Realestock Blog

In the last three weeks I've covered the ground from West to East accross Europe - on the hunt for depressed economic conditions. They seem to be more rare than the sighting of the Loch Ness Monster. From London to Paris to Budapest - Picadilly to the Champs Elysees - and East to Andrássy Avenue in Budapest - the crowds fill shop floors and busienss workers I've spoken with say "...business is good..."

What struck me was the numbers of people traveling and buying. The other thing that was apparent is whether you're used to walking down (or shopping - not my favorite pass time - but I do like to walk in and see the business models) New York's 5th Avenue or Robson Street in Vancouver, the main stay stores are all broadly distributed accross these European Cities.

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Yesterday, I spoke about the first mistake any developer can make in project marketing and sales. As I said, I've seen a lot of developments stall or self-destruct at the hands of a developer who felt like he or she "knew it all." I told you about my friend the hotelier, who became a developer, then a travel "guru," then a marketing and sales "expert" capping off this illustrious and varied career with a stint as a financial products broker. His development is still just a patch of dirt.

Continuing in the same vein of "knowing it all," today I'll tell you what I've seen happen to developers who entrust their marketing efforts to brokers and sales people. Until recently, I've seen a lot of luxury brokerages trick developers into thinking that they were the total solution - a sales and marketing firm. I'll show you why sales and marketing under one roof make ineffective and wasteful bedfellows.

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In the last few weeks, there have been plenty of discussions in terms of whether the new US Government financial stability plans are beneficial or yet another example of throwing away good money after bad (as my grandmother would say). Everyone has an opinion on the various stimulus packages that have been brought forward from both the current and previous administrations.

I have trouble deciding who should be bailed out, and who shouldn’t. No one wants to reward irresponsible behavior with a ton of money, but conversely, there are people who are underwater on their homes through no fault of their own. Many people make snap judgments on people who took out subprime mortgages, but frankly, these people need to get off their high horses. If someone offered you the chance to have something that you thought you could (just) afford, in a housing market that seemed to be on the up, many people would take the chance. Two or three years ago, your average Joe could not have predicted that there would be mass unemployment and an unprecedented drop in home prices.

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Is the doom and gloom in the media getting you down? Have you stopped reading newspapers or surfing the net for fear that your house is now worth little more than pocket change? Never fear, here at Realestock we have some reasons why you shouldn’t get upset - whether you’re a home seller, home buyer, an agent, or a developer.

Mortgage companies are still offering competitive loans, and rates are going down. The media continually reports that mortgages are unavailable. We don’t know where they are looking, because we know first hand that you still can get funding, and even better, rates are dropping. If you are a first time buyer, this is an excellent opportunity to jump in. Why? Low interest rates mean your mortgage may turn out to be less than the rent you are paying now. Think of it as an investment. I’d rather be paying my mortgage than someone else’s.

You can get a really good deal, depending on where you are buying. Areas that may have been overpriced before the crisis may have come down to a more reasonable price – and this is where you can jump in. Always wanted that waterfront condo in Vancouver, but never been able to afford it? Now the price has dropped by 25%, you might be able to.

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Whether you are looking for a green prefab, or whether you just want a raffle ticket for a foreclosed house (I kid you not), here is a round up of some of the more interesting stories in the news this, and last week.Luxury Real Estate News

The Ultimate Crash Pad - Trump Tower (National Post)

Once again I seem to be talking about Donald Trump. Either a), I have developed some kind of obsession, or b), Donald Trump is up to a lot this month. However, this article in the National Post focuses more on DonaldTrump Jr., and the new Trump building that is being constructed in Toronto.

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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

Neighbor says Golf is a Sport Too Close (New York Times)

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.

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