As usual, the news regarding the condition of the luxury real estate market appears at odds with many statements coming from the real estate agencies.

At a recent luxury real estate auction in Fort Lauderdale, Florida, properties were quickly taken off the block after receiving no bids. One penthouse condominium in Williams Island for example, was previously listed for $5.6 million, went on the block for $5million, was dropped to $2.5 million and immediately withdrawn.

Those properties that did sell, invariably sold for much less than previously offered. Two bay-front properties on Venetian Islands sold for $500,000 and $1 million – the last time they changed hands, back in 2005, the same properties sold for $2 million and $2.75 million respectively.

Yet at the same time, The Star quotes SKY Sotheby’s president Chad Roffers as saying: “The high end is resilient. Certainly the market has corrected since the peak of 2005. What we are seeing is that quality waterfront inventory is holding value." Which rather contradicts the prices achieved.

Unsurprisingly, many of the sales went to foreign buyers.

In London, much the same story unfolds. Prices realized and analysts opinion are in sharp contrast to the real estate agents opinions.

Savills are predicting that the amount of money available to invest in high-end properties will fall by as much as 65% this year. This thanks to smaller bonuses in the city as the banks start to feel the effects of mortgage write-downs in the USA sub prime market. Traditionally, London’s luxury property market has relied heavily on bonus laden financial brokers propping prices up.

Having said that, Knight Frank claims to have sold 40 of the 80 available apartments in the One Hyde Park development. Once again, the bulk of the sales were to foreign buyers – of the 40 sold so far, 13 were to Russian buyers, 10 to Middle eastern and just 8 to British buyers. One would have expected them all to have sold by now in a strong market, but the average sale price is around £20 million.

Donald Trump hit the news recently also. A recent press release from "Ultimate Homes," said:  Donald Trump’s  much-publicized Palm Beach mansion has a new price: $100 million. Along with the $25 million price reduction, Trump also turned the listing over to Lawrence Moens, a Palm Beach broker who has a reputation as a low-key but highly effective dealmaker.

When it debuted on the market in 2006, the estate’s $125 million price tag made it the most expensive property for sale in America and generated a great deal of attention. It took the No. 1 spot in that year’s edition of Ultimate Homes, and, most importantly, it was one of the first, if not the first, to break the $100 million price point.

While the media always has focused on price, what makes this estate so important, according to Moens, are the 6.75 acres and almost 500 feet of unobstructed oceanfront. Also significant is the location itself, which he describes as “prime, one of the most desirable places on the Eastern seaboard.”

Another change, according to Moens, is the potential that the property could be sold as two separate parcels or a single compound.

The price change means Trump’s estate is no longer one of the five most expensive residential listings in the country, although it is still in the top 10. Unique Homes is currently compiling its annual list of the 1,000 most expensive properties on the market in the country. This list is published in a magazine called Ultimate Homes, which also will include the 10 priciest listings in each state. Ultimate Homes is a new magazine, launched this May.

As a professional blogger, I have spent more time than I care to think about interacting on the so-called Web 2.0 social networking platforms. Some one, somewhere coined the term “Web 2.0” and turned it into something it could never live up to. I hate the term Web 2.0 and can’t wait until we move onto 3.0. I hate the term almost as much as I hate the terms “canny investor” or “web-savvy.”

Why on earth would I hate those terms you may ask yourselves? It’s a bit like the affectionate term coined for American servicemen based in England during the second world war. “Over-paid, over-sexed, and over-here.” In this case, it’s “Over-used, over-hyped and over-done.” I hate them like I hate the song that used to be my favorite song until I listened to it 300 times.

How many times have you heard the advice that to be successful, you need to submit your content to a “Web 2.0 social networking site.”Well, guess what? Every one has submitted their content to one and now the places are full of nothing but garbage. "Nobody wants to advertise next to crap," says Andrew Keen, author of "The Cult of the Amateur," a jeremiad against the ills of the unregulated Web.Part of the problem is their very openness – the regulators and moderators spend 100% of their time trying to keep out the spammers and the scammers.

Facebook

Facebook has even gone to the trouble of now making it clear that real estate agents are no longer welcome to submit their listings on the market place. Why? Because every real estate agent on the planet submitted their listing at once and they had 3 million listings. Actually, I am guessing on the numbers, but it wouldn’t surprise me.

Mahalo

Mahalo has been touted as a user powered search engine that will outperform google. But when you take a look at today’s Mahalo’s “Today’s Top Ten Pages,” this is what you get:

1. Super Smash Bros Brawl Unlockable Characters
2. Super Smash Bros Brawl Walkthrough
3. Lost Odyssey Walkthrough
4. Army of Two Walkthrough
5. Lindsay Lohan New York Magazine
6. How to Play Guitar for Newbies
7. Super Smash Bros Brawl Sonic
8. God of War Chains of Olympus Walkthrough
9. Crazypicssite.com
10. Big Brother 9 Spoilers

It’s great if all you are looking for is computer game cheats and celebrity upskirt photos.

YouTube

A few days ago, I wrote a post entitled “Five questions to ask yourself before you upload your luxury property to youtube.” At the time of writing that post, there were 25,300 videos on youtube tagged with “Real Estate.” Today, writing this, there are 27,500. This is something I will continue to watch.

These places are largely populated by teenagers with time on their hands, professional bloggers trying to get their work noticed and teams of Indians whose job it is to leave comments and “submit their content to web 2.0 social networking sites.”

So what is the alternative? Newsweek suggests it is time for “The revenge of the experts.” And I agree. Where should you submit your content – to an expert, not to a site populated by amateurs, teenagers and spammers with an agenda. For goodness’ sake – use a professional.

Bye-bye Web 2.0 - And good riddance as far as I’m concerned.

If you want an alternative viewpoint, Dion Hinchcliffe will give you one. Not content with just the web he can offer you media 2.0 all the way through to democracy 2.0. Although I wasn’t aware we had moved on from 1.0

And thanks to blogoscoped for the image at the top, who suggest you better start working on 4.0 about now.

This is an excerpt from Seth Godin’s blog:

“I had the good fortune to speak to a large gathering of real estate agents last week. Here’s my best advice (everyone knows an agent or two, so feel free to forward this along).

Plan A: You should quit selling real estate.

I’m serious.

Quit being an agent. Get a job doing something else.

Some of you have been waiting to hear that. My pleasure.”

If you want to read the rest, you will have to pay him a visit here - Seth Godin’s Advice for Real Estate Agents (quit now)

For those of you familiar with Seth Godin, you will certainly know there is more than this to it and for those of you unfamiliar, here is an extremely enlightening video presentation made by Mr. Godin back in 2003 – Fortunately, his marketing advice doesn’t have a “Consume by xx/xx/xx date,” attached, so it’s just as valid now as it was then.

While you are there, he may even try and sell you a book or two. Not a bad investment in my opinion.

Mr. Godin is widely acknowledged as an expert in a field that seems to have more “experts” per square foot than any other – marketing. In an area dominated by spam, Godin is one of the few advocating less, suggesting instead that for an idea to get spread, it needs to be “remarkable.” And I have to respect anyone who reaches for the clippers rather than a bottle of Rogain when their hair starts falling out.

Seth Godin’s wikipedia page is here.

Sentosa Cove is a luxury residential development on Sentosa Island, Singapore. Once building is complete,  eventually housing about 2,500 units. The Island is mostly made of reclaimed land and the development is it is being marketed as a "exclusive oceanfront residential community.”

The master developer of the site is Sentosa Cove Pte Ltd, which is a subsidiary of Sentosa Development Corporation. SDC purchased the site from the Singapore Land Authority for a sum of about S$800 million.

The idea was originally conceptualized by Bernard Spoerry (Port Grimmaud, France) then updated by McKerrell Lynch. The first offering of apartments were apparently sold out within the first few days of being offered, which makes it surprising that so many luxury real estate agents are still offering them for sale.

Sentosa Cove represents the first, and thus far, only opportunity, for foreign investors to own residential land in Singapore,. Sentosa Cove investors receive a variety of financial benefits, in addition to 48 hour fast-track approval when purchasing properties or plots. The marina and associated berths attached to luxury waterfront housing estates will ultimately cater for more than 700 boats, of which ten of the marina berths will house 50 meter mega-yachts.

Sentosa Cove Home Page

Although if you hate websites that prevent you from using the “back” button – do not visit