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Where do America’s richest people live?, Where are their homes? Living with Whom, how the daily life of the American rich goes
Evaluating the homes of Bill Gates and other top individuals from the new Forbes 400 rundown
Have you checked the most current “Forbes 400: The Full List of The Richest People in America” yet?
Shock, Bill Gates, with a total assets of $81 billion, is positioned No. 1 for the 23rd year running. Then, his companion Warren Buffett tumbled to third place without precedent for a very long time with a total assets of $65.5 billion.
On account of taking off stock costs of hot tech firms, CEOs in charge of those organizations appear to have been aggregating abundance at a lot quicker movement than others. Amazon.com CEO Jeff Bezos picked up $20 billion to help his total assets to $67 billion, making him the second-most extravagant individual in the U.S.
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Facebook CEO Mark Zuckerberg climbed to fourth place, the highest ever ranking, with a net worth of $ 55.5 billion. But Oracle founder Larry Ellison was ranked 5th for the first time since 2007. Her net worth is $ 49.3 billion.
Former New York Mayor Michael Bloomberg, who is in 6th place, is the CEO of Bloomberg L.P. of the same name, with a net worth of $ 45 billion.
These six richest multi-billionaires have a total of $ 363.3 billion in their withdrawal, and most are still held as shares in the companies they founded. However, some of their wealth has been invested in real estate. For one, Mr. Gates owns a stake in a Washington mansion worth about $ 170 million, several horse farms in the US and some luxury hotel chains through the private investment firm Cascade.
Here, take a look at the residences the six richest moguls call home:
1. Bill GatesWorth: $81 billion Home: Medina, Washington
Mr. Gates, 60, spends most of his time in his 66,000-square-foot mansion in Medina, Washington, nicknamed Xanadu 2.0, after the title character’s property in Citizen Kane. The mansion overlooks Lake Washington. It took Mr. Gates seven years and $ 63.2 million to build this house, packed with many high-tech features. He bought the money for $ 2 million in 1988, but is currently worth an estimated $ 170 million, according to public records.
2. Jeff BezosWorth: $67 billion Home: Medina, Washington
In the process of building his e-commerce empire, the 52-year-old Bezos has gathered a large number of real estate over the years and ranked 26th on The Land Report’s list of America’s largest landowners last year. In terms of residences, he has a 165,000-acre farm in West Texas, a seaside house in Washington state, three connected apartments in Manhattan’s Century Tower, and 12,000-square-foot Beverly Hills estate that neighbors Tom Cruise to Forbes.
Close to Amazon’s headquarters, his home in Medina, Washington covers 5.35 acres and nearly 29,000 square feet of living space. Besides the main house, there is a guard’s cottage and a 4500 square foot boathouse on Lake Washington.
3. Warren BuffettWorth: $65.5 billion Home: Omaha, Nebraska
Although the smartest investor in the world owns more than one real estate investment, Mr. Buffett, 86, is known to live in humility.
He sits in a corner in Omaha, Nebraska, which he bought the house for $ 31,500 in 1958. Mr. Buffett has lived there ever since. Originally built in 1921, the house has undergone several expansions to make a comfortable and comfortable home of 6500 square meters for the man with a net worth of over $ 65.5 billion.
4. Mark ZuckerbergWorth: $55.5 billion Home: Palo Alto, California
The youngest richest entrepreneur spends most of his fortune on schools, healthcare and other charities. His real estate portfolio includes his home in Palo Alto and a land of 9.9 million near Dolores Park in San Francisco.
Mr. Zuckerberg, 32, bought his first Craftsman-style 5000-square-foot home in Palo Alto in 2011 for $ 7 million. In the following years, he lost four of the houses surrounding his house for about $ 43.8 million to better protect his privacy. However, the plan to demolish and rebuild these four houses was stopped.
5. Larry EllisonWorth: $49.3 billion Home: Woodside, California
Larry Ellison, 72, chief executive of Oracle, has an extensive real estate portfolio. It acquired a large part of the neighborhoods in Malibu and around Lake Tahoe. A $ 70 million Beechwood Estate owner in Newport, Rhode Island; A garden villa in Kyoto, Japan; and 98% of the land of Lanai, Hawaii’s sixth largest island, which he bought for $ 500 million in 2012, according to reports.
Her property in Woodside, California, with an estimated value of $ 110 million, is modeled after 16th-century Japanese architecture complete with a man-made 2.3-acre lake.
6. Michael BloombergWorth: $45 billion Home: Manhattan, New York
Former New York Mayor, 74-year-old Michael Bloomberg owns more than a dozen properties around the world. He spends most of his time in the Upper Estate Side townhouse, but he also owns properties in New York’s Hamptons, London, Bermuda, Colorado and Florida.
Located on the 17th East 79th Avenue of Mr Bloomberg, the townhouse is five-storey with a limestone exterior. During his three terms as mayor, Mr. Bloomberg lived in his mansion instead of the Gracie Manor. However, he apparently has a plan to turn it into a mega-mansion. Since 1989, he has been gradually purchasing units at 19 East 79th St., the townhouse cooperative right next to his current home. Of the six units in the white 1880 Greek-revival-style building, Bloomberg now has five, according to The New York Observer.
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RELATED PROPERTIES
After months of uncertainty, buyers and sellers are wondering whether housing markets will be resilient this fall. A number of forces can affect the long-term health of the market: the release of pent-up demand after a quiet spring season, uncertainty over whether schools will reopen, buyers motivated to leave the big cities that were unusually severely affected by the pandemic, low mortgage rates, and more.
Housing prices in the US increased by 4.9% from June 2019 to June 2020, but the report predicted a 1% drop in prices next year, which is the first annual drop in almost a decade.
This decline is relatively mild given how the epidemic has paused many markets, led to mass layoffs, and triggered economic uncertainty globally. Real estate experts say low mortgage rates, limited supply and motivated buyers are a good sign for the coming autumn season, which is traditionally a busy time for real estate. In the coming months, buyers and sellers should follow transactions closely to understand the resilience of the real estate market following the coronavirus uprising.
Further information: Small Cities Offer (Relatively) High Supply for Buyers Ready to Leave Major Markets
According to the Savills Prime Residential Cities report, some overseas markets proved particularly stable: Berlin, Amsterdam and Paris showed 3.1%, 3.0% and 1.2% price increases between December 2019 and June 2020, respectively. High demand and low stock due to the pandemic.
And in the Knight Frank Global Buyer Survey published on Aug. 5, one in four respondents said they are more likely to move with the most desirable countries in the next year, the UK, Spain and France, as a result of the pandemic. to buy a house.
Both domestically and abroad, buyers should be ready to go in the fall as new inventories arrive online. Given the possibility of more isolation on the horizon, competition can be fierce when buyers are looking for well-maintained properties that offer plenty of space.
More: Britain’s Stamp Duty Holiday Opens A Window For Luxury Buyers Looking To Get Out Of London
“There’s a lot of imagination going on,” said Vanessa Grout, CEO of the sales and marketing division of OKO Real Estate in Miami, this last days of summer. “People are searching for their next home on the Internet and we see our web traffic growing and digital marketing paying off in a bigger way than before.”
In New York, some expect a massive release of inventory after Labor Day, but sellers will have to adjust their pricing expectations even if the pace of the market is fast.
“Be prepared that it won’t happen at a record price,” said Lisa Chajet, broker for Warburg Realty in New York. “Everything renewed is always easier to sell time, but I don’t think we’re in the pricing market for an aggressive bidding war. The smart price with bargains.”
More Information: Manhattan Market Slum-Like, Classic Cooperatives Offer Security and Stability
Indicators Measuring the Health of the Market
The extent to which markets stabilize this decline will depend on local conditions before and after Covid. In New York, for example, in New York, the oversupply of high-quality units had dropped values before the outbreak, and the city saw values drop by 1% from December 2019 to June 2020, according to the Savills report. In Seoul, where the pandemic was better controlled and home prices have already risen, values rose 5.5% over the same period.
By tracking key indicators, buyers and sellers can gauge the stability of their desired markets this fall.
“One indicator that buyers and sellers should pay attention to is demand,” said Philip White, president and CEO of Sotheby’s International Realty. Before the coronavirus, there was quite a bit of dynamic at play for home buyers: low inventory, low mortgage rates, and a thousand-year interest on hosting. Despite the coronavirus, these dynamics are still at play, but now mortgage rates are even lower and US supply is even more limited. ”
Learn More: As Demand For Second Homes Increases In The US, “Span” Markets Gain Popularity
Momentum is particularly strong in regions like Australia and New Zealand, which effectively contain the Covid-19 outbreak, he added, and that pent-up demand is currently being released.
In many cities in the US there are demands linked to the reopening of schools and offices, another factor that buyers and sellers have to consider.
“Everyone is still waiting for the decisions of the schools [in New York], and many banks and corporate offices still do not make a commitment to reopen by January,” Ms. Chajet said. “I don’t think people will come back in a hurry if schools don’t reopen.”
Eating out, traveling and other lifestyle factors and comfort levels are also indicators of real estate activity in the coming months. The Knight Frank report, for example, shows increased confidence in travel, with over 25% of respondents globally reporting that they have traveled internationally or are planning to do so within the next few months.
Many wealthy New Yorkers fled the city at the beginning of the pandemic, leading to a stagnation in demand in the city and a spike in the suburbs. In contrast, residents in Los Angeles are looking for larger homes in the city, and there was a significant recovery in the number of contracts signed in June for homes that exceeded $ 2 million, up 34% from the previous year.
“We are following one of the greatest years ever,” said James Harris of The Agency in Los Angeles. “Every deal we witness is of secondary importance to Covid. People are moving from apartments to homes, realizing that they need more land and will work from home in the foreseeable future.”
Beyond the demand in their desired markets, buyers and sellers must look at broader indicators of economic health.
“Pay attention to the interest rates, the stock market, the premium mortgage world, and the currency,” said Mr Harris. “All of the above go hand in hand. If the stock market remained shaky, people always knew brick and mortar was the safe way out.”
List Now As Demand For Luxury Property Is Growing In The USA And Supply Is Limited
What Should Buyers and Sellers Do to Prepare for Autumn?
The pandemic has paused real estate activity in many markets worldwide and led to a significant reduction in inventory, so buyers should be ready to take action when a new list comes to light.
Mr White said buyers “should keep their funds in order and be ready to offer quickly.” “They should also expect the bidding process to be competitive given that there will likely be a number of other interested buyers given the strong demand. It is also crucial that buyers who want to take advantage of low interest rates get pre-approval so they are ready to bid immediately.”
Already a draw for buyers from the Northeast for tax benefits, South Florida is seeing increasingly fierce competition on the high end, and buyers should prepare for bidding battles this fall.
Smaller US Cities Become Real Estate Highlights and Interested Buyers Must Take Quick Action
“Now there is less supply and we are starting to see a frenzy,” Ms. Grout said. “Buyers are not really as luxurious as sitting and waiting – now is the time.”
In other cities, buyers may still prevail in the coming months. In Manhattan, the number of newly signed contracts for cooperatives and apartments fell 56% compared to July 2019, with wealthy families turning to the suburbs, according to the Douglas Elliman report. And with public schools offering blended learning plans, including a fully distance learning option, many of these families can make their departure from the city permanent.
Given these factors, Ms. Chajet said, “I would currently consult a dealer to be prepared. You won’t get the highest dollar. If you’re a buyer, there’s a great time to get started right away and room for bargains. ”
Home sellers with certain attributes may find it easier to avoid negotiating with buyers and lowering their price. After being locked for months, homes with plenty of square footage, larger plots in more remote locations, and extras such as swimming pools and generous office spaces will be more attractive to buyers.
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“Any residence with a pool, terrace or roof will trade at a premium,” said Ms. Grout. “The pool is the biggest driving force, and that was the case even before Covid.”
Turnkey properties are also in demand as buyers want to avoid bringing foreigners into their homes for renovations.
“People want homes that don’t require any work to be done, where they can bring their luggage and toothbrushes and move,” Mr. Harris said. “They are aggressively looking for fully built houses.”
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