Whether you love or hate her music, there is no doubt that Icelandic superstar Bjork has not only an eye for music but an eye for property investment. It is just being reported that last year she concluded the sale of her $2.2 million hillside home overlooking the Hudson River. While some areas of the US luxury market are coming under pressure there is no doubt that locations such as Palisades, New York is not one of them!
George Washington days
We live in a world where new properties go for millions of dollars so it is perhaps refreshing to see one of the more historic properties in demand. Dubbed “the most beautiful home east of the Mississippi” Bjork’s property goes back to George Washington Times when it was used to guard the Hudson against the British. The property was originally constructed using local stone and is in the style of a blockhouse/fortification. Can you imagine living in a property with that type of history? Can you imagine the stories the walls could tell if they could talk?
Property in demand
While the property was initially acquired for $1.4 million in 2002 it has been on and off the market since then. Boasting nearly 3000 ft.² of floor space, four bedrooms and (interestingly) 3.5 bathrooms this is certainly eye-catching to say the least. The lucky buyer will now have neighbours such as Bill Murray and Al Pacino in what many perceive to be a celebrity enclave. The ability to balance your private life and business life is also there as the property is just 30 minutes north of New York City taking in the iconic George Washington Bridge.
Even though Bjork has crystallised an $800,000 profit on her property she still owns a four-bedroom penthouse in Brooklyn Heights. This property was acquired back in 2009 for $4.25 million and will no doubt be worth a lot more in the current market.
Living with the celebrities
While $2.2 million is a lot of money by anybody’s standards it is not exactly excessive investment especially when you bear in mind not only the views but the fact that Al Pacino and Bill Murray will be your neighbours. Thankfully the Internet has made the worldwide property market more transparent than ever before and very few celebrity property transactions go unnoticed. When you bear in mind the recent difficulties Céline Dion is having selling her Jupiter Island estate perhaps it is better to downscale to more affordable properties?
There is still money for real estate investment
Even though there are many economic uncertainties at the moment there remains a strong backbone of both domestic and overseas investment in US real estate. Whether Donald Trump’s ongoing efforts to antagonise overseas partners spoils this balance remains to be seen. At the end of the day, if you are an overseas investor acquiring property in the US you want to be able to visit the property!
Initially there were hopes that Donald Trump would be more positive for the real estate market but his recent international dalliances have prompted more questions than answers.