Archive for the 'European Union' Category

Brexit, Done!

Friday, June 24th, 2016

This morning, we all awoke to a changed world… again!

A historic number of British voters came out to be heard.  When the polls were all done, by a mere 3.78%, the UK decided to exit the European Union (EU).

No one knows for certain just how far reaching such a decision’s impact will be, but if the global markets are any indication, the short term affect will not be good. Markets hate uncertainty and the broad scope of uncertainty around this is huge.

What does this mean for our local real estate markets?

If I had a crystal ball, I would predict that our high-end markets will feel the brunt of the pain. The demographic of the buyer population of luxury real estate is deeply rooted in the financial markets, so more than likely, those buyers will view this as a future buying opportunity and park their money in a safe liquid asset.

The rest of our markets may feel an initial pull back only to recover once they realize the broad base of buyers, for what they have to sell, are even more eager than before to invest in East End dirt!

In the meantime, buckle in. It’s going to be quite a ride.