Luxury Real Estate

By Michael Marquette
From his blog: Luxury Homes Fail to Sell at Auction

It has always astonished me how many real estate agents advise everyone they meet to auction their home home. In Regional cities like Newcastle this happens all too often with the inevitable result of the property passing in, and in most cases not even receiving one bid from a potential buyer.

The process is horrendous for vendors who quite often have their hopes set high only to have them come crashing down on auction day. Potential purchasers use the fact that the property passed in to show that there is little if any interest in the home and accordingly offer much less for the property or just wait for the price to continue falling in the hope of snapping it up for a bargain price.

This is even truer when looking at luxury homes in sort after suburbs in Newcastle like The Hill, Bar Beach and Merewether. Twenty-seven homes were put to auction in the Hunter yesterday with only eight selling, for a clearance rate of just 30 percent. Even more interesting is that the highest price paid for a property sold at auction yesterday was just $452,000!

It is more important than ever to choose an agent with the experience, qualifications and knowledge of the luxury market when selling your home. The one-size-fits-all approach simply doesn’t work when selling luxury properties and is even more important when selling property in Regional cities.


Editor’s Note:
Michael Marquette is the co-Founder and Director of Marquette Turner Luxury Homes in East Sydney, New South Wales, Australia. Founded on Australia Day 2007 by Marquette and Simon Turner, Marquette Turner is a property consultancy company covering the Australian states of New South Wales and Victoria. Marquette has a background in medicine and a large retail and wholesale business. Very interesting. An inexperienced real-estate agent might not know the best way to sell a home in the current market, so it’s important to choose wisely. Otherwise, buyers might not bother to pay attention to sellers’ efforts. The photo above is from www.flickr.com/photos/rickmccharles/2269842297 and it is the copyright of Rick McCharles.

By Jawad Tackoen

In the same way that Dubai is the jewel in the crown of the Middle East, Marrakech is the jewel in the crown of Morocco – Africa. It already has much of the infrastructure in place, a recently developed airport and sustainable tourist numbers.

People have been buying property in Morocco for years. However at this moment in time Morocco is expected to become one of the world’s most sought-after areas for property investment.

Morocco benefits from over 300 days of sunshine per year – the country has a climate comparable to the Mediterranean climate. The summers are hot and the winters are mild, making Morocco a perfect year-round destination.


Even the world's rich and famous are buying properties in Morocco. This is not only due to the fact that buying property in Morocco is a sound investment, but also because they can continue living in the same luxurious lifestyle in Morocco as they can enjoy in traditional locations like St. Tropez or Monaco. Marrakech is becoming the Saint-Tropez of the Maghreb.

Marrakech has a recently modernised airport, lots of beautiful golf courses, restaurants, supermarkets, exclusive clubs and bars such as Nikki Beach & La Plage Rouge…


Expect the unexpected…
Morocco has it all: Art galleries, boutiques, museums, gardens, snow-capped mountain views, golf courses, opera houses, American schools, restaurants, supermarkets, theatres, etc.

Golf
Year-round sunshine, high-quality greens and an easy airport commute; Marrakech has everything the avid golfer could care for. With five courses to be completed by 2009, Marrakech will take a prominent spot in a golfer’s diary.


Skiing
It’s not what you would expect from Africa, but Morocco does have a successful ski season. The high Atlas Mountains are the most popular destination and the ski season usually lasts from December to March.

Where should you buy your property?

Medina
Best buys are close to the gates, called “babs,” as these are near to parking and Gueliz (new city). If you are renting out your property, then close to the famous Jmaa el Fna appeals.


The Palm Grove / Palmeraie
Suburban Marrakech is anywhere outside of Gueliz or Hivernage and the Medina. The best suburban neighbourhood is the Palm Grove, around 10 kilometres out of the city off the Route de Fes. The Palm Grove is where the rich and famous build their pads. Other popular spots include the Route de Ouarzazate, Route d’Amizmiz and the Route de l’Ourika south of the city.

Gueliz and Hivernage (New city).
Newest part of the city also called ‘Nouvelle ville.’


We achieve our results through hard work and we are constantly examining our services and the market to achieve the highest professional and ethical standard.

By Jean-Yves Piton

The classic marketing mix, with its 4 Ps (Product, Price, Promotion and Place), is evolving to meet current global business needs. It now includes 3 more Ps: Positioning, Packaging and People.

Keep in mind that Positioning should not be confused with Promotion. Although advertising efforts are inherently part of both Promotion and Positioning, the latter P mainly focuses on your competitive position within the marketplace and image amongst consumers.

Are you and your firm positioned as “the luxury real estate expert” in the marketplace? You must ask yourself this question to better compete in the global struggle for differentiated products, services and brands.

How are you and your firm’s products and services perceived by your prospects and clients? In essence, your positioning strategy should assist you with your brand recognition in the marketplace.

Your advertising efforts support your positioning strategy, which, in turn, builds your brand equity.

For instance, BMW has used the slogan “Ultimate Driving Machine” for over three decades now, positioning this tagline as the ultimate one in the automotive industry. BMW clearly advertises its passion and talent for top innovation and engineering, which positions its brand as one of the finest amongst luxury consumers.

In fact, Jack Pitney, Vice President of Marketing, BMW North America clearly articulated that: “BMW has carved out a unique niche in the industry by placing a premium on constant innovation and inspiration and this campaign will reveal the company behind The Ultimate Driving Machine.”

To that effect, while crafting your marketing plan you should carefully select your advertising initiatives to reach and appeal to your targeted audience. Your advertisements should unmistakably position you and your firm not just as “a luxury real estate expert” (one amongst many others), but as “the luxury real estate expert” (the best).


Editor’s Note:
Jean-Yves Piton is the Global Services Membership Manager for LuxuryRealEstate.com. He assists Bente Madtsen, the Director of Global Services, in expanding the LuxuryRealEstate.com brand into even more countries around the world. What a great discussion. It’s definitely important to position yourself, through word and deed, as a standout performer. The photo of the blog apartment building is from www.flickr.com/photos/paytonc/925383449 and it is the copyright of Payton Chung.

By Robert Lockard

Monica Duff, the Vice President of Operations for John Daugherty, Realtors appeared on the June 18, 2008 episode of Great Day Houston.

Click here to watch the nine-minute video. She discussed great ways to sell homes, the current real-estate market and many other topics concerning real estate in Texas. John Daugherty, Realtors is a member of the Luxury Real Estate Board of Regents.

Editor’s Note:
Robert Lockard is the Public Relations & Media Specialist with LuxuryRealEstate.com. I am Robert. I create all of Luxury Real Estate’s newsletters, write the editorials in LuxuryRealEstate.com Magazine and much more. By the way, John Daugherty, Realtors recently recorded their best June in the company’s 41-year history. All members of Who’s Who in Luxury Real Estate are welcome to share their good news on the Luxury Real Estate Blog and in the Week in Review.

By Jim Walberg

From his blog: Caribbean Real Estate Photos Instantly Take You There Wherever Your Computer Is!

Ilya Moshensky is one of the finest real-estate photographers that I have met!

I first met Ilya at the Luxury Real Estate conference in Del Mar, Calif. several months ago. He seemed to be everywhere during the conference taking photos of the participants and various events. I final asked one of the Luxury Real Estate staff people who was this guy! She smiled and said that he is the finest photographer they had found for capturing the essence of luxury real estate homes and estates. I began some homework after the conference to see some examples of this work since we always need a top photographer’s services for the luxury properties we represent - both in the Caribbean and the San Francisco Bay Area. Boy, was I impressed with what I discovered.

My experience is that Ilya’s Photography sets one of the highest standards for quality in the industry with over 30 years of experience. Ilya is the principal photographer of Ilya’s Photography, and he has enjoyed a lifelong passion his work with the camera. His reputation for excellence has spread both in the U.S. and internationally. Ilya has shot luxury estates in France, Spain, Switzerland, Costa Rica, Miami, Chicago, the Seattle area, plus many other locations in the States and the world. After checking out his work, my next question was, “How much does this type of quality photography cost for shooting a luxury home or estate?” Well, I discovered that he has VERY competitive rates that are negotiated flat-rate prices for any project. He is even willing to offer long-term budgeted photo-shoot contracts. His flat-rate policy is greatly appreciated within our industry because it is THE rate no matter how much time it takes to complete the project. Again, I don’t think you will find a better value for your marketing dollar if you decide on Ilya’s photo services.

In further discussions with the staff at Luxury Real Estate their consensus was that Ilya consistently produces quality work and can make a home or an estate look amazing. They said he has the ability to capture on digital film the best aspects of the luxury property. As promised, I am always on the look out for the best professional services I can find, whether it is a photographer or a painter. It takes a “village” to sell and buy a home - from the preparation of the marketing program to the signing of the closing documents, hiring a professional real-estate company is critical. Until next time….fair winds!


Editor’s Note:
Jim Walberg is the co-Broker/Owner of The Bay Area Team, the most-successful team at Keller Williams Realty-Danville. He is also a member of the global LuxuryRealEstate.com network. Jim is an experienced blogger, as you can see by visiting his blog, Caribbean Islands Realty. Feel free to submit your blog entries and comments to the LuxuryRealEstate.com Blog. Also, you can contact Ilya Moshenskiy to take advantage of his amazing photographic services at ilya at ilyaphoto.com. I highly recommend him, as well.

By Jean-Yves Piton

With a devalued U.S. dollar against many other foreign currencies (i.e. Euro, Pound Sterling, etc.), now is the best time to invest in luxury real estate in the United States.

Whether this initiative is part of your diversification strategy or not, your property investment(s) in the United States will pay off in both the short and long term. Namely, your purchasing power is greater today in the United States and your ability to create greater returns in the future is increased tremendously.

To further exemplify present investment trends, I recently came across the following article “U.S. Real Estate Tops Foreign Investors’ List, Interest in Asia Grows” posted in the July 7, 2008 issue of www.Bostonsf.com.

The commentary reveals that, based on the results of the recent 16th Annual AFIRE Foreign Investment Survey, the U.S. real-estate market is at the top of global investors’ list.

Furthermore, “with 56% of the votes, the U.S. again emerged as the most stable and secure country for real-estate investment. No other country has ever come close to this number-one position. The second-ranking country has historically been the U.K., but this year Germany, with 10.5% of the votes, took that honor; Australia and the U.K., with nearly 9% of the votes, tied for third place.”

Agreeably, “this year, New York City and Washington, D.C. were named foreign investors’ top global cities. New York City leaped ahead by a substantial margin to be named the top global city, followed by Washington, D.C. and London in a tie for second place. Last year, New York City was ranked second globally and Washington was ranked fourth. Paris fell from second to fourth rank.”

Directly involved with global real estate on a day-to-day basis, I find such figures and trend eye-opening.


Editor’s Note:
Jean-Yves Piton is the Global Services Membership Manager for LuxuryRealEstate.com. He assists Bente Madtsen, the Director of Global Services, in expanding the LuxuryRealEstate.com brand into even more countries around the world. There are some wonderful opportunities available for U.S. buyers and sellers. One person’s downturn is another person’s bargain, so be sure to look for the good out there. The photo of the U.S. flag is from www.flickr.com/photos/tomsaint/2525886032 and it is the copyright of tomsaint11.

By Robert Lockard

Great news from Florida! The state's real-estate market is well on its way to recovery, according to Jim Cramer in an excellent video from TheStreet.com. Click the link to check it out.
 

Editor’s Note:
Robert Lockard is the Public Relations & Media Specialist with LuxuryRealEstate.com. I am Robert. I create all of Luxury Real Estate’s newsletters, write the editorials in LuxuryRealEstate.com Magazine and much more. Rob Thomson, the Co-Owner of Waterfront Properties & Club Communities and a member of the Board of Regents, pointed out this excellent story to me. Thanks for sharing the good news, Rob! The picture above is from www.flickr.com/photos/kowax09/127385974 and is the copyright of Olivier Bareau.

By Meghan Barry

Today I spoke with Jon Larrance of Perry and Co. in Denver, Colo., a member of the Board of Regents. I had called to thank Jon for completing a recent membership survey that we sent to our entire membership. Jon had a lot of great ideas and constructive feedback.

It is very important for us to receive honest input from members. We take this feedback very seriously, using it to refine our programs and products. Particularly in a challenging market, service is key. Communication with your customers can help you to provide top-quality service.

Just for fun, I took a look at some of the Perry & Co. listings on LuxuryRealEstate.com. If I ever move to Denver, I think I want this one: www.luxuryrealestate.com/850804



Editor’s Note:
Meghan Barry is the Executive Vice President of LuxuryRealEstate.com. She works closely with CEO/Publisher John Brian Losh to organize a variety of Luxury Real Estate programs, events and services. Like Meghan said, we really appreciate your feedback about our conferences and other services. Feel free to contact your Account Manager to let us know how we can better serve you.

By Janice Ridge

As a member of Who’s Who in Luxury Real Estate, you have the opportunity to be included in the referral opportunities that come through our network. We have seasoned staff working with our members to provide value through this unique network of the best of the best in luxury real estate. I also want to remind everyone in our community that we have excellent referral opportunities coming through daily from all over the world for you. In our membership we are happy to help with broker-to-broker, relocation and need-an-agent referrals. We only refer within our network to our members.

As those of you who work with referrals on a daily basis can attest, it is important to know who you can count on to handle the various types of requests that come into a referral department. In that regard, I am calling out to all Who’s Who in Luxury Real Estate members to contact me if you are interested in either receiving or placing referrals. To speak more about our referral program and how you can gain value from your investment through LuxuryRealEstate.com, please either email me at JRidge at LuxuryRealEstate.com or call me directly at 206.838.7728 with questions or ideas!

My bio: Janice Ridge is our Director of Membership and Relocation. She is a licensed REALTOR® in California and Washington. She has previously served as a director of relocation in the San Francisco Bay Area for a major residential real-estate brokerage, as well as managed sales and leads for one of the largest online real-estate marketing solutions providers.


Editor’s Note:
Since Janice already introduced herself quite nicely, I will simply comment on her blog entry. Janice is certainly an expert on the subject of referrals and relocation, so I’m grateful to hear her views on this matter. Referrals are extremely useful tools to building your business in ways you might not be able to see on your own. In fact, I wrote an article touching on the subject of relocation and referrals in the winter 2008 issue of LuxuryRealEstate.com Magazine.

By Meghan Barry

John Brian Losh and John Casey Losh traveled to Jackson Hole, Wyoming last week to visit longtime Who’s Who in Luxury Real Estate member and new Board of Regents member, Real Estate of Jackson Hole. The weather was unseasonably chilly, with some snowflakes in the air on the 10th of June. Brian had a chance to meet with the sales staff, have a great discussion about the thriving real-estate market in Jackson Hole and share some words of wisdom.

Pictured are Chris Johnston, Chairman & CEO; Bob Graham, President/Associate Broker; John Brian Losh and Ray Elser, Responsible Broker.


Editor’s Note:
Meghan Barry is the Executive Vice President of LuxuryRealEstate.com. She works closely with CEO/Publisher John Brian Losh to organize a variety of Luxury Real Estate programs, events and services. Mr. Losh does a whole lot of traveling, going all the way to Italy to visit members over there and to many other locations around the world. Maybe he’ll come visit your neighborhood next.