Archive for the ‘Orlando luxury home statistics’ Category

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Generational real estate selling and other minsinformation.

April 28, 2011

We live in a time when people want quick answers and quick resolutions to all their questions. How many times a day do you see articles with “Five ways to Happiness” or “Seven steps to selling your home”? Here’s a fact: there aren’t any quick or fast steps to doing anything. It’s just the use of a catch phrase to get your attention. Imagine how great life would be if we could solve things in three easy steps? It just not that simple.

One of the main things I see is that realtors are being misled to believe that their clients are now internet social butterflies and that so much business is done via the web. This is simply not true. While more than 80% may look on the web for a home; the majority of individuals still rely on word-of-mouth or personal relationships to find a realtor to assist them. For instance, a recent fact published by the American Affluence Research Center reflects that only 12.5% of affluent clients even use social media. That’s not very good odds for those seeking to attract the luxury market via the web, through Facebook or other social networking venues.

The other common mistake I see in today’s real estate world is labeling clients. Of course, you know about “boomers” but now we have the newest which is the Millenial generation. The Millenial Generation was born between 1977 and 1998 and has approximately 75 million members. REALTORS are being led to believe that this age group is the next big wave of buyers. Let me assure you – I don’t see this happening. Why? Because I personally have millenials (with college degrees) living under my roof and they can’t find jobs that pay enough to afford a home. Fact: College degrees don’t guarantee a high-paying job thereby making home ownership affordable. I have friends who also have children who graduated college, who are hard-working and driven BUT who are also waiting tables and working part-time at corporations just to get an opportunity for full-time employment. Where do they live? At home with their parents! In addition, many of my friends have not only their grown children living at home but also their parents. These are the people who are helping to support the Millenials. I wish more people would write about that fact.

Millenials and Gen “X” and “Y” are watching the world economy in turmoil and they are scared for their future. I’m not sure they see the value in home ownership and they may just wait it out for a few years and see how the United States government (and lending instituions) respond to our economic crisis.

What is factual? At the end of the day it is still about relationships. Get out from behind your computer and meet people. Stay in touch with friends and former clients. While I personally have a blog, Facebook page and I tweet like a maniac, I do so for fun. I don’t expect business to boom because I do all my social networking. People will buy homes because they need a place to live. But as for me – know any investors or better yet – let’s do lunch?

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What exactly is a LUXURY home?

May 3, 2008

Luxury is defined as a material object, service, etc., conducive to sumptuous living, usually a delicacy, elegance, or refinement of living rather than a necessity. A luxury home is definitely in a class by itself but the definition of a luxury home varies by State.
I recently saw a home priced at $299,900 described in the Multiple Listing Service as having a “luxury home lifestyle” and I couldn’t help but wonder if the writer really thought about that verbiage. Luxury is not a term to be tossed about lightly. It truly defines a home’s standing in comparison to other homes in the surrounding area.

In Orlando, a luxury home would be considered to have a value of over $750,000. In other parts of the country (like California) a $750,000 home would be a “starter” home. It just depends on where you live. But true luxury homes are priced at more than $1M and reflect a lifestyle that few can afford.

According to the Institute for Luxury Home Marketing, the most expensive home currently on the US market carries a $165 million price tag. This legendary estate on 6.25 acres just blocks from the center of Beverly Hills (CA), tops the list of the 1000 most expensive homes currently on the market, according to the just-released Unique Homes magazine’s special issue, Ultimate Homes, 2008. The residence was formerly owned by William Randolph Hearst. John F. and Jacqueline Kennedy honeymooned at the home. The least expensive price on the Top 1000 homes list is $11.2 million.

In Orange County, Florida, there are currently six homes over $7 million dollars. All but one of these homes is in Windermere and located on the highly desirable Lake Butler chain. The luxury home market continues to thrive in the prestigious Windermere, Florida area. For the record, the average time that an active luxury house listing is on the market is now at 590 days. The good news is that the luxury home owner is typically willing to wait out the market and is not in financial distress.

Despite the sometimes pessimistic outlook for residential real estate today, the uber-rich are not too concerned and there is still a market for true luxury homes. Here’s hoping you have champagne wishes and caviar dreams!