Luxury Real Estate

Courtesy of: Peter Linsey of Summit Sotheby's International Real Estate

The Canyons ski resort in Park City, Utah has just announced that they will be opening for the 2009-2010 season. The mountain is scheduled to open November 27^th.

As Utah’s largest resort, The Canyons provides all the elements of a perfect vacation, right outside your door. The mountain is reporting 23 inches of total season snow fall with an average season snow fall of over 350 inches. Get an up to date snow report here!

The Canyons is a well known luxury real estate destination that offers an endless supply of winter activities including ski & snowboarding school, guided snow shoe tours, dog sledding and fly fishing. With 17 lifts and 163 trails, The Canyons invites any level of skier to hit the slopes.

Peter Linsey of Summit Sotheby’s International Realty has an intimate knowledge of The Canyons and would be happy to help you with any of your luxury real estate needs in The Canyons, Solitude, Park City, Deer Valley, Promontory or any other surrounding areas.

Courtesy of: Paula Maia of O & O Property Collections

Located on the shores of the Atlantic Ocean, with year round peerless light condition, and only 5 ½ hours from New York city, the Algarve is about to become the Hollywood of Europe.

Portugal offers a very favorable high quality/ low cost of living ratio; which added to the fact that it has topography of 40 states of America combined and yet is roughly the size of New Jersey, makes of this project every producer’s dream.

The Holding Picture Portugal is the newest addition to international cinema, commercials, video games, music videos, and audiovisual production centers. This ambitious project has been developed by the Portimão municipality and the renowned international Portuguese actor Joaquim de Almeida, and comprises the creation of 11 super modern new studios fitted out with state-of-the-art equipment.

The prevision is for two of the studios to be up and running by the end of 2010, and wheels have been set in motion for various film projects. Amongst the feature films already planned are: - “Femina” with the renowned Italian actress Sophia Loren as the leading actress, -“Mendes”, a film based on the life of a Portuguese consul who saved more Jews than Oskar Schindler during the Holocaust. The consul role will be played by Richard Gere. - Remake of “Le Mans” which have Brad Pitt, Penelope Cruz and Al Pacino in the leading roles,.

During the first phase, the plan is also to construct post-production areas for audio and video, an area for shooting outdoor scenes and a «water tank» - a specially adapted pool for underwater filming.

The cinema studios complex will include a media park as well as a fun park for the entire family, and the central theme will be “the history of cinema and the world of cars”.

Negotiations have been taking place with CBS Paramount and Universal for the film studios, and Lynn Ferro, vice-president of CBS, has been one of the main supporters of this striving project.

Courtesy of: Kristina L. Skalak of Handsome Properties, Inc.

Two realities have met— akin to a flood tide rushing into the marsh grass — and created an opportunity for a new business. The Lowcountry has been a magnet for the international set for hundreds of years, and today the business of real estate remains under the microscope of analysis, seeking new ideas.

Debbie Fisher, the broker-incharge of Handsome Properties, pulled the two together. Mrs. Fisher has created ties across “The Pond” by starting a new venture. It all resulted from Frédéric Raggio, the owner of French real estate company, admiring Handsome Properties’s current Web site. Mr. Raggio and his family have been involved in French and European real estate for many years. Although educated in the U.S., Mr. Raggio was born in St. Tropez and has lived in the South of France and Paris for many years. He speaks several languages and is even a trained pastry chef. Debbie Fisher tells us that Mr. Raggio appreciates diverse cultures, travel, food and, especially, high-end real estate.

Hence, it is no surprise why Debbie Fisher hired Mr. Raggio to manage Handsome Properties International, a division of Handsome Properties, Inc. They are going to represent many brokers in France, offering highend rentals and sales. Some of the properties that will be offered will include pied àterres in Paris, Old World vineyards, seaside villas and palatial estates. The sales prices range from 1 million to 20+ million Euros, and the rentals are upon request.

With Charleston’s sophistication and strong ties to Europe, the opportunity to expand horizons seems obvious, but doing it is another matter. Credit goes to Debbie Fisher for having the vision to pull this together. She believes many would jump at the opportunity to purchase a European escape if they felt the process were not too complicated. Therefore, Handsome Properties has made sure they have all the connections that they may need and an international real estate specialist. They also have an international team to guide clients through the process from beginning to end.

One of the major deciding factors and an added bonus in starting up this venture was that there would be reciprocity with the European brokers; these brokers are allowed and encouraged to advertise Handsome Properties’ current listings. Advertising is encouraged on their Web sites and in their print media. This would give European exposure to all of the firm’s current listings, which suits Americans as well as European buyers who recognize the opportunity that the U.S. presents at this time. The current global economic climate meets a strong Euro, and the combination provides a strong buying opportunity just when many are hoping to sell.

Time will tell exactly what this international package will do to increase sales activity in Charleston and put Charleston more firmly on the map for Europeans to visit and explore. Other real estate firms have dabbled in crossing the Atlantic, but this is the first time a local firm has put so much into the details of the process, so as to address potential complications early in the discussions.

Those interested may visit Handsome Properties’ new International Web site at www.handsomepropertiesinternational.com.

Courtesy of: Daniel Gale Sotheby's International Real Estate and RisMedia

RISMEDIA, November 12, 2009—James P. Retz, senior vice president, Marketing and Technology for Daniel Gale Sotheby’s International Realty, one of the nation’s leading Realtors, will be a panelist later this month on the award-winning television program “Exploring Critical Issues.”

“The Real State of Long Island Real Estate” is the topic of the upcoming program, hosted by Adelphi University President Dr. Robert A. Scott. In its sixth year of production, the hour-long program features a roundtable of distinguished guests that explore a topic of significance to metro-area viewers.

“The Real State of Real Estate” provides viewpoints on the current real estate market as influenced by factors in construction, architecture, commercial and residential real estate.

“There have been so many changes to both the commercial and residential real estate markets, it is important to be able to look at the big picture,” said Retz. “The Internet, in particular, has revolutionized the home buying process. But much has stayed the same. We all still need a place to live, and the emotional and financial implications of buying and selling a home call for the expertise of an experienced real estate agent.”

In addition to Jim Retz, panelists include Ted Sasso, President, Renaissance Realty Services, LLC; Mitchell Rechler, Rechler Equity Partners and President of ABLI (Association for a Better Long Island) and John Tsunis, Chairman, Gold Coast Bank, Chairman and CEO, Long Island Hotels, LLC, and land use attorney at Tsunis, Gasparis, and Lustig, LLC.

For more information, visit www.danielgale.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Read more: http://rismedia.com/2009-11-11/daniel-gale-sothebys-james-phelps-retz-guest-panelist-on-award-winning-broadcast-series-exploring-critical-issues/#ixzz0Wgd27nPf

By Carina de Sousa of IRG International Realty Group

The European Real Estate Network is the only truly pan-European network of independent, top quality, boutique brokerage companies. It brings together their considerable expertise, international contacts and resources to the benefit of their clients, be they buyers, sellers, investors or developers. The network is an international platform at the highest level for the acquisition, marketing and sale of premium real estate.

Bi-annually the European Real Estate Network issues a market update for luxury residential tourism in Europe.

In general summertime has seen slight confidence coming back to the property market. Although the lower end markets have been hit severely, the high end residential tourism market remained steady throughout and especially in “isolated pockets” throughout Europe. In these areas sales have been steady and ongoing although often fuelled by realistic pricing or accepted offers.

From September 2008 to June 2009 all affiliates have seen a decrease in sales for the luxury residential market. Inquiries still kept coming in but were for 50% not serious inquiries or are still in the sales pipeline.

Our affiliate in Austria, Peter Marschall from Marschall Immobilien is not sure if the bottom of the financial crisis has been reached and expects the prices to go down slightly.

Though in Switzerland both affiliates, WETAG Consulting and CGI Immobilier have signaled that prices

remained steady and in the Lake Geneva area there has even been an increase due to the large demand and limited offer of real estate. For Wetag Consulting that is covering Ticino with its lakes, Lago Maggiore and Lago di Lugano, parts of Graubünden, the Italian side of Lago Maggiore and Lago di Lugano as well as some parts of Lago di Como, and 80% of the buyers are international, namely from Germany, Italy, The Netherland and United Kingdom. Due to the changed tax laws in Switzerland foreigners have a great advantage to buy.

By: Andrew Kirk of The Record Staff

Courtesy of: Peter Linsey of Park City Real Estate

Park City Board of Realtors president Lincoln Calder refused to say that the market has hit bottom, but on Monday he did acknowledge that his Third Quarter Report reveals signs of improvement.

During the first nine months of 2009, more than $575 million changed hands in real estate deals. That's down 33.7 percent from the same time period in 2008, and down 50 percent from the market's all-time high in 2007.

Still, anyone following the board's quarterly reports recognizes those numbers as improvement. At one point, Realtors in Summit and Wasatch counties were reporting numbers down 75 percent from the all-time high.

Since February, pending sales have only increased.

"We've made up some ground," Calder said. "We're not out of the woods yet, but prices are down enough that buyers are seeing value in the market."

In the past, local real estate experts predicted that sellers would need to begin lowering prices to experience a "thaw" in the market. Lower sales prices are disappointing and painful, but would lead to long-term recovery.

Most of the board's third-quarter numbers suggest that is now occurring.

Median sales prices are down 30 percent from highs in 2008, he said. Park City condominiums are selling for about 23 percent less than last year. Kamas homes are selling for an average of 18 percent less. Sale prices for single-family homes in Park City proper, especially in Old Town, had been holding steady. This report shows the average sale price down 13 percent.

As bad as that sounds, it's finally attracting buyers.

"A lot of those buyers are a drawn in by value. That's the No. 1 motivation," he said. "Those are the deals that are happening right now."

The trend is especially true for single-family homes. Calder said many houses, in contrast to condos, have been bought and sold because families are moving in or out of town. Loans for primary residences are easier to get, and necessity makes negotiation easier.

Condominiums have shrunk to only a third of the overall market because they're usually purchased for speculation or as second or third homes. There's less demand for "spec" homes and vacation properties. Loans for them are also harder to get.

Even though sale prices are down, increased sale volume is decreasing supply, which will eventually bring prices back up, Calder said.

He said Realtors are still struggling, but the activity is heartening.

Also Summit and Wasatch counties are mostly free of the troubles making national headlines. Less than 1 percent of all properties are in some state of foreclosure.

"Our market has never been driven by rampant speculation," he said.

The most talked about real estate in town is too new to be affecting the numbers. There have been a few closings at Dakota Mountain Lodge, St. Regis isn't allowing deals to close yet, and The Montage is not far along enough to begin accepting deposits, he said.

Vacant land sales have been, and continue to be, the weakest sector in the market.

According to the third-quarter report, volume is down from 183 transactions during the first nine months of 2008 to only 86 so far this year. Sale prices are down nearly 11 percent.

Better news is that projections for the state appear positive. According to Metrostudy, which tracks the new-home construction industry, new-home inventory is in rapid reduction in the Greater Salt Lake Area, which includes Summit County.

Inventory has decreased 56 percent in the last year, and 25 percent since the end of the second quarter. Metrostudy estimates it would take 2.6 months to clear that inventory, and two months is considered an ideal balance of supply.

Courtesy of: Cathy Harrington of Prudential California/Nevada Realty

Pleasanton, CA – October 22, 2009 -- The San Francisco Bay Area real estate market continued to show signs of a slow recovery during the third quarter of 2009 behind a dwindling supply of foreclosed properties on the market and increased competition between cash-rich investors looking for deals and traditional first-time homebuyers trying to leverage low interest rates and a soon-to-expire federal income tax credit to completed a home purchase before home prices can edge higher. The report was compiled by the research division of Prudential California Realty, and is an analysis of MLS data.

In the nine-county Bay Area, 14,662 existing single-family detached homes changed hands during the third quarter, up slightly from 14,551 homes sold in the second quarter and 6 percent higher than the 13,895 homes sold during the third quarter of 2008. The median price of a Bay Area home remained essentially unchanged from the second quarter, falling by less than 1 percentage point to $495,327. A year ago, the Bay Area median home sales price was 22 percent higher at $633,786. The decline is attributed to a dramatic slowdown in sales of homes in the highest price ranges over the past year and a steady supply of distressed properties on the market.

For the second consecutive quarter, Contra Costa County led the pace of sales with 3,325 closed transactions, followed by Santa Clara County (3,288 closed sales) and Alameda County (3,001 closed sales). Only Sonoma and Solano Counties reported a quarter-to quarter decline in sales. Sales were down on an annualized basis in Sonoma and Contra Costa counties.

The impact of stronger sales also could be seen n the region’s time on the market statistics. The average number of days a home was on the market before sale in the third quarter essentially was unchanged at 66 days, down from 67 days in the second quarter but up slightly from 63 days a year ago.

The median sales price of a home sold during the third quarter increased compared with the second quarter in Alameda, Contra Costa, Marin, San Mateo, Santa Clara, Solano and Sonoma counties. These increases reflected a significant increase in the number of multiple offers on short sale, foreclosed and other entry-level and investment-grade properties and a modest improvement in prices in moderate- and higher-priced pockets of most counties. .

“Looking ahead, buyers expecting rock-bottom prices on bank foreclosures may find those in shorter supply in the months to come unless lenders unleash a flood of new properties. Increasingly, lenders are agreeing to short sale transactions, but buyers making offers on these homes will find stiff competition unless they have sizeable down payments or all-cash,” said David Gardner, Managing Director, Prudential California Realty. “First-time buyers will continue to seek homeownership opportunities, and their presence as a market force will be boosted if the federal government decides to extend the $8,000 federal income tax credit for first-timers beyond its scheduled December 1, 2009, expiration date.”

Third Quarter 2009 Housing Market Survey – Bay Area Counties

Single-Family Detached Homes

Third Quarter 2009 Housing Market Survey – Bay Area Counties

Single-Family Detached Homes

* Days on market is the number of days a property was listed on the market until it went under

contract at its final listing price. This may not reflect previous listings.

**The median home price for the entire county is the weighted mean of median home prices of

cities within the San Francisco Bay Area.

Data are sourced from multiple listing services and are deemed reliable but not guaranteed.

All percentages rounded to nearest whole number. Bay Area refers to sales within Alameda County, Contra Costa County, Marin County, Napa County, San Francisco County, San Mateo County, Santa Clara County, Solano County and Sonoma County.

Produced by the Prudential California Realty Research Division.

About Prudential California Realty:

Founded in 1887 as Mason-McDuffie Real Estate and transitioning to the Prudential name in 1997, Prudential California is a leading innovator of real estate technology solutions to its agents and clients. Prudential California Realty provides comprehensive real estate solutions when buying, selling and owning a home with more than 6,500 transactions and $3 billion in annual sales for 2008. The company offers consumers full MLS access to home listings through its website www.PruRealty.com. Owned by David Cobo and Ed Krafchow, the organization cumulatively has more than 1,800 agents and 40 offices. Prudential CA/NV is an independently owned and operated member of the Prudential Real Estate Affiliates.

Courtesy of: Jim Walberg of Caribbean Islands Realty

Many of you remember my article several months ago about the Save Lindbergh Bay initiative. This is a grass roots organization of people committed to keeping this beautiful Caribbean bay on St. Thomas from being the dumping site of the dredging material from Charlotte Amalie Harbor. The U.S. Virgin Islands signed a contract with the largest cruise ship in the world, Oasis of the Sea, to call on the port of Charlotte Amalie. The cruise ship holds over 5,000 people that will greatly add to the tourist revenue of St. Thomas. However, the agreement required Charlotte Amalie Harbor to create the ability for the Oasis of the Sea to dock which would require dredging the path of the ship into the harbor an additional 35 feet to the existing sea floor. The project was to take the 150,000 cubic yards of dredging material and deposit it into Lindbergh Bay. The GREAT NEWS is that Lindbergh Bay has been saved by Gov. deJongh, Jr. signing a degree to halt the dredging until a more suitable site can be found for the material.

The dredging has been opposed by not only the residents of the Virgin Islands, but by people concerned about environment issues around the world. Gov. deJongh said at a Government House press conference, “As this process proceeded, and mindful of the community’s concerns on the placement of the dredged spoils, yet the desire to ensure that Royal Caribbean maintains St. Thomas as a port of call for Oasis, I instructed my team to develop options in the event that a change of course was required.” So, after lengthy negotiations with government officials and the cruise lines, an agreement with Royal Caribbean has been reached. The contracts with the Port Authority needed to be honored, so some of the cruise ships that normally berth at Crown Bay will be shifted to Havensight on the days when Oasis of the Sea calls on Charlotte Amalie Harbor.

Now that Crown Bay will be the temporary docking site for Oasis by the Sea, Gov. deJongh, Jr. acknowledged, “Crown Bay is an interim solution. Quite frankly, it is not the ideal with respect to passenger experience — there will be issues of security screening, transportation, economic impact on passenger spending. However, it ensures that Charlotte Amalie Harbor is able to keep the ship as a port of call.”A BIG challenge with Crown Bay as the docking location for Oasis is how to move the passengers to the center of town where they all love to shop. How about creating a fleet of independent water taxis to finally serve the entire Charlotte Amalie Harbor?

Other comments about removing Lindbergh Bay from the dredge dumping came from:

• Tourism Commissioner Beverly Nicholson-Doty is committed to increasing passenger presence in areas such as Market Square and Emancipation Garden, where staging points will be set up; “We’re working on the logistics now and definitely want to encourage shopping there, so that someone can go and get a question answered or just have a cultural experience.”
• Virgin Islands Conservation Society president, Jason Budsan; “I congratulate everyone who helped make this happen. Public pressure counts. The decision is significant because the Virgin Islands is looking at ways to solve problems, balancing the environment and the economy.”
• Senator Wayne James; “It’s a great triumph on our part. I was looking at the bay a couple days ago, and I wondered how anybody could compromise the beauty of this beach.”
• Environmentalist Helen Gjessing; “I’m really pleased that the Port Authority saw the writing on the wall, that this was really not a viable project. There’s no way it could restore the eco-system of Lindbergh Bay. A lot of credit goes to the many people who kept plugging away. I really appreciate that.”

Please log in with your comments about how a few committed citizens CAN make a difference in changing the direction of being kind to our Planet

Courtesy of: Jim Walberg of Caribbean Islands Realty

Jim Walberg states that all real estate is local, remember? The Bay Area home sales for September were up 8.4%. It doesn’t matter what the National averages are, it only matters what the stats are in our local market. And within our local markets are niche markets. Do you really care about what the statistics are in Kansas City? No. What you care about is what is happening with home sales in the East Bay real estate markets. But, here is the info from September’s home sales anyway. Last month was the largest monthly increase in home sales in the U.S. in the last 26 years! That is great news for our economy. I believe that the reason why September was so robust in home sales was because of the panic that the Home Buyers Tax Credit was ending on November 30^th. ( We now know that Senator Harry Reid is authoring a bill to extend it to April 30, 2010.) The September jump in homes sales revised the projected home sales for 2009 to 5.57 million! “There’s a mini-boom going on in the housing market,” said Thomas Popik, who conducts a monthly survey of real estate agents for Campbell Communications, a research firm.

Nationally, home sales are up almost 24% from the bottom last January. However, they are still down 23% from 2005. What is still dragging down prices are Foreclosures and Short Sales. Now, this is where we go back to, “all real estate is local”. The median price of homes last month, Nationally, was $174,900, with a bit less than eight months of inventory given the current pace of sales. California’s median home price last month was $251,000 which was down 11% from $283,000 a year ago in September. Back to local…if you look at the East County months of inventory is around ONE MONTH! San Ramon is three months. Dublin is under two months. This confirms that ALL real estate is local.

Who are snatching up homes right now are first time home buyers and investors. They are taking advantage of low interest rates on mortgages, plus the tax credits that have been available the past year. This tax credit has been so important to them that many are adding in a clause to their purchase contracts that states the are able to back out of their purchase if the sale doesn’t close before November 30^th. ( This may be a mute point if the current proposed Senate bill passes in the next week or so.)

Joseph LaVorgna who is the chief U.S. economist from Deutsche Bank stated, “We think the housing market has touched bottom and it is now only a matter of time until home prices stabilize — something that we anticipate to occur in late 2010.” I still believe that the unemployment issue will continue to cause more foreclosures, no matter what part of the country we live in. Zillow.com’s chief economist, Stan Humphries said, “There’s more supply that’s going to come into the marketplace. That additional supply will outpace demand.” So, is the solution the extension of the home buyers tax credit? Some of the analysts are saying the tax credit may not be as critical to the housing market as the real estate industry is suggesting. The chief economist of Nomura Securities stated, “The group has an incentive to talk up the effects of the credit as it is urging Congress to extend it, and it therefore may be exaggerating the credit’s effects.” In fact, the Treasury Department is questioning whether over 100,000 tax credit claims are illegal. There is even a taxpayer application that has been discovered from a four year old. This revelation will not help Congress with their rationale in passing an extension of the tax credit.

However, last month, John Walsh, the president of DataQuick said, “This market may be closer to normal than it was a a half year ago, but it’s still out of kilter, fueled in large part by incentives and the processing of distressed properties. The sales mix is still lopsided, tilting toward the low end, and lending institutions are only making really safe mortgage loans. For those who can buy, there are some very attractive opportunities. But it still looks like a lot of normal supply-and-demand activity has been put on hold until the economy comes back.” What are your thoughts about our local real estate markets?

Courtesy of: Jim Walberg of Caribbean Islands Realty

Tax Credit Update From Jim Walberg: Last week I sent out the alarm for home buyers to take action or lose out on the Federal tax credit that is ending November 30^th. Today Senate Majority Leader Harry Reid said that the Senators have actually agreed to extend the First Time Homebuyers Tax Credit past November 30^th. The proposal on the table has the $8,000 credit extended until April 30, 2010. PLUS, a $6,500 tax credit would be given to homeowners who have lived in their house for the past five consecutive that purchase their next primary residence. The credit would be available to individuals who make less than $125,000 a year, or couples who make less than $225,000. This is $50,000 to $100,000 more than the last income ceiling in order to qualify. A strategy that is being proposed in order to have it accelerate through Congress is by attaching the bill to the one extending unemployment benefits – a smart move by Senator Reid.

The green light was given to Senator Reid and Congress from President Obama when the administration asked Congress to give future homeowners more time to receive the tax credit. Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan stated today in a joint statement, “We welcome efforts taken by Congress to extend the first-time home buyers tax credit for a limited period. This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide.”

Moodys Economy.com’s chief economist, Mark Zandi, believes that the original tax credit that is to end by November 30^th will have created up to 400,000 home purchases when all the smoke clears. The National Association of Realtors, and the Home Builders Association

have both been stating that failing to extend the tax credit would seriously impact the recent signs of stability in the housing market. Just yesterday, the Home Builders Association blamed weaker new home sales because of the expected end to the first time homeowner’s tax credit at the end of this month.

Not only is the deadline proposed to be extended to April 30, 2010, but the rules of what a “deadline of April 30, 2010” means has been changed. The current tax credit rules states that the home must close escrow by November 30, 2009. That is why there has been such a rush the past four weeks to complete the loan process for any purchases that qualify for the credit so they can close escrow by the end of the month. It has been a mad house at all of the mortgage lenders offices. The proposed extension states, “A buyer must have a sales contract on a home by April 30^th to be eligible, but gives them an additional 60 days to close the escrow on the home.” This actually means that the deadline to receive this credit is June 30, 2010 for any purchases that qualify!

The BIG NEWS regarding this proposed extension is the expansion of it to current homeowners who are move-up buyers. This is THE key group of home buyers that are critical to the recovery of the housing crisis. Also, with expanding the amount of income a person can earn in order to qualify, it will encourage a host of buyers into the game. So, both first time buyers and move-up buyers can use this tax credit as long as the home is no more than $800,000. They can also take the tax credit on their 2009 tax return even if it is purchased in 2010. Remember, that the tax credit does not have to be repaid if the buyer lives in the home for three years or more.

There is a BIG downside to extend the tax credit. Mark Zandi has estimated that the current tax credit has already cost the Feds over $10 billion in lost income taxes. He believes the current proposal will cost more than $10 billion in additional income tax loses. There are critics of the tax credit that say the Feds have paid $43,000 for every additional home sale the past two years! Zandi does concede that the proposed bill to extend the tax credit would create a significant amount of home sales. But, is the trade-off worth it. All aspects of the economic recovery are fragile today. If this credit is not extended it may set us back a year or two with any further recovery possible. CLICK HERE for more information on how this tax credit could benefit you. Until next time…your East Bay lifestyle detective remains on duty.