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April 2008

Wealthiest consumers see down market as "opportunity"

"The Annual Survey of Affluence and Wealth in America," produced for American Express by The Harrison Group, reports good news for those of us who work in the luxury housing market.  While the average American may look gloomily at the nation's bleak housing statistics, the wealthy consumer sees opportunity.  Seventy nine percent of those who earn more than $100,000 annually believe that the U.S. is in a recession, but 88% believe that property values will rebound. 

What's even more significant is that those earning $500,000 or more believe that real estate is a "real opportunity" right now and 40% say they plan to purchase a home in the next 12 months.  Of this wealthy group, 33% say their purchase would be a second home, 25%  would be buying home number three. 

This desire to purchase is consistent with Merrill Lynch and CapGemini's research showing that the world's very wealthy have been shifting more of their money into residential real estate.   Last years'  "World Wealth Report" showed that money millionaires (those with a million or more in investable asssets) had 12% of their total investment portfolios in residential real estate.  For this group, purchasing another residence may be as much an investment portfolio strategy as a recreation/lifestyle decision.  In any case, it bodes well for the luxury real estate market.

Where the Home Price Gaps Are Biggest (Business Week)

Bw2"Despite their glittering reputations, places such as Beverly Hills and Paradise Valley, Ariz., have seen their median home prices drop hard. But don't expect an Okie-style exodus of Ferraris and Range Rovers to cheaper neighborhoods any time soon. At the very top of the housing food chain, people are still buying—and spending—like it was 2005.

For super-rich buyers, both here and abroad, the credit crunch isn't much of a concern when buying a house because they have easy access to cash and debt. And even in the country's priciest markets, there aren't many houses worth $5 million or more, so demand nearly always outstrips supply.

Which means that even though housing market in states like California and Florida have been clobbered overall, certain exclusive enclaves remain unfazed..."

We're feeling the love from Business Week today.  Here's another article on the current state of the luxury market that quotes Laurie.

Beyond 6% - The Three-Tiered Marketing Plan

If you're a member who has completed the CLHMS training, you've heard Laurie or our other trainers talk about seller-funded marketing and developing a multi-tier marketing plan tied to different professional fee (commission) structures.  It is a popular subject and one that generates lots of questions. 

One of the most common questions is, "Do you have a sample or marketing plan template?"

The answer is now YES.

You can download a sample three-tiered marketing plan with commentary from the DOCUMENT DOWNLOADS page in the MEMBERS ONLY section of the member website.

Here is a brief outline of what's covered:

  • How to identify the homes key features (both positive and negative)
  • How to identify the best prospects
  • How to use the key features to effectively position the home with the best prospects
  • How to create a prioritized marketing "wish list"
  • And of course...How to create a tiered marketing plan (with sample)

Happy Marketing!

2008 Market Outlook from Maribeth Peters

As I was browsing through the videos on Inman TV, I noticed this interview with one of our members Maribeth Peters.  She gives a  great take on the Dallas market, and the interview offers a glimpse at how top agents think. 

As a matter of fact, Maribeth was recently recognized as the #1 Individual Producer for Ellen Terry Realtors in 2007. 

Congratulations Maribeth!

Ultimate Homes 2007

Members of The Institute for Luxury Home Marketing have 27 of the most expensive homes listed in the US today, according to Unique Homes magazine’s new Ultimate Homes special issue.  Congratulations to everyone on the list!

Leading the Institute’s  group of listers with her $100 million listing for “Tranquility” at Lake Tahoe is Shari Chase, of Chase International.  For insights into how one markets an uber home, here's the video interview with Shari which Inman TV produced.

New, Enhanced Logos for Members

One of the things you'll find on the updated website are some new logo options for Members.  In addition to the downloadable logo files, you'll also find "embed codes" for enhanced logos.   These are copy and paste codes that you can paste into the HTML of your webpages (like a YouTube or WellcomeMat video). 

These MEMBER, CLHMS (sample above), and MILLION DOLLAR GUILD logos are "clickable" and when clicked will open a new window with text and video highlighting the benefits of working with a MEMBER, CLHMS, or MILLION DOLLAR GUILD member respectively

You can find these on the Logos page in the Members Only section of the updated website.