Luxury Real Estate

Courtesy of: Karla Abaunza with Luxury Living Realty

Out of all of the private island residential communities and investment opportunities in the world that exist today, properties located on Florida’s exclusive Fisher Island have to represent amongst the brightest.

Fisher Island is an exclusive private gated community located just a few minutes by auto-ferry, helicopter or boat from Miami’s South Beach. There is no causeway or road connecting it with the Florida mainland. It constitutes a haven of peace, tranquility that offers a complete contrast with the hustle and bustle of downtown Miami - It is often described as a little Floridian Monaco without the high rise buildings. The people that live there enjoy peace and safety that one would associate with Switzerland. It is a place where the sun shines most of the year and everyone is smiling !

Once owned in the 1920’s by the influential Vanderbilt family as well as Miami Beach’s pioneer Carl G. Fisher, the island’s tiny surface area amounts to no more than 0.343 square miles. In the US Census of 2000, Fisher Island was recorded for having residents with the highest per capita income within the whole of the United States.

It is not surprising that the rich and famous from all over the world are drawn to this paradise isle of coconut palms and mangroves because it benefits from the presence of every conceivable luxury - The island offers country club resort living with a tennis club and 18 illuminated courts, a 250 sq. meter spa, an elementary private school with an excellent reputation and education, Fisher Island’s championship golf course is a 35 par nine-hole golf course designed by architect P.B. Dye and two deep sea water marinas accommodating yachts up to 200 ft., private beaches overlooking the Atlantic and restaurants of high standard service and cuisine.

For those inclined to travel to Fisher island by helicopter, there is even a helipad. There is also a very tastefully and recently decorated luxury hotel - The Fisher Island hotel - a member of the Small Leading Hotels of the world.

Security is paramount and crime is non-existent. This is an international community where it is said that up to approximately 43 different nationalities reside. Many people are from Central and South America, Europe, Canada and ‘snow birds” from the northeast United States call Fisher Island their primary or 2^nd or 3^rd home. It is an ideal place for families to live and relax and for children to play.

In fact many people never actually leave Fisher Island throughout an entire 4 week holiday. This is an immaculately manicured island with over 500 employees that service the island where there are sandy beaches overlooking the Atlantic ocean, swimming pools virtually every where one turns, few cars because people get around mainly on golf carts, that come with each apartment. The difference between this island and other exotic island refuges is that everything works like clockwork here - you are in the United States !

There are around 700 midrise apartments and approximately 12 estates on the island. They are all designed impeccably in a Spanish mediterranean style and to a uniform standard of excellent quality. Few of the island’s residents live there all of the year round although it would not be unreasonable to ask them why because it is a land for lotus eaters !

Ironically there are few British investors - perhaps because the British are unaware of its existence. This is surprising especially as an apartment (or as condominium as they are known locally) can now change hands for as little as $500,000 for a one bedroom apartment when this time two years ago the same apartment would have sold for twice that amount. At the other extreme of pendulum, there are very large 4 and 5 bedroom apartments that are now selling at around $2,500,000 - $ 3,000,000 (to £ 1,820,000) whereas a couple of years ago the same apartments would have been selling easily for upwards of $ 5,000,000 -6,000,000 (£ 3,636,000). There are even super-luxurious villas where asking prices have dropped from $9,000,000 to $5M.

The quality of life here is exceptional and any future resident would be well advised to become an Equity Fisher Island Club member. Fisher Island Club membership preserves the island’s very exclusive appeal and ensures that the infrastructure of the island is maintained to a very high standard.

The world economic crisis has even affected Fisher Island but that can be interpreted to mean that now is the time to buy if you want to buy a piece of exclusive paradise - especially if you are paying in sterling or euros as the exchange rate is still very beneficial for those in that position.

For more information, contact Karla Abaunza, resident and Fisher Island specialist. She speaks English, Spanish, French, Italian and Portuguese. Karla is the broker/owner of Luxury Living Realty, a boutique real estate firm dealing in the high end residential real estate market in South Florida. Located at 1111 Lincoln Road, Suite 400, Miami Beach, Florida 33139 (Telephone 001 305 343 5830) Karla can also be contacted by e-mail at info@luxurylivingrealty.net should you wish to take a first step in pursuing your island dream in Florida contact the expert.

Courtesy of: Nicola Christinger of HomeHunts

Although the global economic downturn has made the last 18 months hard for the real estate industry, France has benefitted from not having an overpriced market and a system that is more cautious and less gung-ho in terms of lending.

Areas such as Aquitaine and Languedoc Roussillon have ridden out the recession well with house prices down just 0.3% and 0.2% respectively. Alistair Lockhart, Sales and Marketing Manager at The French Property Agents (FPA) is also confident about the region. ‘We feel that the Dordogne will also make a comeback in 2010’.

According to recent reports well located houses in good repair, with pools, especially those along the coast on either side of Marseille will do well in 2010.

“Marseille and its ‘environs’ have become much more popular recently, especially for investors” said Francois-Xavier de Vial, Marseille based Director of Homehunts. The provence coastline and Marseille is his top tip for 2010. ‘Marseille will see much regeneration work in the next few years, especially round the harbour area, this is definitely an area for the buyer, particularly the coastline to the west along to places like Cassis,” he added.

The FNAIM predicts the market to continue stabilising in the coming months, as do other official property bodies such as Notaires de France. The optimism stems from the fact that property prices are now at a more reasonable level of affordability, which most estate agents agree was a much needed price readjustment and envisioned would happen in 2009. Few believe that the price falls will continue during 2010, with many foreseeing a period of stabilisation. Early 2010 could be an optimum time to buy with agents advising British buyers that buying in the current market – if indeed prices have bottomed out – should more than compensate for the weak pound.

As for picking up a bargain in 2010, the general opinion has been that most properties have already had their asking prices reduced and new vendors are likely to price their property accurately so there may be less opportunity to negotiate. Nevertheless, French property in 2010 is likely to be the most affordable for many years.

In 2010 the government and banks can play a major role in restoring buyers’ confidence; this has already started as a result of greater lending from banks and an emergence from the recession in France, but tax reliefs, rebates and other government incentives could further heal the confidence of potential buyers, which is certainly needed to initiate a full market recovery. *Predictions from Notaires de France’s October 2009 report and the FNAIM’s November 2009 letter/source Property wire.

Courtesy of: Carl Peralta of 77 Great Estates

BUSINESSES IN MALTA DO NOT TRADITIONALLY TURN TO THE STOCK EXCHANGE TO RAISE CAPITAL, BUT THE TIDE HAS CERTAINLY TURNED IN 2009 WITH A RECORD €290 MILLION WORTH OF BONDS ISSUED THROUGHOUT THE YEAR. CLAIRE AZZOPARDI DIGS DEEPER AND FINDS OUT WHAT LED TO THE BOOM ON THE BONDS MARKET AND WHAT IS EXPECTED TO HAPPEN NEXT.

For anyone who follows the local business news, the developments at the Malta Stock Exchange throughout 2009 must have certainly made for an interesting read. Despite the fact that the local business community does not usually turn towards the stock exchange as its primary means of raising capital, the last year seems to have brought a sharp turnaround in this trend with a record €290 million new corporate bonds being issued.

Even though this figure is a mere drop in the ocean when compared to capital raised through bank loans, it is the largest amount of money ever raised by companies in Malta through the stock ex-change. Edward Rizzo, Director of Rizzo Farrugia & Co Stockbrokers, observes that “this is a very positive development, although it has taken many years for the corporate bond market to register such growth and provide companies with another source of funding as opposed to customary borrowing from the bank.”

But perhaps the massive surge in the bond market should not come as a surprise. The historically low interest scenario following the sudden deterioration in global economic conditions by all major central banks, including the European Central Bank has had a remarkable negative effect on the returns earned on deposits held at banks. As a result, the demand for more rewarding investment options rose by a large number of investors, and with this increased demand, it suddenly became much more lucrative for private companies to raise the capital needed by issuing bonds on the stock exchange.

But this also begs the question ‘where is the money coming from?’ One may almost expect that during a recession, potential investors may not have a great amount of money to invest. However, the fact that the Maltese traditionally have a high propensity to save, could mean that many are still in a position to invest.

The safety offered by depositing cash at the bank may not be enough of an incentive to override the riskier, but potentially more rewarding, rates offered by the corporate bond market. Even though this may certainly be the case, Dr Cordina emphasises the fact that it is “quality companies that issue quality bonds will attract investment.”

This seems to indicate that while Maltese investors are showing a keen interest in investing in stocks bonds and shares, they display a tendency towards being risk averse and will carefully select their next investment.

Mr Rizzo explains that in 2009, ten individual private companies issued bonds on the local stock ex-change. He continues to explain that investors’ increased interest in bonds has also spilled over to the ‘secondary market’, with an increasing number of bonds being traded on a daily basis. “An increased awareness of the bond market was sparked when three new bond issues came to the market simultaneously in September – Corinthia Fi¬nance plc, Island Hotels Group Holdings plc and Melita Capital plc – which attracted a great deal of attention from potential investors,” he says.

Dr Gordon Cordina, a well known economist, explains that “in this time of economic crisis, various operators around the world are trying to sell quality bonds at a good rate which is favourable to the investor, and there is a strong demand for it. Take Microsoft for example… this is the first year that this massive global company has turned to the bond market.” “

The current trend is for companies to issue long-term bonds at a low interest rate, but the quality of these bonds is of paramount importance. This trend has also been reflected in Malta, within the limits of the domestic market. The fact that the domestic market had a high liquidity rate was also beneficial for the local bond market, but it is only quality companies and bonds that are likely to enjoy success in this regard,” he emphasises.

Yet another point that may be having a positive effect on the local bond market is linked to the negative experience that a number of local investors have had with some international bonds, including Lehman Brothers. Losses made through investments that lost substantial value during the economic crisis may even have enhanced the attractiveness of investing in local companies, as fluctuations and developments can be closely monitored and responded to in a timely manner.

Interest rate levels are often a double edged sword – while the cost of borrowing may be ‘cheaper’, investing in the bank was no longer an attractive option. This is most certainly one of the main reasons why the local bond market experienced such a surge throughout 2009. Companies and investors that were traditionally more inclined to turn to the banking system for financial support and investment options have increasingly started to turn to the stock market for investment and capital raising opportunities. The role of the stock exchange acting as an efficient intermediary, by facilitating the flow of capital and investment thorough the right channels has started to work more smoothly, and an increased flow was highly evident in recent months.

However, although the bond market has attracted a large inflow of funds in 2009, the same cannot be said for equities.

Mr Rizzo explains that share prices fell by approximately 16 per cent in the first quarter of 2009, hitting a low towards the middle of April. “This was not particularly surprising, as the economic recession has had a massive impact on investor sentiment, as well as financial performances of various companies. An encouraging recovery has been registered, and even though the rate of this recovery in Malta is still lower than that registered in other international markets, we are expecting this positive trend to continue to the end of the fourth quarter and beyond,” he says.

Mr Rizzo explains that four companies in particular have performed well. “Bank of Valletta’s performance has been remarkable – the company’s shares registered an increase of 30 per cent from the beginning of the year. HSBC was another good performer with an increase in share price of 14 per cent, while GO also registered a 10.7 per cent increase. Unfortunately, many of the other companies having shares listed on the stock exchange are still in negative territory,” he concludes.

These intriguing developments on the local and international stock markets will surely be followed closely by all economic stakeholders with government, investors, banks and even the general public using the trends registered within stock markets as an indication of future trends in the economy. Expectations for 2010 are high… perhaps 2010 will be another fruitful year for the Malta Stock Exchange?

COMPANY ISSUED VALUE OF BONDS

Bank of Valletta plc € 50 million

Corinthia Group of Companies € 25 million

Fimbank plc € 30 million

Gasan Group of Companies € 20 million

International Hotel Investments plc € 35 million

Island Hotels Group Holdings plc € 14 million

Melita plc € 25.9 million

MIDI plc € 40 million

Mizzi Organisation € 30 million

Tumas Group € 25 million

For further information, kindly contact 77 Great Estates on (00356) 2125 2455; (00356) 9944 7444; skype: info.77greatestates or info@77GreatEstates.com.

Courtesy of: Carl Peralta of 77 Great Estates

The goal of giving form to a complex situation like the credit crisis is to quickly supply the essence of the situation to those unfamiliar and uninitiated.

For further information, kindly click here .

For further information, kindly contact 77 Great Estates on (00356) 2125 2455; (00356) 9944 7444; skype: info.77greatestates or info@77GreatEstates.com.

Courtesy of: Paula Maia of O & O

Property has regained its popularity with high net worth investors who plan to raise their exposure to the asset class, according to a survey by Barclays Wealth and the Economist Intelligence Unit.

The survey found 35 per cent of investors plan to hike the property allocation in their portfolios over the next two years, double the 17 per cent who planned to reduce it over the same period.

Enthusiasm for property has sunk since property values tumbled, but demand may have been revived by the massive injections of money into economies via central bank rate cuts and other fiscal measures taken by governments.

Investors in nine of the 10 biggest markets are planning to increase their property allocation over the next two years, the survey found. Internationally, nine in 10 investors planned to hike their portfolio allocation by 1-4 percentage points.

“The tumble in property values has shaken even the most seasoned investors’ confidence. Despite this, these findings suggest that investors believe we are approaching the beginning of the end of the downturn. It appears that those surveyed are prepared to not only exploit undervalued opportunities, but also to commit further to property over the next two years in the belief that they will benefit from favorable returns," said Rory Gilbert, head of UK high net worth, UK & Ireland Private Bank at Barclays Wealth.

 

Courtesy of: Frederick Peters, President,  Warburg Realty

2009 charted a unique, decade-defining trajectory through the world of New York real estate. It began deep in the doldrums, with mounting inventories and sinking prices, and ended 180 degrees away, with diminishing inventory stabilizing prices. And it was quite a wild ride in between!

As the year began the economic news was dire. Prices were falling and throughout the fourth quarter of 2008 there were few active buyers. With the financial system seemingly dysfunctional and a new President waiting to take office, everyone held their breath. Government funds, though injected in vast quantities into the banks, neither eased credit nor allayed public anxiety. And so, as real estate brokers, we waited. Buyers were sure the market had further to fall and many offered 30% or 40% below asking price; sellers couldn’t quite believe that they had missed their moment and were not ready to accept the new reality.

At many new developments, buyers threatened to walk away from their deposits on properties contracted at the height of the market but now being paid for after slippage of up to 25% in value. Some actually abandoned deposits of 20%, but most others, saber rattling exhausted and maybe a few developer concessions thrown in, closed on schedule. Otherwise, it was the smaller apartments which held their value the best during the first months of the year. And the top of the market, the ultra luxury, $10,000,000-and-up properties, went begging. No one wanted them. They just sat, prices creeping down, as the months went by.

Typically, as the sales market slows the rental market accelerates; people, the reasoning goes, have to live SOMEWHERE. In 2009, apparently they did not. A weak rental market meant that vacancy rates were high, owners paid commissions, and rents were negotiable. Tenants mostly steered clear of co-ops, with their time consuming Board packages, since all the new condo buildings were full of both newly purchased and unsold units, choc-a-bloc with amenities and completely new, available for rent at attractive prices.

Throughout the sales market there was a bit of reinvigoration in late February, which was quickly quashed as the stock market nosed to its bottom in early March. And then, gradually, as spring began, a confluence of forces brought sales activity haltingly to life.

Most importantly, sellers began to acknowledge the new realities and negotiate accordingly. Prices swerved more into line with buyer expectations. Some great deals were achieved by buyers willing, to paraphrase Warren Buffett, to buy when people were nervous. April and May provided real opportunity for buyers – they bought at prices anywhere from 15% to 40% off comparable values from a year earlier, depending on the size, location, and condition of the property (the biggest discounts were seen in large properties needing renovation.) And as June rolled around, one began to hear murmurings from buyers that they did not want to “miss the bottom.” As brokers, it is always our duty to inform buyers to try to buy value and not await “the bottom” since that phenomenon is only visible in retrospect. The months between March and May clearly represented a bottom for our market, which then, laboriously, began to stabilize.

Loans, though cheap, remained (and remain) difficult to get. And the credit of the buyer was not the only issue. For the first time, banks began to hyper-scrutinize the balance sheets of the co-ops and condos in which they were lending. Was there a 10% line item in the building annual budget for capital repairs? If not, no loan! Did the building carry adequate insurance? If not, no loan! Had the market for this type of property remained stable since the original appraisal? If not, a new appraisal was ordered a week before the closing and if it came in lower, then the amount of the commitment sank proportionately. Behaviors like these left many buyers with no loan, or a smaller loan than they had been promised, just days before the closing was scheduled to occur. And buyers with mortgage contingencies in their contracts were horrified to discover that the language was fuzzy: sellers and their attorneys were arguing that once a commitment was received, the contingency was satisfied, and if the bank then withdrew the commitment, or lowered the amount of financing it was willing to provide, that was the buyer’s risk. This has led to more than one litigation during 2009 and the issue has yet to be resolved. In the meantime, the financing language in the standard form contract needs tightening!

During the summer, the pace of transactions continued, gradually, to increase and by fall we found ourselves in a fairly active marketplace. Not only were current buyers increasingly fearful that the bottom was receding, but a whole additional group of buyers, priced out of the market in recent years, came hurrying back to seize their opportunity to purchase at lower and more stable prices. For the first time in a decade lawyers and doctors led the list of professions in our buyer mix, with finance dropping to third place. And Boards, increasingly skeptical of bonus money or restricted stock and options in institutions they no longer saw as ironclad, welcomed these steady income professionals with open arms.

As the year drew to a close inventory across the board was at far lower levels than in January. In particular, resale inventory, especially properties under $6,000,000 in the older buildings, has fallen to a point where competitive bidding, in a more orderly and moderate fashion than heretofore, has once again become common. While the $10,000,000 and up market remains very slow, prices otherwise seem stable, with a slight upward trend; no-one expects major gains in 2010 but a 3% to 5% increase in value seems realistic and sustainable. And while transaction volume overall for 2009 was substantially below that of the two preceding years, as were prices, we in the brokerage business in New York, with contained supply and value conscious but steady demand, have much to be grateful for as the second decade of this new millennium begins.

For up to the minute information, please visit the Warburg Blog.

Courtesy of: Jackson Hole Real Estate Associates

These Days, we’re getting lots of questions about foreclosures. Following are brief answers to some of the most common questions we’re receiving. If you’re interested in a foreclosure property, we also suggest you contact a Realtor for information about the property and a real estate attorney for help with the many legal issues surrounding foreclosure.

What is “foreclosure?”

Foreclosure is a legal proceeding to terminate a borrower’s interest in real property instituted by the lender to either gain title to the land or force a sale in order to satisfy the unpaid debt secured by the property.

In Wyoming, there are two different methods of foreclosure:

1) Judicial Foreclosure—used when no “power of sale” language exists in the mortgage or if there is some defect or deficiency in the mortgage. This is more costly and time consuming method because the property is sold through a court proceeding requiring many legal steps.

2) Nonjudicial of Power of Sale Foreclosure—A process through which the mortgaged property is sold at a nonjudicial public sale by a public official. Thos is b y far the most common foreclosure method used in Teton County.

What is a “short sale?”

A short sale is when the proceeds from the sale of real estate fall short of the balance on the mortgage loan. The lender agrees to accept less than the amount due on the loan due to financial hardship on the part of the borrower. Generally, lenders won’t discuss short sale requests unless the borrower is already far behind on mortgage payments.

How does the Power of Sale foreclosure process work in Teton County, Wyoming?

1) Once the mortgage is in default, the foreclosing lender must comply with statutory requirements regarding notice and publication.

2) The sale, or auction, takes place on the courthouse steps at 10:00 on the published date and is conducted by the sheriff or deputy sheriff.

3) The highest bidder must pay the full amount of the bid to the sheriff’s office by 5:00pm the day of the sale.

4) The wining bidder will receive a Certificate of Sale to be recorded in the land records, which creates a lien against the property—legal title to the property remains in the mortgagor until the expiration of the redemption period.

5) Certificates of Sale may be assigned or sold, and the assignee is entitled to all the rights of the original person named.

6) For non-agricultural properties, the property owner has 3 months from the date of sale to redeem the property by paying the bid amount plus 10% interest and other fees.

7) If the property owner does not redeem, judgment creditors and other lien holders then have 30 days to redeem. If so, another redemptioner may, within 30 days, redeem from the last redemptioner and so on.

8) If the property is not redeemed after the expiration of all redemption periods, the purchaser will receive a Sheriff’s Deed to the property.

What do I do if I am interested in a foreclosure property?

There are 3 basic approaches, depending on the stage of the foreclosure process.

1) Buying directly from the delinquent property owner prior to auction.

Be sure to work with a qualified Realtor, attorney, title company and inspector and this method could work for you. If you ignore the normal safeguards, you wind up with a property in poor condition, not to mention liens, real esate taxes, utility bills, etc.

2) Buying at auction

This is the riskiest type of foreclosure investing. The properties sold at auction are “as is” with no opportunity for inspection and no warranties from the prior owner. It’s likely the distressed homeowner delayed routine maintenance and upkeep and possibly even vandalized or gutted the home prior to auction. And, if you buy an occupied property, you may have to evict the former owners.

3) Buying from the lender after the auction (REO, or Real Estate Owned)

Most foreclosed properties are taken back by the bank at auction, and the bank will generally “clean up” the property and list it with a Realtor sale. While possibly more risky than a standard real estate transaction (you probably won’t get a seller’s disclosure, for example), this option is certainly safer than buying at auction.

Can I finance a foreclosure property?

Generally, no. The sheriff will require full payment of the bid amount by 5:00pm the day of the auction. And you can’t borrow money against this property and file a mortgage, because title remains vested in the current owner until the expiration of all redemption periods.

Does a foreclosure “wipe the slate clean?”

Not always. While most liens will be extinguished via the foreclosure process, you could still be liable for real property taxes and federal tax liens, for example.

Is title insurance available on foreclosed properties?

Yes. Once all redemption periods have run and you have received a Sheriff’s Deed to the property, JHTE can provide you with an Owner’s Policy of Title Insurance.

However—if you are planning to bid at auction, be sure to contact JHTE up front and obtain a title commitment. You’ll want to know if there are any title issues that might not be cleaned up by the foreclosure process that will become your responsibility (such as real property taxes or federal tax liens). In addition, it would be helpful to know if there are multiple junior creditors who could successively assert redemption rights and significantly lengthen or delay the foreclosure process.

Is foreclosure investing right for me?

Buying foreclosed properties is not for the novice or faint of heart. As you’ve seen above, there are certainly many risks involved (such as defective or vandalized properties, liens or other title problems, and evicting the former owners). On the other hand, the profits can be significant.

If you’re considering a foreclosure property, be realistic about the challenges and amount of work involved. If you minimize your risk by working with an experienced Realtor, attorney and title company, you’ll increase your chances of success with foreclosure properties.

This is provided for informational purposes only and is not intended as legal advice. You should consult an attorney if you are considering buying a foreclosure property.

Pending Foreclosures - Teton County, Wyoming

Updated December 17, 2009

The following are pending foreclosures in Jackson Hole. To learn more about, or how to take advantage of, these opportunities please contact David or Devon Viehman at davidviehman@jhreassociates.com or (307) 734-9941.

Property Type: Teton Village Condominium

Address: Four Seasons Unit 854 - JH Residence Club - 7680 Granite Loop Rd.

Size: 3 bedroom, 2 bath, 2,240 sq. ft.

Comments: Four Seasons Resort and Hotel. Cable; Elevator; Fire Sprinkler; Furnished; Pool; Ski in/out; Hi-Speed Internet. Ski in/out; Year Round Access

County GIS: http://www2.tetonwyo.org/mapserver/map.php?view=pd&pidn=22-42-17-24-1-10-005

County Clerk Records: http://www2.tetonwyo.org/clerk/query/list.php?pidn=22-42-17-24-1-10-005

MLS Link: http://www.flexmls.com/link.html?oy7wywuq8th,10,1

Foreclosing Lender: Wells Fargo Bank

Opening Bid (Approx.): $1,792,771.19

Date of Sale: 12.29.09

Property Type: Teton Village Condominium

Address: Four Seasons Unit 857 - JH Residence Club - 7680 Granite Loop Rd.

Size: 2 bedroom, 3 bath, 1,720 sq. ft.

Comments: Enjoy all that the Four Seasons has to offer including ski-in ski-out access, spa, pool, and restaurants. Cable; Deck; Elevator; Fire Sprinkler; Furnished; Hardwood Floors; Landscaped; Pool; Ski in/out; Hi-Speed Internet

County GIS: http://www2.tetonwyo.org/mapserver/map.php?view=pd&pidn=22-42-17-24-1-10-008

County Clerk Records: http://www2.tetonwyo.org/clerk/query/list.php?pidn=22-42-17-24-1-10-008

MLS Link: http://www.flexmls.com/link.html?oy7wyqpz8r8,10,1

Foreclosing Lender: Wells Fargo Bank

Opening Bid (Approx.): $1,457,115.67

Date of Sale: 12.29.09

Property Type: Teton Village Vacant Lot

Address: Lot 33 Granite Ridge - 7775 N. Lower Granite Ridge

Size: .67 acres

Comments: This wonderfully private treed 0.63-acre lot in Granite Ridge is the ideal location for your dream mountain cabin. It is adjacent to the ski trail and walking distance to the Four Seasons. All lots adjoining are developed. The lot to the South West is owned by an existing owner for protection.

County GIS: http://www2.tetonwyo.org/mapserver/map.php?view=pd&pidn=22-42-17-24-1-01-033

County Clerk Records: http://www2.tetonwyo.org/clerk/query/?PIDN=22-42-17-24-1-01-033

MLS Link: http://www.flexmls.com/link.html?oy7wyz516vq,10,1

Foreclosing Lender: Wells Fargo Bank

Opening Bid (Approx.): $2,279,297.25

Date of Sale: 12.29.09

Property Type: Single Family Residence

Address: West Bank - Lot 14 Lake Creek Ranch - 6695 N. Granite Creek Road

Size: 5 bedroom, 5 bath, 5,938 sq. ft. on 4.54 acres

Comments: This spectacular property is the perfect Jackson Hole Retreat with a warm and inviting 5,938 sq. ft., 5 bedroom traditional log home; a beautiful 4.5 acre landscaped lot on the meandering Granite Creek; shared ownership of the 365+ acre Lake Creek Ranch with a ranch manger, barns, corrals and pastures for horses and Snake River frontage; riding trails into Grand Teton National Park. Square footage and taxes are per the Teton County Assessor's Office.

County GIS: http://www2.tetonwyo.org/mapserver/map.php?view=pd&pidn=22-42-16-20-3-01-001

County Clerk Records: http://www2.tetonwyo.org/clerk/query/list.php?pidn=22-42-16-20-3-01-001

MLS Link: http://www.flexmls.com/link.html?oy7wz728qpa,10,1

Foreclosing Lender: Wells Fargo Bank

Opening Bid (Approx.): $5,613,885.00

Date of Sale: 12.29.09

Property Type: Single Family Residence

Address: West Bank - Lot 6 Lake Creek Acres - 3075 Bridger Road

Size: 2 bedroom, 2 bath, 1,568 sq. ft. built in 1990 on 4.15 acres

Comments: Very nicely built log home bordering Snake River Associates Ranch. Only two bedrooms, both on opposite ends of the house; loft in master bedroom, vaulted ceilings; river-rock fireplaces (double sided in LR and MBR) water completely surrounds the property and a nice bridge in driveway, trees and backing the SRA ranch. No garage or outbuildings. Views are there but need to cut trees; cedar shake roof; no maintenance yard.

County GIS: http://www2.tetonwyo.org/mapserver/map.php?view=pd&pidn=22-41-17-01-4-01-002

County Clerk Records: http://www2.tetonwyo.org/clerk/query/list.php?pidn=22-41-17-01-4-01-002

MLS Link: was never in MLS

Foreclosing Lender: Private Lender

Opening Bid (Approx.): $1,006,650.78

Date of Sale: 1.5.10 (originally 12.1.09)

Property Type: Single Family Residence

Address: Westbank - Lot 1 of the Aspens 1st Filing - 3560 N. Lake Creek Drive

Size: 2 story,5 bedroom, 3 bath, 2,922 sq. ft. built in 1983 on .99 acres

Comments: There are few furnished 5-bedroom homes available for sale in Jackson Hole. This home is 100% turn-key with wonderful furnishings and it is located in the popular Aspens/Racquet Club, a short-term rental district. A lovely large lot, mountain views, seasonal stream and abundant sunshine are a few of the highlights. This property gets better the more you see it. It's a great set-up for a big family or several families. Easy to show so please call when considering the Westbank single family homes under $2M. One of the owners is a licensed Realtor.

County GIS: http://www2.tetonwyo.org/mapserver/map.php?view=pd&pidn=22-41-17-11-1-01-012

County Clerk Records: http://www2.tetonwyo.org/clerk/query/list.php?pidn=22-41-17-11-1-01-012

MLS Link: http://www.flexmls.com/link.html?oy7x07o99hg,10,1

Foreclosing Lender: JPMC/Washington Mutual

Opening Bid (Approx.): $1,411,820.74

Date of Sale: 1.14.10

Property Type: Town Square Commercial

Address: Clubhouse Addition - 15 East Deloney – Town of Jackson, WY

Size: two story, 8,460 sq. ft. on .115 acres

Comments: One of the most visible locations on the Town Square, this historic landmark was originally Jackson Drug and current home to Davies-Reid. The building is being sold in its entirety including 2940sf of prime finished retail space, 2600sf of storage and a 2940sf 2nd floor urban residence consisting of 4 bedrooms/2.75 baths. Very favorable LO and TSO zoning provide endless opportunities.

County GIS: http://www2.tetonwyo.org/mapserver/map.php?view=pd&pidn=22-41-16-27-3-16-006

County Clerk Records: http://www2.tetonwyo.org/clerk/query/list.php?pidn=22-41-16-27-3-16-006

MLS Link: http://www.flexmls.com/link.html?oy7x0ahzazg,10,1

Foreclosing Lender: Bank of America

Opening Bid (Approx.): $2,763,715.67

Date of Sale: POSTPONED - New date TBD (originally 12.29.09)

Property Type: Downtown Jackson Commercial

Address: Lot 11 WW Smith Addition. - 177 Center Street

Size: .07 acre UC-LO lot

Comments: New Unfinished development opportunity, 1 Block North of Town Square on Cache alley. 4 Units permitted as office space with 7 parking stalls. Being sold ''AS IS''. Potential investment includes Building plans. Some materials on site. Possible short sale.

County GIS: http://www2.tetonwyo.org/mapserver/map.php?view=pd&pidn=22-41-16-27-3-25-001

County Clerk Records: http://www2.tetonwyo.org/clerk/query/list.php?pidn=22-41-16-27-3-25-001

MLS Link: http://www.flexmls.com/link.html?oy7x0cs79l9,10,1

Foreclosing Lender: FDIC for ANB Financial

Opening Bid (Approx.): $846,392.45

Date of Sale: 1.14.10

Property Type: Town of Jackson Condominium

Address: Unit 484 Grand View Condominiums - 548 Snow King Loop

Size: 3 bedroom, 3 bath, 2,317 sq. ft. built in 2004

Comments: Grand Teton and Snow King views from these new, full ownership condominiums located at the base of snow king resort. Property Features: Cable to Property, Electric to Property, Mountain View, On Paved Road, Phone to Property, Teton View, Trees, Year Round Access, Amenities: Cable, Cathedral Ceilings, Deck, Dish washer, Disposal, Dryer, Eat-in Kitchen, Furnished, Landscaped, Microwave, Pool, Range, Refrigerator, Tennis Court, Teton View, Washer , Wet Bar

County GIS: http://www2.tetonwyo.org/mapserver/map.php?view=pd&pidn=22-41-16-34-3-02-004

County Clerk Records: http://www2.tetonwyo.org/clerk/query/list.php?pidn=22-41-16-34-3-02-004

MLS Link: http://www.flexmls.com/link.html?oy7x0fjw32x,10,1

Foreclosing Lender: Deutsche Bank

Opening Bid (Approx.): $813,015.43

Date of Sale: 1.5.10

Property Type: Town of Jackson - Condominium

Address: Unit 304 High Teton Condo - 755 E. Hansen Unit 304

Size: 3 bedroom, 2 bath, 1,041 sq. ft. built in 1973

Comments: Excellent East Jackson location, this 2/3 bedroom, spacious loft, 2 bath, 1,041 sq. ft. condo has been totally remodeled with fine quality finishes throughout. As-new condition, top floor unit with cathedral ceilings, deck and patio, considered one of the best units in the complex, Teton views. Close to town and adjacent to open space and short distance to Cache Creek.

County GIS: http://www2.tetonwyo.org/mapserver/map.php?view=pd&pidn=22-41-16-34-1-79-034

County Clerk Records: http://www2.tetonwyo.org/clerk/query/list.php?pidn=22-41-16-34-1-79-034

MLS Link: http://www.flexmls.com/link.html?oy7x2cu76a8,10,1

Foreclosing Lender: JSBT/Wells Fargo

Opening Bid (Approx.): $435,000.00

Date of Sale: 1.12.10

Property Type: Single Family Residence – Town of Jackson

Address: Lot 36 Horn Enterprises - 230 Crabtree Lane

Size: 3 bedroom, 2 bath, 1,886 sq. ft. built in 1979 on .115 acres

Comments: A best value: 1,886 sf, 3 bedroom, 2 bath home with living room and family/media room in a quiet neighborhood. Large fenced yard; across from bike path. Wood floors, large storage/laundry room, mature landscaping. Appliances plus extra refrigerator and freezer included! This is a short sale subject to bank approval. Owner is a licensed WY realtor.

County GIS: http://www2.tetonwyo.org/mapserver/map.php?view=pd&pidn=22-41-16-32-4-14-012

County Clerk Records: http://www2.tetonwyo.org/clerk/query/list.php?pidn=22-41-16-32-4-14-012

MLS Link: http://www.flexmls.com/link.html?oy7x2emvsi0,10,1

Foreclosing Lender: MERS/Security Nat’l.

Opening Bid (Approx.): $540,818.66

Date of Sale: 1.14.10 (originally 11.10.09, 12.10.09)

Property Type: Vacant Lot – North of Town

Address: Lot 34 Owl Creek - 8870 Deland Drive

Size: 3.1 acres with Snake River access

Comments: 3.1 acre building site north of town in the Owl Creek Subdivision. This lot is on a quiet road, tucked up against the bank. Beautiful, straight on views of the Tetons with a couple of potential building sites. Two ditches flow across the property providing for the potential of constructing a reflection pond in front of your house. Located minutes from town, Golf & Tennis, and Teton National Park, this property offers a spectacular opportunity for that buyer who wants a quiet retreat with fantastic views. The potential for water features gives this property additional appeal. Wildflowers, waterfowl, and views!

County GIS: http://www2.tetonwyo.org/mapserver/map.php?view=pd&pidn=22-42-16-15-2-05-009

County Clerk Records: http://www2.tetonwyo.org/clerk/query/list.php?pidn=22-42-16-15-2-05-009

MLS Link: http://www.flexmls.com/link.html?oy7x2gpsf6s,10,1

Foreclosing Lender: Zions First National Bank

Opening Bid (Approx.): $400,907.99

Date of Sale: 1.12.10

Courtesy of: Rimontgó

Featured in Realty Sense

José Ribes Bas, CEO of Rimontgó, and José Miguel Martínez Medina, his counterpart at Valencian design firm JMM MOBISA MARTINEZ MEDINA, enjoy the view of Valencia’s iconic architecture as they meet to discuss the true meaning and value of style, comfort, luxury and excellence.

Both men form part of a proud family tradition in their respective fields, and both have taken their long-established and respected firms to new heights. Fifty years ago Inmobiliaria Rimontgó was a small pioneer property agency in Javea. Today, as the company celebrates its fiftieth anniversary, José Ribes and his brothers run a renowned estate agency with a prominent position in the regional market and an international reputation.

His long-time friend José Miguel Martínez-Medina similarly took the family furniture business, founded in 1906, to a new level, adapting with the times while proudly maintaining the values imbued by previous generations. JMM now ranks among the leading Spanish brands in luxury bespoke office furniture, high desking and interior design solutions, with both design and manufacture harmonised within the company’s Valencia base and Madrid Headquarters.

As professionals catering to a luxury market they are directly involved in issues of style, quality and luxury – terms that form a central part of their daily professional vocabulary. But how do we exactly define these concepts – not to mention their pursuit? Is the desire for luxury and beauty a wasteful frivolity or does it drive excellence in all of us? On a practical level: Where do you draw the line between form and function, and at what point does opulence become vulgarity?

Are we right to pursue luxury?

JMM: A lot depends on how you define such all-encompassing terms. The most common association is above all with items – items in term defined by cost, quality, rarity, status and beauty, though the latter can be and very often is subject to both fashionable trends and personal taste.

JRB: Beauty is in the eye of the beholder, while fashion and trends try to create manageable avenues that channel our desires in a particular direction, be it for clothes, cars or décor. But luxury is more than the sum of beautiful items alone; it all adds up to a certain lifestyle, and it is this idea of lifestyle that we associate with luxury in general.

Is luxury always associated with wealth?

JMM: In the sense that most people picture a privileged lifestyle filled in with luxury items it is mostly associated with wealth. But there are also other forms of luxury and privilege that are often neglected but not necessarily less valid. As you grow older you realise that time is one of the great luxuries in life. The pleasure of having time to yourself is especially appreciated by those who have achieved wealth and material luxury but often at the cost of personal time.

JRB: Yes, it may sound rather philosophical to say that, for some, luxury can be something as simple as spending time with your children or grandchildren, having the time to socialise with friends or indulging in a pastime like fishing, but they are often exactly the things people with money and success miss or cherish the most.

Should we therefore be pursuing less material dreams?

JMM: Of course, but that’s like saying that you should eat more sensibly, exercise and not waste your time and energy bickering or worrying unnecessarily. Most of us will arrive at these realisations at some point in our lives, yet the drive to improve ourselves is still primarily manifested through a desire to attain more wealth, comfort, status and the lifestyle and recognition that comes with it.

Is this somehow shallow?

JRB: Naturally there should be a balance, but on the whole these are essential human drivers that have been around since the earliest of times. We are social and therefore competitive creatures, so we wish to do well, reap the rewards and attain position within our society. You can take it to negative extremes, but on the whole it’s an instinct that serves mankind well because it is the force behind most of our innovation, creativity and the desire to want to improve things.

JMM: Without these impulses the world would be dreary. There would be no desire to achieve excellence, to surpass ourselves or to produce things of great beauty and art. In a totally utilitarian world there is no merit in dreaming, and without dreams we lose the ability to conceive and realise great ideas. The few social experiments in this direction are chilling examples.

By: Naples Daily News staff report

Courtesy of: John R. Wood Realtors

The buying goes on.

Home resales rose again in November in the Naples market.

There were a total of 511 sales, up from 307 in the same month a year ago, according to a monthly report by the Naples Area Board of Realtors.

The report tracks sales made through the SunshineMLS, or multiple listing service, in Collier County, excluding Marco Island.

The strongest sales continue to be in the under $300,000 market. There were 367 sales made in this category last month, up from 218 a year ago.

All price categories in the report saw increases in November.

The $300,000 to under $500,000 market was the second most active last month. There were 76 sales in this price range, up from 41 in November 2008.

The median price - the price at which half the homes sell for more and half for less - continues to drop. Last month, it fell to $173,000, down 11 percent from $195,000 a year ago.

Local Realtors say consumer confidence is improving, which is helping sales in higher price ranges. There are signs of a market recovery, said Phil Wood, president of John R. Wood Realtors in Naples.

There were 37 sales made in the $500,000 to $1 million category last month, up from 31 a year ago. There were 22 made in the $1 million to $2 million segment. Nine homes sold for more than $2 million.

“The Naples area is following a traditional market recovery as buyers are going up the price scale and purchasing higher priced property. This is a considerable change from what we have seen in the past two years,” Wood said in a statement.

Overall pending sales for properties in the $300,000 to $500,000 category increased 230 percent with 155 contracts in November 2009, compared to 47 contracts in November 2008.

Pending sales increased in the $300,000 to $500,000 price range in both the single-family home market, which was up 200 percent, and the condo market, where they rose 282 percent from a year ago.

The inventory of single-family homes and condos decreased 14 percent to 9,469 in November.

“As season approaches, December marks the time of year that most sellers list their property,” said Mike Hughes, vice-president of Downing-Frye Realty in Naples, in a statement. “However, we are not seeing a large increase in the available inventory due to year-end sales remaining strong.”