Philanthropy Realtors Reveals Contributions

by Mark Knowles on April 14, 2010

Philanthropy Realtors has opened up their books in time for tax season to reveal the amounts being given to charity per financial transaction. Philanthropy Realtors consists of a group of seasoned realtors nationwide that will give a percentage of their sale of a home or business to the charity of the seller’s choice.

Philanthropy recruits from all agencies both commercial and residential furthermore changing how realtors will be perceived in the future. Some of the charities working with Philanthropy include, Homes for Our Troops, Starlight Children’s Foundation, Getavision, LAPD, American Cinematheque, Learning Rights, and many more. The licensed realtors who are joining Philanthropy have been literally nation wide.

The chart shows that a home valued at $300,000 will get a minimum donation of $900 but up to $4500 depending on the agreement with the seller, the charity and the buying agent. In another example, a $2,000,000 commercial property can generate a minimum of $10,000 and up to $50,000. Donation amount is fully dependent on the sale of the property; there is no cap on the contribution formula.

Home Value Philanthropy Commission at 3% Donation 10% 15% 20% 25% Both Agents Participating
300000 9000 900 1350 1800 2250 4500
500000 15000 1500 2250 3000 3750 7500
750000 22500 2250 3750 4500 5625 11,250
1,000,000 30000 3000 4500 6000 7500 15,000
1,500,000 45000 4500 6750 9000 11,250 22,500
2,000,000 100,000 10,000 15,000 20,000 25,000 50,000

In a recent story, MSN Real Estate reporter Mai Ling Slaughter reported that Philanthropy Realtors was hoping to inspire other real estate companies to give back to their communities. This approach can make an impact on neighborhoods that are suffering from the recession.

Licensed realtor Miguel Gonzalez started Philanthropy Realtors, in association with Keller Williams Los Feliz, after seeing his father die from cancer and battling the deadly disease himself. He uses a simple formula taught by his father of giving back to the community by giving a piece of the real estate profits to select charities. Miguel hopes other real estate companies will follow his example. Philanthropy Realtors is located in Los Angeles California. http://philanthropyrealtors.yourkwagent.com/

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Luxury Real Estate News 04/13

by Mark Knowles on April 12, 2010

Foreclosures and auctions seem to fill the news in the real estate industry still, even at the upper end of the market, but there is an undercurrent of positive feelings.

50 luxury waterfront condominiums were sold at auction over the weekend.

Portland – like most markets has suffered from the real estate downturn that is not happening and the luxury end of the market has by no means been immune. The over building boom that turned most of the country’s docklands into high end condo developments meant  a huge glut of condos in certain areas.

A luxury home developer put three partnerships into bankruptcy in the hopes of keeping some of the land.

Despite all this talk of a “recovery,” of the stock market and a return to profitable banks, things still seem a little shaky further down the food chain and the “trickle down” effect of billions of bailouts does not seem to be “trickling down,” to where it is needed. David Bagwell, a  luxury home developer in Colleyville, Texas, has placed three partnerships that own parts of his development into bankruptcy rather than lose the undeveloped land in them to foreclosure.

The amount of Las Vegas foreclosures continues to rise and the Lake Las Vegas Ritz-Carlton will close next month.

Well, the amount of foreclosed property in Las Vegas continues to increase. I spoke to a lady over the weekend who had been foreclosed upon in Lake Las Vegas and she was not a happy bunny.

And yet another group of  mortgage brokers have been charged in a mortgage fraud scheme.

Federal officials have charged 13 individuals in an alleged elaborate $16.9 million mortgage fraud scheme targeting sales of luxury condominimum units in downtown Miami and single family homes in Coral Gables, according to an unsealed superseding indictment.

So whatever tentative signs of recovery are showing, the backdrop of ongoing foreclosures, failed developments and fraud allegations need to be taken into consideration.

Tagged as: Las Vegas fioreclosures, luxury home developer, luxury real estate auction, luxury waterfront condominiums

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Luxury Condos Sold At Auction

by Mark Knowles on April 12, 2010

50 luxury  waterfront condominiums were sold at auction this past Sunday after failing to sell through normal marketing channels.

Portland – like most markets has suffered from the real estate downturn that is not happening and the luxury end of the market has by no means been immune. The over building boom that turned most of the country’s docklands into high end condo developments meant  a huge glut of condos in certain areas.

These condos sold at approximately 20% off the latest asking prices, which means around 50% less than peak asking prices.

Realistically – the development needed tenants and selling at a discount makes a lot more sense than a half empty building that cannot afford to maintain itself.

KGW has this to say:

Tagged as: luxury real estate auction, luxury waterfront condominiums

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Cold Hard Luxury For The Ice Fisherman

by Wallace Kirby on April 7, 2010

A luxury property is in the eye of the beholder don’t you think? Some people may think about a condo close to the beach. Others might fancy an elegant tree house in an exotic rain forest. Still others might dream of a chalet overlooking the grandeur of some mountain range. What if you are into ice fishing? What type of property would suit you then?

Ice fishing is a popular sport in many of the northern regions of Canada. During the winter months the lakes can freeze solid, and if a capable fisherman can manage to cut a hole in the ice, and drop his hook into the freezing waters beneath him, he might be rewarded with the main ingredient for a tasty dinner.

If anyone has tried this sport they know that along with potential boredom you are out in the elements facing all that Mother Nature might decide to throw at you. This is where the idea of luxury accommodation comes to mind. Even a tent would be considered a luxury at this point (given the alternative), but let’s take the concept up a notch.

A truly luxurious ice fishing shelter needs to take into account some basic considerations. First off, how many people will need to be accommodated? If it’s just you, you can be flexible on the size, but if you want to house your buddies as well you had better count them first unless someone wants to be “left out in the cold” (pardon the pun).

The next thing that needs to be taken into consideration is the heating of the shelter. Ice fishing is a winter sport lest you forget. The simplest form of heating is just plain old hot air…from your breath. With your buddies joining in with some “tall tales” you can work up some hot air in no time. If you would really like to jazz the place up a bit, why not get a wood burning stove. With a portable stove you can even cook the hapless creatures that you pull from the waters beneath you.

The next thing you need to consider is mobility. If you only fish at one spot each year you might opt for a permanent shelter. If you want to fish at multiple locations then you will need to consider temporary housing. With temporary housing, the weight and size of the shelter is of utmost consideration. Nothing can put a damper on your ice fishing weekends like dragging a huge heavy behemoth of a shelter all over the place.

Now we come to the best of the best. What’s out there for “top of the line” ice fishing houses? A portable trailer of course! These shelters allow you to take almost all of the conveniences of home out on the ice with you. All this luxury and you can pack it up and take it with you when you want. How great is that?

As we all know, luxury is in the eye of the beholder. This article is for all those poor ice fishermen who have suffered at the hands of Mother Nature. We hope you have enjoyed the luxury options that we have presented. Happy fishing!

- Wallace Kirby

Tagged as: cold hard luxury, ice fishing, ice fishing luxury, ice fishing shelter, Wallace Kirby, www.wallacekirby.com

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Luxury home developer puts 3 partnerships into bankruptcy to avoid foreclosure

by Mark Knowles on April 6, 2010

Despite all this talk of a “recovery,” of the stock market and a return to profitable banks, things still seem a little shaky further down the food chain and the “trickle down” effect of billions of bailouts does not seem to be “trickling down,” to where it is needed. David Bagwell, a  luxury home developer in Colleyville, Texas, has placed three partnerships that own parts of his development into bankruptcy rather than lose the undeveloped land in them to foreclosure.

According to the Star telegram, David Bagwell said Tuesday that the group that now holds the debt of those partnerships had asked him to pay up.

Bagwell’s partnerships are Old Grove Ltd., Broughton Ltd. and Broadland Ltd., according to court filings. On Monday, he filed petitions seeking Chapter 7 liquidation for the partnerships, which means that the remaining lots in those subdivisions will be sold to pay creditors.

There are between one and 49 creditors in each filing, Bagwell said, and assets and liabilities are estimated at $1 million to $10 million in each filing. “It’s going on all over the country. It’s a sign of the times,” Bagwell said, declining to comment further.

One thing is certain – regardless of all the talk – there are still massive foreclosures going on around the country and the amount of bank-owned properties and HUD foreclosures is still rising, even in the so-called luxury sector. Many of the homes in this particular development are priced at over $1 million and that is not good when the developer goes bust, because it pulls down the prices across the development.

Tagged as: assets and liabilities, bank owned properties, colleyville texas, hud foreclosures, old grove, trickle down effect

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High End Apartment Fund to Take Advantage of Distressed Sales

by Mark Knowles on April 5, 2010

With a long history of successful property investments and management, JVM Realty Corporation is embarking on a new marketing initiative to raise awareness of the company and its newly formed K.C. Apartment Fund. JVM recently hired Stevens & Tate Marketing, a Lombard-based company with a track record of success for its long list of real estate clients.The primary focus of JVM is to acquire, add value, operate and eventually sell apartment complexes throughout the Midwest. Typical properties are located in suburban areas of secondary markets with convenient access to transportation and major retail. JVM forms private investment groups to purchase and improve properties. Most recently, the company formed the K.C. Apartment Fund. Stevens & Tate is tasked with the development of compelling sales tools to market the new fund and the company to potential investors.

JVM has a passion for apartments. They are successful because they have perfected the management side of their business. Their understanding of the apartment business makes them experts. Our team at Stevens & Tate will communicate JVM Realty’s leadership position using a variety of tools. We look forward to applying our skill-set in marketing and vast knowledge of the real estate industry to advancing JVM’s business,” Dan Gartlan, President of Stevens & Tate.

JVM Realty Corporation (JVM) is a privately held real estate investment and management company established in 1975 by James Victor Madary, Sr. JVM employs more than 200 employees and manages a portfolio of nearly 7,000 apartment units. JVM Realty actively manages all properties in its portfolio. Its corporate office is located in Oak Brook, Illinois.

Stevens & Tate Marketing is a full-service advertising agency offering award-winning, on-strategy creative, integrated message development and cost-effective media planning and execution. With Endora Digital Solutions, its online and interactive web team, Stevens & Tate creates focused, targeted solutions for all its clients in the business-to-business, tourism, food & retail, health care, and real estate industries. Together, Stevens & Tate Marketing and Endora Digital Solutions Make Things HappenTM. To review the agency’s work, visit www.stevens-tate.com

Tagged as: distressed sales, full service advertising, full service advertising agency, jvm realty corporation, oak brook illinois, real estate investment

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Luxury Home Owners Rest Easier in LA

by Mark Knowles on April 1, 2010

According to the LA Times, the Los Angeles Police Department has just broken up a large scale burglary ring that was targeting  luxury homes in the San Fernando Valley.

The thieves were targeting homes that were tented for pest eradication, and they also used Craigslist to identify estate sales, which hopefully will be the end of such advertisements without at least taking some rudimentary precautions.

This particular ring was apparently responsible for the theft of several million dollars worth of valuables, although – I suspect that a typical stolen TV is not worth quite as much as a brand new one in a box. ;)

I know I won’t be looking at the exterminator quite the same way the next visit, and another separate ring of thieves that was targeting celebrity homes was also broken up recently. Victims apparently included Orlando Bloom, Paris Hilton and Lindsay Lohan.

A disturbing trend, that is perhaps not surprising considering the recent financial issues we are all facing. Not that the gap between the haves and the have-nots is increasing or anything……

Lindsay Lohan Amongst Celebrity Theft Victims

Lindsay Lohan Amongst Celebrity Theft Victims

Tagged as: angeles police department, exterminator, LA Times, orlando bloom, paris hilton, pest eradication

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Luxury Real Estate News 03/29

by Mark Knowles on March 28, 2010

Recent changes to the Canadian MLS listing service, allowing consumers to list their own property should be interesting to professional agents. There has long been an argument that the MLS was being restricted by the Canadian Real Estate Association. Anyone would think that is how thay make a living…. Property investment news

Luxury real estate is booming! says Business Insider.

Citi and Knight Frank have released their Wealth Report for 2010, and it points toward massive gains for some markets in terms of luxury real estate. Seriously, the price growth in some cities will blow your mind (think Asia). Business insider.

Luxury Real estate is hit by global recession says The Real Estate Channel.

Luxury leisure markets suffered from the global recession, suggests a new study carried out by the experts of Citi Private Bank and Knight Frank Consulting Group. Last year global prices for luxury housing fell by an average 5.5%, while prices for leisure properties decreased by 13.9%. In contrast, prices for urban real estate, in 2009 even increased – by 0.4%. Real Estate Channel

They do point out that the amount of cash injected by the Chinese government Inc seems to have bouyed up the Asian markets, although another proposed tax in Taiwan on luxury homes may slow things down accvording top Focus Taiwan.

A plan to adjust housing and land taxes is still in the works but has yet to become a set policy, Minister of Finance Lee Sush-der said Monday. Fielding questions at a hearing of the Legislative Yuan’s Finance Committee on whether the Ministry of Finance (MOF) had abruptly put brakes on its housing and land taxes adjustment plan, Lee said the ministry’s Taxation Agency was still working on it. Focus Taiwan.

So – mixed news as always in the luxury real estate markets.

Tagged as: business insider, canadian mls, contrast prices, global recession, legislative yuan, mls listing service

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2010 Fast Start for UK and International Property Market

by Mark Knowles on March 24, 2010

Focus on New Build Investment

As with most industries, the start of a new year always brings some apprehension with it. This is especially true of 2010 after the economic adversity of the previous two years. This sentiment was not only felt in the UK property market but also on an international scale. However, according to property management statistics, the turn of the New Year brought many new buyers into the International Market.

It was the developing markets that have attracted the most holiday home buyers and investors with a marked increase in the Morocco and India markets. Hamptons International reported that January was their strongest month in quite some time. To illustrate what a fast pace January has seen is an example in the high end international market; The former home of Karl Lagerfield (the head designer of the Chanel fashion house) was instructed in early January with a marketing package. Enquires have already been received from across Europe and the Americas from Connecticut to London and expectedly from Hamburg where the property is based.

It could be said that this activity in the international market could be attributed to the UK market as most regional markets in the UK have seen a favourable rise on last years figures.

With regard to the UK investment in new homes, off-plan remains challenging but completed new build stock continues its popularity trend. Buying activity had a fast start in 2010 despite the worst winter that the UK has seen for nearly two decades, thus having an effect on transport and house building conditions. Due an absence of construction projects in 2009 (as a result of the economic crisis) there is now a lack of completed new development stock available for waiting buyers.

Recently, however the high end market has seen some refreshing movement and the launch of London Property schemes such as the Lancasters and One Hyde Park will have some positive impact on the current low stock level. The attitude to new developments has shifted; the entry point premiums that once existed for the mid pricing level have diminished. Furthermore this means that there are opportunities for purchasers who originally looked in the second hand market to pick up a new property, at a satisfying price.

If one looks at all the progress within the market place, such as the renewed confidence in the international market and the fast pace that it is operating at twinned with the recent shifts in the high end market, 2010 has indeed started well. In addition to this, as many of the larger house builders have re-entered the market for land opportunities. Hence as we saw a lack of construction projects in 2009 and hence a noticeable absence of development stock today, the fact that many are already in construction stage bodes well for 2011 and beyond.

Tagged as: chanel fashion, economic adversity, hamptons international, india markets, karl lagerfield, London property, management statistics, property management

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Bubble :: What Bubble?

by Mark Knowles on March 23, 2010

Frank McKinney has never listened to the pessimistic viewpoints of the predictors of real estate bubbles that believe it has burst and will never recover. Instead, he creates his own reality and follows through with his strategies that have allowed him to thrive, in all economic conditions, throughout his twenty-five year career – and he follows this same concept when it comes to writing his best-selling books.

In Burst This! Frank McKinney’s Bubble-Proof Real Estate Strategies (Health Communications, Inc.), McKinney shows exactly how to go against all the rules and come out on top! He has made the business of real estate a whole lot simpler by showing readers how to avoid mistakes, without missing out on the opportunities. Anyone reading this advice-packed book will gain from his study of six distinct real estate cycles dating back to the mid 70’s and will have a better chance of succeeding than ever before. Please visit www.Burst-This.com for more information.

The Tap (Health Communications, Inc.) is McKinney’s insightful look at life’s great ‘tap’ moments, and he makes it incredibly easy to recognize when God presents them to us and how we can open ourselves to the life-changing opportunities that await us. It is how we respond to these ‘tap moments’ by helping others less fortunate that McKinney believes is what determines our success level – judging by his success, it has obviously worked for him throughout his life. The Tap will inspire anyone who wants to succeed at the most important and rewarding business of all – the business of life. Visit www.The-Tap.com

Judging from the success of McKinney’s first venture into young reader fantasy – there is no doubt it will not be his last! Dead Fred, Flying Lunchboxes, and the Good Luck Circle (Health Communications, Inc.) is a most delightful romp into the imagination of a child that appeals equally to the young and the young-at-heart. His fanciful adventure was inspired by stories shared during over 1,200 daily walks to school with his daughter and is about a young girl who has a chance meeting with a dead shiner fish who comes to life in her hands and whom she appropriately names ‘Dead Fred.’ She helps Dead Fred in his battle to regain his Kingdom of High Voltage from a ferocious 50-foot prehistoric shark who plans to satisfy his voracious appetite by draining the joy and imagination of all children. The story is full of fun, wonder and love, with never-ending adventures to incite the imagination of children everywhere! Share the magic at www.Dead-Fred.com.

McKinney gives proceeds from his book sales to his nonprofit ‘Caring House Project Foundation,’ which creates entire self-sustaining villages for poor and homeless families in Haiti and other developing countries. Please visit McKinney’s website to get a glimpse into the world of this extremely successful man at http://www.frank-mckinney.com.

Tagged as: best selling books, delightful romp, estate strategies, frank mckinney, health communications inc, pessimistic viewpoints

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Invest in St Kitts – Guaranteed Citizenship

by Mark Knowles on March 18, 2010

Picture waking up to the sun rising over the Atlantic Ocean each morning followed by a nice dip in your infinity edge pool. Then after a beautiful day of sun and relaxation, enjoy a stunning sunset over the Caribbean Sea from the terrace of your new villa at Ocean’s Edge Resort, the jewel in the crown of real estate in St Kitts.

This is the reality for the happy owners of the first completed villa at Ocean’s Edge Resort  the luxury St Kitts real estate  vacation home development on the eastern Caribbean island of St. Kitts.

Located 180 feet above sea level, this 4,500 square-foot luxury St Kitts villa property includes three bedrooms plus a guest house pavilion and a 25 foot long infinity edge pool. The villa, with its three terraces, offers spectacular views to the Atlantic Ocean, Caribbean Sea, the Royal St Kitts Golf Course and St Kitts’ lush landscape of mountains and rainforest.

The new owners remarked that their villa “has more than lived up to our expectations so far. We are blessed with the most stunning views. The villa itself is built to a very high standard and all the fixtures and fittings are by quality branded manufacturers. Our investment was designed to enable us to escape the harsh British winter and, as luck would have it, an extra bonus is that we have missed the worst winter in some 30 years.”

Robert Scott, Regional Director at Ocean’s Edge said, “This is an exciting milestone for Ocean’s Edge, and we are proud to have completed and handed over the finished product to our esteemed villa owners. The vision is now a reality, and we are thrilled.”

Ocean’s Edge is being designed to meet the standards of Green Globe 21Benchmarking program, the only globally recognized brand that assures commitment to improved environmental and social outcomes for a more sustainable travel and tourism industry.

st-kittsOcean’s Edge, a resort development with plans for 190 condominiums and 32 villa lots for bespoke villas, launched sales of Phase 3A in autumn of 2009, with construction slated to commence at the end of March 2010. To date, of the 15 villa plots currently released for sale, 9 have been sold with construction of 4 villas currently underway and commencement of a further two villas set to begin shortly.

“Now that the delivery of the first villa has taken place, alongside several completed hillside and beachfront apartments, we remain very confident that our sales momentum will continue as we move forward,” added Damian Hamp-Adams, Regional Director of Sales for Ocean’s Edge.

Phases 1 and 2 at Ocean’s Edge featuring 30 hillside apartments and 16 one-bedroom beachfront apartments were completed in December 2009, and are sold out. Many of the completed apartments are already being rented out as part of Ocean’s Edge interim rental / management program which provides rental and property management services prior to the resort operator coming on board.

Clients with an interest in St Kitts property for sale  can participate in a three-night subsidized inspection trip to experience St. Kitts and Ocean’s Edge first hand. For more information on Ocean’s Edge Resort please email info(at)oceansedgestkitts(dot)com or visit www.oceansedgestkitts.com.

About Ocean’s Edge

Ocean’s Edge is a vacation home development in St. Kitts overlooking Frigate Bay that combines luxury outdoor and indoor living. The development covers 40 acres and comprises 190 condominiums including one-, two- and three-bedroom beachfront units, two-bedroom hillside units, two- and three-bedroom poolside cottages. In addition, 32 villa lots offering some of the finest views on the island are available with the option of building a three or four-bedroom+ villa. A variety of leisure and entertainment facilities are planned, including a boutique gym, restaurant, pools, tennis courts and beautifully landscaped recreation spaces. A property management and rental program will help ensure stress-free ownership and the project is also pre-approved for St Kitts’ Economic Citizenship Programme.

Ocean’s Edge is owned by Cable Bay Hotel Development Company Limited; a consortium of stakeholders comprised of Newfound Cable Bay Corporation and locally based partners TDC Ltd., Mansha Ltd. and SKNA National Bank Ltd.

Ocean’s Edge is located within ten minutes of the R L Bradshaw International Airport and is adjacent to the Royal St. Kitts Golf Club – one of a select few golf courses in the Caribbean with views over both the Atlantic Ocean and the Caribbean Sea. For more information on Ocean’s Edge Resort, please email info(at)oceansedgestkitts(dot)com or visit www.oceansedgestkitts.com.

Savills Select Resorts

Savills, a leading global real estate service provider listed on the London Stock Exchange, has been appointed as international agents to sell and market Ocean’s Edge. The company, established in 1855, has become synonymous with luxury residential property worldwide and the experienced international residential team is dedicated to providing a superior sales and marketing service.

Savills’ associate office, Select Resorts is responsible for promoting Ocean’s Edge to the widest market and to compete effectively in both the emerging and established global markets. To help achieve this goal, in addition to signing on with agencies in the US, Canada and Russia, Savills Select Resorts continues to widen Ocean’s Edge’s international reach.

Editor’s Note:

Key Benefits of this Opportunity:

•    High quality Caribbean vacation home opportunity at very affordable prices starting from US$359,000.

•    Unique beachfront position covering 40 acres on Frigate Bay at the gateway to the Southeast Peninsula, with easy access to amenities including restaurants, casinos, shopping and the Royal St. Kitts Golf Club.

•    Attractive Unit Mix: One, two and three-bedroom beachfront condominiums, two-bedroom hillside condominiums, two and three-bedroom poolside cottages and bespoke villas overlooking the ocean.

•    All villas are sold with freehold ownership and condos are sold under the terms of the St. Kitts Condominium Act 1976.

•    Financing available through banks in St. Kitts.

•    The impressive range of facilities will include concierge and housekeeping services, a fitness centre, restaurant, pools, tennis courts and beautifully landscaped recreation spaces.

•    Owners will be able to make their property available for rental through the resort management company.

Why Invest in St. Kitts

•    Citizenship by Investment Programme; Ocean’s Edge is an approved project.

•    Tax advantages – no income tax, capital gains tax for property owned for 12 months or longer, inheritance tax or wealth tax for both individuals and companies.

•    St. Kitts is not over developed as some other areas in the Caribbean with the St. Kitts Government enforcing a Property Policy to maintain the island’s appearance.

•    Islands Magazine (2007) listed St. Kitts as one of the top 20 islands on which to live worldwide.

Tagged as: eastern caribbean island, feet above sea level, green globe, jewel in the crown, lush landscape, press releases, stunning sunset

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Green Infrastructure, Earth Day and Global Awareness

by Mark Knowles on March 14, 2010

Spring 2010 is approaching and there’s a lot of buzz around topics like the economy, taxation, global poverty, restoration in Haiti/Chile, and lastly, green awareness. With spring, Earth Day also draws nearer (April 22nd); as individuals, we must remember and realize the importance of global warming and all of its implications. Subsequent topics discussed as of late include space travel/burning of fossil fuels, deforestation, and green building. As nations like Haiti and Chile prepare for rebuilding and new construction, there are many things to consider when advancing. Moving towards cleaner, greener infrastructure is vital in ensuring a successful restoration campaign.

The U.S. Green Building Council is a 501(3)(c) non-profit community of leaders working to make green buildings available to everybody. It’s one of the many organizations playing its role in green progression. Heavy discussion lies on green topics, especially the more recent ones like space travel; others include deforestation, green crops, clothing, energy, and much more. It’s important that we as individuals/citizens stay up-to-date on important global topics like warming.

world-earth-day1As organizations like the CGI (Clinton Global Initiative), AFH (Architecture for Humanity), and the USGBC (U.S. Green Building Council) conducts sustainability campaigns and enforce strict green constraints, our world will continue to become a better, cleaner place. Machines behind the CGI, Doug Band and Former President Clinton have been pursuing an emission reduction plan in the San Francisco Bay area. Meanwhile, CEO of GEC (Globetrotters Engineering Corporation), Niranjan Shah, is underway with green building projects in Chicago, IL. Despite these few national examples, green infrastructure, particularly in places like Haiti, has become an integral part of restoration and construction.

As polluters continue to buy their way out of Carbon Cuts globally, and large organizations continue to dump their waste into lakes, ponds and rivers, communities and must play their role in ensuring sustainability. Organizations like the CGI, AFH, and USGBC provide repercussion and policy change for acts such as. Most of the results from warming and climate change are miniscule and unnoticeable now, but our youth and earlier generations will experience firsthand the effects of pollutants and unsustainable efforts. Feel free to visit http://www.earthday.org/ to learn more about what you can do to support your world.

Tagged as: architecture for humanity, burning of fossil fuels, clinton global initiative, former president clinton, global poverty, restoration campaign

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Jumbo Loan Credit and Down Payment Requirements

by Brandon on March 11, 2010

With the housing boom in the early part of the decade, jumbo loans became more and more commonplace in the home loan market.  Defined as a loan that exceeds the loan limits for conventional loans as set by Fannie Mae and Freddie Mac, jumbo loans were defined as any loan that exceeded $417,000 before legislation in 2008 which temporary increased   the limit to $729,750 or 125% of the median home value within the area, whichever was the lesser.  While the increase was initially set to expire in December 2008, the new limits have been extended through 2010.

Because jumbo loans are a larger risk for lenders, however, very few people are able to qualify for the full $729,750, and many lenders have been shying away from jumbo loans entirely due to the shaky economic climate.  Indeed, finding a jumbo loan can be difficult for a variety of reasons, including the fact that they are difficult to sell on the secondary loan market due to their risk and are therefore not as marketable as other loan programs.

Jumbo loans typically involve a higher interest rate than most loans, with rates beginning at a modest 5% (which is around the interest rate for traditional loans lately) and skyrocketing to 12% depending on credit worthiness.  Buyers with subpar credit can expect, if they are not declined completely, to pay on the higher end of these interest rates while buyers with excellent credit can expect an interest rate on the lower end.  Credit worthiness is a large concern for jumbo loan lenders, who are all too aware of the risks posed by these loan programs and seek to mitigate them wherever possible through extensive credit checks and tight credit requirements. 

The down payment required for jumbo loans continues to increase in the face of tight economic times, and while the traditional down payment for most loan programs has long been around 20%, jumbo loan down payments are often well in excess of this.  ING Direct, for instance, requires a 30% down payment for single family homes (up from 20% in 2009) and has a minimum down payment of 45% for condos. 

Jumbo loans can be beneficial for buyers in higher end markets and for those who are seeking to consolidate debt into their homes.  However, applying and qualifying for such a home loan can often be an arduous and difficult process, and buyers should make every attempt to avoid these loan products if they do not have a large amount of cash saved for a down payment or have blemishes on their credit report.

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Sotheby’s International Realty UK Bought by Countrywide

by Mark Knowles on March 10, 2010

The biggest real estate agency in the UK, Countrywide, has just bought the Sotheby’s International Realty UK franchise. The deal includes the auction house’s Mayfair-based franchise office in addition to the exclusive agreement with which Countrywide plans to grow the 500-office network across the UK and in the Channel Islands.

According to Grenville Turner, Countrywide’s CEO,

Countrywide moves more people than any other agent in the United Kingdom through a network of 1,200 offices with 41 leading estate agency brands. We plan to expand the presence of the Sotheby’s International Realty brand in central London and across the United Kingdom and to capitalize on the renewed sense of confidence we see in the property market. While this new business will be run separately from our other brands, we intend to leverage the support of our existing business structure. We also look forward to collaborating closely with the Sotheby’s Auction House in London as we develop our strategies.

With estate agencies falling by the wayside due to low sales volumes (one in five real estate agents went out of business in 2008), the larger agents are gobbling up what is left of the market – Countrywide actually saw an increase in market share through 2009 and I would say that this was a “too good to miss” opportunity and much like the financial institutions we will be seeing an ongoing process of the large taking over the small.

Countryside already has over 1,200 branches in the UK  and it is worth noting that the company is privately owned.


Tagged as: auction house, business structure, falling by the wayside, franchise office, international realty, sotheby s, Sotheby's International Realty

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Luxury Real Estate News 03/08

by Mark Knowles on March 7, 2010

As seems usual, the luxury real estate news is a mixture of spin, good news, bad news and vultures picking through the carcasses of failed condo ventures. Top of the list of things-most-talked about seems to be London luxury property prices. With a dearth of sales (around 50% of normal volumes) and a discount of around 30% to buyers spending Euros, average property prices have squeezed up.

According to Bloomberg, “London’s luxury home prices have recovered faster than the rest of the housing market because of a lack of properties for sale and as the weaker pound lured overseas buyers. While Knight Frank LLP says that prime real-estate values rose an annual 17 percent in February, overall U.K. prices on Halifax’s measure climbed 4.5 percent.” But they then go on to say, ” House prices across the country fell 1.5 percent in February from the previous month, the first decline in eight months,” Bloomberg

Confused? Good – that is the idea. We don’t want anybody actually being able to understand what the market is doing – because then we would have a genuine panic. More big news is the fact that the President of Azherbaijan has purchased in the region of $75 million in property in Dubai using his children’s names to register them.  Luxury property in Dubai

Further afield – or closer to home, depending – a large US based REIT, Essex Property Trust, has invested heavily in an Orange County Luxury Condo development.

Essex Property Trust, Inc. (NYSE: ESS), a fully integrated Real Estate Investment Trust (REIT) that invests in apartment communities located in highly desirable, supply-constrained markets, announced today that the Company has entered into a venture to acquire Essex Skyline at MacArthur Place, a 349-unit high rise condominium project in Santa Ana, California for $128 million. REIT buys Luxury condo development

A luxury Spa in London extends it’s treatment options to include some very expensive holistic health treatments. Far be it for me to question a £260 ($395) massage….

The Landmark Spa, located in the Landmark London Hotel, announces the launch of a range of Ayurvedic treatments to extend their luxury spa treatment offerings. Based on traditional Indian medicinal therapies, Ayurvedic treatments are simultaneously relaxing and revitalizing. Luxury Spa in London

Still – the Hong Kong government will increase the levy on luxury property transactions from April 1st to offset the risk of a property bubble they are certain is not happening.

Hong Kong Financial Secretary John Tsang said Wednesday in his annual budget address that the government would increase the levy on luxury property transactions in an attempt to offset the risk of a property price bubble. From April 1, the levy on transactions of properties valued at more than 20 million Hong Kong dollars ($2.58 million) will be raised to 4.25%, up from its current level of 3.75%. In addition, buyers will no longer be allowed to defer payment of the levy. Tsang said the government will consider extending the same measures to lower-priced properties if it finds “excessive speculation.” Market Watch

Tagged as: essex property trust inc, estate investment trust, high rise condominium, property in dubai, real estate values, skyline at macarthur place

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