong

Sotheby’s Hong Kong 2019 wine auction series starts with Finest and Rarest Wines with a historic collection of penfolds on January 19th. Featuring first-time-in-auction a full vertical of Penfolds Grange Magnums from their first 1979 vintage to 2014 and historic Penfolds wines dated back to 1950s. In addition to over 120 lots of DRC, over 60 lots of other Burgundian gems from Armand Rousseau, Leroy and Henri Jayer will be showcased. Whisky highlights include three sets of The Macallan Exceptional Single Cask 2017 Releases with 9 bottles per set direct from the distillery and The Yamazaki 50 Years 2007 Release. 

Existing Home Sales Show an Increase

Posted December 14th, 2018

A report from the National Association of Realtors was recently shared that stated existing home sales have increased this fall for the first time in many months. An increase in activity was seen in three out of the four major areas across the United States. 

Existing home sales of single families, condominiums, co-ops and townhomes had grown by 1.4% this October to an amount of 5.22 million. Sales are still 5.1% below what they were at this time last year, but the increase for the month has been a positive sign for the market. 

Lawrence Yun, NAR’s chief economist, says increasing housing inventory has brought more buyers to the market. “After six consecutive months of decline, buyers are finally stepping back into the housing market,” he said. “Gains in the Northeast, South and West – a reversal from last month’s steep decline or plateau in all regions – helped overall sales activity rise for the first time since March 2018.”

The median existing home price for all property types has still continued to grow now for the 80th consecutive month with home prices up 3.8% over that of this time in 2017. 

Inventory levels had decreased by the end of the month, but they were higher than this time last year. This has brought unsold inventory to a 4.4 month’s supply which is an increase from 3.9 months from last year at this time. 

In the mortgage rate front, Freddie Mac has shared that the average commitment rate for a 30 year fixed rate mortgage is at 4.83% which is higher than 4.63% from just recently in September. 

“As more inventory enters the market and we head into the winter season, home price growth has begun to slow more meaningfully,” said Yun. “This allows for much more manageable, less frenzied buying conditions.”

Gibson Sotheby's International Realty is Pleased to Represent the St. Regis Residences

Posted December 5th, 2018

Gibson Sotheby's International Realty is excited to announce its exclusive agreement to provide marketing and sales services for the St. Regis Residences in Boston. Cronin Development has selected the firm to represent the sales and marketing for the soon to be built tower in the fast emerging Seaport neighborhood at the site of where the Whiskey Priest restaurant and bar is located at 150 Seaport Boulevard.

The tower will boast 114 residences that will span over floors 5 through 21 with an entire floor designated to building amenities located on the 4th floor. This development will not feature a hotel component, yet all employees including Doorman, Concierge and Butler will all be St. Regis employees. 

This will be the first St. Regis brand luxury condominium building that will feature unobstructed water views and layouts will vary with over 60 different floor pans to choose from. Ceiling height will be a generous 9 or 10 feet dependant on floor level. Bamo Interior Design Company has also been selected for design consult with a breakdown of unit mix as follows:

15 One Bedrooms
17 One Plus Bedrooms
19 Two Bedrooms
37 Two Plus Bedrooms
8 Three Bedrooms
12 Three Plus Bedrooms
1 Four Bedroom
4 Four Plus Bedrooms
1 Six Plus Bedroom

Additional restrictions will apply to protect residents for flipping units and renting them out. These include things like units must be owned for 1 year before selling along with 1 rental allowed per unit for every 24 months.  

Parking will be included with the residences and located in the below ground garage. The garage will also follow the Walsh Administration’s 2030 plan for rising tides and water plans. Completion for the building is slated for late 2020.

For more information including pricing and availability, please feel free to contact me. 
 

These Tips Make Downsizing Your Home Easier as a Senior

Posted November 28th, 2018

As retirement approaches, many seniors decide to spend less time maintaining a larger home and more time enjoying the benefits of a smaller residence. Downsizing is the process of replacing your existing home with one better suited to your current lifestyle. Seniors downsize for many reasons: some may want to spend more time enjoying family instead of doing chores and maintenance, while others wish to reduce the expenses associated with larger homes.

If you're ready to downsize, the first step is to consider your goals. What type of lifestyle do you want? In Boston, this could mean moving into a luxury high-rise overlooking the water, or it could mean finding the ideal senior living community. Your agent works closely with you to help you understand your options, sell your home and buy your next property.

Seniors, Start Here: Selling Your Current Home

As a senior, making the decision to sell a home that you've lived in for years can be difficult, but the benefits of downsizing often outweigh the unnecessary cost and time investment inherent in a larger home.

Though the housing market here is slowing down, demand is still quite competitive. Your team works with you to determine what the proper pricing is for your home by using a competitive market analysis to identify what homes are selling for in your community. For many seniors, this means learning not only what your home is worth but also what you’ll have to invest in your next property.

Assessing the Local Market – Is Now the Time to Sell?

Many seniors face the challenge of knowing when to sell. Should you wait another year? Perhaps your home is in an up-and-coming community. A key goal for any real estate team is to help you determine what the local real estate market conditions are in that neighborhood. This can give you insight into

learning if selling your home now makes sense. For example, seniors within a family-oriented community are likely to see selling in the spring through fall as the best option.

Buying a New Home: Seniors – You Have Options

What is your next home like? There are many options to consider in Boston, which makes it relatively easy to find a home that's suitable to your needs in a location that supports your lifestyle. Downsizing doesn’t have to be about replacing a large home with a small one; sometimes it's about ease of ownership.

For example, for many seniors, luxury high-rise buildings has become a popular option due to their location and can provide helpful amenities such as full concierge services. Some also offer on-site pools and physical therapy, which means you don’t have to go far to stay active. In the winter weather, something Massachusetts is well-known for, this is a significant benefit to most seniors.

Boston is also a hub for world-class hospitals and doctor's offices. If you have frequent medical appointments, it would be convenient to live within a short distance. Discuss the places that you often visit with your agent so that you can narrow down potential locations to search.

Assessing Your Needs Is Important

Every senior’s needs are different. For some, it’s important to consider space to allow for guests and grandchildren to spend time, while many are simply ready to live around people of similar age so they can focus on social activities during their retirement years. For others, health and mobility concerns matter most, and many decide that they need assistance to be able to continue to live with independence. Boston and its surrounding area is home to many assisted living facilities that can help provide just that.

A downsizing senior has a lot to think about and plan for when it comes to buying a home in Boston. However, with some help, it can be an exceptional opportunity to move to your next phase of life with outstanding amenities and fewer obligations.

What's Hot for Kitchen Designs in 2019

Posted November 9th, 2018

According to a recent report from HomeAdvisor’s Smart Home Strategist, homeowners had focused renovation efforts on bathrooms this year, but for 2019 they are moving their attention on to kitchens. The goal is to add value to the home while making an environment to foster wellness and reduce stress.

According to Home Advisor’s Home Expert, Dan DiClerico, “Wellness is going to be a huge theme for 2019. Many people are living longer, healthier lives, and they’re looking to the kitchen to support those efforts.”

DiClerico says that homeowners are going to primarily achieve this goal by doing a few things. They will purchase appliances to make their lives easier for cooking healthy like blenders and steam cookers. They will also create physical changes by adding large windows or glass sliding doors to bring the outdoors inside. Finally, earthy tones including blues and greens will be used to provide a sense of calm. 

For anyone looking to implement some of these design ideas, you don’t have to necessarily do a full renovation. Here are some more details on the emerging trends. 

Appliances - In 2019 we will see more popularity for appliances that promote healthy eating. People are using steam cookers to avoid using butter and oils as they reduce their fat and calorie intake. Blenders are also becoming more sought after with the ease of making healthy smoothies and soups. Manufacturers are already ahead of this curve by introducing more appliances in their line to cater to these needs. 

Sliding Glass - For years there has been a focus on kitchens being made open to living areas, but a shift is being seen with kitchens now open to the outdoors. Adding glass doors that lead to outdoor space will extend your living space while bringing in more natural light to your interior. 

Column Refrigerators - Column refrigerators have been becoming more popular where you can pair any size refrigerator with any size freezer column. This lets homeowners maximize their food storage based on their individual needs. 

Calming Colors - DiClerico has shared that although white kitchens are not a thing of the past, blues and greens are slowly gaining popularity. Cabinetry has been seen in these colors and manufacturers of appliances are also introducing these colors into their lines as well. 

Technology - Popular technology includes household items that are voice activated. For example, controlling your blinds or lights with voice activation makes creating a comfortable mood extremely simple to achieve. The right light will add a calming atmosphere and can also make your food look more appetizing. 

What to Avoid - While they are not completely gone yet - marble, granite and stainless steel are losing their edge in the market. Homeowners are now using quartz and black stainless steel which are easier to keep clean and maintain. 
 

Upcoming Sotheby's Auction Events

Posted November 2nd, 2018

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon.

November 12 - Highlights from Photographs Online - Paris

Sotheby’s is pleased to promote Photographs Online, the sought after auction for both new and established collectors to acquire accessibly priced works from €800. The sale features a collection of works by contemporary photographers such as Thomas Ruff, Ryan McGinley and Nobuyoski Araki in addition to classic photographers such as Mario Giacomelli, Lee Friedlander and Robert Mapplethorpe. Bidding will be open from November 2nd-12th, 2018 with highlights on display in the Paris office during Paris Photo week 3, November 3rd through 5th.

November 5 - 16 - Hermès Handbags & Accessories Online - Online

Hermès Handbags and Accessories Online, sourced from a private collection, will be open for bidding exclusively online from November 5th through the 16th. The exquisite collection, accumulated over the course of a lifetime, includes handbags, jewellery, scarves and more.  Some of the highlights include a selection of limited edition Birkin and Kelly bags, offered in an array of colours and styles.

November 12-21 - Contemporary Curated Online

In addition to our Contemporary Curated sale on November 20th, the Sotheby’s Auction House will present an online event on the following day which assembles an exciting group of artists. Featured works by Kazuo Shiraga, Jeff Koons, Olafur Eliasson and Michelangelo Pistoletto will all be on display.

Pending Home Sales Dip 1.8%

Posted October 12th, 2018

According to a recent report from the National Association of Realtors, pending home sales have declined again for the 8th consecutive month. The Pending Home Sales Index, which is based on home contract signings, has displayed a 1.8% decline for the month of August. 

Lawrence Yun, NAR chief economist, says that low inventory continues to contribute to the housing market slowdown. “Pending home sales continued a slow drip downward, with the fourth month over month decline in the past five months,” he said. “Contract signings also fell backward again last month, as declines in the West negatively impacted overall activity,” he said. “The greatest decline occurred in the West region where prices have shot up significantly, which clearly indicates that affordability is hindering buyers and those affordability issues come from lack of inventory, particularly in moderate price points.”

Recently, a third quarter report issued from Housing Opportunities and Market Experience (HOME) said a record breaking amount of Americans feel that now is a good time to sell their homes. This is up significantly where only half of those surveyed a couple of years ago thought it was an ideal time to sell. That figure has grown to approximately three quarters now. 

Yun had suggested that with prices having been on the rise so quickly some sellers were waiting to sell. However, nowadays with buyers starting to pull out of the market, sellers will now begin to list their homes feeling that they should capitalize on the larger buyer pool before it decreases too much. 

On the mortgage front, Yun states that while rates may be rising it should not lead to a hard decline. “We have two opposing factors affecting the market: the negative impact of rising mortgage rates and the positive impact of continued job creation. This should lead to future homes sales staying fairly neutral,” said Yun. “As long as there is job growth, rising mortgage rates will hinder some buyers; but job creation means second or third incomes being added to households which gives consumers the financial confidence to go out and make a home purchase.”

Yun forecasts existing home sales to decline by 1.6% with a median home price to increase by 4.8% for 2018. For next year he predicts that existing sales will rise by 2% with home prices rising around 3.5%. 

Upcoming Sotheby's Auction House Events

Posted October 5th, 2018

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon.

October 11th - RM Auctions - Hershey 
If you love chocolate from Hershey's Chocolate World or watching classic motor cars drive up to the auction block, RM Auctions' HERSHEY SALE is not one to be missed. Be sure to check out the world-renowned AACA Eastern Division Fall Meet, a true enthusiast's affair that brings together collectors and hobbyists from all over for the largest swap meet in the United States. Then, venture over to the historic Hershey Lodge, the setting for RM Sotheby's annual Hershey sale, where enthusiasts come to witness veteran, Brass Era, and CCCA Classic cars cross the auction stage and set unprecedented sell-through rates.

October 16th - Design - London
On October 16th Sotheby’s will have its annual Design sale in London and will display the very best in Post-war to Contemporary design. View key works from Brazil, Scandinavia, Italy and beyond with highlights including a rare and important ‘Sirena’ vase by Fulvio Bianconi, a private collection of works by Gabriella Crespi, a rare pair of ‘Madame’ chairs by Axel Einar Hjorth, and  a unique ‘Enignum X’ table by Joseph Walsh.

October 19th - The Midas Touch - Online
The metal that has been sought after for centuries, gold has compelled explorers, built empires and destroyed dynasties from Rome to the Amazon. It has captivated authors and artists both old and new for its unique material and cultural properties. A marker of wealth but also faith, a mythological but also practical material, gold has prevailed where other fashions come and go. Taking collectors on a journey through the great civilisations of the world, The Midas Touch pits artists next to artisans, sculptures next to sacred objects, contemporary painting next to centuries old texts on goldsmithing, to present an unrivalled tale of nature’s most coveted creation.

Upcoming Sotheby's Auction House Events

Posted September 14th, 2018

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon.

September 9-18 - Diamonds - Online
This exciting auction celebrates the Chinese tradition of numerology, particularly the highly auspicious number 8. As a nod to the once-in-a-lifetime date of 8-8-2018, Sotheby’s presents this sale of 8 lots of exceptional loose diamonds specifically chosen for their combination of outstanding quality and fortuitous carat weights featuring the number 8. 

Dating back to Chinese antiquity, there is a vast heritage of divining meaning from numbers and 8 is revered as the luckiest, most prosperous number of all. The number’s physical form, two perfectly balanced, seamlessly connected loops, is the universal symbol for infinity, making these diamonds perfectly suited for tokens of love and commitment such as engagement rings.

September 11-21 - Yellow Ball: The Frank and Lorna Dunphy Collection - Online
Sotheby’s is pleased to celebrate one of the most extraordinary art world collaborations of our times: that of Damien Hirst and his business manager, Frank Dunphy. Yellow Ball: The Frank and Lorna Dunphy Collection - a two-section exhibition and sale of over 200 pieces that charts the iconoclastic 1990s art scene of which Frank and Lorna Dunphy were at the very heart.

The sale is comprised of iconic prints and drawings by Hirst that perfectly illustrate Damien and Frank’s legendary relationship. Scattered throughout the sale are many pieces by the YBAs that are emblematic of 90s London, such as a Marlboro cigarette packet that has been made into a cat for Frank by Tracey Emin, a unique work on paper by Rachel Whiteread and a typically playful Gary Hume sculpture.

September 12th - Important Chinese Art - New York
Important Chinese Art includes over 280 lots of fine Chinese ceramics and art. Features include a rare Tang dynasty sancai-glazed pottery seated court lady, a large Qianlong mark and period famille-rose ‘landscape’ vase, a rare Jiaqing seal mark and period famille-rose ‘peach’ vase from an important American private collection. Other highlights include a rare and impressive late Shang dynasty bronze zun from a Japanese private collection, Qing dynasty porcelain and works of art from the Junkunc Collection, imperial Qing dynasty porcelain from the Estate of Aron and Elizabeth Landauer, and items from the Berkshire Museum in Massachusetts.
 

Home Sales Experience Decline by 0.7%

Posted September 7th, 2018

The National Association of Realtors has recently shared that existing home sales have decreased for the 4th month in a row. This sales pace has been the slowest in the last two years where it was only the country’s West region that had shown a slight increase. During the month of July home sales dipped by 0.7% which brought them 1.5% below a year ago.

Lawrence Yun, NAR chief economist, says the continuous solid gains in home prices have now steadily reduced demand. “Led by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million,” he said. “Too many would-be buyers are either being priced out, or are deciding to postpone their search until more homes in their price range come onto the market.”

Available housing inventory had decreased by the end of the month of July by 0.5% which was in line with last year’s numbers. Homes were on the market for an average of 27 days which was up from 26 in June, but down from 30 days as seen last year. Fifty five percent of the homes that were sold in July were on the market for less than one month.

“Listings continue to go under contract in under month, which highlights the feedback from Realtors® that buyers are swiftly snatching up moderately-priced properties,” said Yun. “Existing supply is still not at a healthy level, and new home construction is not keeping up to meet demand.”

Mortgage rates have seen some marginal change as of late. According to Freddie Mac, the average mortgage commitment rate for a 30 year conventional loan had slightly decreased for the month of July to 4.53% from 4.57% from the month prior. 

On a regional level, sales in the Northeast decreased by 8.3%, the Midwest dropped by 1.6%, the South by 0.4% but the West saw an increase of 4.4%. 

Upcoming Sotheby's Auction House Events

Posted August 10th, 2018

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon.

August 10th - Original Film Posters - Online

Original Film Posters returns online with an impressive variety of titles featuring Cinématographe Lumière, the inaugural poster designed for the first public viewing of a film in 1896. 

The sale includes a strong James Bond section as well as sci-fi giants including Star Wars, Forbidden Planet and King Kong. The collection is on view in our London galleries during the month of August.

August 30 to September 2nd - RM Auctions - Auburn

A Labor Day weekend recurring event for enthusiasts from all over for over 45 years, RM Auctions’ Auburn Fall Sale comes to the historic Auburn Auction Park in Indiana, August 30th to September 2nd. Whether you are combing the Swap Meet for that elusive part or locating the car of your dreams in the Car Corral, you’ll soon understand why Auburn is a great place to buy, sell, and enjoy all things automotive. RM Auctions’ Auburn Fall event is an oasis for passionate motorheads, and it supplies the perfect environment in which you can buy, sell, and trade with confidence.

September 5th to 13th - Old Master Copies - Online

Sotheby’s is excited to announce that they are now accepting consignments for the second edition of the online-only Old Master Copies auction, which will be open for bidding this coming Autumn from September 5th to 13th. The sale will highlight a range of paintings by accomplished followers and students of some of the greatest old master painters. 

With ideal price points and works that display diverse talent from across Europe, Sotheby’s is sure the auction will continue to build upon the success it achieved from last year. 

870 Residential Units Approved for Boston

Posted August 7th, 2018

Four new developments have recently been approved by the Boston Planning & Development Agency (BPDA) at a recent July meeting. These developments will create close to 400 jobs and will result in 870 residential units with 190 of them being affordable. Here is a closer look at the projects that have been approved.

217 Albany Street, South End
This project will be a 14 story residential building featuring apartments of a smaller size with efficient layouts that share hotel-style amenities. These include a common kitchen and lounge, meeting spaces, fitness facilities, rooftop space and housekeeping services. A total of 250 units with 327 leased bedrooms within 197 studios called “microunits,” 35 two bedroom units, 12 three bedroom units and six four bedroom units. Each unit has its own kitchen, bathroom and living area. These units will come “move in ready” with furniture, Wi-Fi and television connections. Parking will not be offered for these residents although options are available nearby.

200-204 Old Colony Ave, South Boston
This development will be a 6-story mixed-use building with 49 rental units with 8 being affordable. Thirty one parking spaces along with bicycle storage will also be included. The breakdown of units include 7 studios, 2 one bedrooms and 16 two bedrooms. 

Shawmut Ave/Washington block, South End
Three new buildings are slated for the Shawmut/Washington block. This will be a joint effort between the developer along with the Chinese Consolidated Benevolent Association of New England (CCBA) and the Boston Evangelical Church (BCEC). One building will be 13 stories with 139 residential units, a 3 level garage with 110 spaces and landscape improvements. The second building will boast a 12 story building that will house 84 residential units on the upper floors as well as a gym, offices, classrooms, meeting space for religious education and two religious sanctuaries with 1,130 people. The third building will offer 313 residential units with underground garage parking. Commercial, cultural, retail and community space will also be included.

Orient Heights Redevelopment, East Boston
Phase One has already been completed this past spring and now Phase Two will offer 88 residential units spread over a mid-rise building and townhouses. There will be community space offered in the mid-rise building along with open space and 76 parking spaces. 

Sotheby's Auction House Events

Posted July 13th, 2018

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon.

July 13th - 20th - Contemporary Art: New York

Sotheby’s is pleased to announce the Contemporary Art Online auction, which will include works by Jonas Wood, George Condo, Amy Sillman, Richard Hambleton, Andy Warhol and Alexander Calder. Bidding will begin from 13-20 July 2018. All of the lots will appear on 13 July for bidding.

July 24th - 31st - Contemporary Art: London

This summer’s auction Contemporary Art Online compiles a selection of influential names and new upcoming artists. Exciting works by German artists Heinz Mack and Imi Knoebel are highlighted along with outstanding pieces by George Condo and Wolfgang Tillmans.

August 24th & 25th - RM Sotheby’s: Monterey

Each August the collector car world meets the Monterey Peninsula for the ultimate celebration of the hobby. For over 30 years, RM SOTHEBY’S MONTEREY SALE has been the pinnacle of the collector car auction and is known for its presentation and oftentimes record-setting results. 

Along with all the auction highlights, Monterey Car Week is filled with many other hobby events including historic racing, festivals and concours, which transform the area into a car lover’s oasis. The week peaks with the prestigious Pebble Beach Concours d’Elegance, where RM Sotheby’s own restoration team has won six Best of Show honors.
 

Pending Home Sales Experience Slight Dip

Posted July 6th, 2018

As we are upon the middle of the year, the real estate market has been maintaining a consistent trend of strong demand along with the challenges of lower inventory. As a result, pending home sales have been steadily decreasing by only a slight amount due to the lack of homes available for sale according to the National Association of Realtors. 

Lawrence Yun, NAR chief economist, says this year’s spring buying season will go down as one of unmet expectations. “Pending home sales underperformed once again in May, declining for the second straight month and coming in at the second lowest level over the past year,” he said. “Realtors® in most of the country continue to describe their markets as highly competitive and fast moving, but without enough new and existing inventory for sale, activity has essentially stalled.”

It has been shared that the spring’s activity has been really just a supply issue and not one of weakening buyer demand. If that were the issue then price increases would have been showing a slowdown and we would see homes sitting on the market for a longer period of time. 

“With the cost of buying a home getting more expensive, it’s clear the summer months will be a true test for the housing market. One encouraging sign has been the increase in new home construction to a 10-year high,” added Yun. “Several would-be buyers this spring were kept out of the market because of supply and affordability constraints. The healthy economy and job market should keep many of them actively looking to buy, and any rise in inventory would certainly help them find a home.”

The predicted forecast for existing home sales for the year 2018 is now expected to decrease by 0.4% from last year. The median home price is expected to increase by 5%. 
 

Sotheby's Auction House Events

Posted June 19th, 2018

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon.

June 22nd - The Attic Sale: Offered With no Reserve: London
Featuring English and Continental Furniture, 19th-Century and exquisite Old Master Paintings, rare Sculpture and Antiquities, The Attic Sale will be open for bidding between 22-29 June. Viewings are available in London by appointment only. Click here for more information.

July 2-16th - Watches Online
The July auction of Watches Online will be open for bidding from 2 – 16 July and features a broad range of wristwatches with something to offer for all watch enthusiasts.

This event provides the perfect opportunity for collectors to acquire timepieces to complement an existing collection or foster the start of a new hobby or passion. Sotheby’s is now accepting consignments. For a complimentary and confidential valuation, please contact one of our specialists. Visit Sothebys.com for more information. 

July 3rd - Medieval and Renaissance Manuscripts and Continental and Russian Books
The sale of Medieval and Renaissance Manuscripts and Continental and Russian Books features the Breviary of Marie (1344-1404), Duchess of Bar, daughter of Bonne of Luxembourg and King John II (the Good) of France, personalised for her with several full-page layouts of portraits and her coat of arms. 

John Chrysostom’s Homilies on the Gospel of Matthew which was written in Greek in Constantinople during the late 9th century, presents another amazing highlight. The Continental books section features numerous incunabula and some fine Italian bindings, together with a leaf from a blockbook Apocalypse. 

There is a complete set of the monumental Russian heraldic work produced in the early nineteenth century, Obshchii gerbovnik dvoryanskikh rodov Vserossiiskiya Imperii, in addition to an illuminated manuscript produced in the 1930s by Granduchess Victoria Federovna. Click here for more information.
 

Midyear Market Report

Posted June 1st, 2018

As we reach the middle of 2018, the economy has been remaining strong with wage growth and an improving job market. These positive factors are anticipated to fuel home sales and boost prices yet the lower supply and affordability challenges may stagger the actual rate of increase. 

Chief economist of the National Association of Realtors (NAR), Lawrence Yun, has recently presented his midyear forecast sharing that despite these challenges he feels that an increase in home sales still lies ahead perhaps finishing out 2018 with an overall increase of 1.8% over last year.

“Overall fundamentals remain solid, driven by a growing economy and steady job creation, which will sustain home sales in 2018 slightly above last year’s pace,” said Yun. “The worsening housing shortage means home prices are primed to rise further this year too, hindering affordability conditions for homebuyers in markets across the country.”

The sheer void of inventory is the major factor limiting sales from being higher. Although home sales have risen since the start of the year, it will be tough for them to increase greatly without more supply to meet demand. By comparison to a year ago, inventory by the end of March of this year was 7.2% lower according to NAR. The trend of supply has been diminishing continuously for the past 5 years and is currently at a 3.6 month supply. On top of the tight levels, it is anticipated that mortgage rates will also inch up over the next year posing further affordability challenges. 

“Challenging affordability conditions have prevented a meaningful rise in the homeownership rate after having fallen to a 50-year low a few years ago,” said Yun. “To increase homeownership, more home construction is needed, which could be boosted by delivering regulatory relief to community banks, removing the lumber tariff, re-examining stringent zoning laws and training more workers for the construction industry.”

Sotheby's Auction House Events

Posted May 11th, 2018

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon.

May 17th -Impressionist & Modern Art Evening Sale: New York
Sotheby’s Impressionist and Modern Art Evening Sale displays a collection of paintings, works on paper and sculptures by artists from the late nineteenth and early twentieth centuries. Heading the sale is Amedeo Modigliani’s Nu couché, a piece from his 1917 production and the largest canvas the artist ever created.

Claude Monet’sMatinée sur la Seine captures Monet’s mastery of effects in its display of dawn breaking over the water by his home at Giverny, while a 1932 canvas of Pablo Picasso’s sleeping muse, Marie-Thérèse Walter.

May 15th -Magnificent Jewels and Noble Jewels: Geneva
The Sotheby’s Magnificent Jewels and Noble Jewels auction hosted in Geneva on 15 May will include a variety of signed jewels from famous designers and jewelry makers, together with precious stones and exquisite antique jewelry.

A historic Fancy Dark Grey-Blue diamond weighing 6.16 carats, given by the Philippines to Elisabeth Farnese, the Queen of Spain, by marriage to King Philip V, will be up for sale with other exceptional jewels.

May 16th -Important Chinese Art: London
The Important Chinese Art sale in May features a strong collection of imperial porcelain, headlined by a magnificent blue and white moonflask of the Qianlong period. Exceptional vessels from the Song dynasty are also shown, such as a highly-attractive splashed Jun bubble bowl, along with a carefully curated collection of works of art, gilt-bronze figures and paintings.
 

Market Update: Home Sales Have Increased by 1.1%

Posted May 4th, 2018

Home sales have continued to grow this year with an increase of 1.1% in March across the country per the National Association of Realtors. The positive growth is still below last year’s numbers as inventory challenges have made more sales difficult. 

Total home sales of single-families, townhomes and condos has increased by 1.1% to 5.6 million in March from 5.54 in February. Lawrence Yun, NAR chief economist, says closings in March eked forward despite challenging market conditions in most of the country. "Robust gains last month in the Northeast and Midwest – a reversal from the weather-impacted declines seen in February – helped overall sales activity rise to its strongest pace since last November at 5.72 million," said Yun. "The unwelcoming news is that while the healthy economy is generating sustained interest in buying a home this spring, sales are lagging year ago levels because supply is woefully low and home prices keep climbing above what some would-be buyers can afford."

The median home price for all types of housing stock in March was $250,400 which was up by 5.8% from last year at the same time. This has marked the 73rd consecutive month for year-over-year increases. "Although the strong job market and recent tax cuts are boosting the incomes of many households, speedy price growth is squeezing overall affordability in several markets – especially those out West," said Yun.

Total housing inventory has increased 5.7% by the end of March but is still 7.2% lower than one a year ago. This is the 34th consecutive month for diminishing housing stock which is now at a 3.6 months supply. 

According to Freddie Mac mortgage rates are now averaging at 4.44 percent for a 30 year conventional fixed rate. The average commitment for all of 2017 was slightly lower at 3.99%. 

Average days on the market for homes for sale was typically 30 days in March which was down from February at 37 and also from 34 from last year. Fifty percent of the homes that were sold in March were on the market for less than one month. 

"Realtors® throughout the country are seeing the seasonal ramp-up in buyer demand this spring but without the commensurate increase in new listings coming onto the market," said Yun. "As a result, competition is swift and homes are going under contract in roughly a month, which is four days faster than last year and a remarkable 17 days faster than March 2016."

Market Update: Home Sales Have Increased by 3%

Posted April 12th, 2018

The National Association of Realtors has recently shared that regardless of the slim inventory levels and rising prices, existing home sales have bounced back with sizable increases across the country. The number of existing home sales for single family properties, townhomes, condos and coops grew by 3.0% to 5.54 million in February from January. After this increase sales are 1.1% higher than a year ago. 

Lawrence Yun, NAR chief economist, says sales were uneven across the country in February but did increase nicely overall. “A big jump in existing sales in the South and West last month helped the housing market recover from a two-month sales slump,” he said. “The very healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018. However, even as seasonal inventory gains helped boost sales last month, home prices – especially in the West – shot up considerably. Affordability continues to be a pressing issue because new and existing housing supply is still severely subpar.”

Added Yun, “The unseasonably cold weather to start the year muted pending sales in the Northeast and Midwest in January and ultimately led to their sales retreat last month. Looking ahead, several markets in the Northeast will likely see even more temporary disruptions from the large winter storms that have occurred in March.”

Median prices for all types of housing for February was up by 5.9% from the same time last year. This is the 72nd month in a row to experience year over year increases. Inventory by February’s end had also risen by 4.6% with 1.59 million homes for sale, but this is still 8.1% lower than one year ago. This marks the 33rd month in a row where inventory has been decreasing. Unsold inventory is at a 3.4 month supply at the existing sales pace which is lower than the 3.8 months from last year at the same time.

Mortgage rates have been slowly inching up with the average commitment rate for a 30 year fixed-rate at 4.33 % during the month of February which is up from 4.03% in January. The average for all of the year 2017 was at 3.99%. 

Properties remained on the market for an average of 37 days in the month of February which was down from January at 41 days. This is lower than the average of 45 days from a year ago at this time. 

“Mortgage rates are at their highest level in nearly four years, at a time when home prices are still climbing at double the pace of wage growth,” said Yun. “Homes for sale are going under contract a week faster than a year ago, which is quite remarkable given weakening affordability conditions and extremely tight supply. To fully satisfy demand, most markets right now need a substantial increase in new listings.”
 

Sotheby's Auction House Events

Posted April 6th, 2018

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon.

April 10th - Photographs from the Collection of Leland Hirsch: New York
Sotheby’s is pleased to present A Beautiful Life: Photographs from the Collection of Leland Hirsch. Assembled over the course of nearly 20 years, the Hirsch collection tells the story of some of the greatest photographers of the 20th and 21st centuries. A pioneer in the creative development of beauty products, a true authority on hair color, visionary thought-leader and industry innovator, Hirsch has defined both his career and art collection by the search for “what should be that is not.” 

The works that comprise the Hirsch collection, including Surrealist portraits by Man Ray; fashion photographs by Richard Avedon and Irving Penn; portraits by Diane Arbus; and unique works by Peter Beard reflect a sophisticated vision respecting life’s beautiful contradictions. 

In addition to the sale in New York, two travelling exhibitions will be held in Los Angeles and San Francisco.

Sotheby's Los Angeles
Monday, 19 March, by appointment
Tuesday, 20 March, 10:00 AM – 5:00 PM

Sotheby's San Francisco
Friday, 23 March, 9:00 AM – 4:00 PM

April 17th - Highlights from Fine Timepieces: London
Sotheby’s announces the first of its 2018 Fine Timepieces sales on April 17th following the success of the 2017 seasons, the sale will focus on the most prestigious manufacturers and present a variety of both modern and vintage pieces. With a regard for accessibility Sotheby’s will strive to feature exquisite watches of all price points which will compliment an existing collection or make for a very exciting place to start.

April 18th - Finest and Rarest Wines: London
The premier collection in the April sale is full of glorious Bordeaux in every state of maturity and expression. Rarities including Lafite 1918 and Mouton Rothschild 1928 are celebrating their 100th and 90th anniversaries this year, while legendary Lafite 1945 and Cheval Blanc 1947 will appeal to any serious collector and connoisseur. An impressive selection of 1961s, including Latour and La Mission Haut Brion in magnum and a remarkable run of Petrus spanning 1952 to 2010, are sure to inspire bidding.

Additional vintages are well represented, with an array of Left and Right Bank 1982s, 1989s, 1996s, 2000s and 2005s. Collectables from Burgundy, Rhône and Champagne include Romanée-Conti 2001, Rayas 1990 and Krug Clos du Mesnil 1982 while the discrete quantity of Italian, Californian and Australian gems should not be overlooked.
 

Sotheby's Auction House Events

Posted March 16th, 2018

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent. 

Here is a look at some of the premier Auction House Events that are scheduled soon.

March 16th - Watches: Online
Sotheby’s is excited to announce their Watches Online auction. Bidding will be open from 16 – 27 March 2018. Pieces will be presented from all different makers and styles. Highlights and details can be viewed clicking the link above as specifics are released. 

March 19th - Modern & Contemporary South Asian Art: New York
The Modern and Contemporary South Asian Art auction will boast masterworks from the 19th, 20th and 21st centuries. Important and avant-garde artists from India and the subcontinent will be featured, including an exceptional painting of the Apsara Tilottama by Raja Ravi Varma, a monumental semi-abstracted landscape by Sayed Haider Raza from 1980 as well as several important works by Maqbool Fida Husain, Francis Newton Souza and Ganesh Pyne. 

Additionally featured are two Bikash Bhattacharjee works from the collection of one of his earliest patrons, Helen and Herb Gordon, the American Consul General to Calcutta in the late 1960s. This sale will also boast an exciting and diverse selection of modern and contemporary photography of India, including Margaret Bourke-White’s Mahatma Gandhi, The Spinner, identified by Time Magazine’s as one of the “100 most influential images of all time.” 

March 20th - Fine Jewels: London
The London Fine Jewels sale includes a variety of jewels from the 18th through to the 21st centuries. Featured in the sale are pieces from Cartier, Van Cleef & Arpels, Boucheron, as well as Bulgari and Oscar Heyman. The diverse mix includes an unusual giardenetto brooch by Bulgari from the 1970s, depicting flowering cherry blossom (Sakura), emblematic of Spring and renewal, and a ring by Oscar Heyman set with a beautiful mosaic of sapphires.
 

Boston Harbor Garage Development Update

Posted March 6th, 2018

The Boston Planning and Development Agency has filed plans with Massachusetts that would continue the workings of one of the largest and longest battles in Boston -- the redevelopment of the Boston Harbor Garage. The Chiofaro Company has owned the structure located at 270 Atlantic Avenue since the year 2007. Plans for redeveloping the 1,380 parking space building have been in the works for most of that time.

Proposed plans for the space have included a complex with two towers housing both condos as well as a hotel and ice rink as part of year-round open space. Another plan was for a single tower with a mix of office space and condos.

The latest is now the BPDA is stating that they would allow Chiofaro to erect a tower as high as 600 feet in exchange for a few things. These include creating a fund worth up to $30 million to be alloted to the Aquarium for any disruptions as well as to set aside parking for them. They would also need to contribute towards a Blueway extension of the Kennedy Greenway. Finally, the open public space would need to be a significant part of the development plans.

If agreement is reached, the plans would call for the tallest building ever to be built along the Boston Harbor. This would also continue the current trend that we see in the city of parking garages and structures being converted into buildings. The temperature on the situation is seeming as Chiofaro is amenable to the stipulations put forth in the deal by the BPDA.

With all of these concessions being presented and agreed upon still may not trigger the development to move forward just yet. The state of Massachusetts could still take another few months to review the overall BPDA plan. Next it would be another round of permitting on a local and state level. Chiofaro also has not finalized their designs to propose as well. Nearby neighboring residents have also expressed some opposition to the plan so time will tell if the project will move forward anytime in the near future.

Developments Move Forward in South Boston and East Boston

Posted February 9th, 2018

More development is on the horizon for the City of Boston. Specifically, three more residential projects representing nearly $60 million of investment in the city will soon be bringing more units to both South Boston and East Boston. These projects were approved in January of this year as part of Mayor Walsh’s goal of creating 53,000 new units of housing by 2030 that cater to lower income, moderate income, senior housing and overall housing. Here is a closer look at these 3 developments.

187-211 Condor Street - East Boston

This development will be 21 new homes with 3 affordable units with a breakdown of three 1 bedroom units and nine 2 bedrooms. The proposed construction will be two four-story buildings that altogether include the 21 residential units and 22 off-street parking spaces. Additionally, the development will make financial contributions to the Boys & Girls Club, Piers Park Sailing Center and the Veronica Robles Cultural Center.

20 West Fifth Street - South Boston

20 West Fifth is slated to be a 6-story building of nearly 80,000 square feet. This building will include 54 residential units, a mix of one and two bedrooms, and 2,184 square feet of common room space. There will also be a first floor parking garage with 41 spaces. The neighborhood community will also benefit from 54 bike storage units and expanded sidewalks on West Broadway just outside of Broadway Station.

248 Dorchester Ave - South Boston

Finally, 248 Dorchester Ave has plans for a 159 room hotel with 15,000 to 20,000 square feet of hospitality amenities to serve the neighborhood. These include a restaurant, lounge, event space, outdoor deck and parking for 60 vehicles. There will be 5 main levels over the ground lobby with two additional floors on top for things including outdoor seating, restaurant, swimming pool/fitness and banquet space. The project will also enhance pedestrian amenities and will attract local residents guests and visitors within a short walk from the Broadway T Station.

Upcoming Sotheby's Auction House Events

Posted February 5th, 2018

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent.

Here is a look at some of the premier Auction House Events that are scheduled soon.

February 7th - RM Sotheby’s: Paris

RM Sotheby's begins its 2018 European schedule in spectacular fashion with a return to Paris, 7 February, for its 5th annual sale during the world-famous Rétromobile show week. Taking place at the historic Place Vauban in the city’s centre, the picturesque grounds offer the perfect setting to present the finest sports, racing, and touring cars from the pre- and post-war periods.

February 19th - Jewels Online Part III: London

Treat the one you love with a magnificent piece of jewellery from the online-only auction Jewels Online, open for bidding from February 9th to 19th. Choose from an exquisite bracelet, an elegant pair of cufflinks or the perfect diamond ring. Don’t miss the chance to give something truly unique and special.

February 15th - Passion and Desire: London

Artists have always been drawn to the human form. These artworks remain one of the top subjects of art history while identifying the socio-political developments of our many cultures – both old and new. Perhaps no more so than today does the portrayal of the naked body drench our society. Displayed through painting, sculpture, drawings, photography, books, design and more, Erotic: Passion and Desire will tour the viewer through the centuries to explore the exceptional works of art that focus on this genre.

Pre-Columbian sculpture will be brought together with Picasso works on paper; masters of photography from Man Ray to Mapplethorpe will be set off against 19th-century marbles and antique reliefs; in turn creating juxtapositions that will cater to collectors' understanding of this topic.

2017 Finishes With Strong Real Estate Sales Pace

Posted January 15th

As the year 2017 came to its close, the real estate market had not displayed a slow down with regards to sales pace. In fact, existing home sales for November in particular had reached their strongest pace in almost 11 years. The total existing home sales are defined as sales of single-family homes, townhomes, condos and co-ops. These sales increased by 5.6% for the month of November which brought sales 3.8% higher than the previous year and to their highest pace since December of 2006.

Lawrence Yun, NAR chief economist, states that home sales in most of the country expanded at a tremendous clip in November. “Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end,” he said. “As evidenced by a subdued level of first-time buyers and increased share of cash buyers, move-up buyers with considerable down payments and those with cash made up a bulk of the sales activity (in November). The odds of closing on a home are much better at the upper end of the market, where inventory conditions continue to be markedly better.”

While the sales pace increased, some other trends remained constant. The median price for all housing types was up by 5.8% which marked the 69th consecutive month for year over year gains. Housing supply also told a typical story with tight and limited number of available homes for sale at 9.7% lower than the year prior. Available housing was showing a 3.4 month supply versus last year’s at 4.0 months.

Activity by Region

• The Northeast saw a surge in existing home sales with an increase of 6.7% for the month of November. The median price had also risen over that of 2016 by 4%.
• The Midwest also surged significantly by 8.4% and was 6.8% higher than 2016. Median price had also shown a surge of 8.8% over 2016.
• The South’s home sales jumped by 8.3% and were 4% higher than 2016. The median price was 4.8% higher than in 2016.
• The West was the only region that had a slight decline with sales down by 2.3% yet still 2.5% higher than in 2016. The median price was also up and by 8.2% over November of 2016.

As we look down the road into 2018, all-time low rates may play their part on market conditions if they increase. “The anticipated rise in mortgage rates (in 2018) could further cut into affordability if these staggeringly low supply levels persist,” said Yun. “Price appreciation is too fast in a lot of markets right now. The increase in homebuilder optimism must translate to significantly more new construction in 2018 to help ease these acute inventory shortages.”

Upcoming Sotheby's Auctions

Posted January 11th

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent.

Here is a look at some of the premier Auction House Events that are scheduled soon.

January 5th - 22nd: Contemporary Objects Online

Sotheby’s is pleased to share Maker + Place Presents: Contemporary Objects Online. As a retail and design studio located in Aspen, Colorado, Maker + Place highlights designers who elevate the everyday with contemporary objects rooted in deep narratives and superior craftsmanship. This Sotheby’s collection displays attractive price points, with most property having no reserve, and the work of today’s most important and newest makers.

January 17th: Important Printed and Manuscript Americana including Cartography: New York

Following the January 2017 sale of Alexander Hamilton: An Important Family Archive of Letters & Manuscripts, the Books and Manuscripts Department is once again joining our colleagues in participating in American Week. The sale is heavily weighted in significant color-plate books and views, atlases, and maps—including a private collection of maps of the American West.

January 17th: Of Royal and Noble Descent: London

This year’s event of the Of Royal and Noble Descent will present amazing heirlooms from aristocratic international families as well as objects related to noble and historical figures; from a replica set of the British Crown Jewels – ordered on the occasion of Queen Elizabeth’s Coronation, to a set of twenty-four Berlin (K.P.M.) porcelain plates painted with scenes from Goethe's Faust, as well as pieces of exceptional Furniture, Paintings and Decorative Arts.

Within the event, a Princely Collection inspired by “Nelson, Trafalgar and the British Maritime Tradition” presents a collection of historic pieces related to the great Vice-Admiral Horatio Nelson, 1st Viscount Nelson and Duke of Bronté, including a large fragment of the flag flown from HMS Victory, a portrait of Emma Hamilton as Sybil by Gavin Hamilton, and John Wilson Carmichael’s  “The Opening Engagement at Trafalgar”.

40 Trinity Place to Break Ground in 2018

Posted December 21st

The developer behind 40 Trinity Place in Boston’s Back Bay is now scheduling to officially break ground this coming year in 2018. The Trinity Place LLC development is slated to replace the 8 story Boston Common Hotel and Conference Center with a project of a much larger size and scope. Proposed plans include a 31-story, 393 foot tower with 146 condos that will sit above 154 hotel rooms.

The development would also extend into the area that currently is home to the University Club which would be street level restaurant space. The newly built structure would also include a two-story lobby that would be located on the 15th floor. Parking would be provided by nearby  garages in the area.

When the 2018 start date come to fruition, this will mean that it will be the end of many years of planning and review for the project. There had been some opposition that was presented by neighbors with concerns about wind and natural light. The scope for the development was originally larger with more building height and more hotel rooms. Previous plans included 220 hotel rooms and 33 floors that would make up the building’s profile. With this original plan the lobby would have been found on the 18th floor which has now been moved to the 15th floor.

The revisions in the final plan also included an increase in the number of condos. Previously there were going to be 31 condos on the top floors. Now that number has been revised to a total of 146. Negotiations for affordable units have also been changed in the plan. The site had called for 17 units to be  affordable. This number has significantly increased to 39 units although they are now going to be located off location. 

The plans for the glass tower next to the Hancock have seemed to be scaled back to accommodate the neighborhood’s concerns while still within the developer’s wishes.

Upcoming Sotheby's Auction House Events: December 2017

Posted December 14th

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent.

Here is a look at some of the premier Auction House Events that are scheduled soon.

December 19 - An American Dynasty in Europe: Collections from Eleanor Post Close and Antal de Bekessy: Paris

Eleanor Post Close (1909-2006) and her son Antal Post de Bekessy (1943-2015) are descendents from an elegant American aristocratic dynasty that changed the food industry at the end of the 19th century and that was pioneered by the amazing businesswoman, philanthropist and society leader, Marjorie Merriweather Post (1887-1973).  Mrs. Post was the leader behind the transformation of the Postum Cereal Company, which was bequeathed to her from her father at the outset of the 20th century, into the extraordinarily successful General Foods Company which made her the wealthiest woman in America during that time.

December 20 - Important Judaica: New York

The Important Judaica displays a selection of rare medieval Hebrew manuscripts and printed books. Features include an Illuminated Medieval Hebrew Bible from Spain (3,500,0000–5,000,000 USD), a 13th-century micrographic Hebrew Bible from France (400,000–600,000 USD) and a previously unknown copy of the first edition of the German-Rite Daily Prayer Book accompanied by a unicum Haggadah, printed in Venice, 1519–20 (250,000–350,000 USD).

This sale will also include splendid textiles and a selection of ritual silver and metalwork with the most notable being a group of rare 18th-century silver book bindings, including examples from Rome, Venice, Hamburg and Altona, from the estate of Jack Lunzer, Custodian of the Valmadonna Trust Library. The paintings collection is distinguished by a magnificent oil of Moses on Mount Sinai by Jean-Léon Gérôme (100,000–150,000 USD) and additional works from Arthur Szyk, currently the subject of an exhibition at the New York Historical Society.

December 20 - Israeli & International Art: New York

A carefully curated selection of works from Israel’s most important artists leads this sale, with important pieces from Mordecai Ardon, Reuven Rubin, Avigdor Arikha, Yaacov Agam, Yosl Bergner, Lea Nikel, Chana Orloff, and Mané-Katz, as well as works from current contemporary artists. Features include pieces from the collection of Yehuda Assia with one of the most important paintings by Ardon ever to come to auction, Sinai 1967.

Home Sales up by 0.7% for Fall

Posted November 28th

After a summer of a decreasing number of sales, the fall has shown to have reversed the path of slowing sales. Despite the shortage of supply seen nearly everywhere and the recent hurricanes which have caused their challenges in certain regions, a typical increase in activity for fall has been seen.

The total existing home sales are defined as sold transactions of townhomes, single-family homes, condominiums and coops and have risen by 0.7% to an adjusted annual rate of 5.39 million for the month of September. This was up from 5.35 million in August yet the sales pace is 1.5% below that of last year’s.

Lawrence Yun, National Association of Realtors chief economist, has shared “Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country,” he said. “Realtors® this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings – especially at the lower end of the market – and fast-rising prices that are straining the budgets of prospective buyers.”

Added Yun, “Sales activity likely would have been somewhat stronger if not for the fact that parts of Texas and South Florida – hit by Hurricanes Harvey and Irma – saw temporary, but notable declines.”

The median existing home price for every type of housing was $245,100 for the month of September. This was an increase of 4.2% over last year at the same time. This was the 67th consecutive month for gains.

Housing inventory has increased by 1.6% to 1.9 million available for sale in September for fall market, yet this is still 6.4% lower than 2016. “A continuation of last month's alleviating price growth, which was the slowest since last December (4.5 percent), would improve affordability conditions and be good news for the would-be buyers who have been held back by higher prices this year,” said Yun.

Nearly two-thirds of today’s renters think that now is a good time to buy, yet increasing prices and limited inventory is making it difficult for this segment to reach the market. 

Upcoming Auction House Events

Posted November 9th

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent.

Here is a look at some of the premier Auction House Events that are scheduled soon.

November 20 - Highlights from the World of Jean Stein: Online

Sotheby’s will be featuring the works of renowned journalist and oral historian, Jean Stein. Many of the works in “The World of Jean Stein” event have come from artists directly or via her friend Walter Hopps. Walter was her link to Andy Warhol which led Jean to realizing her first best seller “Edie: American Girl.” This was the life and times of Edie Sedgwick.

November 20 - Highlights from Modern and Contemporary Art: Online

This sale will boast an interesting selection of Italian art with works by Melotti, Fontano and Boetti as well as pieces by Balkenhol and Grosz. Roman Pop Art will also be featured including work by Cesare Tacchi. There will be a dedicated Tacchi exhibit next February as well in Rome.

November 12 - Important Watches: Geneva

This exhibit will be held in Mandarin Oriental, Geneva and will feature a wide range of both vintage and modern pieces. Manufacturers include Patek Philippe, Rolex, Audemars Piguet and Cacheron Constantin. This event will cater to the watch aficionado who seeks to build their collection or inspire a new passion.

November 13 - American Art: New York

This collection will be led by Norman Rockwell’s Shuffleton’s Barbershop which he created for the cover of The Saturday Evening Post in 1950. Other pieces include paintings from Georgia O’Keefe, Milton Avery’s Sunset Sea as well as many other examples of Western artists including Oscar Berninghaus, Maynard Dixon and Ernest Blumenschein.

2017 Real Estate Sales Dip from Limited Housing Stock

Posted October 17th

The close of the summer real estate market had showed a continued slower pace for a few consecutive months in a row. The primary reason for a slowdown in pending sales is due to challenges of limited housing stock available for purchase across the United States. Recently natural disasters including both hurricane Harvey and Irma also added further dips in the pace that had been forecasted for 2017 according to the National Association of Realtors. 

The National Association of Realtors’ pending home sales index has retreated by 2.6% to 106.3 in August from 109.1 in July. This is also 2.6% lower than year ago and the lowest since January of 2016.

Lawrence Yun, NAR chief economist, says this summer’s terribly low supply levels have officially drained all of the housing market’s momentum over the past year. “August was another month of declining contract activity because of the one-two punch of limited listings and home prices rising far above incomes,” he said. “Demand continues to overwhelm supply in most of the country, and as a result, many would-be buyers from earlier in the year are still in the market for a home, while others have perhaps decided to temporarily postpone their search.”

The United States real estate market does not expect to have a significant boost in inventory to help boost sales. Complications for improvement include both hurricanes Harvey and Irma which will likely provide a temporary pause in activity for the southern regions affected by these storms.

The adjusted forecast for existing home sales for 2017 is now predicted to be around 5.44 million which is only 0.2% lower than the pace we saw in 2016. Meanwhile, sales prices are expected to rise by 6% for this year.

“The supply and affordability headwinds would have likely held sales growth just a tad above last year, but coupled with the temporary effects from Hurricanes Harvey and Irma, sales in 2017 now appear will fall slightly below last year,” said Yun. “The good news is that nearly all of the missed closings for the remainder of the year will likely show up in 2018, with existing sales forecast to rise 6.9 percent.”

Upcoming Sotheby's Auction House Events

Posted October 9th

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent.

Here is a look at some of the premier Auction House Events that are scheduled soon.

October 12th -  Important Jewels and Jadeite -  Hong Kong

This will be a kaleidoscope of jewels curated for the year-end Important Jewels and Jadeite sale. Highlights shall include diamond, onyx and ruby ‘Panthère’ necklace by Cartier and a fine 8.31carat Fancy Vivid Yellow diamond, alongside a collection of treasured diamonds and gems, complemented by a whimsical selection of signed pieces by famous brands.

October 13th - Fine Timepieces - Hong Kong

For the discerning watch collector, in mid-October, Fine timepieces auction is thrilled to present a selection of Cartier Tank watches to celebrate the 100th anniversary of the Tank Collection. Sotheby’s is excited to feature two single owner collections which consist of modern sports wristwatches from Rolex to Omega, and other fine brands.

October 23rd - Prints and Multiples - New York

October 23rd and 24th, Prints & Multiples will offer a large selection of works from the 20th century. Highlights include projects such as Richard Diebenkorn’s monumental etching Green and The Lonely One, Edvard Munch’s haunting mezzotint of a woman’s back as she gazes into the distance and Andy Warhol’s beloved Campbell’s Soup cans. Pablo Picasso’s tendency towards the self-referential is on display in the drypoint of first wife, the Russian ballerina Olga Khokhlova, and in the 1934 aquatint of the Blind Minotaur. Many highlights are from private collections, most notably prints from Catherine Woodard and Nelson Blitz, Jr.

For more information on these events or the Sotheby’s Auction House, visit Sothebys.com

Upcoming Developments in the Seaport District

Posted September 23rd

When it comes to developments, there is certainly no shortage of them in Boston’s Seaport District. The area of South Boston that lines the harbor and borders the Financial District is one of the newest emerging neighborhoods to become a hot spot. Here is a closer look at the top developments that are either underway or recently approved.

Pier 4 - Developer, Tishman Speyer has recently launched sales for the 106 unit condo portion of the Pier 4 development complex. Units range from 1 to 4 bedrooms, all which include their own outdoor space. Additionally, the complex will boast a 13 story, 353000 SF office building with roughly 40,000 SF of retail and restaurant space.

121 Seaport Blvd - Perhaps one of the more interesting looking buildings will be the elliptical design for Skanska USA’s 121 Seaport. The building will be a 17 story, 400,000 SF tower including a three story lobby that will overlook Boston Harbor. Estimated completion is slated for early 2018.

150 Seaport Blvd - Last summer The Boston Planning & Development Agency signed off on plans to replace both Whiskey Priest and the Atlantic Beer Garden with a glass tower. This development will include 22 floors with 124 condos, 10,700 SF of retail space as well as underground parking. Earlier this year the plans were put on hold for reasons that the tower could limit the public’s access to the waterfront due to a density plan restriction.

Echelon Seaport - Cottonwood Mgmt of Los Angeles has broken ground this summer this three building development. The project includes 733 apartments and condos with 448 of the condos spread over two towers. The third tower will include 285 apartments with all buildings reaching as high as 21 floors. A landscaped plaza open to the public with 125,000 SF of retail and restaurant will also be included. Several hundred parking spaces complete the offerings.

399 Congress Street - Earlier this summer Crescent Heights Development had started construction on this 22 story apartment complex with 414 units. The location had historically had other plans with another developer, but due to the odd shape of the parcel combined with the recent economic downturn, plans had fizzled.

Omni Hotel Seaport - This spring the Mass Port Authority had approved plans for a hotel at the corner of D and Summer Streets. The site is to have 1,054 rooms as well as a 25,000 SF ballroom and potential skating rink above street level. Other features include 120,000 SF of meeting space, 40,000 SF of retail and restaurant space and 8,500 SF of space for a spa and fitness center all spread over two 20 story towers. Estimated completion is set for 2021.

Marine Wharf Hotel - Approved late last year, Marine Wharf Hotel will be a 15 story building comprised of two inns - a 245 room Hampton Inn and a 166 room Homewood Suites. There will be 19,300 SF of amenities including a fitness center, indoor pool and restaurant. Additionally, there will be 3,500 SF of ground floor retail.

Reebok Headquarters - This fall Reebok plans to move into its soon to be completed headquarters at 25 Drydock Avenue. There will be 220,000 SF spread over five floors with natural light and open space creating the new space now known as the Innovation and Design Building.

88 Black Falcon Avenue - Boston - based developer, The Davis Cos. has recently acquired the leasehold for the office building at this location that Massport owns. Plans for significant upgrades to the facilities are soon to be begun with the building having a marine industrial purpose. 

Upcoming Sotheby's Auction House Events

Posted September 14th

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also an unparalleled relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent.

Here is a look at some of the premier Auction House Events that are scheduled soon.

September 19th - Fine Timepieces including George Daniels Masterpieces, London

An extraordinary September sale of fine pieces including some of the greatest watchmaker of the late 20th and early 21st century, Dr. George Daniels. A rarity to have four pieces by this British watchmaker making for a momentous occasion. A highlight includes the iconic Space Traveller’s watch. This piece features an independant double-wheel escapement and solar and sidereal time indication. A wide selection of other premier and vintage pieces will be presented by manufacturers including Patek Philippe, Rolex, A. Lange & Sohne and Cartier just to name a few.

September 20th - Prints & Multiples, London

This event will present notable pieces from over 500 years of printmaking. Kicking off the event will be pieces of Old Master printmaking by select artists such as Durer and Rembrandt. Continuing will be pieces from modern masters such as Picasso, Kirchner, Chagall as well as iconic Pop and Contemporary artists like Warhol, Lichtenstein and Bacon.

September 20th - Christian Dior, Bijoux de Mode: Fashion Jewellery Online

Sotheby’s Paris is pleased to announce its first online only sale, dedicated to Dior’s costume jewellery on the 70th anniversary of Christian Dior. Popular for self expression and eccentricity, costume jewellery is loved by many. The majority of pieces presented by Dior will be from the Galiano period. Inspiration for the pieces comes from Victorian England to Maasai Africa.

For more information on these events or the Sotheby’s Auction House, visit Sothebys.com

Home Staging Decreases Time on Market

Posted August 21st

According to a recent survey from the National Association of Realtors, 62% of sellers’ agents believe that staging a property decreases the number of days a home will be actively on the market.

"Realtors® know how important it is for buyers to be able to picture themselves living in a home and, according to NAR's most recent report, staging a home makes that process much easier for potential buyers," said NAR President William E. Brown, a Realtor® from Alamo, California and founder of Investment Properties. "While all real estate is local, and many factors play into what a home is worth and how much buyers are will to pay for it, staging can be the extra step sellers take to help sell their home more quickly and for a higher dollar value."

The report indicated that almost two-thirds of sellers’ agents felt staging decreased time on the market, with 39% stating it greatly decreases the time and 23% stating it only slightly decreases. Sixteen percent believe it either greatly or slightly increases the time on the market while 8% felt it has no impact.

Regarding the buyer audience, 77% of buyers’ agents report that staging a home makes it a lot easier to visualize living in the property, and 40% are more prone to visit a home they first saw staged online. Meanwhile, 38% of buyers’ agents feel that staging can add value only if decorated according to the buyer’s taste. Therefore the decor should be neutral enough to appeal to the greatest audience possible.

Realtors that represent both buyers and sellers all agree that the living room is most important to have staged. This is followed by the master bedroom, kitchen and then any outdoor space. The guest room ranks of least importance on the list.

The majority of buyers’ agents felt that staging increases a home’s dollar value between 1 and 10%. Only 1% of buyer agents think that staging can have a negative effect on price. Seller agents believe that staging can add anywhere from 1 to 15% in home value with no agents feeling it has a negative impact on price.

The reports of how many agents recommend staging and at what time they stage ranged across the board from before listing on the market to only when a home proves difficult to sell. However, almost all agents recommend decluttering the home combined with a thorough cleaning and tending to obvious items in need of repair. 

Upcoming Sotheby's Auctions

Posted August 14th

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also an unparalleled relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent.

Here is a look at some of the premier Auction House Events that are scheduled soon.

August 29 - September 11, Original Film Posters Online

Soon to premier will be the inaugural online auction of Original Film Posters Online. The event will run from August 29 thru September 11th with the physical exhibit on view at the New Bond Street galleries from August 2nd. Features include large scale posters of King Kong (1933) and Breakfast at Tiffany’s (1961) as well as other smaller formats of The Wizard of Oz (1939) and Batman (1966). Read more.

September 1 - September 15, Shake It Up Online

Photographs of the Mario Testino Collection will present an exploration of key themes in contemporary photography from some of the most highly regarded artists of this genre. Works from Vanessa Beecroft, Olafur Eliasson, Nan Goldin, Florian Maier-Aichen, Serrano and Wolfgang Tillmans are just a few of the leading artists that will be featured. Read more.

September 6, London

RM Sotheby’s annual London event is one of the most popular sales for the European collector car calendar for the past decade. The event features cars from prominent collectors with a diverse selection from Edwardians to modern day supercars. Arriving early is recommended to partake in a day out at the Concours of Elegance, partnered with RM Sotheby’s. Read more.

Homeowners Agree That Now is a Good Time to Sell

Posted July 21

According to the Housing Opportunities and Market Experience quarterly survey from the National Association of Realtors, a growing number of homeowners agree that now is a good time to sell. During Q2 71% of homeowners polled felt it was a good time to sell which was up from 69% in Q1 and last year’s 61%. Meanwhile, fewer renters on the other hand feel that now is a good time to buy a home.

“There are just not enough homeowners deciding to sell because they’re either content where they are, holding off until they build more equity, or hesitant seeing as it will be difficult to find an affordable home to buy,” NAR Chief Economist Lawrence Yun said. “As a result, inventory conditions have worsened and are restricting sales from breaking out while contributing to price appreciation that remains far above income growth.”

“Perhaps this notable uptick in seller confidence will translate to more added inventory later this year,” Yun said. “Low housing turnover is one of the roots of the ongoing supply and affordability problems plaguing many markets.”

Renters are having a less optimistic outlook on the sales market as competition has been increasingly more difficult. The report showed 52% of renters think now is a good time to buy which is down from 56% in Q1 or 62% last year.

Optimism about buying property as renters as well as the overall confidence in the economy have both slightly dipped per the survey. The amount of Americans who think the economy was improving had a slight decrease as well in Q2 from Q1 of this year.

“It should come as little surprise that the confidence reading among renters has fallen every month since January, 64.8, and currently sits at its lowest level, 53.8, since tracking began in March 2015, 65.7,” Yun said. “Paying more in rent each year and seeing home prices outpace their incomes is discouraging, and it’s unfortunately pushing home ownership further away, especially for those living in expensive metro areas on the East and West Coast.”

Ultimately there have been many sales transactions this year regardless. With homeowners increasingly feeling that now is a good time to sell this could lead to more available homes for buyers and help restore confidence in the market. 

Home Sales to Increase 3.5% this Year

Posted June 17th

The National Association of Realtors has recently released that single family homes are projected to have their best year of sales since 2006. The driving factors behind this include increased employment and an improving consumer confidence. While sales have a positive forecast, affordability and continued low levels of inventory look to be continued challenges for this year.

Chief Economist for NAR, Lawrence Yun, shared that Q1 of 2017 was the best sales pace for existing homes in the past ten years. He anticipates that the pace will continue through this year with 5.62 million sales which is the best since 2006 and an increase of 3.5% over last year.

However, first time buyers still have their hurdles with limited housing and rising prices.

“We have been under the 50-year average of single-family housing starts for 10 years now,” Yun said. “Limited lots, labor shortages, tight construction lending and higher lumber costs are impeding the building industry’s ability to produce more single-family homes. There’s little doubt first-time buyer participation would improve and the homeownership rate would rise if there was simply more inventory,” he said.

Yun forecasts that new home starts will rise by 8.4% this year to 1.27 million. This is a positive step in the right direction although still short by approximately 1.5 million that would be needed to make up for demand.

Jonathan Spader, Joint Center for Housing Studies senior research associate at Harvard University, joined Yun at the 2017 Realtors Legislative Meetings and Trade Expo to review the real estate market forecast for 2017. He said that the homeownership rate will stay between 61% and 65.1% as it faces challenges including an aging population and changes in family type.

“Stagnant household incomes, rising rental costs, student loan debt and limited supply have all contributed to slower purchasing activity,” Spader said. “When the homeownership rate stabilizes, there will be an increase in homeowner households. Young and minority households’ ability to reach the market will play a big role in how much the actual rate can rise in coming years.”

Yun expects that there will be two more rate increases this year with an ending average of 4.3% at 2017’s close.

“There was a lot of uncertainty at the start of the year, but a very strong first quarter sets the stage for a modest sales increase compared to last year,” Yun said. “However, prices are still rising too fast in many areas and are outpacing incomes. That is why housing starts need to rise to alleviate supply shortages,” he said. “There will be more sales if there’s a meaningful bump in new and existing inventory.”

Upcoming Sotheby's Auction House Events

Posted June 12th

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also an unparalleled relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent.

Here is a look at some of the premier Auction House Events that are scheduled soon. Even better, these are online so you don’t need to travel to an Auction House to view these pieces.

June 16 - July 6: American Art Online: Summerscapes

Bidding is open from June 16 through July 6 for this collection of 19th and 20th century works across all price points. This offering will be online-only with highlights from Joseph Stella, Gifford Beal, Maurice Prendergast and more.

June 30th - July 14th: Jewels Online, Part I

This is a colorful collection perfect for the summer months. Pieces will be featured from makers including Tiffany & Co., David Webb and Seaman Schepps. The sale features property from the collection of Marjorie S. Fisher of Palm Beach showing her true eye for style and design. Bold jewels by Tony Duquette as well as diamond-sets and desk objects will be premiering. A second collection of Marjorie S. Fisher will be open for bidding in the 2nd online auction July 20 - Aug 3.

July 20th - August 3rd: Jewels Online, Part II

Jewels Online Part II will be a second collection of jewels from the collection of Marjorie S. Fisher of Palm Beach. Pieces will include strands of cultured pearls for daytime to diamond-set necklaces for evenings. Featured designers include Bulgari, De Grisogono and Schlumberger for Tiffany & Co.

Visit Sothebys.com for more information of these highlighted auctions and for bidding details. 

Home Sales Increase by 4.4%

Posted May 18th

Just recently, existing home sales experienced their highest pace in over a decade. With inventory levels still being extremely low, homes are spending less time on the market according to a recent report from the National Association of Realtors.

Total existing home sales, which are completed transactions of residential properties, increased by 4.4% in March which was 5.9% higher than numbers seen a year ago. This activity suprasses January as the best month of sales since February of 2007.

Chief economist for NAR, Lawrence Yun, has shared that the significant gains were driven mostly by the Northeast and Midwest. "The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month," he said. "Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings in March for sales to muster a strong gain. Sales will go up as long as inventory does."

Housing inventory as of the end of March had increased slightly, but was yet 6.6% lower lower than a year ago. Inventory at this point has been on the decline for 22 months year over year. Housing inventory for unsold properties is at a 3.8 month supply at the current pace.

Yun had also added, "Bolstered by strong consumer confidence and underlying demand, home sales are up convincingly from a year ago nationally and in all four major regions despite the fact that buying a home has gotten more expensive over the past year."

Properties were on the market for on average 34 days for the month of March. This was a decline from 45 days in February and also from a year ago at 47. Forty eight percent of the properties that sold in March were on the market for less than one month.

Increasing prices are a challenge for all, but maybe even more so for first time buyers. Despite this, Yun adds, "A growing pool of all types of buyers is competing for the lackluster amount of existing homes on the market. Until we see significant and sustained multi-month increases in housing starts, prices will continue to far outpace incomes and put pressure on those trying to buy."

On the mortgage front, rates have been slightly rising with the average commitment rate for a 30 year conventional fixed rate coming in at 4.2%. Buyer profiles consisted of 32% of sales for the month of March being mostly first time buyers.

This spring, the best advice for home buyers is to stay patient and to remember the right home will eventually become available for sale. 

Upcoming Sotheby's Auction Events

Posted May 5th

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent.

Here is a look at some of the premier Auction House Events that are scheduled soon.

May 10th - Important Chinese Art, London

Enjoy a selection of notable Chinese ceramics and pieces from the imperial porcelain, lacquer, jade and Buddhist sculpture. Kicking off the sale will be a large and rare cinnabar lacquer dish from the Yuan/early Ming period. Along with this will be Menagerie, a collection of animals and mythological beasts.

May 17th - Finest and Rarest Wines, London

This impressive collection will boast assortments of cases in the 1990, 2009 and 2010 vintages.  Rousseau’s Gevrey Chambertin Clos St. Jacques 1999 and Chambertin 1999 compete for attention with Roumier’s Bonnes Mares 2002 and Chambolle Musigny Les Amoureuses 2002.  A very rare bottle of Romanée-Conti 1966 and a Jeroboam of La Tâche 1990 are further outstanding Burgundy lots. Many other white burgundy highlights to be found at this event. 

May 19th - Photographs, London

The May sale will showcase some talent from artists including Alex Prager, Hiroshi Sugimoto, Pieter Hugo and Shoei Nishino. Sotheby’s is proud to present Nishino’s diorama maps of London and New York for sale. Supplementing the younger generation of artists will be a Paul Outerbridge color carbro print as well as pieces from Constantin Brancusi and Heinrich Kuhn.

May 19th - Contemporary Art Day, New York

The May 19th event in New York will offer a great selection of work from post-war and the present. Pieces from Joan Mitchell, Robert Motherwell, Andy Warhol and Robert Rauschenberg will be featured for sale. Contemporary painting, sculpture and photography by Richard Prince, Mark Tansey, George Condo and Joe Bradley will be on sale in the afternoon session. 

Pending Home Sales Surge by 5.5%

Posted April 20th

The real estate market nationwide has been performing great lately with pending home sales leaping to their highest level in nearly a year and second-highest level in over a decade per a recent report by the National Association of Realtors. Great achievements were seen widespread with all major regions having experienced healthy gains in activity.

The Pending Home Sales Index has shown a tremendous increase of 5.5% to 112.3 in February up from 106.4 in January. This increase was 2.6% higher than a year ago and is the highest since April of 2016 and the second highest since May of 2006.

NAR chief economist, Lawrence Yun, has indicated that the uptick in activity is a good sign that spring market is upon us. "Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country," he said. "The stock market's continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean paying higher interest rates later this year. Last month being the warmest February in decades also played a role in kick-starting prospective buyers' house hunt." 

Yun states that there will be highs and lows this spring as the inventory is challenged to meet demand. Homes are going under contract at a very quick rate especially among the lower and mid price ranges. Housing stock is still tight and prices are climbing due to multiple offer situations.

"The homes most buyers are in the market for are unfortunately the most difficult to find and ultimately buy," said Yun. "The country's healthy labor market is translating to greater job security, but affordability is not improving because home prices in some areas are still outpacing incomes by three times or more because of tight supply. How much new and existing inventory there is on the market this spring will determine if sales can reach their full potential and finally start reversing the nation's low homeownership rate."  

Looking onward into the rest of 2017, existing home sales are expected to be around 5.57 million this year which is an increase of 2.3% from 2016. As far as prices go, the median existing home sale price is expected to rise by 4%.

Further breakdowns of the Pending Home Sales Index by region of the nation in February were as follows. The Northeast saw an increase of 3.4% to 102.1 while the Midwest climbed by 11.4% to 110.8. The South increased by 4.3% to 127.8 and the West inched up by 3.1% to 97.5. In conclusion, all major markets are showing great signs of positive activity.

Upcoming Sotheby's Auction House Events

Posted April 7th

The affiliation with the Sotheby’s brand not only comes with an unparalleled network and marketing reach, but also a relationship with the renowned Sotheby’s Auction House. An over 260 year tradition of auctioning some of the world’s most valued possessions from some of the world’s most affluent.

Here is a look at some of the premier Auction House Events that are scheduled soon.

April 25. London - Watches

A collection of some of the finest vintage and modern timepieces from around the world. Historically the Sotheby’s Auctioneers have reached record breaking prices for Rolex Daytonas, Patek Philippe Perpetual Calendars and Breguet tourbillons.

Set to take place in London, the local market is a growing segment of first time buyers and established collectors for the old and new at all price ranges. Consignments are currently being collected at this time for the event. View here.

April 25. New York - Magnificent Jewels

A vibrant celebration for spring, the Magnificent Jewel sale caters to the most discerning collectors. Important colored diamonds will be featured at the sale with stones of various hues of yellow, blue and green that will be offered. A 1.64 carat Fancy Vivid Green diamond as well as two Fancy Vivid Blue diamonds will be presented next to a Fancy Pink diamond pendant. Additionally, classic white diamonds of all shapes and size will be available as well as diamond earrings with square emerald-cut diamonds. View here.

April 25. London - The Orientalist Sale

Now in its 6th year, the Orientalist Sale is a collection of paintings, sculpture, people and customs of areas including North Africa, Egypt, the Levant, Arabia and the Ottoman during both the 19th and early 20th centuries. The focus of this year’s sale is Georg Emanuel Opiz’s “The Arrival of the Mahmal at an Oasis en Route to Mecca,” a detailed rendition of the annual Hajj pilgrimage. 

These works of street life, worship, desert views as well as costume bronzes provide insights into the Arab, Ottoman and Islamic worlds. View here.

April 26. New York - The Art of the Table

This sale focuses on English, European and American silver from the 17th to the 20th century coupled with European and English ceramics and 19th century French furniture and decorative arts. The preview opens April 21st which allows visitors to view these objects in person as they envision them in their modern day homes. View here.

Home Sales Increase for 2017

Posted March 23rd

Per recent data from the National Association of Realtors, existing home sales had a fast start for 2017 with the quickest pace shown in nearly a decade. Completed sales transactions have risen by 3.3% to an annual rate of 5.69 million in January. Additionally, January’s sales pace was 3.8% higher than last year.

Lawrence Yun, NAR chief economist has suggested that these increases are showing positive consumer confidence in our economy. "Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home," he said. "Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate and deteriorating affordability conditions."

The median price for homes in January had surged by 7.1% by comparison to January of last year. Inventory of housing by the end of January had also risen by 2.4% yet this was lower than a year ago by 7.1%. The low levels of housing inventory were most likely the cause for the average days on market to decrease by two days to 50.

"Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower- and mid-market price range," added Yun. Tight inventory along with rising home prices and interest rates will likely create a more competitive environment in the market.

Additional breakdowns of the real estate market are as follows.

First time buyers made up 33% of sales in January which is a smaller increase from a year ago at 32%. The average rate for a 30 year conventional fixed mortgage in 2016 came was 3.65%. January’s average was 4.15% which was lower than December’s of 4.20%.

Cash sale transactions were 23% of sales for the month of January. This was an increase from December’s of 21% but down from 26% from January of 2016. Finally, distressed sales (including both foreclosures and short sales), were only 7% of sales in January which was down 2% from January of last year.

Increase the Efficiency of Your Small Space

Post Written by Guest Blogger, Lizzy Manthe of ABODO

Living in a small space doesn’t have to be inconvenient. And as cities continue to become more crowded, studio apartments and starter homes — and more recently, microapartments — are becoming more appealing every day. But can you live comfortably and efficiently? Absolutely. Just follow these tips to transform your small space into the epitome of efficiency.

Make Your Furniture Work

When your living room doesn’t offer much room for living, a coffee table needs to be more than just where you fan out your magazines. Find a table with storage inside, or instead opt for a long ottoman with a hinged top that can act as storage and extra seating, all while providing a flat surface for setting down books or magazines. In your bedroom, make use of the space under your mattress, either with drawers, slide-under totes, or a bed frame — like this one from Ikea — that is almost entirely open for storage, with a hinged mattress base that lifts for easy access.

Pare Down Shelving

Instead of towering bookcases consuming all of your wall space, pare down your books and baubles to just a handful of your favorites to display on wall shelves. Placement tip: If you place these shelves higher up on the wall, it draws the eye up and makes the room appear larger.

Cut Clutter

A space of any size can feel cramped if it’s packed with unnecessary items — a kitchen counter flooded with mail, a cabinet overflowing with wrapping paper, a closet overburdened with strappy sandals. After determining what you maybe don’t need to be hanging on to anymore, and then donating or selling the spare items, invest in some organizational tools — such as a mail holder, totes, and a shoe rack — to keep your place tidy.

Consider a Storage Unit

Now that you’ve identified and purged all of your unnecessary belongings, we need to get a handle on the essentials. Imagine your closets are free and clear to hold only the items you need on a weekly or monthly basis. What if that tote (or three) of Christmas decorations suddenly weren’t robbing you of space to hang your dresses? Or what if the snowshoes you battle with for broom and vacuum space in the hall closet were suddenly… gone. Renting a storage unit will allow you to keep the items you use semi-regularly without crowding your living space.

Streamline Your Kitchen

If you’re short on space and your countertops are showing it — lining any available space with cookbooks, cutting boards, and olive oil — try to maximize your cabinet space. Fix awkward drawers and too-tall cabinets by adding pull-out shelving or organizers that let you utilize more space. These pull-out organizational solutions are relatively cheap, at less than $100, and offer quick, easy installation. You can also fill unused space between cabinets and appliances with narrow pull-out vertical pantries — perfect for unwieldy cooling racks and baking trays.

Living in a small space doesn’t doom you to an unnecessarily cramped existence. Pare down your belongings, organize them, and seek out multifunctional furnishings, and you’ll be living big in no time.

Sam Radbil is a contributing member of the marketing and communications team at ABODO, an online apartment marketplace. ABODO was founded in 2013 in Madison, Wisconsin. And in just three years, the company has grown to more than 30 employees, raised over $8M in outside funding and helps more than half a million renters find a new home each month.

Boston Area Developments Beginning in 2017

Posted March 13th

Boston’s skyline is forever changing and is still defined by cranes in the year of 2017. Developments continue to be moving forward as the demand for housing shows no sign of subsiding. Here are some of the large-scale developments that are expected to break ground or begin construction this year.

Fenway Center - Fenway Center is slated to include a wide range of offerings. The scope  includes 550 housing units, 1,290 parking spaces, community space, daycare center, bike storage and sharing and 160,000 square feet of office space.

South Station Tower - South Station will soon feature many additional stories made of glass above the existing 9 stories. Office space will be on the first 26 stories while the top 16 will house condos that should afford remarkable views. Included in the plans of the development, South Station’s bus wing will also become expanded.

Dot Block - This enormous new development has over 10 dwellings with 362 apartments and retail which could include a grocery store. The 400,000 square feet of construction is expected to begin construction as early as this summer.

GE Headquarters - General Electric’s 2.48 half acre, $200,000,000 headquarters with three buildings in Fort Point is planning to begin this year. Included in the design, there will be “maker space” for locals, employees and students to have community work space. The building will also feature a solar veil worked into its design.

171 Tremont Street - 171 Tremont Street will be a 13 story tower offering 12 condos. The tower will replace a shorter, existing 4 story building. Plans initially proposed a 32 story tower but due to local opposition, changes were made to reduce the scope to 175 feet.

Marine Wharf Hotel - There will be two inns erected soon on Marine Wharf. One will be a Hampton Inn featuring 245 rooms where the other will be a Homewood Suites with 166 rooms. The complex will be chock full of amenities with a fitness center, pool, and large 500 seat restaurant. Ground floor retail over 3,500 square feet will complete the offering.

Arsenal Yards - The Arsenal Mall is soon to include an additional 1 million square foot expansion. Included will be over 350,000 square feet of retail including a grocery store. 428 Market rate apartments and 75 affordable will complete the plans. 

Real Estate Boom to Continue for 2017

Posted February 27th

The year 2016 has been good for those active in the real estate market. Sellers are benefitting from some gains on property values while buyers have been taking advantage of the interest rates remaining low. Consumer confidence has driven the market to levels that haven’t been seen since the 2008 recession and industry veterans don’t see a reason that this won’t continue for the year.

Seasoned agents state the buyer demand along with forecasts of slight interest rate increases fuel the heat in the real estate market. Also shared has been the sentiment that although sales have been strong across most of the board, there has been a shortage in the amount of inventory at the entry level.

Like most years the question remains just how the winter will affect the onset of the business of the market. Two years ago the series of blizzards put a halt on activity as it prevented buyers from shopping.

It is suspected that any interest rate increases will not be significant enough to hinder those from entering the market. If anything the threat of rates increasing may even encourage buyers to lock in rates sooner than later in anticipation of said hikes. Many anticipate that younger and first-time buyers are going to drive much of the market for 2017.

The median sale price of a home in Massachusetts has increased to $340,000 as of October which was a 3.7% increase over last year according to the Warren Report which publishes local real estate data.

Pending sales of existing homes which can be a predictor of future statistics shows support of the predictions of brisk sales.

The Massachusetts Association of Realtors shared that 5,680 went under agreement in the state in October which was an increase of 8.7% over the same month for 2015.

Back Bay Towers over Turnpike Moves Along

Posted February 8th

The proposal for two towers to be erected over the Massachusetts Turnpike at the corner of Massachusetts Avenue and Boylston Street has begun review. Details of the buildings include one being 566 feet tall with 39 stories making it among some of Boston’s tallest. The other would stand 283 tall with 24 floors.

The taller tower would boast some 160 condos while the other would hold up to 182 apartments which will add to Boston’s housing stock.

Weiner Ventures who is developing the site states that this location of 1000 Boylston Street would convert “an underdeveloped Back Bay streetscape and air rights expanse into a fully-integrated dynamic hub of residential housing and retail activity.”

In 2013 Weiner Ventures had acquired the air rights for the development which encompasses building a 23,000 square foot platform over the Turnpike. On this platform would be a six to seven story base for the towers. This base would include 33,000 square feet of retail and restaurant space, lobbies as well as 303 parking spaces.

Plans and approvals have not been finalized for 1000 Boylston Street and it is among a handful of others that hinge on building over the Mass Pike. The other buildings that are being proposed along the Mass Pike corridor include Fenway Center in the Kenmore area, The Viola by Berklee College of Music and Columbus Center by Clarendon Street and Columbus Avenue. Columbus Center had originally been proposed years back but had been stalled due to local opposition and financing hurdles.

Which Home Renovations Give the Best ROI?

Posted January 17th

Most everyone is interested in making their homes nicer with various improvement projects. How do you know which home improvement projects have the highest ROI? Knowing this will help you prioritize which ones you may want to do first. Kitchens traditionally are the most significant room in a home having a big impact on a sale. In fact, kitchens are often between 6 and 10% of the total home value and typically have a high return on investment. According to RISMedia, here are the top 5 ROI averages for home  improvement projects.

Replacing your front door. The front door plays a big role in your home’s curb appeal. This should never be overlooked as it is the first and last thing everyone sees. Replacing the front entry door with a solid and an architecturally stimulating one has an average ROI of 101.8%.

Installing a new fireplace.  Why not add warmth and a focal point to any living room with a fireplace. Regardless of it being a wood burning fireplace or a modern, clean and convenient gas fireplace, they both can enhance your decor and add practical function. Adding a fireplace has an average ROI of 91%.

Remodeling the kitchen. As the kitchen is a primary room in the house, upgrading it will add the most value to your home. Remodeling your kitchen with modern day function and aesthetics is sure to help in your sale and has an average ROI of 85%.

Converting the attic into a bedroom. There is no better way to use extra space in an attic than by converting it into a bedroom. The extra space increases your bedroom count while providing you with another room that can serve multiple purposes. If not for a primary bedroom, it can be used as a game room, media room or guest room. The average ROI for this project is 83%.

Replacing exterior siding. Replacing old siding can have multiple benefits. New siding can protect your home from severe weather and elements. Older, damaged siding can sometimes let in moisture, insects or even be less efficient for heating and cooling. Also, new siding will make your home look new and well maintained. The average siding project has an ROI of 80.7%.

Trends Shaping 2017's Housing Market

Posted January 3rd

The landscape is slightly changing right now for the real estate market. After the presidential election mortgage rates have been seeing a slight uptick which will have an eventual effect on home prices and affordability. According to Realtor.com’s Housing Forecast, this along with slowed price appreciation and a stabilization in the homeownership rate is what we may have in store for the upcoming year.

"Because of demographics and affordability challenges that are starting to emerge, more people are focused on getting into homeownership because renting is continuing to have the same challenges and, over the long term, is something that can really impact a household’s financial situation," said Realtor.com Chief Economist Jonathan Smoke.

Here are some of the highlights of Realtor.com’s report.

Millennials and Baby Boomers

Millennials are the largest demographic with the second largest being baby boomers. These two groups are predicted to dominate the real estate market in 2017 as their living situations will be changing. Millennials are expected to account for 33% of homebuyers with 30% being baby boomers.

Millennials make up a significant portion of today’s first time buyers. Therefore, their challenges that they may face are mortgage rates that may increase making affordability difficult. Furthermore, the tight inventory levels also add challenges for them to find their first home. On the other hand, their baby boomer parents will be taking advantage of the higher home values to sell their homes which will open up more inventory for the market.

Home Price Appreciation

Home prices are anticipated to slow down in their increases to 3.9% down from 4.9% in 2016. Smoke notes that the figure is still above average and demand is still going to be stronger than supply in many areas of the country. Of the areas that are expected to see the largest gains, Boston ranks in at #3 of the top 10.

Home Ownership will Stabilize

Homeownership in the Unites States is projected to come in at around 63.5% for the upcoming year according to Smoke. This rate could see an increase, but with prices at their current levels and inventory down across the nation it is not expected to surge. Realtor.com anticipates new home sales to increase 10% and new home starts 3% in the new year.

The Midwest Alternative

As the market tightens, Millennials are either remaining in or moving to the Midwest. The area already has a high concentration of Millennials and this group is staying closer to home after college. Millennials account for 42% of the homebuyers in the region compared to 38% nationally.

"There is a huge disparity in how many dollars are needed to get a home in Des Moines versus San Francisco," Smoke said. "Affordability is a key part of why millennials are deciding to move or stay where they have been, as opposed to staying where they are."

Top 5 Real Estate Trends for 2017

Posted December 21st

Despite issues surrounding limited inventory locally here in Boston and nationally throughout the country, the real estate market has remained strong throughout 2016. The United Kingdom’s Brexit vote and the recent presidential election in the United States have made predictions challenging to forecast for the coming year. The United States has continued to prove to be an excellent space for investing based on the positive activity that we have seen, especially with foreign investors. The Urban Land Institute’s annual Emerging Trends in Real Estate Report  was recently released and shows a better outlook compared to other global locations.

Here is a list of the items that analysts from both PriceWaterhouseCoopers and the Urban Land Institute state that will help shape the real estate market in the near future.

Affordability

Housing markets across the United States for middle-income households are becoming “housing stressed.” Home prices are generally increasing faster than most incomes while homebuilders are generally  not adding many mid-priced options. Population growth, land and construction expenses as well as wages not increasing as quickly leads one to believe that this problem will not be going away soon. Some cities are considering zoning policies as well as rent control options to address these issues.

A More Relaxed Market

Having recovered from the recent economic downturn we have now entered into a calm from the storm. This cycle has reached a mature phase with signs showing that it will remain level for the foreseeable future.  GDP is at a low but steady 2% per year so the Federal Reserve is most likely not going to increase interest rates significantly.

Increased Flexibility

Developers are planning their projects to be more flexible. As one investor states “Jobs are no longer careers, and [many] millennials are not yet looking for the commitment of owning a home. They are footloose in the job market, and footloose as to roots in the community.”

Transformation of Location

In some urban locations, the “live/work/play” concept has been popular as it gives back to the community. Developments in downtown areas are helping by fueling economy with growth opportunities in underdeveloped neighborhoods.

Barriers of entry

Urban development and walkability has made for some income inequality in cities. The report suggests “exclusionary forces are equally alive in suburbs and cities.” This begins in cities and is then carried out to the suburbs. Demands are increasing especially among millennials for things like walkability, transit as well as density.  In particular, inclusivity rather than exclusivity is outweighing as a desirable selling point.

Four Seasons at One Dalton - Boston's 3rd Tallest Building

Posted December 7th

New renderings have been released by Carpenter & Company, the Cambridge based real estate company behind the Four Seasons Hotel and Residences at One Dalton Street in the Back Bay. The development had broke ground nearly two years ago but has remained quiet since.

Carpenter and Company state that the 61-story, 740 foot hotel and condominium tower will be both Boston and New England’s tallest residential tower when it reaches completion in 2018. Currently, the Millennium Tower in Downtown Crossing holds this place with 60 stories reaching 685 feet.

Both towers will be scraping the sky while Millennium Tower boasts a higher percentage of residential space with over 440 units while One Dalton houses 160. One Dalton’s remainder will feature 215 hotel rooms on 23 of the 61 stories.

The One Dalton tower was designed by Harry Cobb of Cobb Freed & Partners and Gary Johnson of Cambridge Seven Associates. The private lobby for residences as well as the 50th floor residents club lounge were designed by New York based Thierry Despont Ltd. Suffolk Construction is the general contractor for the project.

“The 61-story tower, sheathed in glass, reveals its residential floors above the hotel through a series of incised bay windows, a unique reflection on Boston’s historic residential architectural heritage,” Johnson said in a statement. “The tower’s soft triangular form presents a commanding presence on the skyline highlighting the importance of this site while providing stunning views across the city.”