The Board of Regents: “The Bubble Is All in the Champagne!”“One year ago this month, we launched The Board of Regents program and unveiled it to the world. In one year, we have formed the most influential alliance of luxury brokers ever assembled,” says John Brian Losh, CEO and founder. “We have responded to franchising initiatives by providing companies with a global network and additional strategic proprietary tools to assure continued success.”
The Board of Regents convenes every month to discuss the latest real estate topics, the most recent being a very popular one – the real estate bubble. Currently, The Board of Regents represents 83 different markets, and the consensus is that the real estate market is still very strong - particularly the luxury market.
“The bubble is all in the champagne around here,” says Jim Kinney of Rubloff Residential Properties in Chicago. Kinney has been interviewed more than five times in one week on the subject. “One of the main concerns seems to be the risk of a self-fulfilling prophecy. This topic has been so hot for so long now. Consumer confidence is key - sellers aren’t buying the bubble story, but some buyers are and this could cause people to stand on the sidelines in anticipation of the bursting bubble. I say take a seat, it may be a while.”
Another Regents member, Elaine Seabolt of Cora Bett Thomas Realty Co. in Savannah, says, “Our market is extremely active. Property values are still going up. If there is a bubble it certainly hasn’t surfaced here.”
Many Regents members agree that a “leveling off” is probable but say it is not necessarily a bad thing. “Personally, I would welcome a slowdown because it only makes the broker a stronger commodity,” says John Brian Losh, himself a luxury broker in Seattle. “A broker’s expertise becomes that much more valued when inventory is up and houses stay on the market a little longer.”
The Board of Regents is the governing body of Who’s Who in Luxury Real Estate, and membership is by invitation only. Members’ listings are featured on Regents.com and LuxuryRealEstate.com, the official Web site of Who’s Who in Luxury Real Estate.