Luxury Real Estate

By: Malone Hodges of Carmel Realty Company

Every Realtor has heard a variation on the story of a buyer coming to them with an offer that goes beyond a creative financing proposal. Occasionally it is a straight trade for property elsewhere but on occasion the buyer might propose a trade for an airplane, a time share plus cash, and in at least one case I know of a race horse. While these deals can certainly be complex, they are becoming more common and may often be the only way a deal that is beneficial to both the buyer and seller can come together. With the increased difficulty in securing financing, well qualified buyers are looking at how they can convert existing assets into cash to make a purchase. With a trade, the buyer forgoes the step of liquidating the asset to create cash for the purchase, and offers the asset instead.

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SEATTLE – (October 5, 2010) – Luxury Real Estate.com announced today its newest member, Kentucky Select Properties. Who's Who In Luxury Real Estate / LuxuryRealEstate.com is an international network of real estate professionals in more than 60 countries representing the finest residential luxury estates and property brokerages in the world. Each member, carefully selected by John Brian Losh, has been recognized as a leader in the marketing of distinctive and luxury properties, committed to high performance, professionalism, and quality service.

With an average of 14 years’ experience per agent, Kentucky Select Properties has earned a strong reputation for responding to customer needs and for creating sales initiatives designed to meet those needs. Their 70 agents have compiled a long roster of satisfied customers and buyers during the last 6 years, and they consistently achieve the highest average sales price of any broker in their market area. They continue to build upon their hard-earned success one transaction at a time, and they are the market leader in the greater Louisville area. Kentucky Select Properties is one company with one philosophy. Their commitment remains focused on serving the needs of their customers by carefully choosing sales associates who guide their clients and customers through the high stakes world of residential real estate. By staying on top of trends and professionally marketing properties locally, nationally & internationally, their associates consistently generate higher sell through of inventory at best in market price points.

For more information on Kentucky Select Properties., visit http://www.kyselectproperties.com/

About LuxuryRealEstate.com

LuxuryRealEstate.com, a 2009 Webby Award Honoree, has been voted ‘Best of the Web’ by Forbes magazine multiple times, praised by the International Herald Tribune, Town & Country, and the Wall Street Journal and has been ranked ‘Best Website’ by consumers according to surveys by the Luxury Institute. Since its debut in 1995, LuxuryRealEstate.com has remained the #1 portal for luxury properties on the internet, consistently driving more traffic to member websites and generating more qualified inquiries than any other website. LuxuryRealEstate.com has several times more $1,000,000+ content of any near-peer.

Also known in the industry as the Who’s Who in Luxury Real Estate network, a global collection of the finest luxury real estate brokers in the world, this group of more than 1000 brokerage firms and 95,000 professionals in more than 65 countries collectively sells in excess of $190 billion of real estate annually, with an average sale price of $2,450,000. Members sell homes for record prices and handle transactions of incredible complexity and magnitude with complete discretion. Every member is carefully selected by CEO/Publisher John Brian Losh, one of REALTOR Magazine’s 25 Most Influential People in Real Estate and broker of fine properties and estates through his Seattle-based brokerage firm, Ewing & Clark, Inc.

Courtesy of William Tsang of Luxuryrealestate.com and Forbes.com

Flashy cars, well-manicured suburbs, and towering foyers are how some define the neighborhoods in which they live in. However, Forbes.com has recently published a list of America’s most expensive zip codes, where, “In these neighborhoods, $4 million homes are the norm.”

Presenting itself at the top of the list is 91008, Duarte California where the median home price is a soaring $4,276,462. Midway through the list at number 24 is 90625 (Malibu, California) where the median home price is $2,730,577. At number 42 is 98039 (Medina, Washington) where home prices average $2,170,308. For the full list of America’s Most Expensive Zip Codes click here

Kim grew up in Antigonish and received her BA from Mount Saint Vincent University. Summers are spent in Chester where she enjoys sailing and family day trips on their boat in and around Mahone Bay. Kim calls Halifax home where she lives with her husband and son. Kim has a keen sense for a buyer's needs and desires when looking for the right house. She works tirelessly to find the best fit for them. Kim looks forward to the opportunity to help with the process of buying and selling your home.

Kim has experience in both the Halifax and South Shore markets. Drop by Tradewinds Realty's Halifax office at 53 St. Margaret's Bay Road to review the extensive display gallery with Kim. She welcomes past and new clients to contact her anytime at 902-880-1041 or kim.smith@tradewindsrealty.com with your real estate inquiries.

By Alysia Shivers of John R. Wood Realtors

NAPLES, FL (July 7, 2010) - In real estate, existing resale home inventory is a leading indicator in determining the health of a market. Typically, a balanced real estate market is approximately twelve months of inventory. Yet, when the economy took a dive a few years ago, inventory skyrocketed as homes sat on the market for long periods of time, leaving many Naples’ and Bonita Springs’ neighborhoods with several years worth of resales.

Today, however, as sales increase, inventories in many neighborhoods are teetering on the edge of being healthy.

Take for instance Bay Colony whose single-family homes and condominiums have experienced a considerable drop in inventory. This time last year, Bay Colony was reporting 2.5 years worth of single-family homes and 2.6 years of condos. Today, the market is close to being balanced, with inventory that is down to just under one year and 1.4 years, respectively.

While significant, other communities like The Colony at Pelican Landing, with 14 current listings and 10 closed sales in the past 12 months, have seen astounding changes in inventory, from 11 years worth of single-family homes a year ago to 1.4 years today and 3.1 years of condos in 2009 compared to 1.1 years in 2010.

The Vineyards has also experienced an amazing recovery from 3.1 years of single-family homes in 2009 to 1.1 years in 2010. Similarly, Pelican Bay condos have seen a huge drop down to 1.2 years compared with 5.7 years worth in 2009.

Savvy buyers taking advantage of the low interest rates and competitive prices continue to absorb Southwest Florida’s existing inventory. For example, 267 waterfront properties have sold in the last 12 months in Park Shore, The Moorings and Seagate versus 161 sales the 12 months prior.

Not every community is as fortunate, but throughout Naples and Bonita Springs the majority of neighborhoods are showing a substantial drop in inventory in 2010, which bodes well for Southwest Florida.

John R. Wood Realtors is the oldest real estate company in Southwest Florida with 53 years of experience in the market. They have eight offices stretching from Naples thru Sanibel, and employ 350 agents and staff. The John R. Wood Research Department produces monthly statistical reports that provide market knowledge for agents and customers in the Naples, Bonita, and Estero areas.

Courtesy of: Ruth Kruger of Worldwide Exclusive Properties

It's amazing when my work takes me to great places like Rome and Monaco, makes me joyous that a typical day for me is not in a typical office at all!

The first leg of my latest journey was for a conference hosted by LuxuryRealEstate.com (Check out my LuxuryRealEstate.com page) and where I had a wonderful time with my new friends.

After the Rome journey, I hopped on the train to Venice where I enjoyed spending more time with those from the conference on their way to ski the Dolomites. I unfortunately had to go to work on the French Riviera…

While staying in Monaco, I spent the days touring exclusive villas from Monaco to Saint Tropez. It was truly wonderful work.

Even when my work brings me far away, I am once again reminded that there is always a local connection. Just Friday I had a lovely conversation with commercial retailers looking for retail space in downtown Aspen. Currently they have an outlet in Harrods of London and in Monaco and are looking for the perfect Aspen location. In addition to the commercial requirement, they also have 2 villas they would like to sell an exclusive gated community in Monaco. Keep your eyes on www.Worldwideaspen.com site for 2 new listings with views of the Mediterranean and amenities from heaven!

Please let me know when you would like me to return to find your dream French home.

Jim Walberg of Keller Williams - The Bay Area Team.

As you have discovered over the years, Jim Walberg is one of the most positive people around. So, this report is not about positive or negative, it is about reality. There are still some significant hurdles for Buyers and Sellers to climb over in 2010 in the East Bay real estate markets. The past two years the biggest price corrections have been focused on the under $1 million price ranges. The “sweet spot” of our real estate micro-markets has been in the $500,000 to $700,000 price range. Mortgage companies and the Federal government have designed most of their home loans to motivate sales below $700,000 – at least until the end of April. At that time the focus will then be under $600,000. The biggest challenge for Sellers and Buyers of East Bay real estate is still in the price point above $1 million.

The lower priced houses in our region will not get much cheaper in 2010. However, there is still room in the higher priced homes for more corrections downward in 2010. Please don’t shoot the messenger (me), but Sellers of $1 million+ homes in the East Bay who will be selling their homes in 2010 may want to consider preparing their home for sale NOW. The further we get into 2010 the more downward price pressures will be in play. The Standard & Poor’s / Case-Shiller home-price indexes are ones I recommend all of us watch to alert us to further price trends in million dollar range. 

For example, in the greater San Francisco Bay Area, high end prices are down just 25% in the high-end homes, compared to 39% in the lower priced homes in our regional markets. Several factors are in play when it comes to the further downward pressure on the higher end home prices;

• The resetting of adjustable mortgages that allowed Buyers to purchase higher priced homes resetting increasing their monthly payments.
• The increase in defaults of East Bay homes that are $1 million+ in value causing lower appraised values of this slice of the market.
• Lender making it more difficult for Buyers to secure loans for this price point because the banks would rather have their mortgage money risked in the lower priced homes than add to their portfolio $1 million+ home loans.
• Climbing home loan interest rates that are already happening within the first few weeks of 2010.

In the greater San Francisco Bay Area, the percentage of foreclosed or short sale homes in the $1 million+ range in January of 2009 was just above 9%. That number today is over 50%! It is not an anomaly any more for foreclosures in this price point, so appraisers are now using these sold homes as comparable sales when they do their appraisal reports to the lenders. The questions that the Sellers of million dollar homes are facing today are;

• If I do have equity in my home and I need to sell it this year, do I realize the pricing pressures that are currently in play that will affect its sales price?
• If I have no equity in my home and if my mortgage is higher than what the home is worth, am I willing to walk away?
• If I am willing to walk away, am I willing to rent for at least three to five years while waiting to qualify for a home loan again?
• If I do walk away from my home, am I willing to have a lowering of my credit scores (about 160 point drop for a foreclosure), that will make any future loan I need much more expensive?
• Home much will my foreclosure hurt my community and neighbors? 

I am not the “chief economist” of any financial institution. However, I am in the trenches everyday of our real estate markets. My prediction is that we are realistically two or more years away for any sustainable turn around for the $1 million+ real estate markets in the East Bay. What are your thoughts about things you are noticing in your neighborhood? Let me know.

By Jim Walberg

How many of you believe that the best time in 2009 to buy and sell real estate was the Summer? Well, you picked the wrong season. During my 35+ years in real estate in the East Bay, the best time to buy and sell real estate is the Fall and the Spring! Out of all my years in real estate over half of the 4^th quarters have been our largest sales months of the year? Surprised? The next busiest home sales months have been in the Spring. Here are the reasons why the Fall is the most active; lack of inventory; wanting to get into your next home before the Holidays; people moving into the area who need to purchase a home so they are able to enroll their kids into school for the second school semester; and, a Buyer’s need to close escrow on their home before the end of the year because of the tax benefits.

And, there are still hurdles for Buying and Selling a home in 2009 are still qualifying for mortgages and having the home appraise. The issue for Buyers is having the $8,000 first time homeowner tax credit end November 30, 2009. In order to get this credit a Buyer will need to have an accepted contract in escrow by no later than October 10^th, and that may even be too late because of the volume of Buyers waiting in line to qualify for mortgages by the end of November. For Sellers, the appraisals are still the BIGGEST hurdles they face. Even with an accepted offer the appraised value of the home may be less than the agreed sales price. The method used by Banks to keep home values down today is the appraisal. Don’t kid yourself. Banks still control the value of homes in the East Bay, not the agreed upon purchase price.

So, let’s look at the 2009’s Fall real estate market from the Seller’s point of view. The keys for the successful sale of a home in the Fall are the decline of homes on the market, and the pool of motivated Buyers is at it’s peak. Often times the mind set of a Seller is to take their home off the market because they think the Holiday Season is a bad time to sell a home. Most of the time, Sellers use this as their reason to not be bothered by Buyers while they are celebrating Thanksgiving and the Holiday Season. If they make that choice they will be missing out on the most motivated pool of Buyers during the entire year. With less homes on the market during the Fall, those that are still available for viewing will receive much more attention than homes for sale in the Summer when the largest number of homes are on the market.

What are the reasons Buyers are highly motivated to purchase a home in the Fall? The easy answers are because they have to, or because they want to. For example, November and December are big months for people relocating in and out of our area by their employers. Because of this they need to purchase a home in order to enroll their kids in the second semester school year. Without a home purchase contract they get a mid-year priority enrollment. Another “have to” reason is because a Buyer wants to take advantage of the tax benefits related to purchasing a home in the 2009 tax year. The “want to” reason for Buyers is related to wanting their next home by Thanksgiving or at least by the Holiday Season. They want to celebrate these special family times in their new dream home.

If you would like more information about organizing a successful sale of your home, or a successful purchase of your next home, The Bay Area Team is standing ready to assist you. CLICK HERE! I will be glad to provide you the needed information in order for you to make the best decision possible about your real estate sale or purchase. Until next time…your East Bay lifestyle detective remains on duty!

By Li Read of Sea to Sky Premier Properties (Salt Spring)

October, 2009.

A year ago, we were all in a confused state, with the underpinnings of the winning strategies from the 20th Century, still being clutched at in the 21st, melting under our feet.

Yes, there were many clairvoyant people out there, in 2006, in 2007, and in early 2008, all chanting their mantra of "this is a bubble, this won't hold", and, just like those tulip bulb hoarders in 16th Century Holland, we totally ignored the obvioius. Was it part of the old adage, if it ain't broke, don't fix it? Or is it really true that those who do not learn from history are doomed to repeat it? It seems that no one learned anything at all from the tech bubble at the close of 1999/2000, and that was a lot closer to our own time.

At some point, in the run up to the housing bubble collapse, someone decided to commoditize real estate. The concept of home evolved into housing.

Language shapes cultures. A simple change in vocabulary can change perception.

Home meant family, the dwelling that encased a personal lifestyle, a place that was often lived in for a substantial time...perhaps seven years or longer.

A house meant something different...with easy credit, creative mortgages, etc., it became possible to think of having several houses, to becoming landlords (even though at arms length, through property managers), and to leveraging increase in valuations to allow for more homes to be purchased...especially in sunbelt areas.

Builders were creating new developments, people were collecting spaces, and it was all on credit. Sound familiar to every other bubble that we read about, in history? What was that "south seas bubble" again?

It seems, though, that there are some differences in the timing of this one. The internet, which came to the fore around 1995/96, in the public domain, erased time, geography, gender, race, age. It is a medium that is about intellect to intellect. It's really a one to one experience.

It became the platform that would allow the true emergence of the 21st Century.

When one studies history, it seems that the very early years of a new century carry over whatever was occurring in the closing years of the previous one. Then, some cataclysmic event occurs, which throws the world pell mell into the new century, in reality.

No doubt, 9/11 was a wake up call. It reminded people of their fragility. It also made them think about all the things they did that were "time wasters".

The binary world of computers leaves no room to pretend there's a grey area. It's on/off, on/off, act/react, act/react. With technology evolving to match the huge promise of the internet, which is about individual empowerment, it means that there is an erasure of regionalism. In real estate, it used to be said that it was a regional matter. That was pre-internet and pre-web 2.0. The stats are the same everywhere, now, and the entire world was the recipient of the Fall, 2008 economic meltdowns.

So, the intenet and web 2.0 and the ever evolving technological innovations that allow us this global presence -- they all conspired to be present at the same time as Oliver Stone's "Wall Street" film warning, from the 1980s, about greed, that finally shredded our economic structures in late 2008.

It appears that there is now a movement towards the idea of social responsibility. A saving ethic. A sustainability lifestyle script. Those activists from the 1960s would be proud of us! (Remember Alicia Bay Laurel, and "Living on the Earth"? Discover it at a second hand bookstore).

Marshall McLuhan's theory was that the medium is the message. I see that as his way of explaining that we would become different people, reflecting our method of communication.

In this on/off, act/react time, we are all somehow equal. We can take photos/videos off our phones, text on Twitter and be heard around the world, with the same value as a seasoned reporter on an old style t.v. news show. CNN calls such contributors ireporters or citizen reporters. We can blog, we can put up video on youtube, we can connect with a larger circle via Facebook, we can link in a business component via Linkedin, we can have podcasts, we can Twitter...it's about being a part of the local community and the larger world community, and all at the same time.

This instant world is making us speedier people. We need to remember, though, the importance of filters, and our human filter is our brain's editing function. It's up to us to decide, in the great pool of raw data, what is actually information, and therefore useful to us. If we don't do this, we will suffer from information overload/data fatigue.

We are all so lucky to be around right now, while things are being invented beside us, so we can be a part of the new. When those who are around in 2080 look back, it will be like people in 1985 laughing at crystal radio sets, in the 30s!

Such opportunity, everywhere.

Yes, there was loss last Fall. Yes, the commoditization of housing caused a bubble, and pain and suffering happened to those who were overstretched, who did not see that they were inside a fragile bubble. Yes, the new can be a scary place to reside.

I like to remind people, though, that we need to stop looking down the narrow channel at a targeted partial byte of data/information. If we do that, we will just worry and dilute our creative juices. We will be locked into tunnel vision.

Periphery vision is what we need right now. Let's all step back, so we can get that 180 viewpoint, and see outside the edges of our vision...that's where the "real" new is forming.

We are humans, and that means we are creative. If someone can invent a heavy child's size steam shovel, and send it to Mars, to dig around in that planet's sandbox, to find out if there's water....well, what can't we do? No excuse, then, not to dig in and to look for solutions.

Yes. there was collapse and the pain of shift. That was last year. On/off, act/react remember, in this binary digital world. So, it's now "this year", and we're poised to remember our creative selves and to get on with the "real solutions".

And, your ideas are....????

Let's share! Looking for wise real estate advice, in this transition moment, for Salt Spring Island and the Southern Gulf Islands?

I welcome your call.

liread33@gmail.com

www.liread.com