Luxury Insights

Advisory Board Selected for Leaders in Luxury 2014

VIP event scheduled for Denver, October 27-29, 2014

Six Institute members will serve on the Advisory Board for this year’s Leaders in Luxury (LIL), our annual, invitation-only educational and networking event for Institute members who have earned the Certified Luxury Home Marketing Specialist^® (CLHMS) designation and work in the million and multi-million dollar home and estate market in the U.S. and Canada.

Advisory Board
Leaders in Luxury 2014

Ron Armstrong
Keller Williams Professionals
Asheville NC

Carol Best
Coldwell Banker Residential Brokerage
Barrington IL

Deanna Carter
RE/MAX Associates
Park City Luxury Home Group
Park City UT

Eric Copper
Keller Williams Austin Portfolio Real Estate
Austin TX

Edward Kaminsky
Shorewood Realtors
Manhattan Beach CA

Lisa Wadey
Russ Lyon Sotheby's International Realty
Scottsdale AZ

 The LIL Advisory Board is made up of a diverse group of professionals who are leaders in their residential markets. Each one is a Certified Luxury Home Marketing Specialist^® and has earned Million Dollar Guild^® recognition. Each has strong expertise in the luxury home niche and a commitment to providing outstanding service to affluent buyers and sellers.

“We are delighted to have such an outstanding group of professionals for this year’s board,” said Institute President Waco Moore. “2014 marks our tenth annual luxury event and we have big plans. We’ll begin with a real estate mini-movie workshop and film festival plus a networking cocktail party and a gala marketing awards dinner on the first day. In addition, we’ve planned two days packed with valuable presentations, insightful panels and extraordinary networking. Our goal is to continue to set the benchmark for luxury retreats. This advisory board is providing guidance for an outstanding event!”

For more information visit www.LeadersinLuxury.com or call us at 214-485-3000.

Canada’s Richest Neighborhoods 2014

Canadian Business has posted their annual rankings of Canada’s Richest Neighbourhoods.  Here's the break down:

• Top 10 High Income Neighborhoods
• Top 10 Most Expensive Houses
• Top 25 Wealthiest Neighborhoods
• What the Richest Househunters Look for in a Home

 

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Many markets are seeing very tight hosing inventory right now.  According to NAR, the nationwide median days-on-market is just 78 days.  Generally speaking, prices are up, but year-over-year sales are down, in part due to the lack of available inventory.  

Here are the ten markets with the shortest days-on-market:

Read the full NAR release: Recovery Broadens as More Markets See Price Increases

OPP Reports: Chinese Sales ‘Surging’ in the US

Based on recent data from NAR, OPP News reports a spike in US real estate purcheses by Chinese buyers.

 Chinese spending on US property sold by Realtors almost doubled in the year to March 2014, jumping from US$12.8billion to US$22 billion, according to the NAR.

The sales, which were boosted by the appreciation of the Chinese Yuan, accounted for almost one-quarter of dollar overseas sales, the NAR’s 2014 Profile of International Home Buying Activity states.

Although Canadians bought more US homes, Chinese buyers spent more than double on each home, with the average Canadian median value at US$212,500 compared with US$523,148 spent by the Chinese.

One of the authors of the NAR report, Senior Vice President, Lawrence Yun, goes further, saying, “It’s just the beginning of a tidal wave."

Millionaire Households Shop Where?

If your first guess about the three favorite shopping locations for U.S. households with a $1 million or more in net worth includes high-end retailers, guess again. A new report by The Shullman Research Center reveals that an overwhelming 62% of millionaires say their favorite place to shop is Amazon. Coming in at second place, with a hearty 54% “approval rating,” is Walmart. Clocking in at third, with some 49% of the vote is Target.

If you look at the information more closely, you’ll see that shopping preferences differ based on the generation. And although the Silent Generation (those 68 or older) represent about 7% of millionaires, the report is, well, silent on this group.

This information reflects the fact that millionaire households may have accumulated high net worth, but they are still frugal shoppers.

*Top 10 of 100 shopping locations researched by The Shullman Research Center

Sand Between Your Toes

Ocean Homes magazine invites you to, "look behind the gilded gates of the most spectacular coastal homes on the market in America."

While the 20 featured properties may not be the most expensive homes on the market -- prices range from $9.8 million to $99 million – they are spectacular. From a Montecito (CA) estate with a 2000-tree Hass avocado orchard to a Newport (RI) Tudor Revival mansion built in 1875, these properties offer waterfront living at its best.

Take the Top 20 Coastal Homes tour on the Ocean Home website.

The Top 10 are featured in Ocean Home magazine’s August/September print issue. Institute members will find advertising discounts for Ocean Home magazine in the Members Only section of our website.

Skyscraper Residences Woo the Ultra-Rich

Developers who are targeting the ultra-wealthy in top city centers around the world are offering flagship skyscraper units created by world class architects and interior designers. Residences come with high-end building amenities such as spas, wellness facilities, helipads, and restaurants. Did I mention the units are turn-key and zero maintenance? Plus, if you want to offset your costs, chances are there’s an experienced management team to coordinate rentals when you’re not using your property. Price per square foot averages from US$1,100 to US$10,640. Have a prospect?

Five U.S. properties made the list of the World’s 10 Most Luxurious Residential Buildings, as reported by Wealthx.

FAA notice makes skies not so friendly for REALTOR drones

The Federal Aviation Administration (FAA) has begun its crackdown on real estate professionals and photographers who are using drones to capture property photographs for use in marketing. Drones are small flying devices (think sophisticated model airplanes) and in this case, have photographic capability.

After announcing-- in a notice clarifying the special rule governing model aircraft -- that drones may not be used for commercial purposes, the FAA started issuing subpoenas to Realtors demanding information on how they are using drone technology. A number of the initial subpoenas were issued in New York City and the Hamptons.

The FAA notice states that “a Realtor using a model aircraft to photograph a property that he is trying to sell and using the photos in the property’s real estate listing” is not engaged in a hobby or recreation. Nor is “a person photographing a property or event and selling the photos to someone else.” No, this doesn’t mean that if you are not a Realtor you can use drone photography in your marketing – the Realtor language is just part of a specific example of the type of commercial use which the FAA says their regulations preclude.

Real estate professionals, photographers, and other commercial drone operators are, “subject to all existing FAA regulations, as well as future rule-making action,” the FAA said. The net result of this is that if you or your photographer are using drone photography in any way in your business, you may be slapped with an FAA subpoena and perhaps ultimately a fine. If you continue to use drone photography in your business, be sure you have a good liability insurance policy (in case of a mishap) and the name of a good attorney.

For more information:
How FAA is responding to drone users
FAA special drone rule interpretation
Myths about the FAA and drones

Luxury Property Show (London in the Fall)

 

London in the Fall?  
If so, check out the annual Luxury Property Show. 

(No affiliation with The Institute, just sharing info on what looks to be another good event).

Every home has a story

It’s your job to tell it well.

Luxury residences come in a variety of styles and sizes, from a fantasy forest castle to a home with its own observatory. Take a look at these six homes and think about how you would tell the story of each of these unique properties, if you were tasked with marketing them. Remember, marketing is story telling and the listing agent’s job is to tell a home’s story in a compelling way, to best prospect groups, in the right media.

These six homes may have obvious stories to tell, but look closely at your listings. List the positives, list the negatives, and ask yourself, “What can I say about this home that can’t be said about competing properties?” Do this and you’ll be well on your way to finding the marketing story that will result in a successful sale. You may also want to take a peek at this NYC penthouse condo. Note how the captions under the photos help reinforce the story and how curiosity (A room for dirt?) is used to make you want to know more. Practice your story telling and live happily ever after.