Luxury Real Estate

Courtesy of Deirdre York of Resources Real Estate

Red Bank, NJ - Resources Real Estate’s Red Bank office will serve as one of the venues for Red Bank Art Walk on Friday, May 17^th. The exhibit will feature Robert O’Connor, video artist and painter who lives and works in Atlantic Highlands, New Jersey. Robert has created a special exhibit to showcase exclusively at Resources Real Estate for the Red Bank Art Walk. Robert's exhibit is expected to be an enormous hit!

“Resources Real Estate is a great supporter of local artists and we’re excited to showcase Robert’s art,” said Carolynn Ozar Diakon, senior partner and broker of the company.

“Robert's work has been exhibited nationally as well as internationally and we thrilled to unveil his display on May 17th,” said Thomas McCormack, managing partner and broker.

Resources Real Estate’s new location at 4A West Front Street (at the intersection of Broad Street) is the company’s third in addition to its flagship office in Rumson and a branch office in Monmouth Beach which, after having sustained significant storm damage, was the first business to re-open in Monmouth Beach post-storm.

The hours of the exhibition will be 6:00pm – 10:00pm and is open to the public.

About Resources Real Estate

Resources Real Estate is a full service independent residential brokerage opened by Carolynn Ozar-Diakon in 2000. Thomas McCormack, with the company since 2002, joined her as a partner in 2010. Resources Real Estate is located at 112 East River Road in Rumson, 36 Beach Road in Monmouth Beach and 4A West Front Street in Red Bank. For more local real estate information or to inquire about a career in real estate, you can call 732-212-0440 or visitresourcesrealestate.com.

Courtesy of Valerie Ledford of Fannie Hillman + Associates

WINTER PARK, FL— How would you like to watch the evening news, in the comfort of a living room, formally owned by one of Orlando's top news anchors? Well now's your chance!

WESH-TV anchor Martha Sugalski has recently entrusted Fannie Hillman + Associates with the sale of her gorgeous Wingfield Reserve home. This four bedroom, three bathroom home has brought years of enjoyment to Ms. Sugalski, her husband and children, but as recently announced, that family is rapidly growing. Ms. Sugalski expects to deliver triplets this summer so finding a bigger home locally has become a priority!

"For so many years this home has been my safe haven. Because of the intense exposure of my job, this community has provided much needed privacy to me and my family. Watching my children run around our large yard or watching a movie during a 'date night' with my husband in our theatre room are all happy memories I will take with me wherever we go." said Ms. Sugalski.

Wingfield Reserve is located in Lake Mary and offers a variety of features including tennis courts, private security patrols and A+ rated Lake Mary schools, all while being close to I-4, shopping, restaurants and bike trails.

For a private tour of Ms. Sugalski's home or for more information about the property, please contact Fannie Hillman Realtor Glad Messeroff at 407-497-0132.

About Fannie Hillman + Associates

A member of the Orlando Regional Realtor Association, Fannie Hillman + Associates is listed in Who’s Who in Luxury Real Estate, Luxury Portfolio and Chicago-based RELOHomeSearch, a website run by Leading Real Estate Companies of the World®, the world’s largest network of premier independent residential real estate firms representing 600 companies with 5,000 offices and 150,000 sales associates in more than 30 countries. Fannie Hillman+ Associates is located at 205 W. Fairbanks Avenue. For more information call 407-644-1234 or visit the company’s web site at fanniehillman.com.

Courtesy of Amy Plotkin of Surterre Properties®

Monarch Beach and Newport Beach residents were able to dispose of their old electronics and documents in a clean, green and efficient manner thanks to our recent Monarch Beach and Newport Beach eWaste and document shredding events.

Held at the South Shores Church parking lot in Dana Point on April 27, the Monarch Beach event collected approximately 2,550 pounds of electronic waste, and shredded approximately 2,975 pounds of confidential documents on-site. For this event, the Monarch Beach community’s commitment to ProShred’s environmentally conscious shredding and recycling service saved 14 trees.

The Newport Beach event, held at Surterre's headquarters a week later, did a tremendous amount of good for the environment as well, collecting approximately 4,893 pounds of electronic waste and shredding approximately 4,200 pounds of documents on-site, which saved 21 trees.

Betty Comegys, one of our distinguished real estate agents and leader of the Monarch Beach event reported, “We had about 67 cars come through the South Shores Church parking lot, with some of them stopping by twice to unload their eWaste and papers in a responsible manner. We’re thrilled to see the enthusiastic turnout we continue to experience at all of our eWaste events.”

A free service to the public held on a quarterly basis in four different areas of Orange County, our eWaste and document shredding drives offer you an easy opportunity to safely dispose of your unwanted electronics and papers.

If you haven’t had a chance to attend one of our eWaste and document shredding events yet, don’t miss our San Clemente drive at the San Clemente Presbyterian Church this Saturday, May 18 from 9 a.m. to 1 p.m.

Visit www.SPeWaste.com for more information about our upcoming events.

Courtesy of Frederick Peters, President of Warburg Realty

Is there another real estate bubble? I am reading and hearing this question all around me. While it is certainly true that, in the last few months, the market has grown extremely hot in certain areas, the differences between what is happening today and what happened six years ago are substantial. While no one can predict the future, my sense is that neither the national nor the local New York markets are in a bubble, although it certainly can feel like one if you are a buyer competing against seven others for a two bedroom apartment on Third Avenue or a house in Fort Greene. Here is my thinking:

The economy is expanding gradually. There is no talk of a “new paradigm” or a “new economy” in which unlimited expansion is possible. Improvement is cyclical, and real economic growth continues to be slow. Part of the interest in real estate actually hearkens back to one of its fundamental benefits: bricks and mortar. In spite of the stock market’s precipitous rise, most people are still fundamentally cautious about their longer term future. In such an environment, hard assets like real estate have a particular appeal.

Inventory in Manhattan and Brooklyn is at a historic low. Over the decades of the 20th century, America became increasingly urbanized. Jobs and quality of life both drew more and more people into cities. New York has always been a particular magnet for transplants from around the country and around the world. Because of the recession, and changes in tax treatment for new development, few buildings were begun over the last five years (although there is certainly more of a mini-boom in building today). So we are a city with an expanding population and a relative paucity of newly constructed places to live. Add to that the changes in the capital gains tax laws enacted in the beginning of this year, dis-incentivizing long time owners from selling their highly appreciated homes, and you have a perfect storm of scarcity. As people become more accustomed to the new tax laws, and as more mid-range properties reach the marketplace, I believe much of the urgency will become tempered and a more balanced market will resume.

There are three different market dynamics in the New York real estate scene, and each is created by differing realities of supply and demand. They are the internationally driven high-end new condominium market, the market for older co-ops and condominiums priced below about $5 million, and the higher end co-op market. Each of these is behaving quite distinctly.

1. The high end new condominium market continues to set records, albeit at price levels considerably lower than the world’s other most international cities such as London, Paris, and Hong Kong. The U.S. remains a safe haven into which flight capital continues to flow. I don’t foresee major changes in this dynamic in the years ahead.

2. Lack of inventory continues to drive the market for properties under $5 million. The two-bedroom markets in both Manhattan and Brooklyn remain the most competitive, particularly for units costing less than $1.5 million or those in mint condition. Affluent singles, young couples, and empty nesters returning to the city all vie for these properties. As one gets to the upper end of this market segment, condition and location become increasingly significant factors. It is actually still possible to pick up excellent buys on beautiful six and seven room apartments if they need work and lie outside conventional neighborhood boundaries.

3. The higher end co-op market is uneven. While park views and top addresses continue to draw buyers, this market shows price sensitivity not at all characteristic of its counterpart in 2007. There is no longer an army of mid-level investment bankers flush with bonus cash snapping these units up. The buyers of today, whatever the origin of their funds pay close attention to relative value. Many of these units, if not correctly prices, linger for months on the market.

Finally, a market which is driven from the bottom up feels healthier to me than which is driven from the top down. Young professionals all over the city, from the Upper West Side to Prospect Heights to Long Island City, are investing in homes and making a long term commitment to New York. They are, for the most part, fiscally cautious. They qualify for financing in today’s much more restrictive mortgage environment (or they get help from the Bank of Mom and Dad), they send their kids (when they have them) to local public schools in which they become activist parents, and they build their neighborhoods with like-minded colleagues. Today’s buyers in the critical $1 million to $3 million dollar marketplace are generally not investors. They are not looking for a quick profit. Their purchases reflect not froth, not a fantasy of real estate as a get-rich-quick vehicle, but a decision to participate in and continually re-activate New York as a series of vibrant, inclusive, multi-generational communities.

You can read more on www.warburgrealty.com/blog.

Courtesy of Century 21 McGuigan Pepin

Artist Biographies

Powell Trudeau (1910-1984) – A renowned Montreal born artist, studied at the Ecole des Beaux-Arts and the Art Association. His work has been on display at the Montreal Museum of Fine Arts, and has also been in exhibits in Toronto. His art is often held by private owners. Powell’s paintings are primarily done in oils and watercolours who strived for his art to be an individual freedom of expression.

Marguerite Millette – A Canadian artist, who also attended the Ecole des Beaux-Arts, uses a mixed media style. She has also been displayed at the Montreal Museum of Fine Arts and several galleries including the Wadington, Agnes Lefort, and the Elizabeth Lawrence Gallery. Millette’s unique perception and representation of urban landscapes is exceptional.

Courtesy of Sereno Group

Yesterday was an awesome day.

We held our 2013 company-wide meeting aptly titled, Sereno Session 2013. The day served as a chance for the entire company to get together for a day of ideas, inspiration, and community.

At Sereno Group, we have always made our culture a priority. Since opening in July of 2006, we have focused on creating an environment of collaboration, support, and friendship, among others. The intent of Sereno Session 2013 was to reinforce these cultural standards while creating a dialogue of the future.

Highlighting the event was having Silicon Valley legend and visionary, Guy Kawasaki, as our keynote speaker. As far as Silicon Valley history, Guy is one of a few people who have taken part in shaping the entrepreneurial spirit of the early days of the area’s innovation and openness to technology.

Guy served as Apple’s Chief Evangelist during the early years of the company’s awakening and is a New York Times bestselling author of twelve books, including The Art of the Start: The Time-Tested, Battled-Hardened Guide for Anyone Starting Anything, Enchantment: The Art of Changing Hearts, Minds, and Actions, and APE: Author, Publisher, Entrepreneur.

Click Here for full Sereno Session details.

Courtesy of Abigail Jennings of Lake Norman Realty

The Lake Norman real estate market really roared in April, with buyers snapping up inventory faster than agents could put up signs. New contracts were up 44% for this April versus last April. Inventory remains in short supply, even with more new listings added this April than in the same month last year. But a higher sales volume doesn't necessarily translate into prices being up significantly for Lake Norman sellers. Despite gains in median home prices nationally and the Charlotte region, median prices specific to the Lake Norman area for residential properties have remained close to flat month over month, year over year, and in all price ranges for the past three years. However, although median prices have remained somewhat flat for single-family homes over recent years, when compared to 2004, we're up 19%!

*all data compiled from CMLS for Area 13, Lake Norman

Courtesy of Summit Sotheby's International Realty

Here is a quick snapshot of what is happening in the Park City real estate market:

Compared to the first quarter of 2012-

• Number of sales is up 17%.
• Sales dollar volume is up 28%.
• Best first quarter since 2007.
• Lowest inventory since 2006.
• 21% decrease in listings.
• Distressed properties (foreclosures and short sales) make up only 3% of active listings and accounted for 13% of sales compared to 13% of sales in the first quarter of 2012.
• Single family homes sales increased 18%.
• Median sale price of single family homes rose 30% to $619,500. Median home price within Park City limits was up 12%.
• Condominium sales decreased 3%.
• Median sales price of condominiums rose 22% to $334,128.
• Vacant land sales increased 45%. Median lot price dropped, but this decrease in price is not expected to last due to inventory constraints.

With interest rates at historical lows, today’s home buyer has 43% more purchasing power than they did in 2006, as reported by Rick Klein of Wells Fargo Home Mortgage.

If you are interested in learning more about a specific neighborhood or subdivision, please contact me at 435-901-0659 or nancytallman@gmail.com.

Courtesy of Diane Storey of Harry Norman, REALTOR^®

ATLANTA, GEORGIA — The Cobb Preservation Foundation is still looking for an individual to buy the historic Cheney-Newcomer House located on Powder Springs Road. “If you’re a preservation-minded person you will not find a better place because it is all original…the floors, the walls, the doors, everything” said Harry Norman, REALTOR^® and listing agent, Johnny Sinclair.

Built in 1856, the house served as the headquarters of Union Major General John M. Schofield, who commanded Ohio forces during the Battle of Kennesaw Mountain June 22-30, 1864. While General Sherman suffered a tactical defeat at Kennesaw, Schofield achieved success in the battle, attacking the Confederates left flank. Even today, you can still see the remains of the old road bed that Union soldiers marched on located just in front of the house.

The home’s exterior is in pristine, fully restored condition, while the interior has remained untouched. “It’s time to update with a new kitchen, new bathroom, HVAC system, we recognize that” said Sinclair. “To us, the best owner is one who’s going to live in it and love it.”

For more information on the home e-mail Johnny Sinclair at johnny.sinclair@harrynorman.com, or call him at 770-605-4755.

About Harry Norman, REALTORS^®

Founded in 1930, Harry Norman, REALTORS ^® is one of Atlanta’s first and most successful residential real estate firm with 12 sales offices, various franchise and satellite offices and more than 1,000 real estate professionals. Harry Norman, REALTORS ^® is a wholly-owned subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate. Harry Norman, REALTORS ^® is the exclusive Atlanta affiliate of Christie’s International Real Estate and achieves additional international exposure through membership in such exclusive real estate networks as Luxury Portfolio International, Who’s Who in Luxury Real Estate and Leading Real Estate Companies of the World®. More information is available at www.harrynorman.com.

Courtesy of Frederick Peters, President of Warburg Realty

As everyone who lives here knows, anyone who wishes to buy in a co-op building in New York must follow an admissions process akin to that for a private club. Reference letters and detailed financial disclosure are required. What people don't know is that sometimes, when a Board is not enthusiastic about an applicant, they express this lack of enthusiasm through delay. Two months, three months go by without either a rejection or a request for an interview. Maybe additional documentation is requested at some point. But it can be a period during which both buyer and seller are held captive. In a rising market like this one, it is a terrible disadvantage to the buyer, for whom similar apartments may soar out of reach while he is waiting for a Board decision. In a declining market like the one we were in four years ago, it is the seller who loses out. If the buyer is not approved, the apartment has diminished in value during the process and the longer the time, the greater the loss.

Early last week I testified before the City Council about this issue. My colleagues Pam Liebman from Corcoran and Michael Bisordi from Tungsten Properties joined me in addressing issues pertaining to Intro 188, the recently re-introduced bill which would both create timing deadlines for co-op Board deliberations regarding prospective buyers and compel Board members to attest that they practiced no illegal discrimination in the process. Our testimony went entirely to the first issue: timing. We all three think some timing parameters are a good idea.

Creating intelligent time parameters for co-op Boards (and condo Boards, which are at least as guilty if using delay to signal displeasure) hurts no one. Instead, it creates clarity for all parties. Buyers, sellers, and Boards would all know exactly what the parameters are. The requirements would be clear, and the amount of time the Board would have to deliberate after receiving a complete package would also be clear. Intro 188 suggests 45 days, which sounds like plenty of time to me. And I was a co-op Board president for many years, so I know that time frame is not onerous. And the time period would be longer in the summer.

The illegal discrimination part of the bill seems more problematic to me. First, New York City has the broadest fair housing laws in the country, with a long list of protected categories. I am certain the majority of co-op Board members do not even know what the protected categories are, or that co-ops are subject to the same fair housing rules as every other type of residence. Second, why discriminate against co-op Boards? Surely if the Council is concerned about adherence to fair housing guidelines, landlords are the place to start, since the vast majority of New Yorkers live in rental housing, and there are no such requirements for landlords.

While I understand that ignorance of the law is no defense, I think education is more likely to be effective for co-op Board members than legislation. Mandating that every Board member must receive, at least annually, a list of fair housing protected categories and anti-discrimination information seems like a far more effective solution to me.

I do not believe the proposed anti-discrimination requirements would actually lead to greater transparency. But it would certainly make people a lot more reluctant to serve on co-op Boards!

You can read more on www.warburgrealty.com/blog.