Personal thoughts from within the Luxury Real Estate network
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 Ron & Alexandra Siegel of Napa Consultants, International
Most vacation home buyers associate the island lifestyle with white sand beaches, tropical climate and also the escape from civilization. For those of you who would rather immerse yourselves in an island experience that is also rich in history and culture with year-round temperate climate, consider the Mediterranean island country of Malta for your next home.
Centrally located at the very heart of the Mediterranean Sea, just below Sicily, Malta is easily accessible from all major European and North African cites. A member of the European Union, Malta, with its relatively low cost of living, genuinely friendly people who speak English as one of two official languages, is politically stable, and is also one of the safest places in the area.
For sports enthusiasts, Malta has it all, from country club sports such as golf, tennis and squash, to water sports including world class scuba diving, water skiing, windsurfing and sailing, to mountain biking and hiking among ancient ruins. The variety of cultural experiences such as a carnival that dates back to the 16th century, the world’s most successful Kung Fu show, music, dance and theatrical events, set Malta apart, not just as a wonderful island to visit, but also great place to live.
Malta also enjoys a stable property market with outstanding tax advantages for foreign buyers. An exemplary Maltese property currently on market is an impressive castle built in the early 1900’s. It is one of the architectural jewels of Rabat in Malta the other major island of the Maltese archipelago. The castle lies at the edge of an elevated plateau with spectacular 360 degree views from all four towers. It is surrounded by approximately 13,500 square meters of beautifully landscaped gardens and is enclosed within high protective walls. Complimenting this castle is a beautiful private chapel—the Rotunda church of St. Maria—that can be seen from miles away.
According to Carl Peralta of 77 Great Estates, “Malta is the Mediterranean’s best kept secret; why wouldn’t someone like living in Malta? It is safe & small therefore proximity to beaches & work/schools is an advantage. Everyone speaks English and schools including University enjoy an extremely high level of education ideal for kids. Foreigners find it easy to purchase real estate in Malta”
To learn more about the Castle and other extraordinary Maltese properties, plus the tax advantages of owning a second home in Malta, contact Carl Peralta: carl@77GreatEstates.com .
Carl Peralta is a member of the LOL Team of Experts & Discussion Leaders. Please introduce yourself to Carl and comment on his discussion at LOL on Linked In.
By Maureen Buckley of Buckley & Buckley Real Estate
Barefoot Contessa Ina Garten gives you a private tour of The Kitchen of the Year, that has been in the process over 6 months. Learn about the Kitchen Triangle, what is the best sink, why she uses open cupboards and best of all, put two comfortable chairs in the kitchen!!
SEATTLE – (November 6, 2009) – Hall of Fame third baseman Mike Schmidt of the Philadelphia Phillies has recently listed his home on the market in the Admirals Cove Golf and Yacht Club in Jupiter, Florida. Schmidt purchased the home in 1991, two years after playing his last major league game. After 18 seasons with the Phillies, 10 winning seasons and 9 Golden Glove awards Mike Schmidt is ranked as the number one best Phillies player of all time according to PhilliesNation.com. With 548 career homers, Schmidt is No. 14 on the all time list of the top Major League homerun hitters.
The 8,500 square foot home has recently undergone renovations and is on the market for $4.5 million. Renovations include crown moldings, stone and wood floors, brand new kitchen appliances, butler’s pantry and wet bar, master suite w/ his/hers baths, exercise room, marble counters & floors.
Rob Thomson, of Waterfront Properties won the listing. Thomson says Schmidt and his family love the Admiral Cove community and are looking for a more suitable home within the community. “They just want a change,” says Thomson, of Waterfront Properties. “The house was perfect for them and their two children. Now the kids are gone, they want something that fits their lifestyle.”
“Rob Thomson and Waterfront Properties are an important part of our global network, and I am pleased to hear that Rob is representing Mike Schmidt on the sale of his Jupiter Home,” said John Brian Losh, CEO and publisher of LuxuryRealEstate.com, and CEO, chairman and broker of Ewing & Clark, Inc., Seattle’s oldest real-estate brokerage.
Visit Schmidt’s home by clicking here courtesy of Waterfront Properties. For more information about the property contact Rob Thomson, Managing Partner of Waterfront Properties & Club Communities (561) 746-7272. Waterfront Properties is a member of the Board of Regents, the governing body of Luxury Real Estate. For more information on the Board of Regents, visit www.Regents.com.
About the Luxury Real Estate Board of Regents The Board of Regents is an exclusive network of the world's most elite luxury real estate brokers, comprised of the most legendary names in the industry selected by Luxury Real Estate CEO John Brian Losh. The Board of Regents is the governing body of Who’s Who in Luxury Real Estate, the worldwide network of luxury real estate brokerage firms. Members of the Board of Regents are marketing experts, providing innovation and unparalleled service to their clients. For more information, visit www.LuxuryRealEstate.com or www.Regents.com.
By Kim Briscoe of Mason Morse Real Estate
Aspen, Colorado. Mason Morse Real Estate announces some exciting changes to reposition the company for the future. In 48 years, Mason Morse has evolved with the ever-present changes in the Roaring Fork Valley, changes within the industry, changes within the economy, and within the organization. Today, Mason Morse faces another opportunity to evolve and better serve the people and communities in which we all live.
Bob Starodoj, Owner/CEO of Mason Morse Real Estate announced internal changes and the appointment of a new team to lead Mason Morse Real Estate. The new leadership team for Mason Morse is comprised of Will Herndon, President, John Wendt III, Employing and Managing Broker, and Kim Briscoe, Vice President of Marketing.
“After almost 5 years of working with these individuals on the Mason Morse leadership team, I am confident in their ability,” said Bob Starodoj, CEO of Mason Morse Real Estate. “This team is experienced, passionate, and dedicated. Collectively, they will position this company for the future.”
This leaner organization will enable Mason Morse to be a stronger, more responsive and more financially sound organization while staying true to their mission and core values, supporting clients, and remaining visible in the communities.
Mason Morse Real Estate is an established leader in real estate in the Roaring Fork Valley. Established in 1961 with over 70 sales professionals, Mason Morse has been bringing buyers and sellers together for almost fifty years. Mason Morse is the exclusive Regent in Aspen and Snowmass to LuxuryRealEstate.com. Mason Morse has five offices from Aspen to Glenwood, including the Ranch Company recognized as one of the leading ranch real estate sales teams.
By Janine Carey of Damianos Sotheby’s International Realty
Nassau, Bahamas. (October 5th, 2009) – President of Damianos Sotheby’s International Realty, George Damianos recently attended the de Rham Sotheby’s International Realty Sailing Competition in Switzerland. The competition which was sponsored by Julius Baer presented a great opportunity for Damianos to socialize and network with the de Rham team as well as to discuss the real estate industry in their areas. Damianos commented that he had looked forward towards his trip to Switzerland as he was able to deepen his relationship with the European Sotheby’s affiliates.
The Julius Baer Challenge 2009 ended on September 20th, 2009 with the SUI 1 Alinghi and SUI 5 Foncia winning first place on the Grand Prix du Beau Rivage, which is the last step of race. The entire event was a great success and concluded with a sit down dinner for around 500 people held at the Beau RIvage Palace. The invited guest were customers and bankers and other fund managers who help finance de Rahm Sotheby’s International Realty development projects.
Damianos Sotheby’s International Realty, serves the entire Bahamas and is headquartered in downtown Nassau with offices in Lyford Cay; Governor's Harbour and Spanish Wells Eleuthera; Marsh Harbour, Hope Town and Elbow Cay, Abaco; with associates in Treasure Cay, Abaco and Exuma. Damianos Sotheby’s International Realty Bahamas offers exclusive Sotheby’s International Realty marketing, advertising and referral services designed to attract well-qualified buyers to the firm’s property listings. In addition, the firm and its clients benefit from an association with the Sotheby’s auction house, which promotes real estate referral opportunities with auction house clientele.
About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.
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 4th 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 10th, 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 Carina Sousa of IRG International Realty Group
IRG International Realty Group, the exclusive affiliate of Christie’s Great Estates in Portugal is selected to be the exclusive agent for the marketing and sales of the prestigious resort Madeira Palace Residences. In 2005 the Fibeira Group, owned by Engº Armando Martins bought the prestigious Madeira Palácio Hotel together with the project for Madeira Palace Residences. Designed by Ricardo Bofill Associated with Atelier Caires – João Francisco Caires e Associados, the Madeira Palace Residences are a striking example of the best in contemporary architecture and quality living.
With 100 homes ranging from one bedroom to four bedroom apartments, all with garage parking and storage, the development benefits from spectacular views over the Atlantic.
Constructed around an interior garden, where exotic water features play an integral role, the development has been designed to provide a restful and elegant environment and will be forecasted to be ready in the summer of 2010.
A serene and private haven, Madeira Palace Residences represents the best in luxury living. Residents will have access to the services of the adjacent five star renovated Madeira Palácio Hotel including spa, restaurants, room service, laundry and cleaning, and membership of the Beach Club.
The Hotel Madeira Palácio Hotel has a very rich history. It opened its doors in 1971 and was operated by Hilton Hotels between 1971 and 1973 owned by Robert Jabara Pereira Ganhão (Pastelaria Suiça), TAP and Hotel Palácio in Estoril.
In 1982 the hotel was bought by the Albaker Group that owned the Marriott (formerly known as Penta), Eden Hotel, Hotel do Mar and Hotel Palácio Estoril.
The renovation of the hotel has been designed by WATG associated with Atelier Caires – João Francisco Caires e Associados – Projectos de Arquitecture Lda.
An extensive program has been implemented to give the Madeira Palácio Hotel a five star luxury rating according to international demand including a sophisticated interior design for the rooms and public areas.
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
About FIBEIRA SGPS, S.A.
FIBEIRA SGPS, S.A. is a managing group of social investments. Its strategically cores are present in the realm of Real Estate Development, Hotel Management, Services and
Media/Press, a wide variety of business activity sectors. In a Group that established itself in 1984 with the creation of FIBEIRA, the ability to expand and respond efficiently to all the new challenges was the key point for the current confident broadening of its interests into new business domains and lead to a solid presence in markets like the hotel industry.
Success and innovation have been a constant reward for the evolution of our companies which allowed them to work in different business areas with levels of performance much higher than the ones present at their creation. www.fibeira.pt
05
October Market Thoughts
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.
By John Brian Losh of LuxuryRealEstate.com
Community: Give back to your community everyday. Thank God for our many blessings.
Submit Your Blog
To submit a blog entry for consideration on this web page for FREE, please send your materials to our PR Department: pr@luxuryrealestate.com