Posted by: tim in US Presidental Election, US Elections, US, Realestock, real estate, property, Press, million dollar homes, luxury market, International Real Estate, Green Building, Golf, Forbes, Florida, downsizing, Donald Trump, Debt Recovery, China, Canadian Real Estate, buyer's market, British Columbia on Oct , 2009
It's another monumental week in the real estate world. Once again, Taking 'stock supplies you with some interesting tidbits to keep you up to date on various world developments (no pun intended). If you read anything in the news that you think should be in next week’s blog, feel free to comment on the posting. Alternatively, if you want to comment on any of the stories listed here, let us know what you think!
Luxury Real Estate News/Views
A lot of people want to be near to their favourite golf course...but how near is too near? A resident whose house is next to the 6th hole (a par 3) at the Winged Foot Golf Club is sick of golf balls hitting his property, breaking his windows, scaring his children, and making his dog sick. The hole is currently closed due to a restraining order brought against the club. You know it has to be serious when Donald Trump is offering to mediate.
This week's Realestock blog entry looks at how many luxury buyers are not concerned about their homes being environmentally sound. However, some developments are managing to combine good living with good style.
On a similar theme, Forbes.com has written this interesting article about how many popular luxury properties are smaller than traditional 'luxury' housing. This is partially due to the lack of space, growth of environmentalism, worries about reselling the property in this less than buoyant market, and, more importantly, because it isn't 1987, and big doesn't necessarily mean classy. After all, is it better to have Foie Gras, or a Big Mac?
Worldwide Property News/Views
Here in North America, we are all on tenterhooks, fearful to hear what will happen to the property market next. However, in China, people are not feeling the pinch as we are. According to Newsweek, the cost of an average home has increased fourfold in the past eight years, and China's 80-million strong middle class are clambering to get on to the property ladder. Whether the market will eventually deteriorate like ours is still uncertain, but for the moment, things are looking sunny for the Chinese market.
We are all now acutely aware how politics can affect house prices. However, in Florida, the real estate market could affect the choice of candidate. Voters are looking at which candidate will save them from getting into negative equity. This choice could be crucial as to who becomes the next president: because as Al Gore knows, Florida can change an election.
According to PropertyWire.com, many international real estate groups are moving into the restructuring and recovery business - due to the large amount of real estate developments and projects that are falling through due to a lack of funding, in addition to the large amount of foreclosures and other loan difficulties that are occurring.