Luxury Real Estate

Dear Friends:

It was neither the best year ever, nor the worst. Still, 2010 was one of the most satisfying in the company's history.

That's because we knew going in that 2010, with all its carry-over economic woes from 2009, would test our mettle. Each agent would have to redouble the efforts that helped them achieve nearly $1.2 billion in sales in 2009. An amazing feat, considering it was accomplished in the worst financial climate since the Great Depression.

With the economy still deep in the doldrums at the dawn of 2010, we knew 2009 would be a tough act to follow. We calculated it would take at least one more closed transaction per each of our 557 agents to make 2010 a more successful year for their clients and customers. Thus our mantra became "The Power of One More."

Needless-to-say, I was bursting with pride last week as we announced the official sales results for 2010. Instead of one more transaction, each agent (on average) delivered two more. With average agent productivity up by an amazing 20%-to $2.57 million per agent-we finished the year with $1.432 billion in combined sales; a 21% improvement over 2009. Unit sales were also up, by 29%. Read more about how our agents vastly out-performed the market in this month's issue of Saunders@Home.

Their outstanding accomplishments and market dominance notwithstanding, our agents' over-the-top success is also tied to a region whose inherent desirability continues to defy every major economic obstacle that has ever been thrown in its way. It's nice to sell in a market that sells itself.

Our market's challenges will no doubt continue through 2011, with the supply of available properties still out of balance with demand. But the demand is definitely ramping-up as the onset of season finds each of our agents busy with multiple customers-both foreign and domestic-who have stopped looking and started buying.

Why not join them soon for the best buyer's market in history. Home prices have bottomed in many of the most popular price ranges and interest rates are at historic lows. As if that isn't enough, a taste of our legendary lifestyle-suffused as it is with abundant sunshine, recreation and culture-will convince you there are far better ways to spend each winter.

Cordially,

Michael