Nick Churton of Coach Realtor's London office looks to a genius to make some sense of the current international real estate market and offer some pointers for the future.
What Isaac Newton, who formulated the laws of gravity in the middle of the 17th century, would have made of the current gravity-defying real estate market is anyone's guess. But, no doubt, like most people he would have been flummoxed.
Even a genius like Newton, who worked from home during the plague of 1665/66, would have had difficulty making any sense of this market. Despite a global killer pandemic, tens of millions of people out of work, nations in lockdown, travel halted and national treasuries handing out trillions in support of businesses, jobs and mortgages, the real estate market booms. It should, by any calculation, have plummeted like an apple from a tree. Instead, the market didn't fall; it held itself in suspended animation for a while before surging upwards.
By any estimation the market should at least have mirrored the slowdown experienced after the great recession of 2008. But from the Antipodes to the Americas, and from Europe to the Far East, residential property prices in many countries are soaring. According to the Organization for Economic Cooperation and Development (OECD), it's the fastest year-on- year growth in the past two decades.
But perhaps we can learn something from Newton, whose third law stated that to every action there is an equal and opposite reaction.
Covid made homeowners and homebuyers react by moving from cities and buying larger homes in less crowded areas where they could work from home. At the same time interest rate cuts kept mortgage repayments manageable and vaccines have generated confidence.
It wasn't long ago that real estate professionals were preparing for the worst. Now the market, which is experiencing low inventory levels, is seeing increasing values with selling prices often well exceeding their asking prices.
Whilst most pandemic market activity has been in domestic markets, the international market has also been defying gravity. Despite travel restrictions, international buyers have been buying property sight unseen. Many homebuyers have been re-evaluating their lives or bringing forward plans to buy an overseas bolthole or permanent home. But this is just the tip of the iceberg; once travel opens up the signs are that there will be a super-surge of demand and activity from international buyers.
Growing numbers of sight-unseen global sales, ultra-competitive bidding on most listings and incidence of gazumping are all sure signs of a property market in boom mode. But let's give Newton the last word in trying to make sense of what is going on. He said, "I can calculate the motion of heavenly bodies, but not the madness of people".
Some people move to Oyster Bay for the quiet. Some move here to be near the seashore. And others for the history. In fact, historic homes for sale in Oyster Bay are popular. And often disappear from the local housing market as quickly as they enter. However, one historic home sure to remain an icon in the Oyster Bay community is Sagamore Hill, the former home of Theodore Roosevelt, 26th President of the United States.
Sagamore Hill is a national treasure waiting to be explored and enjoyed. Congress established it as the Sagamore National Historic Site to preserve the house as a part of the National Park Service. It was soon after listed on the National Register of Historic Places.
The house is a must-see for Nassau County residents and visitors and is a source of pride for the community.
Our REALTORS® are excited to tell you about the history of Sagamore Hill and Oyster Bay and can't wait to show you homes for sale in Long Island.
History Unfolds at Sagamore Hill
When you step onto the grounds of Sagamore Hill, it's easy to leave your everyday life behind as history begins to unfold around you. The home itself is the centerpiece of the estate, having been the residence of Theodore Roosevelt from 1885 until the former President's death in 1919. While he was in office, Roosevelt's "Summer White House" was the site of several peace talks and visits from foreign dignitaries.
An Inside Look at Roosevelt's Legacy
Touring Sagamore Hill gives you a glimpse into the life of Theodore Roosevelt, the acclaimed political figure and the charismatic man. One of the highlights of the tour, the North Room showcases many of Roosevelt's prized trophy heads, animal skin rugs and gifts presented to him by various heads of state. You'll also find a collection of thousands of books and a diverse assortment of art acquired by Roosevelt throughout the home. The Queen Anne style home still has original furnishings and decor in its 23 rooms and underwent a meticulous renovation a few short years ago. Guided tours of Sagamore Hill are available for a small admission fee; you'll want to stop by the visitor center and bookstore during your visit.
Explore the Grounds
Sagamore Hill Historic Site includes not only the home but 83 acres of countryside once enjoyed by the Roosevelt family. Take advantage of the property's trails and picnic areas to relax and explore the salt marsh, beach, forest and meadows with your family. Part of the National Park Service, Sagamore Hill provides a tranquil setting for the outdoor enthusiast combined with the rich history of one of our country's most celebrated leaders. You can visit the park year round from sunrise to sunset.
The Oyster Bay area of Long Island is both charming and steeped in history, and Sagamore Hill is a shining example of both. You can visit President Roosevelt's Sagamore Hills home at 12 Sagamore Hill Road in Oyster Bay, New York.
The word "luxury" means something different to everybody. It could be an estate in the Hamptons or a loft in Manhattan. It's important to remember that luxury is subjective, but there is one constant--the process of buying a luxury home is a bit different from a typical home search. Whatever your definition of luxury may be, our luxury home REALTORS® offer these tips before buying your Long Island dream home.
Contact our real estate experts at Coach Realtors to learn more about purchasing one of Long Island's luxury properties. Our team is here to help you every step of the way!