Luxury Real Estate

Courtesy of Scott Cutter of 2CostaRica Real Estate

The past 12 months in the real estate world here in Costa Rica has been quite a interesting time for professionals, buyers and sellers in the marketplace.

Perhaps the most challenging task that we have faced as real estate professionals has been the job of re-educating sellers as to the market conditions, values and expectations that they can expect if they would like to sell their property within a reasonable amount of time.

In a market void of an MLS, comprehensive comparable stats on true sales values, volumes, etc., there is a constant battle to keep sellers realistic about values while battling the proverbial: "But 'so-and-so' has his property down the road listed at $2,000,000 and our house is much nicer".

As a father of two, I have now come to fully realize how blind we can all be in our self analysis and that of our own properties, and have learned to deal with this point with our sellers with great care, but that is the subject of an entirely different article and story...

Back to values... In addition to the lack of comprehensive hard data other than our years of experience to share with clients, another obstacle is the fact that most buyers in Costa Rica, especially in the coastal areas, paid cash for their properties and in a country with such low property tax and holding costs, many sellers are content to wait for better times in which to sell.

This is a critical point for Foreign investors to understand. The market adjustments which you see in the USA which tend to move the market up and down in unison as since the VAST majority of real estate there is purchased through leveraged financing, changes in interest, values, absorption, etc. can drive the market in either direction and virtually everything for sale follows that trend.

Here in Costa Rica, you will find a house listed at $1,500,000 right next to one that is every bit as nice, listed at $700,000 and it can be confusing to anyone without the experience to understand the fundamental differences in the market place. The reality is that despite the economic times we find ourselves in, there is a great deal of new movement and sales taking place in the market.

Careful about getting too excited sellers... as this movement is virtually ALL due to the fact that despite the low holding costs, more and more sellers are coming to terms that an imminent boom like the one we enjoyed for nearly a decade is not returning any time soon and adjusting prices to invite buyers to the table.

All economists talk about the huge pool of money on the sidelines right now, with investors just not sure where to go with their funds. Costa Rica remains a fantastic lifestyle and investment destination and buyers are here, looking and snatching up well priced opportunities in virtually every part of the country.

While 4 years ago, we spent all of our time educating Buyers about how even though it seemed expensive to purchase here in relation to the infrastructure, etc. that it was worth it as this was the future destination of much of the world. Now, my team, and my bet is most Realtors who are true professionals, spend most of their time working with Sellers to create realistic expectations of pricing and sales timelines.

For those that "we will sell if we get our price" those timelines can mean years.

We are also helping Sellers realize that taking a much lower price than what they hoped in this market, also has some advantages. The largest of which is that Sellers who move properties now get liquidity to become Buyers in what is arguably the most favorable buyers market around the globe in the past two decades.

Whatever losses or reduced profit margins are absorbed now can normally be regained by becoming a buyer and is something more and more sellers should and are considering.

For Costa Rica real estate buyers... There has never been a better time to be sourcing deals in Costa Rica.

For Costa Rica real estate sellers... Either arm yourself with patience or, we must collectively work towards recognizing that the discerning buyers who actually have money to spend, are not paying the premiums of the pre-crisis days in today's market. Those who can come to terms with this are selling, those who aren't.. are now and most likely will be waiting for quite some time.

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.

Courtesty of Whistlerheather of seatoskynation.com

Now we completely expected the market in Whistler to cool during the 2010 Olympic and Paralympic period of February and March. We also expected that January would be slow due to infrastructure that still needed to be realized; and of course April to start cleaning up after the party… May and June are known as the shoulder months so a slight slow down was also expected during this period. That would bring us right through to the third quarter 2010.

However looking at the number of sales year to date we can clearly surmise that January – May & June have been consistant in terms of sales. By the end of June it appeared Whistler was well on its way to a great summer in real estate. Then July finished and our balloon had a slow leak… No pun in tended. Trying to figure out why was not hard…

For full article click here

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.

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