Home Searching in Sweden: A Sauna-Topped Water Tower Close to Stockholm

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This four-bedroom home is a transformed, 108-foot water tower on Vaxon, an island within the Stockholm Archipelago, about 35 minutes east of central Stockholm, Sweden’s capital. The brick tower was inbuilt 1923 on one of many highest factors within the space to provide consuming water, and was getting used as a reserve as late as 1989, mentioned Jan Tivenius, an agent with Residence-Christie’s Worldwide Actual Property, which has the itemizing.

The present homeowners purchased it in 2000 and transformed it right into a seven-story residence with an electrical sauna on the lantern-like prime. The property, on a few third of an acre inside a hilly park with pine timber, has appreciable income-generating potential, Mr. Tivenius mentioned: Telecom firms presently lease antennae house on the tower’s rooftop, and a small condominium over a two-car storage in a separate A-frame wooden cabin can be rented out.

An unpaved driveway wends up the hill to the tower’s predominant entrance, which opens into the mixed kitchen, residing and eating space, with 16-foot ceilings and herringbone oak flooring. The round brick partitions are lined with giant arched home windows. A second entrance on the again offers entry to a wooden deck.

The bottom of the tower has two concentric partitions — an internal circle with an outer hall round it — a configuration that was probably supposed to offer added help for the water tank above, Mr. Tivenius mentioned. The hall offers house for a pantry, a rest room and an workplace nook, in addition to the wooden staircase to the flooring above.

The second ground has three bedrooms, a rest room and a storage room. Porthole-style home windows present gentle.

The first suite and one other rest room take up the third ground, the place the tile flooring has a glass cutout to see beneath.

The fourth ground is an open space that the homeowners have variously used as a music room, tv room and visitor room. The fifth and sixth flooring was the water tank; a ground now separates the 2. The fifth ground is used for storage, and the sixth ground has a rest room and a pc room to accommodate the telecom gear.

The property sits subsequent door to a preschool on the east aspect of Vaxon, which stretches about two miles from finish to finish and gives an lively harbor, in addition to quite a few retailers and eating places. The island is a part of Vaxholm municipality, a Baltic Sea archipelago comprising 70 islands and about 5,000 residents. A sequence of bridges connects the islands to central Stockholm; the bus from Vaxon takes about an hour. Ferries additionally take vacationers to Vaxholms Kastell, a large island fortress first constructed within the sixteenth century to defend Stockholm.

After a droop in 2017 and 2018, Sweden’s housing costs are hovering as soon as once more. Costs have been up 7.5 % final 12 months over 2019, with a record-high variety of transactions, in accordance with a report from Nordea, a big Nordic financial institution. The federal government company Statistics Sweden reported an total worth improve of 6 % for one- and two-dwelling buildings, and 10 % worth progress for trip houses.

That progress has been pushed virtually completely by demand for homes, versus condos and different flats, mentioned Susanne Spector, an economist and the chief analyst for Nordea. As in lots of different markets across the globe, the pandemic has shifted patrons’ priorities towards properties with backyard house and room to work remotely, she mentioned.

The availability of houses is restricted, as “the traditional rotation of older folks shifting from their homes to metropolis facilities has been damaged, since folks have to remain residence,” she mentioned.

In contrast to most different European international locations, Sweden has relied closely on voluntary measures to sluggish the unfold of the coronavirus, quite than impose strict lockdown measures. As of April 2, the country had reported 813,191 Covid-19 instances and 13,498 deaths. Its excess mortality rate in 2020 was significantly decrease than in most European international locations, however larger than in its Nordic neighbors.

However, client confidence has continued to develop, additional fueling worth progress. Many households really feel effectively positioned to purchase, Ms. Spector mentioned: “Family wealth elevated throughout 2020 — it was an excellent 12 months for households total. Most individuals have saved their jobs, rates of interest are low, and the inventory market has boomed.”

Competitors for homes is so fierce that, throughout the first month of 2021, bidding wars drove up promoting costs to a mean of 8 % above asking, in accordance with Erik Holmberg, a market analyst for Hemnet, a Swedish itemizing web site. In February, the typical time on marketplace for homes hit an all-time low of 18 days, he mentioned.

Camilla Eggenberger, an agent overseeing Swedish gross sales for Unbelievable Frank, mentioned that in her 33 years out there, she’s by no means seen this massive a divide between the demand for homes versus flats. Everybody needs a bit of land, she mentioned.

“The Swedish individuals are identified for being very involved about how they stay,” she mentioned. “We spend a considerable amount of our earnings on our houses. Now greater than ever individuals are cocooning, and I feel they’re spending much more cash on their houses.”

In larger Stockholm, with about 2.4 million residents within the metropolitan space, the marketplace for homes is extraordinarily brisk. “It’s loopy, actually,” Mr. Tivenius mentioned. “Costs have risen 15 to twenty % in a 12 months.”

Within the suburban areas instantly across the metropolis, homes sometimes common 10 to fifteen million Swedish krona ($1.14 million to $1.72 million), relying on the world, he mentioned. Something cheaper than that might require appreciable renovation. Extra unique properties are priced between 15 and 20 million krona ($1.72 million to $2.29 million), with seafront properties sometimes nearer to 35 million ($4 million), he mentioned.

Residences in central Stockholm common round 100,000 krona a sq. meter, or $1,060 a sq. foot, he mentioned.

Overseas patrons make up a small share of householders in Sweden. In 2020, Statistics Sweden reported that 37,979 trip houses have been foreign-owned — about 6 % of the overall. Norwegians accounted for a few third of these homeowners, intently adopted by Germans and Danes, at 27 % every. One other 2.2 % are owned by Swedes residing overseas.

In Stockholm, fewer than 1 % of trip houses are overseas owned.

Ms. Eggenberger mentioned her nonresident patrons are sometimes diplomats or Swedish residents who’re returning to the nation after working elsewhere for a few years “with some huge cash to spend.”

There aren’t any restrictions on overseas patrons in Sweden. It’s normally not obligatory to rent a lawyer — the vendor’s agent sometimes handles the whole lot within the transaction, Mr. Tivenius mentioned.

In larger Stockholm, the agent’s fee can differ, however on homes it normally averages round 1.5 to 2 %, he mentioned.

Swedish; Swedish krona; 1 krona = $0.11

Consumers pay a stamp responsibility of 1.5 % of the acquisition worth. It applies solely to homes, to not flats, Ms. Eggenberger mentioned.

The annual property taxes on this home are about 8,500 krona ($970).

Jan Tivenius, Residence-Christie’s Worldwide Actual Property, 011-46-70-617-96-06; christiesrealestate.com

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