Luxury Real Estate

Courtesy of Frederick Peters of Warburg Realty Partnership

I am sure we all know the Chinese exhortation “May you live in interesting times.” Well, whatever else our times may be, interesting they certainly are! For many in the ranks of buyers and sellers of real estate, however, interesting, at least insofar as it means unpredictable, is not so good. And it is hard to remember an event the results of which seem more unpredictable than the Standard and Poor’s downgrade of U.S. Treasury debt from AAA to AA+ which occurred last Friday.

The downgrade won us a stinging rebuke from China, which is understandably concerned since it actually holds so much of our debt. But beyond being a source of frustration to the Chinese, and a source of anxiety for the European Union, what does the downgrade actually bode for the future? Some economists already opine that it means little, as the other two rating agencies have not seen fit to alter their perception of U.S. debt. Some economists feel the S & P overstepped its bounds in discussing and factoring into its review the political logjam which took us to the 23rd hour (and 59th minute!) without a deal to raise the debt ceiling.

For buyers of real estate, there are likely to be some consequences, most particularly in the costs of financing. Lower bond ratings mean higher bond interest rates. Inflation, which seems to be gradually creeping back into our lives (highly visible in the price of both food and gas), also generally leads the Fed to raise interest rates. So, much as the government may want to keep interest rates at rock bottom levels to stimulate the economy, the likelihood is that sooner or later rates will begin to creep upward. Since monthly payments are at least as important as purchase price for most buyers, this means that the same $500,000 purchase price will probably cost more in a year than it does now.

Warren Buffett famously said, “I am nervous when people are buying, but I like buying when people are nervous.” Few of us possess the courage to act this way, but it is not a bad rule of thumb to question rather than blindly follow conventional wisdom. As life in the suburbs becomes both more costly in terms of taxes and less reliable in terms of schools, more and more people are opting to stay in the city if they can. While our real estate, like any commodity, will fluctuate in price, it IS a hard asset and it DOES have enormous intrinsic value. That is why we have a rental vacancy rate of under 1% and why property for sale is scarce in so many categories. And if interest rates rise, your money as a buyer will go less far, which will offset the potential benefit of price fluctuations which may or may not occur. In the last three years, our prices here fell less far and recovered more quickly than anywhere else in the nation. That tells us something about the intrinsic value of New York.

Sometimes it is worth being a contrarian.

Courtesy of Malone Hodges

After months of strategic planning, Carmel Realty Company has opened their second office on the world renowned  Ocean Avenue in Carmel-by-the-Sea. The office is a testament to modern technology with touch screen technology  showcasing key geographic areas: Carmel, Carmel Valley, Pebble Beach and the Monterey Peninsula. There is also a showcase for the area’s leading golf course destinations and real estate surrounding those world class golf courses like Cypress Point Club, the Links at Spanish Bay, Pebble Beach, Monterey Peninsula Country Club, Tehama, The Santa Lucia Preserve and more. The showroom also features Luxury Vacation Rentals for clients to browse.  The office has a gallery feel where clients can come in with a coffee and browse  luxury real estate as they would art, electronics or any other luxury retail experience.  The response has been tremendous and they plan to roll out this lifestyle experience in future offices. Carmel Realty is the area’s leading brokerage and local luxury real estate rental company.  They opened the office on Ferrari Friday during the 60th Annual Pebble Beach Concours d'Elegance which draws auto aficionados, collectors and celebrities from around the world including the likes of Jay Leno, Jeremy Piven, and California's Governor Arnold Schwarzenegger.

The new office is located on Ocean Avenue in Carmel-by-the-Sea, CA 92921. Carmel Realty Company was the first Real Estate company in Carmel, California and maintains a rich tradition as local, luxury real estate experts.

The company was founded in 1913. For four generations since then, The Mitchell Family have led the Real Estate market in Carmel and Pebble Beach. In 2002, The Mitchell family made Carmel Realty part of The Mitchell Group, the largest privately held real estate office on the peninsula with 5 offices and over 130 agents. When the Mitchell Group brokerage reached nearly a billion dollars in sales, the family sold to Sotheby's in 2005, Shelly Mitchell Lynch purchased Carmel Realty in order to continue its century of quality and rich tradition as local, luxury real estate experts.

Courtesy of Atlanta Business Chronicle

The highest priced house in metro Atlanta has sold.

Atlanta Fine Homes Sotheby’s International Realty sold Dean Gardens, which was offered at $13.9 million.

Listing agent Suzanne Close and co-listing agent Jason Dean, of the firm’s North Atlanta office, negotiated the transaction.

For full article click here: Highest priced Atlanta estate sold - Atlanta Business Chronicle

A new member with Luxuryrealestate.com, Jack Cotton founded Cotton Real Estate, now Sotheby's International Realty in 1974. As a Cape Cod real estate leader, Cotton has built his reputation on the integrity to put his customer first in every single situation. Specializing in luxury properties and Cape Cod's waterfront homes, he has overseen thousands of purchases and sales of Cape Cod Properties. Stressing the importance of continuing professional education, Cotton funded the creation of the Cotton Center for Real Estate studies at Cape Cod Community College in 2006.

Constantly fine-tuning the techniques of the selling and buying process, Cotton continues to strive for new ways to serve his clientele. When asked about Luxuryrealestate.com, Cotton said, "I am thrilled to reconnect with all of my friends and fellow luxury agents at LuxuryRealEstate.com. It is a great venue to learn from and to be able to network with the best agents in the business. It's also great to provide one more valuable point of difference for my luxury home clients."

Cotton also shares his knowledge at national Real Estate Conventions as a program presenter who engages his audience with a pertinent and refreshing perspective on all things luxury real estate. He delivers informative insight on the most up to date information and does it in a way that is entertaining and memorable.

Courtesy of: McGuire Real Estate, Alain Pinel Realtors, Hill & Company, Paragon Real Estate, and Morgan Lane/Pacific Union.

For the seventh year running, the Nob Hill Gazette gathered some of the best and brightest of the region’s real estate world to get an inside look at the market. This year also saw the addition participants from related industries outside of real estate—finance and general contracting—to further round out the discussion.

To continue reading, please click here.

By Meghan Barry

Previously we blogged about a CNN story featuring 93 year old John Harvey Losh and ‘Five places to get your green on’ for St. Patrick’s Day. Again this year, the father of LuxuryRealEstate.com CEO/Publisher John Brian Losh walked in the Seattle St. Patrick’s Day Parade on Saturday, March 13, 2010. Here is a photo from the event and the story from last year. Happy St. Patrick’s Day!

Courtesy of Jane Powers

(CNN, By Jessica Ravitz, March 2009) -- It's about that time of year, when dyed green rivers and Guinness beers flow, the shamrock sunglasses and leprechaun T-shirts come out, and corned beef and cabbage enters the mainstream menu.

With St. Patrick's Day one week away, the Irish across America -- and those who just want to be Irish for a day -- are preparing to celebrate, if they haven't started already.

When it comes to St. Paddy's, many people think of the annual parades. The American invention originated in New York, which still has the largest, but the green season is about so much more.

For hundreds of years in Ireland, people have observed the feast of St. Patrick, a fifth-century missionary credited with saving pagans on the Emerald Isle. On the feast day of March 17, which falls during the Lent season, the Irish can cut loose: sing, dance and enjoy meat, even on a Friday, when it would otherwise be prohibited.

Irish Americans, who account for more than 12 percent of the U.S. population according to the U.S. Census Bureau, mark St. Paddy's Day and celebrate their heritage in numerous ways that may go unnoticed to the casual observer or outsider. Here are glimpses into how some of them do it.

Political wit a hit in Boston, Massachusetts

The link to Ireland couldn't be stronger than it is in Massachusetts, where a quarter of the population claims Irish heritage.

And while the state capital is awash in green cheer at this time of year, a tradition of exchanging political barbs has kicked off each morning of the St. Patrick's Day parade, dating back about 60 years. The March 15 breakfast, including song and dance amid the playful ribbing, was an outgrowth of the community's involvement in politics, which runs as deep as Irish humor.

"It allows people to see their elected officials [local, state and national] in a role they don't normally see them in," explained state Sen. Jack Hart (or, as he says it, "Haht") of south Boston, who's hosting the political roast for the eighth year. The televised event draws about 4 million viewers and "beats the Sunday morning talk shows."

Neither Sen. Ted Kennedy nor Sen. John Kerry is expected this year, but getting a call from the nation's highest office isn't unheard of. Vice President Joe Biden has attended, and Hart said they're working on getting the attention of President Obama. Or is that O'Bama?

Honoring their ancestors in Savannah, Georgia

They may not match the Irish population numbers of Boston, New York or Chicago, but several Southern cities, including Savannah, Georgia, have deep green roots.

The city's annual parade, which dates back 185 years, draws about 400,000 and is reportedly the second largest in the country, according to the parade committee Web site.

Behind the public fanfare, however, there's a lower-key event that John Forbes, the parade committee chairman, touts as more important to the southern city's Irish Catholics: the Celtic Cross Mass and ceremony.

The Sunday event, on March 15 this year , starts at 11:45 a.m. in the Cathedral of St. John the Baptist, where members of all the Irish societies come together to pray before walking in procession to the Celtic Cross (made of stone from Ireland) in Emmet Park.

"That's just a big day for us," Forbes said. Away from all the commercialism, "to us, it's in honor of our ancestors."

Kicking up their feet in Chicago, Illinois

The night before Chicagoans see their river turn an emerald green, an annual dyeing practice that dates back 40 years, the Irish community and other observers will gather for one of its newer traditions: Irish Dance Chicago.

Drawing 400 to 500 participants ages 4 to 17, the 3-year-old event showcases the Irish step dancing skills learned in six area schools that are dedicated to passing along this piece of culture. It begins at 7 p.m. March 13.

Step dancing, a tradition popularized by 1994's "Riverdance" show, involves rapid foot work while keeping the upper body stiff. It's also a platform for traditional Irish music and costumes.

For parents who usually spend time carting their children around, the event offers them a chance to "finally get to see their kids perform ... showcasing the styles they have," said Kathy O'Neill, a spokeswoman for the Irish American Heritage Center, which hosts the weekend's kickoff event.

"It's important to carry on heritage," she said.

A taste of tradition in Seattle, Washington

During Irish Week in Seattle, which features everything from a genealogy conference and run to street painting and the passing of a shillelagh (an Irish walking stick), one particular event rose to our attention.

The decades-old Irish soda bread baking contest, which happened Saturday, attracts more than 100 competitors each year.

The bread dates back to about 1840, traditionally features a cross on top "to ward off evil" and uses bicarbonate of soda -- instead of yeast -- for rising, said Mike McQuaid, a spokesman for Seattle's Irish Heritage Club.

"It was simple to make, the ingredients were easy to find, and it was very filling," said Mary Shriane, who oversees the contest and grew up on her mom's soda bread.

It was a staple in Irish homes "up until 40 years ago," she continued. "And it's a tradition we like to keep alive."

Green grows in the desert of Phoenix, Arizona

When Mary Moriarty and her husband, a retired New York police officer, moved to the "valley of the sun," she wasn't sure what to expect. Looking around during their first St. Paddy's Day parade in the Southwest, she said, "I remembered thinking, 'This is it?' "

But 14 years later, the chairwoman of the St. Patrick's Day Faire and operations manager for the Irish Cultural Center knows that the desert connection to the lush green Emerald Isle is as real as anywhere else.

This year's parade starts at 10 a.m. Saturday and is followed by festivities in the park adjacent to the cultural center.

"We will naturally have liquid libations," Moriarty said. "You can't have an Irish party without liquid libations."

But it's not all about drunken revelry. Their center's groundbreaking in 1999 began by dedicating a memorial to the "Great Hunger," or the mid-19th century potato famine that led to death, disease and mass emigration, Moriarty said.

And the center, today, is a place where the estimated 400,000 Phoenix-area residents with Irish heritage can learn about their culture, including traditional foods, music and dance.

"The United States is made up of immigrants from all over the world ... and it's very important for all the different groups to celebrate what they brought with them," she said. "Yes, you are American, but you still have to realize where your ancestors came from."

By Camille Richardson of Beth Wolff GMAC Real Estate

In our GMAC real estate family, Houston’s Beth Wolff GMAC Real Estate principals, Beth Wolff and Ed Wolff, were sponsors for the It’s My Heart Walk.

Tenley, Ed Wolff’s daughter and Beth Wolff’s granddaughter, and her twin brother Jake were born early at 31 weeks gestation. Jake was fine but Tenley went into congestive heart failure. She was operated on at Texas Children’s Hospital by Dr. Charles Fraser and then spent the first five months of her life in the cardiovascular unit. Thanks to the dedicated team of doctors and nurses at Texas Children’s Hospital, today Tenley is an active child enjoying life as a four year old and participating in It’s My Heart events to help raise awareness for others with similar challenges.

It’s My Heart’s mission is to provide support, spread awareness, educate and advocate for those affected by Acquired and Congenital Heart Defects by creating alliances with fellow families, hospitals, support groups and the community.

By Janine Carey of Damianos Sotheby's International Realty

Nassau, Bahamas. (May 12, 2009) – Sotheby’s International Realty Affiliates LLC announced it is collaborating 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, a microsite designed to provide insights into the real estate market from the brand’s worldwide network.

“This unique microsite was designed to meet the specialized needs of our clientele and The Wall Street Journal’s readers,” said Wendy Purvey, senior vice president, marketing, 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 showcase our brand’s unique perspective on the world of real estate, which always will be one of the best investments to grow long-term wealth.”

In a section entitled “The Address,” “The Business of Extraordinary Living” provides information about the properties represented by the Sotheby’s International Realty network. The Web site’s “Insights” section features data, statistics and other relevant market information. The “Living” section focuses on lifestyle trends including home styles, living, architecture and art. The “Brand” section gives an overview of the Sotheby’s International Realty network, its history and relationship with the Sotheby’s Auction House.

“The Business of Extraordinary Living” site is available by clicking here.

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. The 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.

RISMEDIA, May 7, 2009 -Top agents from Daniel Gale Sotheby’s International Realty were recognized in two top residential sales categories at Long Island Business News’ 2009 Real Estate Awards, the company has announced.

Peggy Moriarty was honored as Top Producer of the Year (volume by dollars sold), and Margaret Trautmann, Barbara Candee and Rhonda Banker for Top Residential Sale-Nassau, for their roles in the sale of the Northwoods Estate in Oyster Bay Cove. Long Island Business News selected the honorees based on interviews, professional accomplishments and the impact of their work on Long Island economy.

“Our success is built on the hard work, professionalism and integrity of our agents,” said Daniel Gale Sotheby’s International Realty President and CEO Patricia Petersen. “We support that work ethic with an award-winning global marketing program and ongoing training that is among the best in the industry. I speak for the entire Daniel Gale organization when I say congratulations to them.”

For more information, visit www.danielgale.com.

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

By Robyn Flick of John's Island Real Estate Company

VERO BEACH, Fl. – April 7, 2009 – John’s Island Real Estate Company is pleased to announce that Bob Gibb, President, was honored by the Cultural Council of Indian River County on March 25^th, 2009 at the 14^th Annual Laurel Awards Dinner at Grand Harbor Club. The Laurel Awards recognize leaders that contribute to the quality of the cultural community of Vero Beach in the areas of business, philanthropy, professionalism and volunteerism.

The particular award Mr. Gibb received is the Carolyn K. Eggert Award. This award is given to individuals who have made long-term, noteworthy contributions of both money and time to the wider cultural community. It is not awarded every year, and only at the discretion of the selection committee.

Cultural Council board member Mary Schenkel, who submitted Bob’s name as a candidate for this award said, “You’d be hard-pressed to find a non-profit organization that Bob has not supported or touched in some positive manner in Vero Beach and he throws himself whole-heartedly into everything he does for this community.”

John’s Island Real Estate Company sells exclusively John’s Island properties and has been since 1969. John’s Island is a private residential, oceanfront community of approximately 1,300 families. It offers a fine selection of elegant homes and gracious condominium residences encompassing 1,650 acres between the Atlantic Ocean and the Intercoastal Waterway.

The exclusive John’s Island Club offers fine dining in several clubhouses, including a new Beach Club with exquisite ocean views, three championship 18-hole golf courses designed by Pete Dye and Tom Fazio, tennis and squash facilities, state-of-the-art fitness center and three miles of private beach access.
 

Pete Dye (http://www.dyedesigns.com/)

Tom Fazio (http://www.faziogolf.com/)