Luxury Real Estate Blog

By Robert Lockard I like talking about good people and the examples they set for others to follow. One particularly noteworthy person is Rob Thomson, the president of Waterfront Properties, which is the exclusive member of the Luxury Real Estate Board of Regents in Jupiter, Fla. About six years ago, this charitable man founded Charities for Children to pick up and deliver gifts for children who have little means of their own. In each of the past several years, this charity has delivered tens of thousands of gifts to local children.

By Robert Lockard Open houses are excellent opportunities to bring potential buyers into a home and let them gain insights that are difficult to convey through written descriptions or even virtual tours. However, there is a potential risk for luxury real estate agents and others to be aware of, according to a recent article in The Chronicle Herald – stealing. Apparently, two women managed to steal $73,000 worth of jewelry and other valuables during several open houses in New York and New Jersey. Thankfully, they were caught and hopefully the belongings were returned to their rightful owners.

By Robert Lockard It’s been more than two years since Hurricane Katrina. The water has receded and hundreds of thousands of people have returned to their homes in New Orleans, but much more effort is needed to resurrect this city to its past greatness. Actor Brad Pitt is doing his best to lend a hand to this recovery process, according to this article on The Times-Picayune. Pitt and Angelina Jolie bought a palace in the French Quarter of New Orleans earlier this year with the help of their broker, Eleanor Farnsworth, the president of Prudential Gardner, Realtors. Farnsworth is an exclusive member of the Luxury Real Estate Board of Regents.

Atlanta’s luxury real estate market is enjoying a remarkably strong boom, according to a recent article entitled “What mortgage crisis? Million-dollar homes still selling” in the Atlanta Journal-Constitution. “Sales of million-dollar homes in Atlanta and around the country march steadily along,” author Dan Chapman said. In May 2007, 97 homes sold for $1 million or more in the Atlanta area. These 97 homes represented just 1.6 percent of the total number of homes sold in Atlanta, but this small fraction accounted for 9.1 percent of the total dollar value of all the homes sold in this city, according to the article.In its 2007 luxury home report, Harry Norman, Realtors succinctly explained why the luxury real estate market in Atlanta and many other places across the United States has remained so strong: “Altitude is everything.” High-end buyers have ample resources to purchase the homes they want without requiring adjustable-rate loans. With an increasingly buyer-friendly market, these people are gaining more purchasing power. “August has been one of the two biggest months of my career,” said Travis Reed, the top seller for Harry Norman, Realtors. “In the last five years, Atlanta has seen an enormous growth in the $1 million to $1.3 million price point.”

The Office of Federal Housing Enterprise Oversight recently released quarterly information about the strength of several U.S. home markets, according to an article in The Seattle Times. While the overall U.S. market remained mostly unchanged in the second quarter, rising 0.1 percent compared to the first quarter, several states enjoyed potent growth. Utah’s home prices topped the list of states in terms of home appreciation, posting a 15.28-percent increase. Wyoming placed second with prices increasing 12.84 percent, and Washington came next with a 9.12-percent jump.Several Luxury Real Estate members are located in these top-performing states. Utah includes Painted Hill Realty and Jess Reid Real Estate, among others. Wyoming includes Real Estate of Jackson Hole, Jackson Hole Real Estate & Appraisal, LLC and Snake River Sporting Club. Washington includes Ewing & Clark and Tomlinson Real Estate, among others.

The Federal Reserve, in a symbolic move to encourage banks to lend more money to borrowers, lowered the discount rate from 6.25 percent to 5.75 percent, according to a CNN/Money article. In the article, Paul R. La Monica, CNN/Money’s editor at large, noted that even though this lower rate does not directly affect the amount of money that borrowers pay on credit cards, home equity loans and other lines of credit, this will hopefully give banks confidence to lend money to qualified borrowers.With a shifting stock market, qualified borrowers will probably look to safer investment choices, adding strength to luxury home markets. Since real estate has historically been the source of higher and more-stable returns on investment than the stock market, many people will probably want to put their money into real estate. Selecting someone with thorough knowledge of the market, a top-notch luxury specialist, for real-estate transactions is always important. While some investments may become shaky, real estate is always a strong choice.

Forty-three percent of Americans above the age of 30 are financially unprepared to retire, according to a news release from Entrust New Direction Inc., a Colorado investment firm. The study itself comes from the Center for Retirement Research and was published on July 31. Even wealthy respondents are not immune to the poor preparation affecting a large portion of Americans. “Even people in the top third of earned income were not adequately prepared; 36 percent of these people of all age groups are at risk,” according to the author, John Sheflin. Sheflin mentions that one cause of this dearth of preparation for retirement is the fact that many people are being asked to invest their money in 401(k) plans without adequate knowledge of the market and how to invest properly.Luckily, there are solutions to this problem. Sheflin suggests several ways to effectively prepare for retirement, including investing in IRAs, in which his company specializes. People should invest in what they know best, according to the release. For people hoping to retire in the near future, purchasing high-end properties is a useful strategy because real estate is historically one of the best and most-reliable investments to make. With superior skills and expertise, members of LuxuryRealEstate.com can help people make strong investments and ensure that they are able to retire comfortably.

The Ohio Department of Development's Office of Small Business Development and Small Business Development Centers will offer awards to “recognize the economic contributions of successful Ohio women business owners,” according to a news release from the Ohio Department of Development. What a wonderful idea! Individuals who are able to balance their lives and gain immense professional success deserve great praise.Many women, in and out of Ohio , have become successful real-estate agents, performing beyond all expectations. LuxuryRealEstate.com includes many such notable women who continually contribute their considerable talents to their clients. Audrey Ross is the president and CEO of Audrey Ross of Christie’s Great Estates – Esslinger Wooten Maxwell in Cora Gables, Fla. After founding her firm in 1984, she went on to become known as “Miami’s Woman at the Top,” and she just keeps going up, representing Florida’s finest properties, including The Temple House in South Beach . Diane Turton founded Diane Turton, Realtors more than 20 years ago in Point Pleasant Beach, N.J., and she now oversees more than 500 agents in a total of 26 offices in New Jersey and Florida. In fact, her offices combined to sell $1.25 billion of properties in 2004. She was acclaimed as one of New Jersey ’s Best 50 Women in Business by NJ BIZ in 2006.These are just two of the numerous exceptional women who are members of LuxuryRealEstate.com as well as the Board of Regents, the governing body of Luxury Real Estate. Ohio certainly has the right idea.