Comments on: Luxury Homes – Foreclosures on the rise

By: Mark Knowles

Mark Knowles — Fri, 14 Aug 2009 05:18:57 +0000

Oh deary me – they are horrible. As for the recovery – I fear we are not being given the full story and it is not just a matter of “confidence.” I certainly hope it recovers sooner than later – but I am seeing more and more developments go under. Only time will tell.

By: Renaud PIERRE

Renaud PIERRE — Thu, 13 Aug 2009 09:56:54 +0000

Hello Mark and Fred,

Mark, I know you’re a fan of horrible real estate videos. You should check out the “real estate video hall of shame” of Fred Light who posted above at: http://www.nashuavideotours.com/virtualtours/bad-video-real-estate-tours.html
That should give you a kick. Otherwise I am still wondering why there aren’t more videos like the ones produced by Fred in today’s high end real estate. If something good might come out of the current crisis, it is the “discovery” of such “new” marketing techniques that make some properties stand out in a crowd.
As for the dark cloud, today’s New York Times hesitates between a current V or W shaped recovery for Europe, and thinks it already started in the US. If confidence returns, I believe and hope that the luxury real estate market might turn around much faster than expected.

By: Mark Knowles

Mark Knowles — Wed, 12 Aug 2009 15:11:55 +0000

I agree with you. The inventory held by developers in trouble seems to be substantial.

By: Fred Light

Fred Light — Wed, 12 Aug 2009 12:01:40 +0000

Not surprising at all. I think it’s going to get a LOT worse. I have done photo and video shoots for dozens and dozens of extremely expensive homes recently ($2M+++) – almost daily. Most have been owned for 3 years or less. Most are owned by young couples in their 30’s with small children.
Very few homes in this price range are moving, yet more and more are coming on the market.

I see a dark cloud coming down the pike…