Signature Sotheby’s announced it has expanded its luxury real estate operation by opening a new commercial group including Richard Bradway, Clint Conway, Carol Dahlin, Kara Kokorelis, Mike Migone, and Brian Snyder.Mike Migone’s experience includes both commercial and residential sales focusing on waterfront properties, resort hotels, hotel purchasing and conversions, condominium conversions, land development, industrial sales and leasing, net lease investment properties and site selection for national retailers.

Clint Conway’s first commercial transaction was the second largest sale in a decade, selling the Sarasota Hyatt to the Blackstone Group for $65M. Conway also brokered multiple sales for Walgreens NNN leased investments and Dollar General NN leased investments.

Brian Snyder brings extensive shopping center and retail experience in leasing, acquisition, and disposition. Additionally, Brian successfully finds and negotiates short sales and bank owned residential and commercial properties.

“In servicing our target market, we need to be able to provide a portfolio of real estate services.  We have found that the high-end consumer purchasing or selling a significant home may also have commercial property that they are interesting in acquiring or selling. Today’s savvy consumer expects to deal with a professional”, says Judy Green.  “With the addition of these talented individuals, we can strengthen our reach throughout Sarasota, Manatee and Charlotte Counties.”

The Signature Sotheby’s International Realty commercial group can be reached at (941) 364-4000

Manhattan luxury real estate prices fell between 17 and 29% in the second quarter of 2009. The luxury segment is defined as the top 10% of the market by price and saw bigger falls in value than the total market. The overall market saw falls of between 13 and 19% from last year’s prices and sales volumes are at 50% of 2008.

For once, everyone is in agreement - prices fell dramatically, and sales volumes are well down compared to 2008. According to Reuters, “Tougher mortgage requirements, rising unemployment and the recession took its toll on the market that had for more than three years had been the notable exception to the U.S. housing market crash. But the Manhattan market dropped precipitously as Wall Street and the rest of the New York’s private industries shed jobs.” Reuters

The New York Times says, “The number of closings fell more than 50 percent, and prices in some categories were reported down as much as 25 percent, compared with the same quarter in 2008. Sale prices were also down from those reported in the first quarter of 2009.” The NY Times

Perhaps the most shocking figures are those applied to new condominium sales - down 61.7%, and although most analysts expected a disastrous second quarter, it looks as though there is more on the way. The death of the “jumbo loan,” means mortgage companies are requiring deposits in the region of 30-40% of the value of the property, and even with a 24% drop, median prices for Manhattan apartments are still around $1.15 million.

Miki Naftali, President and CEO of Elad Group (and its subsidiary, Elad Properties), a leading international developer and owner of prime residential and commercial real estate will be giving a lecture entitled “How to Survive the Real Estate Crisis,” at 6:30 pm today at Morrison & Foerster, LLP, 1290 Sixth Avenue (between 51st and 52nd St.), New York, NY. The lecture is in Hebrew only and organised byThe Israeli Business Forum of New York (IBF). Tickets are $40 on the door.

Elad’s portfolio contains an impressive multi-billion dollar collection of luxury properties including the iconic Plaza Hotel in New York City. Mr. Naftali is developing the last high-rise luxury condo on the world famous Wilshire Corridor in Los Angeles and managing Elad’s activities in other premier North American markets.

Mr. Naftali earned an engineering degree from the University of Southern California and headed his own real estate company before moving to Israel to build residential neighborhoods and hospitality projects. He returned to the United States to launch and guide Elad’s successful New York operations and its national and global expansion.

If you are a James Bond fan, here is an interesting opportunity. The former Midland Bank HQ in the City of London’s financial district has just been offered for sale - again. The building’s vault featured in the 007 film “Goldfinger,” and was purchased in 2006 by Russian businessman, Vladimir Chernukhan, who reputedly paid £72 million ($135 million) for the property.

The Grade I-listed Edwin Lutyens designed building is located next to The Bank of England at 27-35 Poultry, and comes with planning permission to convert the 291,573 square foot property into a luxury hotel comprising 181 bedrooms, bars, restaurants, health clubs, private members’ club and roof garden. I must admit to wondering at the reasoning here - the City of London is dead at the weekends and after hours - nothing but destitute ex-bankers wandering the streets with their begging bowls, so why anyone would think of a luxury hotel here is a mystery.

The holding company defaulted on their loan back in February and London real estate agents, Knight Frank have been retained to sell the property. Commercial property prices in London have fallen anywhere between 40-75% recently, so the current value is anyone’s guess.

Midland Bank was one of the Big Four banking groups in Britain,  but is now part of HSBC. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham, England in August 1836. It expanded in the Midlands, absorbing many local banks, and merged with the Central Bank of London Ltd in 1891, becoming the London City and Midland Bank. After a period of nationwide expansion, including the acquisition of many smaller banks, the name Midland Bank Ltd was adopted in 1923. By 1934 it was the largest deposit bank in the world. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but in 1992 it was taken over by HSBC Holdings plc, one of the few British banks still standing.

Luxury Hotel anyone?

The global financial crisis has taken a serious toll on Dubai, and the latest news from the emirate suggests things are far worse than the government is prepared to admit to. Transparency in Dubai’s property market has long been an issue, and just last week, the press releases coming from the emirate suggesting the problem is over/never existed/didn’t happen/has reached bottom were still as strident as ever, but the latest news suggests the problem is even bigger than previously thought.

Emaar's Burj Dubai project

Emaar properties has announced that it intends to merge with three entities owned by Dubai Holdings: Dubai Properties, Sama Dubai, and Tatweer. Dubai Holdings also owns the Jumeirah group and is largely a govenrnment owned company. Emaar is already 31% government owned. Although this merger will require stockholder approval, it certainly looks likely to proceed, and is probably the only course of action that will allow Emaar to survive the current crisis.

All four of the companies involved in the merger have canceled billions of dollars worth of projects recently and there are substantial outstanding debts still unpaid to sub contractors and angry investors. The luxury real estate market in Dubai is certainly facing some serious challenges, and the lack of transparency plus poorly thought out new laws have been adding to that burden for some time. None of the details of this merger were clear during the announcement and Emaar shareholders reacted negatively as this is tantamount to a government bailout - there is a strong liklihood that existing shareholders will, if not lose all their investment, almost certainly see it substantially diluted. Emaar’s shares fell another 10% on the announcement, dragging the Dubai stock market down with it.

A crowning achievement of Frank Lloyd Wright’s textile-block design, the Ennis House is the largest and boldest execution of this iconic architectural style. The home is being jointly offered for $15 million by Hilton & Hyland and Dilbeck Realtors in Los Angeles, with international marketing services provided by Christie’s Great Estates.

“The Ennis House was the last of four homes my grand¬father designed in this style,” said Eric Lloyd Wright. “The home is a culmination of sorts, imbued with his ambition and confidence.”

Frank Lloys Wright's Ennis House for sale

Perfectly sited on a hill with wraparound views of the city of Los Angeles, the Mayan-inspired estate is being meticulously restored by the Ennis House Foundation. The foundation recently completed a major stabilization project after the house was placed on “most endangered” lists by both the National Trust for Historic Preservation and the World Monuments Fund.

As a result of the extensive efforts made thus far to save this spectacular piece of history, the Ennis House stabilization project won preservation awards from the Los Angeles Conservancy and the California Preservation Foundation. The Ennis House Foundation now seeks a private buyer to complete the restoration due to the challenges in sustaining long-term financial support for architectural philanthropy.

“Our goal has always been to be a good steward of the house,” says James DeMeo, President of the Ennis House Foundation. “We’ve made a lot of progress, but at this point, a private owner with the right vision and sufficient resources can better preserve the house than we can as a small nonprofit. And that’s what it is all about: taking the best care of this irreplaceable icon and ensuring its long-term architectural legacy.’

“The perfect owner for this magnificent property is a person with a keen appreciation of outstanding architecture and the importance of preserving it like a piece of fine art,” said Kay Coughlin, President & CEO of Christie’s Great Estates. “The Ennis House deserves to be restored to its original brilliance. The person who undertakes the task will be helping to preserve Frank Lloyd Wright’s legacy, and in doing so, will create a legacy of their own which will endure for generations.”

Eric Lloyd Wright, a member of the board of the Ennis House Foundation, has been tirelessly involved in efforts to restore the house but believes a private owner would better honor Frank Lloyd Wright’s original intentions.

“My grandfather designed homes to be occupied by people,” he said. “His homes are works of art. He created the space but the space becomes a creative force and uplifts when it is lived in every day.”

Sited on a half-acre in the Los Angeles neighborhood of Los Feliz, the estate totals 6,000 square feet and consists of a main house and a smaller chauffeur’s quarters, separated by a paved motor courtyard. The residence is introduced by a low and shadowed entrance lobby-a Wrightian device that prepares residents and guests for the dramatic burst of light and space awaiting atop the marble stairs.

The heart of the Ennis House plan is the elevated dining room with a massive fireplace. The living room and study extend to the east to complete the central mass. A long horizontal window-lined loggia frames the pool and connects the public areas to the private rooms-the master bedroom, guest room, and upper terrace. The kitchen and a third bedroom occupy a separate wing.

High ceilings further enhance the grand space, as do the numerous leaded-glass windows. A Wright signature detail, the glass-tile mosaic fireplace in the living room is one of only three ever created and the last remaining intact example in any Wright residence.

Visit Christie’s Great Estates online at www.christiesgreatestates.com.