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.
The Nationwide Building Society – after months and months of claiming that the British housing market has recovered and housing prices are on the increase, today warned of further “downward pressure on house prices,” and announced a 64% fall in first-half profits. The Times. I have been bemoaning this since the downturn began. Claiming a recovery in a futile attempt to talk up the market, only at some point in the future to have to come clean and admit that the last 6 months worth of press releases were bogus, adds to the problems were are facing. Just in September, Bloomberg were stating that luxury real estate in London had recovered and “accidentally,” neglecting to point out the massive falls in sales volumes.
US housing starts are “surprisingly,” down once again and the figures reinforce the growing gap between new home starts and sales of existing stocks. Not that this directly relates to the luxury end of the market – but of any one is till under the illusion that there are two different markets that do not converge…….
Some good news also: The Trump Waikiki opened it’s doors this week, and although there had been rumors it would not be a Trump property, those have been firmly scotched now with both Trump children involved in the venture. Larry King will be the guest of honor at the opening of the Carlyle Residences, the latest and last luxury hi-rise on the Wiltshire corridor.
And on a lighter note, an Ann Arbor real estate buyer agent receives “screaming deal savings,” award.
The award was earned based on his efforts to locate, evaluate, negotiate, and close on a condominium for a buyer client that met the Screaming Deal requirements.The Home Buyer’s Agent of Ann Arbor defines a Screaming Deal as being a negotiated transaction so good that virtually anyone in the market for a similar property would recognize the value and buy it. Real estate buyer agent
