Luxury Real Estate Blog
Altitude is everything: Harry Norman, Realtors riding high in strong Atlanta market
Mar 26, 2008
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.”
Several states enjoy appreciating home prices in second quarter 2007
Mar 26, 2008
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.
Federal Reserve cuts discount rate to boost real-estate sales
Mar 26, 2008
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.
Ready, set, retire! Luxury Real Estate brokers can help make it happen
Mar 26, 2008
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.
Celebrating great women in the Luxury Real Estate industry
Mar 26, 2008
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.
Know Who to Trust When Investing in Foreign Markets
Mar 26, 2008
According to a recent article in the Chicago Tribune, entitled, “Real estate investors turn focus overseas,” American investors are increasingly finding excellent investments in foreign markets. The recent weakening of several U.S. housing markets has certainly encouraged investors to seek their fortunes elsewhere. Also, foreign real estate is rarely affected by the stock market, providing an excellent way to diversify investments.However, investors face several risks when buying foreign real estate. These include a weak U.S. dollar, numerous legal pitfalls and barriers to entry into certain markets, and the possibility of downturns in countries’ economies.Members of LuxuryRealEstate.com can provide useful resources for people hoping to safely invest their money in foreign markets. Yalile Alpízar, the founder and president of Costa Rica Luxury Estates, is a great expert to ask about investing in Central American properties, especially in Costa Rica. Members of LuxuryRealEstate.com in many other countries are ready help Americans invest wisely in their markets. Since LuxuryRealEstate.com has such high standards for its members to maintain, homebuyers can rest assured that they will be well-served.
While Other Realtors Burn Out, Members of LuxuryRealEstate.com Shine
Mar 26, 2008
A dangerous downturn is gripping the real-estate market, and I'm not talking about the recent drop in home sales. I’m referring to a significant drop in customer satisfaction and trust in Realtors®, discussed in this RIS Media article. According to the article, consumers have no guarantee that they will receive anything approaching quality service from real estate brokers, even accredited Realtors®. For the past few years, real estate prices have increased significantly, allowing less-professional real estate agents to find success. But now that the market is shifting, consumers are losing their confidence in real estate professionals’ abilities. That’s the bad news – but here’s the good news. LuxuryRealEstate.com, although it has grown rapidly for nearly two decades, has actually improved its entry requirements for real estate brokers to join its network. In sharp contrast to the woes plaguing other real estate brokers, LuxuryRealEstate.com is thriving because it only allows proven experts who are dedicated to the industry’s best service to join its international network of luxury brokers and firms. Luxury homebuyers and sellers can trust that when they seek a property anywhere in the world through LuxuryRealEstate.com they will be served by the world’s finest brokers. Check it out!