Luxury Real Estate

Courtesy of: Sereno Group Real Estate

LOS GATOS, CA—March 8, 2010. Sereno Group Real Estate announced the opening of its new Santa Cruz Coastal Office strategically located in Soquel where the company’s Santa Cruz team will be able to service the Santa Cruz and Monterey Counties.

“We are very excited and pleased to be opening the newest office of the Sereno Group family,” said Chris Trapani, President and CEO of Sereno Group, “We have always felt that the Santa Cruz coast embodies a spirit similar to the core beliefs of our company and feel that our team will be a great addition and fit to the real estate community in the area.”

The office will again embody Sereno Group’s utilization of the natural environment partnered with cutting edge technology. The office will be equipped with custom workspaces supported by state of the art peripherals and a high definition flat screen television that will be utilized for high-end marketing and client presentations. The office will also echo Sereno Group’s philosophy of collaborating with the local community and will feature artwork from local artists and photographers. Sereno Group is also in the process of qualifying the office for Green Certification to be in-line with the company’s eco-initiative and environmental commitment.

Thus far, Sereno Group Santa Cruz consists of six well-established and respected agents: Terry Ballantyne, Steve Byrd, Nancy Comstock, Alistair Craft, Gail Cruse and Roger Knapp. Everyone on the team has longstanding connections to the local community and has worked, served and volunteered in various capacities in and for Santa Cruz related organizations. The company’s plan is to deliberately build the office with strong quality agents similar to the philosophy they have used their other offices.

Open since July 1, 2006, Sereno Group Real Estate has quickly established itself as a market leader by continually attracting top producing agents in the Silicon Valley. During this time, Sereno Group has achieved the highest per agent productivity for residential real estate brokers in the county year to date. Sereno Group now has four offices located in Los Gatos, Saratoga, Los Altos, and Santa Cruz. The 124 team of Sereno Group agents sell and service the Santa Clara, San Mateo and Santa Cruz Counties and points beyond.

The new Santa Cruz Coastal Office is located at 2407 Porter Street #150, Soquel, CA 95073. The main office phone is 831.460.1100.

For more information, visit www.serenogroup.com.

Courtesy of: Sereno Group Real Estate

LOS ALTOS, CA—January 28, 2010. Sereno Group Real Estate was honored as the Best New Member of 2009 by the Los Altos Chamber of Commerce. The award was given to President and CEO, Chris Trapani, Vice President, Ryan Iwanaga, and Los Altos Office Manager, Alicia Nuzzo, by the chamber at their annual Awards Banquet at Chef Chu’s Restaurant in Los Altos.

Having opened their Los Altos office in January 2009, the chamber cited Sereno Group’s commitment to the community and their involvement in volunteering, philanthropy and sponsorship. In presenting the award, 2009 Chamber Board Chairman, Cynthia Luedtke, noted that Sereno Group’s active participation in Los Altos and also highlighted the company’s recognition as the top fundraising team for the Los Altos 2009 Relay for Life.

“This is a tremendous honor for everyone at Sereno Group,” said Trapani, “It is a testament to the Los Altos team’s tremendous commitment and passion for the community of Los Altos and is a reflection of the greater priority of our company. We value the importance of our communities and strive to be active participants in them.”

Open since July 1, 2006, Sereno Group Real Estate has quickly established itself as a market leader by continually attracting top producing agents in the Silicon Valley. During this time, Sereno Group has achieved the highest per agent productivity for residential real estate brokers in the county year to date. Sereno Group now has four offices located in Los Gatos, Saratoga, Los Altos and, opening in mid-February, Santa Cruz. The 124 team of Sereno Group agents sell and service the Santa Clara, San Mateo and Santa Cruz Counties and points beyond.

For more information, visit www.serenogroup.com.

By: Tony Illia
Courtesy of: Bruce Hiatt of Luxury Realty Group

Condo hotels see 'severe' downward drop in value as credit for mortgages disappears

Checks are in the mail for Cosmopolitan Resort Casino homebuyers. On Feb. 23, Clark County District Court Judge Elizabeth Gonzales approved a class action settlement refunding partial homebuyer deposits at the $3.9 billion, still under construction Strip development. The move essentially eliminates residences at the twin tower high-rise complex, on 8.5 acres, at 3700 Las Vegas Blvd., South.

"Many legal experts said a settlement agreement was unlikely, and I'm glad our fight paid off," said Marquis & Aurbach managing partner Terry Coffing, whose Las Vegas law firm represented 100 units. "The refund checks are scheduled to be cut in April."

The 490-unit East Tower settled at 68 percent of homebuyers' deposits, which ranged from $115,000 to $350,000 per unit depending on size and location. Attorney's fees were 7.82 percent of that amount. Escrow deposits typically represent about 20 percent of the final purchase. Homebuyers can opt out of the settlement before March 29.

The deal follows a similar action last year on Cosmopolitan's 1,322-unit West Tower, which returned 74.4 percent of homebuyer deposits. A court settlement ordered the owner to payback roughly $140 million. Marquis & Aurbach had represented owners of 430 units inside the West Tower, or 32.5 percent of the total building. A sold-out East Tower could generate $112 million or more in down payments. Homebuyers had claimed numerous breaches of contract, including unmet completion deadlines. Several lawsuits were eventually combined into a single case.

"Those units have to be 35- to 40-percent upside down. What is the catalyst to now close those units?" said Marquis & Aurbach associate Nick Crosby. "There isn't a credit market for condo hotels."

Cosmopolitan homebuyers have been scrambling to get out from underneath their purchases, as many face challenges securing mortgages amid a frozen credit market. It makes the project's plans for condominiums unlikely moving forward. Plans had called for two glass hotel-condo towers with a combined 3,000 units perched atop a multilevel retail, casino and entertainment podium.

Deutsche Bank AG, which bought the distressed property during a foreclosure sale in 2008, recently wrote down the project value by $103 million. It marks the second write-off in less than a year for the Cosmopolitan. The development is tentatively scheduled to finish construction in December. Perini Building Co. is the general contractor, with Related Cos. the project manager.

Calls to Deutsche Bank spokesman John Gallagher for comment were not returned by press time.

Luxury condominiums are being valued differently today than a few years ago during the real estate boom. Rising unemployment and a deepening recession are fueling more widespread financial conservatism, as once bullish investors delay, defer and cancel large capital expenditures. It has largely seized condominium sales, say industry observers.

"It's probably the most dramatic property drop we have ever seen. We are starting to see 30 percent drops in condo hotel prices. The downward trend has been quite severe. It appears Las Vegas has not yet reached bottom for the hotel condo market," said Bruce Hiatt, owner of Luxury Realty Group Inc., a Las Vegas-based high-rise condominium brokerage company. "Today's buyer is much more aware of the current resale marketplace and those price points, which are very different from what they were a few years ago."

PROJECTS

Las Vegas Paving Corp. recently broke ground on a $246.5 million I-15 widening project from Tropicana Avenue to just south of Silverado Ranch Boulevard in Las Vegas. The design-build project will widen the freeway, add collector-distributor roads and redesign five interchanges. Other work calls for 26 new bridge segments, 35 miles of retaining walls and 1.5 miles of sound walls. The job will employ 70 designers and 300 people during the peak of construction activity. The Las Vegas Convention and Visitors Authority is providing $250 million in bond-backed financing. The project is scheduled to finish in March 2012.

Courtesy of: Karli Kittine of  The Corcoran Group

Corcoran CEO Pamela Liebman, Susan Breitenbach, Director of Sales Tresa Hall

Southampton, NY - - (Feb. 3^rd , 2010) - - The Corcoran Group, New York’s largest residential real estate firm, held its annual awards ceremony Wednesday, February 3rd at Hampton Hall in Southampton. The ceremony was hosted by President & CEO Pamela Liebman, Executive Vice President, Director of Sales, Tresa Hall, and Regional Senior Vice President, Rick Hoffman. Following the awards, agents and employees were treated with an informative seminar by Ellen Boyle from www.TheRealCoach.com.

Though 2009 was a challenging year for the real estate industry, Corcoran exited the year strong with the firm reporting more than $10 billion in closed sales in 2009.

Total list of Corcoran 2009 Awards:

• Top Sales Agent by Volume & Units: Susan Breitenbach
• Top Exclusive Listing Agent: Susan Breitenbach
• Highest Sale Price: Susan Breitenbach
• Highest Rental Price: Susan Breitenbach
• Top Team of the Year: Evan Kulman & Gene Stilwell
• Top Commercial Sales Agent: Thomas Mangel
• Rookie of the Year: Ling Li
• Top Deal, North Fork: Sheri Winter Clarry
• Top Deal, South Fork: Susan Breitenbach
• Employee of the Year: Robin Goetz

Top 2009 Agents By Office Awards:

• Amagansett Top Producer: Krae Van Sickle
• Bridgehampton 2405 Top Producer: Ginger Thoerner
• Bridgehampton 1936 Top Producer: Susan Breitenbach
• East Hampton Top Producer: Gary DePersia
• North Fork Top Producer: Sheri Winter Clarry
• Sag Harbor Top Producer: Mala Sander
• Shelter Island Top Producer: Penelope Moore
• Southampton Top Producer: Geoff Hull
• Montauk Top Producer: Chris Coleman
• Westhampton Beach Top Producer: Martha Lewis

The Corcoran Group, a leading residential real estate brokerage company in New York City, operates 59 offices with 2,500 sales associates serving Manhattan, Brooklyn, the Hamptons, the North Fork, Shelter Island, Delray Beach and Palm Beach, Fla. The Corcoran Group, www.corcoran.com, is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices.

Courtesy of: Amanda Nickerson of Roche Realty

High End Home sales on Lake Winnipesaukee, New Hampshire have been gaining momentum since August 2009, showing an upward trend since the financial market meltdown in the Fall of 2008. Statistics from the Northern New England Real Estate Network indicated there were a total of 77 properties sold on Lake Winnipesaukee in 2009; 26 of those waterfront sales sold for over $1-million dollars. In the last half of 2009, approximately 20 of the 26 million dollar waterfront sales sold, showing a substantial improvement in the market.

In November of 2009, Roche Realty Group, Inc. made a record sale of the highest recorded sale on Lake Winnipesaukee at a price of $7,800,000.00. The listing and sale of this property was made from the combined efforts of John Goodhue, PK Zyla and Nancy Williams. According the John Goodhue, the listing agent of this spectacular property, “the property included 8.3 acres with 1,500ft of sandy shorefront on Meredith Bay. The property also included a remarkable stone boathouse, a primary residence and a beautiful stone and wrought iron wall surrounding the compound”. PK Zyla and Nancy Williams also commented “this was one of the finest parcels of land on Lake Winnipesaukee, with a huge sugar sand beach and offered dramatic sunsets”.

Roche Realty Group, Inc. officials indicated the 26 waterfront sales, well in excess of $1 million this year is the best indicator of strong optimism for the Lakes Region’s economy. Winnipesaukee is a nationally known drawing card for the region, with its 72sq. miles of water, 274 islands and almost 625 billion gallons of crystal clear water.

By Stephen Pugh of Alain Pinel Realtors

SAN FRANCISCO, (May 20, 2009) – Alain Pinel Realtors (APR) is pleased to announce its appointment by the Lembi Group for the sale of a 232-unit San Francisco apartment portfolio. The portfolio is valued at approximately $43 million and contains 12 buildings located in many prominent neighborhoods of San Francisco, including the Marina, Twin Peaks and Russian Hill. Stephen Pugh and Mark Bonn of APR’s San Francisco Investment Group will be marketing the properties.

“We are thrilled to bring this exciting investment opportunity to the market at a time when buyers are eager to acquire quality properties that generate attractive cash yields last seen more than five years ago,” said Stephen Pugh, Managing Director of APR’s Investment Group. “Buyers have been waiting for an apartment property offering of this kind that’s value-priced relative to current and future income potential.”

The properties will be marketed on a coordinated basis, but will be sold to either individual buyers or one buyer. Many of the properties are fully occupied, yet offer significant upside potential. “San Francisco remains one of the strongest rental markets in the Bay Area and it offers significant future growth potential as economic conditions improve,” said Mark Bonn, Senior Director of APR’s Investment Group. “The properties are located in supply constrained areas of San Francisco that will not be overly impacted by new development, contains dedicated parking stalls and offer financeable value.”

Tim Murray, APR’s Vice President and Regional Manager of San Francisco and the North Bay said, “We are proud to be entrusted with this important sales assignment and I expect to see a very good response from potential buyers that will more than satisfy our client’s expectations.” In addition to Pugh and Bonn, the sales team includes senior sales associates Mirella Webb and James Murphy.

About Alain Pinel Realtors

Alain Pinel Realtors is the largest privately-owned and independent residential real estate company in California. The firm had a sales volume of $5.7 billion in 2008 ($1.1 million per transaction) and has been consistently ranked in the Top 10 firms in the United States. It was founded in 1990 by Paul Hulme, current Chairman and CEO, and is based in Saratoga, Calif. Alain Pinel Realtors served 5,300+ clients in 2008 through its 30 offices in Santa Clara, San Mateo, San Francisco, Marin, Sonoma, Alameda, Contra Costa, Napa, Monterey and Santa Cruz counties. Alain Pinel Realtors is a founding member of Luxury Portfolio, an operating unit of The Leading Real Estate Companies of the World. The firm also has a joint venture partnership in the mortgage lending institution Private Mortgage Advisors, which is an affiliate of Wells Fargo Bank, N.A. For a complete listing of Alain Pinel Realtors offices, services and agents, please visit our website at apr.com.

By Carina de Sousa of IRG International Realty Group

João Manso will be responsible for the overall day-to-day management of IRG International Realty Group and will be overseeing the performance on all levels. He will also be involved in business development.

João Manso has had a long career in Portuguese and international businesses and has been involved in big scale commercial and touristic residential developments. He is a member of Ordem dos Engenheiros and has been managing director of companies related to the resort/touristic industry.

Ole Jespersen, owner and managing director of IRG International Realty Group says: "It is a huge boost for our company that we are able to attract a capacity like João Manso to our company. He will bring a lot of experience with him not just professionally but, João having been involved in Portuguese business on top level, will also add to our already multi national business culture. His previous work in touristic residential developments fits well into one of IRG's core businesses and will strengthen our already leading role in this segment."

About IRG International Realty Group

IRG International Realty Group is the leading international brokerage company in Portugal and specializes in sales and marketing of Portuguese high-end and luxury residential real estate. IRG is the exclusive affiliate in Portugal of Christie’s Great Estates, a worldwide real estate network and subsidiary of the world’s oldest auction house, Christie’s. IRG’s head office is located in the prestigious Avenida da Liberdade in the heart of Lisbon and there are also boutique offices in Quinta do Lago, Algarve, Estoril and Kensington, London.

www.irgportugal.com

By Carina de Sousa of IRG International Realty Group         

IRG International Realty Group assembled three leading exclusive developments to co-sponsor Portugal’s Tennis event of the year: The Estoril Open. The event takes place from May 2^nd to May 10^th and will be an excellent opportunity to expose the tournament’s spectators to the best this country has to offer in high-end real estate.

Troiaresort, Palácio Estoril Residências and Pine Hill Residences, although all different in location and product, have in common the pursuit of excellence and the Estoril Open 2009 boasts the perfect atmosphere for showing off these excellent developments.

Troiaresort, a project by Sonae Turismo, is located south of Lisbon on the spectacular Atlantic peninsula setting of Tróia. The project includes a marina, casino, conference centre as well as wonderful four and five star hotels which are now open and welcoming visitors. The resort boasts an offer of townhouses as well as plots for individual villas overlooking the golf course or the ocean and also apartments which are now completed.

Palácio Estoril Residências is set in the heart of the exclusive and historic residential resort town of Estoril. This magnificent development of 27 luxury apartments, from two to four bedrooms is adjacent to and served by the Hotel Palácio Estoril and with privileges at the Elements Spa by Banyan Tree, Estoril Golf and Cascais Marina. The project is being developed as a joint venture between Estoril Plage SA, owners of the Hotel Palácio, Estoril Golf, Banyan Tree Spa and operators of Cascais Marina in conjunction with Opway Imobiliáia SA. The apartments are considered some of the most luxurious in Portugal and completion is foreseen for 1^st Qtr 2010.

Pine Hill Residences is a private, discreet development located within the well-known Vila Sol Spa & Golf Resort adjoining Vilamoura, in the Algarve. No expense has been spared in creating these 55 premium-quality residences. A hand-picked team of specialists has designed, built and equipped the resort and the individual properties to meet the highest of expectations in creating an atmosphere of unashamed luxury and elegance.

About IRG International Realty Group

IRG International Realty Group is one of the leading international brokerage companies in Portugal and specializes in sales of Portuguese high-end and luxury residential real estate. IRG is the exclusive affiliate in Portugal of Christie’s Great Estates, a worldwide real estate network and subsidiary of the world’s oldest auction house, Christie’s. IRG’s head office is located in the prestigious Avenida da Liberdade in the heart of Lisbon and there are also boutique offices in Quinta do Lago, Algarve, Estoril and Kensington, London.

www.irgportugal.com

By Ole Jespersen of IRG International Realty Group

The Market Situation

Ole Jespersen, sole owner of IRG International Realty Group, says: “At every function - private or business - I am being asked about the market situation. This is not new or as a result of the present economic situation, but also happens in the good times. People like to hear about the property market as it is a topic that actually interests the majority of people. The simple fact is, the property market is the most influential factor for the private, national and the international economies. Just remember what started the ongoing situation: American sub prime lending.

IRG is in a unique situation to comment on the ongoing property financial trends and effects as we are not just a local Portuguese firm, but through our international affiliations and networks we receive constant information and updates from around the world. Within Portugal we are represented in key areas such as the Algarve, the Blue Coast, the Silver Coast and Estoril/Cascais & Sintra as well as Lisbon city. We are involved in normal brokerage (single properties mainly for private buyers) and the institutional and development market with resorts, hotels, residencies and golf courses.

We have for some years published an annual report on the Luxury Residential Tourism Market. The report has become a “reference work” within its area and is statistically based on historical factual figures. The report for this year will be published in May. The following comments are therefore based on observations and personal experiences.

Yes, the market is tough and has seen downward trends in specific sectors. Hardest hit is the low to middle market with especially off-plan, speculative apartment acquisitions. High debt financed purchases have become very scarce with banks no longer being willing lenders and this has had a severe overall effect for developers.

But still, prime locations, prime quality or landmark properties are still in demand. Yes, DEMAND. We are transacting a number of high profile properties in all key areas such as Quinta do Lago, Estoril, Cascais including Quinta da Marinha and Quinta Patino as well as some central Lisbon properties. Some deals are land, some deals are renovation properties and some are brand new, high quality villas and luxury apartments. We represent a number of high value, high quality, prime location residence projects where we are taking substantial reservations - even in this market.

Additionally we also have a number of clients waiting, waiting for THE deal or a distressed sale, but in the high end of the market there is still resilience to "vulture" price cuts. The market has stayed pretty stable which means transaction numbers have been reduced as buyers in general expect "deals". Most transactions also involve lengthy negotiations involving legal, tax and financial issues.

At IRG we are not just sitting it out. We are proactive, we are diligent and flexible and we adapt. And finally we try to create solutions for our clients - be it buyer or seller. For our institutional and development clients we are advising on new activities in the markets internationally and we are constantly working on new approaches to product, marketing and PR. We want to sell real estate as real estate is the catalyst for turning the markets.

Based on the above we will announce shortly a number of new business initiatives running alongside our main property mediation business. These initiatives will be an additional service for all our clients and will reflect our overall aim to be of service and to find solutions for our valued clients.

At IRG we are not pessimists - at the moment we are cautious optimists and we see great potential in the future. We always have to remember we are based in Portugal - the most ideal location for European short and long term holidaying, for the second home or for a change in life. Portugal has everything going for it. So let's make it happen together”.

About IRG International Realty Group

IRG International Realty Group is one of the leading international brokerage companies in Portugal and specializes in sales of Portuguese high-end and luxury residential real estate. IRG is the exclusive affiliate in Portugal of Christie’s Great Estates, a worldwide real estate network and subsidiary of the world’s oldest auction house, Christie’s. IRG’s Head Office is located in the prestigious Avenida da Liberdade in the heart of Lisbon and there are also boutique offices in Quinta do Lago in the Algarve, Estoril and in Kensington, London, United Kingdom.

www.irgportugal.com