House Hunting in Venice

For Sale:

Top floor: Penthouse in a 17th century palazzo on the canal.

 

Asking price: $1,960,000.

 

1,940 square feet houses three bedrooms and three baths.

Renovated in 2009. Four floors up, but no elevator.

The property used to be owned by a noble Venetian family.

It has been on the market for one year.

Formerly French, American and British buyers made up the market. Now, due to the economic downturn and the exchange rate, buyers come from Europe and Russia.

Many buyers pay all cash, however there are Italian banks offering 80% mortgages available at 4%-5% amortized over 10 or 15 years.