Luxury Property Blog
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Luxury Real Estate News 11/20
Lots of ups and downs in the real estate world – as seems to be the norm recently. As usual, the conflicting information is adding to the confusion in the market place, at least for those of us not so far up the food chain we are guaranteed a tax payer paid bonus. The mess in the British economy continues to take it’s toll amongst the politicians. Years of systematic abuse by Members of Parliament is coming to boil and the latest head to roll (metaphorically) is David Curry – the politician ostensibly in charge of policing the expenses of MPs. I know I keep bleating on about the behavior of politicians and bankers – but I genuinely feel that until we chop the criminal element from these institutions and get some accountability – we cannot have a recovery.
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US Housing Starts Down Again
The figures for US housing starts showed another drop in October, down 10.6% to a seasonally adjusted, annual rate of 529,000. According to the Washington Post this is “unexpected,” and Business Week called it “surprising.”
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Trump Opens First Luxury Property in Waikiki in 20 Years
It is certainly good to report something positive in the luxury real estate world for a change, and the first new luxury property in Waikiki for 20 years is it. It is 3 years since the Trump International Hotel and Tower Waikiki Beach Walk was launched and she officially accepted her first guests on Monday with an opening ceremony featuring traditional dancing and music from Hawaii.
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STRIBLING & ASSOCIATES AND COOPER SQUARE REALTY FORM STRATEGIC ALLIANCE
Stribling & Associates, one of New York City?s most respected residential brokerage firms, and Cooper Square Realty, the largest residential property management company in New York City, announced that they have formed a strategic alliance to benefit the New York City residential market. Stribling agents will now be assigned to handle sales transactions in residential properties managed by Cooper Square.
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Madoff?s Luxury Properties Reduced in Price
US Marshal’s reduced the asking price on Bernie Madoff’s various properties for sale this week. After just two months on the market, the Manhattan apartment has been reduced by 10% or $1 million to $8.9 million, and the Palm Beach Mansion reduced by 7%.
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Toll Brothers Stock Jumps on Better than Expected Q4 Earnings
Toll Brothers, Inc, today reported preliminary results for its fourth quarter and fiscal year ended October 31, 2009.
FY 2009’s fourth-quarter net signed contracts of approximately 765 units and $430.8 million rose 42% in units and 62% in dollars compared to FY 2008’s fourth-quarter totals. FY 2009’s fourth-quarter totals also exceeded FY 2007’s fourth-quarter net signed contracts by 17% in units and 18% in dollars. These increases were achieved despite having fewer selling communities: During FY 2009’s fourth quarter, the Company averaged 215 selling communities, down 26% from 290 in FY 2008’s fourth quarter and down 32% from 315, its fourth-quarter peak, in FY 2007. The Company’s contract cancellation rate, (current-quarter cancellations divided by current-quarter signed contracts) was at 6.9% in the fourth quarter of FY 2009, which was in line with its pre-downturn historical averages.
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Buying a Luxury Home in China
It has been a while since I featured a “worst youtube luxury real estate video,” but I came across this one while investigating the latest Clash of the Titans trailer on youtube and couldn’t resist. This one is so bad it is excellent though.
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Christie & Co Sell Luxury London Boutique Hotel
Christie + Co has sold the leasehold interest of the Lord Milner Hotel, the 5-star boutique hotel in Central London, to Adrian Gardiner, owner of the Mantis Group, for an undisclosed sum, although we understand the seller was “motivated.”
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Luxury Real Estate News 11/09
Following on from the Hong Kong government’s decision to cap mortgages on luxury real estate in Hong Kong at 60% LTV, Singapore’s central bank warned that more measures may be introduced to slow down the level of speculation in the property market. One side effect of the massive amount of capital injected by the Chinese government into the markets is that both the stock market and the property market are dangerously outpacing the fundamentals – especially in the financial centers.
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Jones Lang LaSalle Report on Class ?A? Commercial Property
The first half of 2009 saw a growing trend among law firms to relocate to fully built-out space that had been occupied by another firm according to Jones Lang LaSalle?s , Global Legal Perspective 2009. According to the report, across the U.S. there is more than six million square feet of available built-out law firm space.
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