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

{ 1 comment }

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

{ 0 comments }

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.

{ 0 comments }

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

{ 1 comment }

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

{ 0 comments }

More Shenannigans in Dubai As an 11 year old Buys Millions in Waterfront Property

by Mark Knowles on March 5, 2010

Lets face it – Dubai is the place to go when you need to launder money. This is why Citibank and all the other large US banks have branches there – to avoid awkward questions about bonuses.

US treasury official: “Where did you get that 50 million dollars?”

Bank Official:  “I sold an investment portfolio in Dubai – here are the papers.”

US treasury official: “Ah – OK – that looks fine. No taxes to pay here.” *wink wink*

But it appear that someone has overstepped the mark and questions are being asked. According to the Washington Post, an 11-year-old boy from Azerbijan, by the name of Heydar Aliyev (same name as the son of Azerbaijan’s president, Ilham Aliyev) bought 9 waterfront properties on Palm Jumeirah last year. In all, Azerbaijanis with the same names as the president’s three children own real estate in Dubai worth about $75 million.

Much like any similar Citibank deals, a return on investment is secondary to removing the money from view, and no one in their right mind is suggesting the properties in question are currently worth $75 million, but a bird in the hand….

Under normal circumstances this would not even warrant a second glance and the entire financial community is well aware that what happens in Dubai, stays in Dubai., but the Azerbaijani  government is coming under increasing scrutiny  for removing democratic processes in their own country while sending troops to aid the US war in Afghanistan.

On a recent visit, William J. Burns, undersecretary of state for political affairs, praised Azerbaijan for supporting the United States in Afghanistan and was super careful not to criticise.

There are suggestions that this ploy of buying $75 million in property in Dubai using the names of the President’s children is actually a ploy by enemies of the government to discredit the regime. Make your own mind up about that one….

Palm_jumeirah_core

Tagged as: Dubai waterfront property, ilham aliyev, j burns, luxury property Dubai, palm jumeirah, property in dubai, treasury official, us war in afghanistan

{ 0 comments }

Lack of Sales Driving London Prime House Prices Up

by Mark Knowles on February 28, 2010

London prime property prices have risen once again on the back of low sales volumes and an extremely weak pound. According to the latest figures from the Land registry, average prices in the Royal borough of Kensington and Chelsea are now in excess of eight hundred thousand pounds.

Which I assume will please the British Government Inc as they point to London prime property prices as evidence of a “recovery,” but the underlying figures are less than pretty. Sales volumes are – although not as bad as end-2008, at close to 50% off normal volumes. The UK now has fewer homes for sale than at any time in the last three years. This is caused by a combination of banks agreeing to delay foreclosures, and unrealistic sellers being discouraged from selling, meaning the estate agent is becoming an endangered species.

20% of all estate agents in the UK closed in 2008, and I don’t see that situation improving on these low level of sales. The weak have already gone, but how soon before the stronger ones succumb to lack of income?

londonsales

Considering the Euro is at a 30% discount, the sales figures of 197 units are pretty dismal and points to what many are suggesting is the imminent collapse of the Euro zone. Greece’s problems are a drop in the bucket compared to Spain, and there is nothing less than a cover up of massive proportions going on right now.

Banco Santander’s 2009 Annual report has some scary figures in and there are rumors that the only thing keeping them afloat is the Brazilian bubble. If Europe was in any way healthy, European bankers would be snapping up London Luxury real estate left, right and center.

The German banks are exposed to somewhere in the region of E250 billion in Spain, and the real estate market there is being propped up with government infusions of capital from the ECB. But it must come crashing down at some point. There have been so many “debt for equity” swaps, that even the banks do not know how much property they own.

Tagged as: house prices, london, london luxury real estate, london prime properties

{ 1 comment }

When Good Agents Go Bad

by Mark Knowles on February 25, 2010

Far be it for me to suggest that the recent sub prime crisis and ridiculously lax lending requirements leading up to said crisis in any way encouraged real estate agents and mortgage brokers to inflate the value of real estate in order to obtain excessive loans.

OK – I just suggested it.

In any case, the inevitable fall out will not result in many bank officials doing any jail time – but the same cannot be said for the agents on the ground and the process of making an example of a few unfortunates begins. A real estate agent from Beverly Hills, Kyle Grasso, has just been sentenced to a year and a day in jail and ordered to repay a share of the $13 million obtained by deception. Quite how he is expected to repay this from jail is beyond me, and I suspect Mr. Grasso will be seeking employment with the “California State Refinancing Company,” after release. Grasso was convicted last August of conspiracy, bank and loan fraud and money laundering.

Grasso and eight others defrauded lenders by obtaining inflated mortgage loans on high-end homes in Beverly Hills, Bel Air, Holmby Hills, Malibu, Carmel, Mill Valley, Pebble Beach and La Jolla, in order to inflate their commissions. Apparently,  false documentation was sent to the bank  to deceive them into funding mortgage loans that were hundreds of thousands of dollars higher than the homes actual cost.  And as banks do not have any responsibility to do any due diligence , a few scapegoats are in order.

One does feel that justice has finally been done and no doubt the poor, abused lending institutions in question will sleep better at night secure in the knowledge that another dangerous criminal is off the streets.



Tagged as: dangerous criminal, false documentation, holmby hills, inevitable fall, loan fraud, mortgage loans

{ 2 comments }

London Property Market continues its Steady Growth

by Mark Knowles on February 22, 2010

2009’s indicators for property sales, property pricing and the examination of investment yields show a steady improvement in figures for the housing market.

With financial institutions releasing bonuses once more, it has unleashed new confidence into the market. Hamptons International, a UK leading property company predict that owner occupier and investor numbers will both be on the increase in early 2010.

One area that stabilised in Q3 and therefore underpinned the whole market was the rental prices. The strongest rental performance of 2009 was in Q4 where the London market rose on average by 2.2%. In areas such as Knightsbridge and St Johns Wood the rental pricing still commands on average £46 – £47 per square foot. Essentially, this has been due to the lack of Prime stock in the letting sector; therefore the pressure has pushed the rents higher.

The aforementioned bonuses renewed interest from the corporate world and therefore business lettings would have certainly added to this growth. Furthermore, the gains were led by larger sized units. This continues the trend of the earlier quarters and is mirrored in the market of properties for sale.

In fact, London sale prices experienced an annual growth increase of 16.4%. The strongest period of 2009 was Q3 with a 6% increase. The pace of growth slowed during Q4 with an average of 4.3%. However, this reduced growth can somewhat be ascribed to seasonality.

The hardest challenge for the new investor was to ensure that they had sufficient knowledge of their chosen area. It has become increasingly difficult to achieve a strong yield in a new area as over the course of 2009, yields dropped by 85 basis points. This resulted in a larger range of yields from 5.1% to 3.1% and proves how intrinsic local knowledge for property investments has become.

However investment yields did remain fairly static in Q4 of 2009. The top yield areas are City, Notting Hill and Clapham which bring between 4.5% and 5.2%. The average yield across London properties is 3.9% but some prime areas sit below this; Kensington 3.2%; Knightsbridge 3.3% and Richmond with 3.5%.

Another indicator that the London Market is set to continue with this gradual growth is the 23% rise in sales applicant numbers. Viewing numbers were also in growth by 10% and the offers were up 27%. Although there was a decrease during the holiday period, these figures still remained strong. It does however illustrate that the first quarter of 2010 will be a crucial time for buyers and investors. Undoubtedly they will assess their portfolios and examine the market indicators for the short and long term opportunities in the UK housing market.

hamptonsgraphlondon1

Tagged as: business lettings, london property market, new investor, owner occupier, prime stock, rental performance

{ 0 comments }

Irish Waterfront Property

by Mark Knowles on February 16, 2010

It is not often I feel the urge to feature a property for sale on our main site, but this one caught my eye recently. This waterfront property in Ireland is as unusual as it is beautiful. Within easy reach of “civilization,” being just 1.25 miles away from the N4, this is nonetheless an extremely secluded property on the river Shannon.

“Bruach Loch Bó Finne” is on the shore  of Lough Boffin, one of the lakes along the River Shannon Waterway. If boating and fishing are your passions, this is a must view property with a modern private Marina. Lough Boffin is famous for it’s abundance of fish which include trout, pike, eel, bream and tench, and there are sailing regattas organized year ’round.

The home itself features 6 bedrooms, 6 bathrooms and is built to make the most of the surrounding natural beauty, with an upstairs lounge and large deck overlooking the private Marina and the spectacular River Shannon views. The downstairs floors are all tile and porcelain with underfloor heating, and each room is pre-wired for alarm, TV and CAT5.

P1010309

I think the main reason this one caught my eye (apart from being a very unusual Irish property) is the price. Sensibly priced at E1,969,000 including 6.5 acres of landscaped gardens. I also understand there is a further 33 acre farm available. The property listing site is here – Irish waterfront property for sale, and the owners website is here – River Shannon home

With the Euro falling in value quite drastically against the dollar since the announcement of Greece’s “surprise,” level of debts, this makes an attractive proposition for many American buyers. The Irish economy seems to have reached rock bottom, which means only one place to go from here – up – and the Irish government seems determined to create a healthy economic environment.

Even the German Minister for European affairs, Werner Hoyer, was full of praise for the measures taken recently, saying, “I think there is a deeply rooted trust and confidence in this country’s ability to sort out its problems after it has been such a success story for the last decade. There is a fundamental belief that the Irish are going to solve it, and if we can be helpful we should do that – it is in our own interest.”

Tagged as: downstairs floors, Irish waterfront property, private marina, property in ireland, river front property in ireland, river shannon, spectacular river, upstairs lounge, waterfront homes, waterfront property ireland

{ 1 comment }

Luxury Real Estate News 02/15

by Mark Knowles on February 14, 2010

The Trump Towers luxury condo complex in Atlanta is the latest in a long line of real estate collapses, being listed as a foreclosure last week, and probably signaling the start of the commercial property bust which began shortly after the sub prime mortgages hit the news, and has been delayed for a number of reasons. .

Harvard Law School Professor Elizabeth Warren predicts things will even get worse, once the banks admit their losses. Warren heads a congressional oversight panel that came recently to Atlanta to assess just how bad the picture is. “These mortgages are going to fail, and they’re already starting to fail,” says Warren. “And we fear we’re going to see more failures in 2011, 2012, 2013. We’re only on the front end of this crisis.” PBA online

Things seem a little rosier in Vancouver, where,

“foreign buyers are the primary force behind luxury real estate in this city,” says Manyee Lui, luxury home specialist with Macdonald Realty in Vancouver. In fact, the rate of Metro Vancouver luxury home sales in the second half of 2009 was almost double that of 2008, the Greater Vancouver Real Estate Board says. In Victoria, 12 homes over $3-million sold in 2009, up from seven in 2008. National Post

Much of the purchasing going on seems to be Chinese buyers, so the money poured into China’s economy is slowly working it’s way into the rest of the world.

firestation 3_GA514GOMH.1+firestation_02.JPG.embedded.prod_affiliate.138An historic fire station in Charlotte is facing demolition after the owner rejected an offer from the city to buy it. Seeing as the offer was close to what was paid for the building at the height of the boom, the rejection is a little surprising.

The owner of the historic Dilworth Fire Station No. 2 has rejected an offer from the city and county to buy the property, and has indicated he plans to destroy the 100-year-old building.

The station, built in 1909 to house two horse-drawn fire engines, sits next to the luxury Arlington condos and parking deck. It’s a dramatic contrast of old and new.

Fire station property owner Marcel Starks applied for permission from the Charlotte-Mecklenburg Historic Landmarks Commission to raze the building last May.

Although the fire station has local and national historical designation, state law requires the commission to allow demolition of a landmark if the owner requests it. But the commission can delay the demolition for a year, to try and find solutions to save properties.

On Tuesday, the commission sent Stark an e-mail indicating it wanted to purchase the property, located at 1212 South Blvd., for $950,000.

Stark, who purchased the lot with another investor in May 2006 for about $1.03 million, said no, said commission director Dan Morrill. Charlotte Observer

Tagged as: harvard law school, law school professor, luxury home sales, luxury home specialist, professor elizabeth warren, sub prime mortgages

{ 0 comments }

Most Expensive Home In London

by Mark Knowles on February 10, 2010

London’s soon-to-be “most expensive home” is to be built in Regent’s Park. It appears that the financial crisis only applies to certain segments of the population, and the plan is to renovate a 50,000 square foot Regency Terrace which is currently being used as office space.

Once complete, 6-10 Cambridge Terrace and 1-2 Chester Gate will comprise a stunning 10 bedroom home with a leisure complex in the basement, gym, swimming pool and two staff houses. A 40-ft roof garden, complete with a sliding ceiling and overlooking Regent’s Park, will be built into the eaves.

The likely final value will be in the region of £100 million, making it the most expensive private home in London and the second-largest after Buckingham Palace. Developer Marcus Cooper bought the John Nash-designed buildings in 2007 for £23.7 million.

I understand that permission for this renovation was only given on the understanding that the developer build some “affordable,” housing elsewhere in the borough of Camden. This could hardly be classed as “affordable,” unless you own an oil company.

The Most Expensive Home in London

The Most Expensive Home in London

Tagged as: borough of camden, buckingham palace, cambridge terrace, john nash, marcus cooper, staff houses

{ 1 comment }

Luxury Real Estate Auction on Kauai, Hawaii

by Mark Knowles on February 8, 2010

Concierge Auctions will host a real estate auction of a 6,015-square-foot ocean bluff estate with main residence and guest house at 4380D Paliku Place, and an adjacent ocean bluff lot, in Kealia on Kauai, Hawaii on March 8, the company announced.  The sale is being conducted in cooperation with Neal Norman, Founder and Principal Broker of Koa Properties.

“Large, private ocean bluff parcels are rare in Kauai,” Norman noted.  “This auction represents a unique opportunity for any buyer searching for premier Hawaii real estate.”

The exquisite sand stucco home at 4380D Paliku Place offers panoramic views of the ocean and nearby Aliomanu Mountain.  Situated within walking distance of the beach, the secluded 5.79-acre estate also features a gated entry, fully equipped guest cottage, and pristine tropical landscaping.  The property was previously offered for $9.995 million.  The reserve is $2 million, with a pre-auction estimate of $3 million to $7 million.

The interior of the three-bedroom main residence, with three baths, two half baths, study, exercise room and expansive great room, was exquisitely designed by Alwynn Trigg-Smith with granite bars and kitchen counters, mosaic bowl chandeliers, travertine, and Afrormosia and Brazilian cherry woods.  Superb construction by R.S. Weir Construction renders a secure, efficient lifestyle, with doors and windows rated for 80-120mph winds, Vantage smart lighting, whole-house generator, digital security system, central air conditioning and central vacuum.  Outdoor amenities include a private covered lanai, expansive terrace, and a gracefully curved heated swimming pool and spa accented with travertine tile surround and intricate landscaping amongst indigenous boulders.

The adjacent ocean bluff Lot 15, Kealia Kai, is selling absolute, with no minimum bid or reserve.  The 5-acre property, allowable for both a main and guest house, has never been offered independently for sale, and has a pre-auction estimate of $500,000 to $1.5 million.

“We are excited to conduct our third auction in Hawaii in the past nine months,” stated George Graham, CEO of Concierge Auctions.  “The Islands are home to some of the nation’s most spectacular properties, and buyers should take notice of the values we are presenting to the marketplace.”

The auction of 4380D Paliku Place and Estate Lot 15, Kealia Kai in Kealia, Hawaii will be held on Monday, March 8 at 11 am HST. The properties are available for preview by appointment.  View Terms and Conditions of Sale for full details. For more information, visit www.KauaiLuxuryAuction.com or call 877-215-2370.

hawaiiluxprop

Tagged as: auction estimate, digital security system, heated swimming pool, kealia kai, luxury property auction in Hawaii, luxury real estate auction, outdoor amenities, whole house generator

{ 0 comments }

Jones Lang LaSalle Names Thierry Delvaux Managing Director of International Desk

by Mark Knowles on February 5, 2010

Jones Lang LaSalle has appointed Thierry Delvaux as a Managing Director with the firm’s International Desk. Delvaux is relocating from Budapest, Hungary to set up the new International Desk hub in Washington, D.C. The firm’s International Desk leverages Jones Lang LaSalle’s global platform, relationships and market knowledge to link clients with transaction specialists and solutions across the globe.

“Our International Desk expertise is a crucial driver for our occupier and investor clients who need help expanding into emerging global markets. Thierry is a proven leader with an impressive track record of connecting clients to opportunities throughout Eastern Europe. His experience, and ability to speak five languages fluently, will be invaluable to our domestic client base,” said Greg O’Brien, CEO, Brokerage, Americas.

Based in Washington D.C., Delvaux joins other members of the International Desk team – Giles Wrench, Managing Director who is based in New York and Samit Chopra, Managing Director sited in Palo Alto, California.  In his new role, Delvaux will target and accelerate the growth of inter-regional business, particularly from current and prospective U.S.-based multinational clients, while also advising on individual transactions.  Prior to this role, Delvaux was the Country Manager for Jones Lang LaSalle in Hungary and Romania.

“The Association of Foreign Investors in Real Estate recently ranked Washington, D.C. as the top U.S. city for foreign investment, so this is the ideal domicile for our domestic International Desk operations. Thierry’s international experience and commitment to excellence are major assets to our team as we continue helping clients capitalize on opportunities in the global marketplace,” said Mike Ellis, Mid-Atlantic Director Jones Lang LaSalle.

“Jones Lang LaSalle’s International Desk is an exceptional service that can leverage the firm’s global platform to support the real estate needs of our clients across the world,” said Delvaux. “I am honored to be joining the United States team and look forward serving clients as a bridge across regions and nations.”

Tagged as: association of foreign investors in real estate, budapest hungary, desk operations, impressive track record, international desk, jones lang lasalle

{ 0 comments }

London Luxury Home Prices Increase Again

by Mark Knowles on February 3, 2010

“London Luxury-Home Prices Increase Most Since 2008,” says Bloomberg. Which, on the surface is good news, but the underlying sales volumes are still extremely weak. Typical monthly sales volumes are around 12-14,000 units and sales are at around 7,000 units – 50% less than usual. They are admittedly up from the 2008 lows. In fact – the Land Registry just announced an “86% increase in the number of properties sold in London over £1 million,” compared to 2008.

Once again I wonder at the point of headlines such as this which set out to deliberately mislead. Things are confusing enough as it is. The entire UK is sitting and awaiting the next general election to see which way the hammer will fall regarding bank bonus payouts and taxes thereon.

Sales volumes are extremely depressed across the entire country, and it is extremely dangerous to base statistics on such a small sample. We do not appear to be out of the woods in the UK just yet and an average home price in excess of £160,000 still puts home prices well above the statistical norm of 3.5 times average salaries. Around double actually.

Artificially delaying the repossessions coming to market by persuading the banks to give a 6 month extension to householders in arrears is merely delaying the inevitable. RBS and a number of other big banks have agreed not to repossess or foreclose on houses until owners are behind by at least six months, and I suspect that teh incoming government (almost certainly the Tories) will have a rash of repossessions on their hands in the first few month of office.

Personally – I would like to see this dealt with ASAP and see a genuine correction in the housing market rather than dragging this out for years as seems to be the intention.

London Home Sales Volumes:

monthlysaleslondon

Tagged as: average salaries, base statistics, incoming government, land registry, london luxury property, repossesions, statistical norm

{ 0 comments }

← Previous Entries

Next Entries →