Archive for the ‘Luxury Real Estate’ Category

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Real Estate Mind Games

August 21, 2010

 

Success seems to be connected with action. Successful people keep moving. They make mistakes, but they don’t quit.” Conrad Hilton

 

Real estate today is moving and changing in new directions. To be a winner in today’s real estate world, you have to put the past behind you and move toward the future. You have to be an agent that wants to win and then sets out to figure out what it will take to make transactions matter.

It’s all a mind game and you must have a winning mindset. If you don’t – you are doomed to fail.

I am constantly reminded how tough our economic climate is and how bad home prices have fallen. But I am also reminded that we are not the only generation to have financial challenges. Many of our grandparents and parents suffered greatly during the “great depression” and they think we are all being a wee bit dramatic. I know it is tough out there but I also know that opportunities exist to those who don’t give up and keep moving toward a goal.

Will real estate ever be the same? No. But how can we expect it to remain the same? It’s changed for good and I don’t think that is all bad news. It’s just our reality and it is time we deal with it. I heard today that nearly a quarter of Americans think their home is going to fall in value this year and yet I also heard that nearly a quarter of Americans are going to put their homes on the market the first sign of change.

Be the change – start thinking about winning in a hard market. What have we got to lose because our days are full of opportunities! Keep a positive mindset and be prepared to WIN. I believe it for you.

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The changing luxury market

April 20, 2010

 

The Changing Luxury Market

I am a specialist in luxury homes and marketing luxury goods to clients throughout the world. This current economic climate though has changed my opinion of the definition of luxury. Times change, people change and luxury has changed.

Luxury clients were once an elite group of individuals who were fairly obvious to even the most amateur of sales executives. But luxury elite status has dimmed somewhat as firstly, many people are now able to afford luxury goods and secondly, many luxury clients are experiencing their first economic crisis of a lifetime.

Today’s luxury homeowner may look and feel like luxury (expensive diamonds, cars, art) but underneath their demeanor is a homeowner who is living month to month and wondering how to maintain appearances.  It’s a fragile world and frankly, they are not prepared for what is to come.

Today’s TRUE luxury client may look different and seem different. The smart ones are people who have not fallen prey to every excess on the market, purchased a bucket load of baubles and continue to drive the latest most expensive cars. I am finding many luxury clients asking me to assist them as they work through a financial downturn they never anticipated or saved for. It’s a scary world.

Today’s luxury client could mean dreadlocks and diamonds. In other words – today’s luxury is not the obvious…in fact, it’s the reverse. They are the people you least expect and they have invested well and with discretion. They may drive a Ford and not have a multi-million dollar medieval castle. They wear jeans and Nikes. They are totally unique and totally in tune with the market. 80% of today’s luxury buyer is tech savvy and researches every purchase. And most importantly, today’s luxury customer rarely buys on impulse. Long term investments are the rule with multiple properties instead of one show home. It’s actually an interesting turn of events.

I am reminded of my grandmother who came from great wealth but lived her later years in a charming bungalow of about 970 square feet. She mowed her own yard in knee highs and pearls. She drank her tea on fine china in a tiny kitchen. That’s today’s luxury. They are different, they act different and they have a certain rule for living that is going to redefine the future. They may not have a million dollar home but their home will be chic and charming. Gaudy is out and tasteful and charming is in. Small is the new big. This is going to be amazing to watch the old world appeal of  outrageous display transformed by a new era of discrete buyers.

To quote F. Scott Fitzgerald, “The rich are different…”

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What in the World? Top Selling London flat…

April 13, 2008

London sale sets new “most expensive home sold” record

Purchase price close to buy-out price for Bear Stearns!

Just as the financial news is buzzing with reports of the $236 million Federal Reserve-backed bail-out of Bear Stearns by JP Morgan Chase, The Times of London reports that a flat in central London has sold for a record-setting price of between £115 million and £120 million ($230 million to $240 million).  By comparison, former financial giant Bear Stearns changed hands at about the same time for about the same price. 

The flat is one of six apartments yet to be carved out of a seven story office building located at 8 St. James’s Square, which the Times reports is “equidistant between 10 Downing Street and Buckingham Palace.”

Who will be the new resident sharing the neighborhood with the Queen and the Prime Minister?   The buyer’s name is unreported.  “However, you can bet your $2 Bear Stearns’ stock that it is one of the world’s billionaires who wants bragging rights for the most expensive residence,”  said Laurie Moore-Moore, Founder of the Dallas-based Institute for Luxury Home Marketing.

“This sale is one more indication that in the rarefied air of the very, very top of the housing market, the search for trophy properties continues, despite the growing housing and financial market troubles,” added Moore-Moore. “I suppose the multi-million dollar question is, ‘Which is the better buy – Bear Stearns or the London residence?'”

This post courtesy of Luxury Home Marketing Institute (Dallas, TX)