Blog contributions are provided exclusively from Luxury Real Estate members throughout the world.
Nassau, Bahamas (March 30, 2009)—Damianos Sotheby’s International Realty in Nassau, Bahamas today announced that the Sotheby’s International Realty network is partnering with The Wall Street Journal to present the many values of real estate as a long-term investment and showcase unique properties from its network’s 10,700 sales associates located in more than 500 offices in 39 countries and territories worldwide.
The Sotheby’s International Realty brand and The Wall Street Journal will co-host The Business of Extraordinary Living on the publication’s Web site, www.wsj.com, designed to provide insights into the real estate market from the brand’s worldwide network.
In a section entitled The Address, the Business of Extraordinary Living will provide information about the properties represented by the Sotheby’s International Realty network. The Web site’s Insights section will feature data, statistics and other relevant market information. The Living section will focus on lifestyle trends including home styles, living, architecture and art. The Brand section will give an overview of the Sotheby’s International Realty network, its history and relationship with the Sotheby’s Auction House.
“This unique Web site was designed to meet the specialized needs of our customers and The Wall Street Journal’s readers,” said Michael R. Good, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “Those readers are looking to grow their portfolios in today’s ever-changing market and look to The Wall Street Journal for its insights. The Business of Extraordinary Living will bring our brand’s unique perspective into the world of real estate, which always will be one of the best investments to grow long-term wealth.”
“This is an exciting tool for real estate consumers in our market and buyers around the world who want to purchase internationally such as in the Bahamian market. It’s a truly unique collaboration that will enable us to market our Bahamian listings to nearly 40 million consumers each month,” said George Damianos. “Among the many services Damianos Sotheby’s International Realty provides, we also serve the needs of those looking to build their wealth through long-term investments in real estate.”
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; Exuma, and Freeport. 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 Janine Carey of Damianos Sotheby's International Realty
Nassau, Bahamas (March 10, 2009) —Damianos Sotheby’s International Realty, a luxury real estate firm based in Nassau, Bahamas, today announced that this month marks the fifth anniversary of the launch of the Sotheby’s International Realty network, of which it is a member.
“Five years ago, we made a commitment to build the quintessential luxury real estate franchise system in the world,” said Michael R. Good, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “We set the bar high and we have worked with passion and undying commitment to achieve our vision. I am proud that we have attracted and selected the most exceptional firms that make up our growing network.”
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, the acquisition of 15 company-owned offices and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Today, the brand has more than 10,700 sales associates located in more than 500 franchised offices in 39 countries and territories worldwide.
“It is very exciting to be part of a brand that has grown so much in just five short years. DamianosSotheby’s International Realty joined the network 4 years ago with the goal of providing our clients with a global reach,” said President, George Damianos. “Since that time, the brand has offered us that, as well as the differentiating factor we needed in our market.”
This month, the Sotheby’s International Realty brand also was ranked second on Franchise Times’ Fast 55 list, a ranking of the fastest growing franchises, published in the March 2009 issue. The Fast 55 list is compiled based on FRANdata research and is published by Franchise Times. According to the publication, in order to make the Fast 55 list a franchise company must meet two criteria: they must be a brand that has been franchising for five years or less and they must exhibit positive franchise unit growth for each year during this period.
Affiliations in the Sotheby’s International Realty 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 sothebysrealty.com.
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; Exuma, and Freeport, Grand Bahama. 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.
Damianos Sotheby’s International Realty’s main office is located at #75 Shirley Street, Nassau Bahamas and with Lyford Cay Sotheby’s International Realty located in the exclusive community of Lyford Cay.
By Cedric Choi
SEPTEMBER 2008 STATISTICS FOR SINGLE FAMILY RESIDENCES – HONOLULU, HAWAII
Honolulu Board of REALTORS’® Monthly Statistical Report for September 2008 (released October 1, 2008). Each month, the Honolulu Board of REALTORS® issues a statistical report analyzing residential real estate activity on the island of Oahu. In addition to the general island-wide statistics, following is information for select individual neighborhoods:
Waialae/Kahala – See page 8 of Monthly Statistical Report
The statistics for this month are significantly different from last month, it is amazing! Comparing September 2007 to September 2008, the median price for a home in 2008 was down 33.3% (the same comparison for August 2007 and August 2008 showed the median price was up 37.8%). For the year-to-date statistics for January through September of 2007 versus January through September 2008, the median price for the neighborhood was up 7%.
Diamond Head – See page 8 of Monthly Statistical Report
The statistics are not specific (as provided by the Honolulu Board of REALTORS®), since the Diamond Head area (a high-end neighborhood) is mixed into the Kapahulu area (a moderately priced neighborhood). For the Kapahulu-Diamond Head area, the median price decreased by 3.3% compared to the same month in 2007. For the year-to-date (January through September of 2007 compared to 2008), the median price decreased by 3.3%.
Kailua-Waimanalo – See page 8 of Monthly Statistical Report
September 2007 compared to September 2008 had a -14.1% increase in the median price. Comparing January through September 2007 and the same period in 2008 shows a decrease of 4.9% in the median price.
Other Specific Neighborhoods – There is no substitute for market information from people who are qualified and who know your market. The best way to view a specific neighborhood is to have your agent prepare and review a Comparative Market Analysis with you. For example, the MLS service permits us to do searches within very discrete Oahu neighborhoods, including Kahala/Black Point, Diamond Head, Ala Moana/Kaka’ako, Waikiki/Gold Coast, Hawaii Kai/Portlock, Hawaii Loa Ridge, Kailua/Lanikai and the North Shore.
It has been our experience that the neighborhoods that we concentrate on are less volatile than the market as a whole, which is down about 10%. Part of that involves the worldwide demand for spectacular luxury properties in outstanding locations.
Relative to the overall Oahu market, according to Harvey Shapiro, the Research Economist for the Honolulu Board of REALTORS®, “It appears that the Oahu housing market is reacting to the economic crisis that has been affecting financial markets worldwide.”
Cedric Choi is the Vice President and Administrative Manager of Choi International, a member of the Luxury Real Estate Board of Regents. As a practicing attorney for more than 25 years, Mr. Choi has principally concentrated in areas involving commercial matters. Very interesting blog entry. Every one I post on the Luxury Real Estate Blog seems completely distinct in both tone and voice from every other. You can see similarities and fun little patterns when you read one person’s blog entries over a period of time, but it’s also fun to get a breadth of styles and information from a bunch of different sources, as well. Be sure to visit www.ChoiRealty.com for more resources on buying a luxury home in Hawaii.
By Jim Walberg
From his blog: Some East Bay Real Estate Is On The Slippery Slide Of FEAR!
Once you get on the Slipper Slide of Fear, it is difficult to get off! Please stay off that slippery slide!
So, I picked up USA Today last Saturday on my flight to the Luxury Real Estate Fall Conference in Philadelphia where I was a presenter. The USA Today headline was, “FEAR is a slippery slide!” In some of my past comments I have used the sailor’s mantra, “Do not be fearful!” It still applies today, in spite of an almost 900-point recovery on the Dow Jones the past two days. Don’t forget… once you step on the “slippery slide” of fear, the momentum carries you away very quickly.
The voice of experience, the voice of the local authority, and the voice of credibility can still prevail. And we are the ones that need to be that voice. I just completed a walk from the Philadelphia Ritz Carlton to Constitution Hall, the Liberty Bell, and other reminders of the work our founding fathers did on our behalf 230+ years ago. What an inspiring day! (You may recall this is the organization that is the acknowledged authority of luxury real estate! It was founded by John Brian Losh with a vision of connecting the best luxury brokers and agents in the world – 1,900 members from 65 countries.)
Do you think they were afraid? Of course they were. But, the consequence of letting fear paralyze them from action was not acceptable. Instead of the “slippery slide” of fear taking them away from the liberty and freedom they so dearly wanted for our country, they discovered – step by step – the actions needed to create the most incredible democracy in our world’s history. It was very hard. Thousands of lives were lost as part of that payment for liberty. And, the founding fathers never lost site of end result that was required – FREEDOM!
There is a book I have enjoyed reading several times – “The Tipping Point.” They have a very insightful analysis of Paul Revere’s ride in Boston a few days before the Revolutionary War was officially declared. His ride was so effective that it mobilized the citizens along his route in a manner that called them to action in stopping the British from confiscating their arms stored in Concord. Did you know there was a second rider who was sent in a different direction to alert another section of Massachusetts to immediately prepare to defend Concord. Does anyone remember his name? In fact, I had never heard of him before I read “The Tipping Piont.” He was totally and utterly ineffective in his call to arms.
What was the difference between these two men with similar intentions? Paul Revere was one of the most respected local authorities on what was happening within the colonies which he believed required a liberation movement to break away from British rule – even if it meant war. I would like to be as effective as Paul Revere during these uncertain economic times. We are the local citizens calling our “citizens” to action in order to work through the financial crisis we are in. Will you join me as we serve our clients and communities, and help them off the “Slippery Slide of Fear?” (You get bonus points if you email me with the other freedom rider’s name whose ride was a waste of time.) Contact me with your thoughts. Until next time…
Jim Walberg is the co-Broker/Owner of The Bay Area Team, the most-successful team at Keller Williams Realty-Danville. He is also a member of the global Luxury Real Estate network. Jim is an exceptional blogger, as you can see by visiting his blogs, East Bay Real Estate and Caribbean Islands Realty, and reading his great blog entries like the one above. He is the master of fractionals and other luxury homes in the Bay Area and the Caribbean, and he always has a lot of great opportunities to share. Simply marvelous. This is the last blog entry from Jim that I will have the privilege of editing and posting to the Luxury Real Estate Blog. I am always impressed by his enthusiasm, cheerful disposition and unparalleled kindness. Thank you, Jim, for being such a good person and being a light to a world of shadows and fear. You are amazing.
By Serge Cowan
Cyprus offers a superb tax system whereby foreign pensions will only ever be taxed at 5 percent – maximum. “This is exceptional,” says Serge Cowan, MD at Unique Living, specialist property agents offering supreme luxury and lifestyle homes around the world including luxury homes for sale in Limassol.
“When looking for a retirement home, one has to consider not just what the country has to offer but also where you stand financially. Cyprus must come high on people’s agenda because it has so many benefits”.
In some countries you could be paying tax in your home country on pension income of 40 percent or even higher, so the 5 percent is something that really needs to be taken into consideration when buying abroad.
Cyprus also has many other benefits: good year-round weather, low crime rate, you drive on the left, a cosmopolitan atmosphere, quality golf courses, European Union membership and superbly located at the east end of the Mediterranean, providing convenient access to the Middle East and Far East as well as Europe.
In addition, the Government of Southern Cyprus is making big strides to be a serious contender in the world of “movers and shakers.” Developments are increasingly for the luxury market, and soon to be released is a Marina Resort in Limassol. This is to include a manmade island for residential villas, plus there is rumoured to be a 5-star hotel and berths for 600 privately owned boats. All of which is to be in the heart of the old town of Limassol and its rapidly growing commercial and business centre.
“Southern Cyprus is rapidly changing and those who are astute can be part of this altering picture – one that is creating a supremely elegant and sophisticated island to appeal to discerning buyers from around the world. A shrewd buyer looking at the current market place will not be disappointed with Cyprus and in particular luxury real estate in Limassol,” concludes Serge.
Founded in 2002 by Serge Cowan and Sophie Hammond, Unique Living’s portfolio of luxury properties for sale includes new property developments, resale property, villas, townhouses, penthouses and apartments in prime locations around the world. Unique Living is headquartered in London and it is a member of Who's Who in Luxury Real Estate. Let’s see, in the past week or so we’ve received blog entries on Costa Rica, Mexico, the Caribbean, Australia, Vanuatu, France and now Cyprus. This is very exciting. Keep checking the Luxury Real Estate Blog for great information like this. Also, feel free to submit your own blog entries for consideration. The photo of the Limassol, Cyprus shoreline is from www.flickr.com/photos/mamchenkov/281322233 and it is the copyright of Leonid Mamchenkov.
By Michael Marquette
From his blog: Australia’s most expensive apartment SOLD in Potts Point
Potts Point in Sydney has achieved Australia’s record apartment price with a $20 million penthouse sale.
An undisclosed “prominent Sydney businessman” bought the apartment off-the-plan after the Sydney City Council approved the development on Monday.
The two-level penthouse, with views across Woolloomooloo Bay towards the central business district, Sydney Harbour and the Opera House, will have 530 square metres of internal space and 115 square metres of balcony.
The Wylde Street sale trumps an $18.2 million off-the-plan penthouse sale in East Melbourne and the $16.8 million Sydney record sale in Macquarie Street’s Bennelong block earlier this year.
The Ashington Group, chaired by mortgage broker Mark Bouris, bought the development site for $15.5 million last year, indicating it viewed Potts Point as one of the true urban villages of Sydney.
“The sale was a sign that buyers will act quickly for distinctive apartment product,” Ashington’s director, Craig Minahan, said yesterday.
The design by architects Tzannes Associates echoes the curved glazing and copper roofing in the neighbouring 1930s heritage-listed Wyldefel Gardens residential complex.
The nine apartments included in the development with the penthouse will have interiors by fashion designer Alex Perry.
Interestingly, the Australian newspaper incorrectly quoted the apartment as being in Point Piper, not Potts Point.
Michael Marquette is the co-Founder and Director of Marquette Turner Luxury Homes, a member of Luxury Real Estate in East Sydney, New South Wales, Australia. Founded on Australia Day 2007 by Marquette and Simon Turner, Marquette Turner is a property consultancy company covering the Australian states of New South Wales and Victoria. Marquette has a background in medicine and a large retail and wholesale business. Marquette and Turner just can’t stop providing excellent content like this for the Luxury Real Estate Blog. People are still interested in purchasing luxury properties for the right price. Keep looking for good news and you’re sure to find it.
By Benjamin Pradel
From his blog: [TELEVISION 3] HGTV & R. CHAYLA Immobilier - "House Hunters international"
Pie Town Productions est une importante société de production américaine basée à Los Angeles et à Chicago.
Elle cumule aujourd’hui plus de 3200 émissions de télévision de tous les styles. Elle s’est tournée ces dernières années vers des émissions de décoration et de rénovation qui font fureur actuellement dans tous les pays anglophones et dont on commence à voir quelques exemples sur nos chaînes françaises. De leur série d’émissions House Hunters international (n°1 aux usa) diffusée sur la chaine américaine HGTV (Home and Garden Television) ils parcourent le monde à la recherche d’agents immobiliers spécialistes des transactions internationales. Cette émission au format Télé réalité, diffusée dans de nombreux pays anglophones (USA, Grande Bretagne, Canada, Australie, Nouvelle Zélande & Finlande), détaille les différentes étapes de l’acquisition de biens immobiliers par des clients étrangers. Pour les besoins de leurs émissions dynamiques à très forte audience, (91 millions de foyers rien que sur les USA), que vous pouvez revoir sur leur site internet www.hgtv.com ou sur celui de la société de production Pie Town TV (www.pietown.tv), ils filment des achats de biens immobiliers à Paris pour un appartement ayant vue sur la Tour Eiffel, ainsi qu’à São Paulo, Prague, en Jamaïque, Hollande, en Ecosse, aux Bahamas... et en passant par cet épisode qui vient de se tourner au sein de notre agence de Limoux.
Notre agence communique régulièrement sur des supports internationaux en direction notamment des Américains. Les producteurs nous ont donc contacté pour organiser un tournage sur notre activité et afin de détailler un processus d’acquisition d’un logement de caractère dans notre région. Une équipe de télévision a donc débarqué à Limoux, afin de tourner un scénario dans l’Aude. Le tournage a attiré de nombreux curieux, passionné les employés de l’agence et devrait, si l’on considère la forte audience de ces émissions, attirer des investisseurs d’outre Atlantique.
Billet issu de l’article rédigé par “Le Journal de Carcassonne” à qui nous adressons un grand merci, contrairement aux autres quotidiens et médias locaux qui nous ont informés être surchargés pour cause de vendanges !
Rendez-vous pris pour le tournage d’une suite d’ici 6 mois que nous ne manquerons pas de diffuser sur ce blog.
Don’t speak French? Click here for an English version of this blog entry. Benjamin Pradel is an Information and Technology Specialist with R. CHAYLA Immobilier in Carcassonne, France. Founded in 1991, R. CHAYLA has a multilingual team, agencies with cutting-edge technology and exposure on dozens of Web sites. They are known across France, and their international exposure grows daily. They are members of the global Who’s Who in Luxury Real Estate network and regular contributors to the Luxury Real Estate Blog. What a positive development! It’s very smart to work with media companies like HGTV to gain exposure for luxury properties. By the way, “House Hunters” is the most popular show on HGTV, I believe.
By Brian Langhorst
We have over 200 members from around the world joining us for the 13th Annual Luxury Real Estate Fall Conference in Philadelphia, Pennsylvania! The dates are October 12th through 14th at the historic Ritz-Carlton Hotel. We have members coming in from all across the United States and Canada, as well as Spain, Mexico, Australia, Argentina and Thailand! We very much hope you will join us as well! There are great room rates still available at the Ritz-Carlton.
Please contact me at 206.695.4846 or BLanghorst (at) LuxuryRealEstate.com to learn more about this industry-leading referral and networking event.
See you in Philly!
Brian Langhorst is Luxury Real Estate‘s Membership Manager. He meets members’ unique needs through the dynamic services LuxuryRealEstate.com provides. Holy cow! Two blog entries about the Fall Conference on the same day. We must be getting close to that event. Be sure to save your spot soon.
By Michael Marquette
From his blog: Australian Real Estate Agent in Final Four for International Real Estate Award
Australian Michael Marquette, founder of Marquette Turner Luxury Homes, is one of only two non-American Award Nominees at the 13th Annual Luxury Real Estate Conference to be held in Philadelphia, Pennsylvania, USA on Saturday, October 11th through Tuesday, October 14th, 2008!
One of only four international real estate agents nominated in the category of Outstanding Rookie, Michael Marquette will be joined at the award’s conference at the Ritz-Carlton by fellow agency founder Simon Turner.
The Who’s Who in Luxury Real Estate network is the most prestigious luxury real estate organization in the world, and its website LuxuryRealEstate.com is the most-viewed luxury real estate portal in the world. The invitation-only industry peak body is made up of almost 6,000 offices worldwide.
Marquette comments that “It is such an honour to have been initially invited to be a part of the exclusive Who’s Who, so to have been nominated for an award is truly humbling.”
He continues, “As an Australian, I’m very proud to have been recognized. With around 120,000 luxury real estate agents in 65 countries, the Who’s Who is an amazing network and I’m thrilled and excited that our hard work has been noticed. What this nomination also demonstrates is what Simon Turner and myself have long believed, that Australian real estate deserves a forward-thinking, savvy luxury agency to showcase some of the stunning properties that our country has to offer to a worldwide audience.”
Furthermore, “The launch of our company and its success and recognition in just 18 months is testament to the belief of our clients and others important to us in what Marquette Turner Luxury Homes has to offer, and we look forward to further cementing our place in the market.”
Other top real estate industry awards to be awarded during the conference include the Lifetime Achievement Award, the Billionaires Club, Extraordinary Philanthropist, and the Biggest Sale in 2007.
Michael Marquette & Simon Turner are very much looking forward to meeting and learning from some of the world’s leading agents and the most influential people in real estate worldwide.
For more information, please contact Michael Marquette at +61 433 170 170 or via email michael (at) Marquetteturner.com.au.
As he mentioned above, Michael Marquette is the co-Founder and Director of Marquette Turner Luxury Homes, a member of Luxury Real Estate in East Sydney, New South Wales, Australia. Founded on Australia Day 2007 by Marquette and Simon Turner, Marquette Turner is a property consultancy company covering the Australian states of New South Wales and Victoria. Marquette has a background in medicine and a large retail and wholesale business. It is so wonderful to hear the excitement and enthusiasm of these luxury experts about attending our conference and benefiting from the networking opportunities there. Marquette and Turner are busily establishing themselves as the go-to guys in their market. Last week, Turner was invited to a prestigious event celebrating the first A-380 aircraft in Australia. Keep up the great work!
By Jason Leach
From his blog: What’s the market doing? And the Russians ARE coming
There are a lot of mixed signals out there and different people have different angles on the French property market at the moment. The Brits are still buying, but not in the numbers that they used to. But then again July and August are generally quiet months for the Brits to buy.
On the other hand, there is still, and increasingly more so, lots more interest from the Dutch, German, Belgian, Swiss and Scandanavian countries, but more than ever it’s the French.
France hasn’t really been affected by the credit crunch due to the fiscal regulations that exist. We did see some small protests when the fuel prices were increased but even that’s come down again now to a more reasonable level.
Strangely, we’ve seen lots of clients with budgets of 1 million-plus euros and are just starting to see the spread of Russians starting to come across from the cote d’Azur and they’re really holding up and maybe inflating the prices at the top end of the market, saying that there are lots of properties on the market, and we are seeing stronger negotiating from buyers, but within reason.
With Languedoc becoming the fourth biggest in France for industry the prices should still see some rise and figures have been quoted at approximately 7 percent by a respected body of real estate agents which is up from last year’s figures. Personally, I think this might be a little on the high side and we should wait and see what the third quarter of the year brings us.
Jason Leach is with www.simplylanguedocproperties.com, a subsidiary of R. CHAYLA Immobilier in the United Kingdom. Founded in 1991, R. CHAYLA has a multilingual team, agencies with cutting-edge technology and exposure on dozens of Web sites. They are known across France, and their international exposure grows daily. They are members of the Who’s Who in Luxury Real Estate network. Wow! This blog entry is in English. It’s a good idea to keep informed on what’s going on with global luxury property markets. Thanks for the great information, Jason.
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