U.K. and USA

FROM OUR STRATEGIC PARTNER IN LONDON, MAYFAIR INTERNATIONAL REALTY:

Please find attached Nick’s latest Market Comment following the General Election and an illustration to accompany it.  So many of you have company, or individual, blogs or news sections on websites and it’s great to add a little piece from your London office.  We love seeing the creative ways you have of using these.  You may even like to send it to your local press or magazines “from your London Office”.  Even add it to Twitter or your company Facebook page as we do on ours.  

Feel free to use the attached for your own blogs.

Enjoy!

 

Director
Mayfair Office/Mayfair International Realty - Cashel House - 15 Thayer Street – London - W1U 3JT
Direct Line :  020 7467 5332
Mobile : 07740 679715
Office : 0870 112 7099
Fax : 020 7467 5339
Skype: annette.reeve1
Email: annette@mayfairoffice.co.uk

Time to Move

Now that the UK General Election is over Nick Churton of Mayfair International Realty considers the real estate market that Britain’s new government inherits.

Well now we know.  The UK general election didn’t pan out as anyone thought.  No party received an overall majority.  So we find ourselves in an unfamiliar country.  The Conservatives could have set up an unstable minority government.  Or two parties could have banded together and form a majority coalition government – rare in the UK.  But after a great deal of fascinating horse-trading this is just what happened.  The Conservatives have been joined by the Liberal Democrats who managed, having effectively come third in the election, to get their feet under the cabinet table for the first time in seventy years.  Their leader, Nick Clegg, becomes Deputy Prime Minister while David Cameron, leader of the Conservatives, becomes Prime Minister – at 43 the youngest in the UK for 198 years. Having come second, outgoing Prime Minister, Gordon Brown, and his Labour government are consigned to the pages of history.

British politics is adversarial and brutal.  No sooner does a Prime Minister lose an election than he or she loses their home at 10 Downing Street.  There is no gentle period of incumbency here.  One minute you are sitting pretty in one of the best-known addresses in the world and the next you are retreating miserably out of the back door while the new PM enters triumphantly through the front.

But it seems that it’s not just the Camerons and the Browns who are moving home. Lots of other people in the UK have decided that it is time for a change also.  This new coalition government inherits many challenges of an economic and social kind, but the UK real estate market they inherit isn’t in too bad a shape, despite the recession. Recent activity in the property market is at levels not seen for several years, and now the election is well and truly out of the way there should be even more decisiveness in the market.

After considerable falls, prices in prime London areas and in other large metropolitan areas around the UK have surged back to 2007 levels and - in some key locations - have exceeded even those. Most other areas have seen prices rise but not to such a generous extent.

First time buyers in the UK have recently been given a good tax break here to help stimulate this sector and this will have a positive knock-on effect further up the market. As mortgage lenders become more accommodating to borrowers, and more competitive with each other, more people will enter the real estate market, and this goes for overseas homes including the US.

With ever more of the UK population reaching retirement age, the demand for homes in the US is set once again to rise.  But as the UK and the US move into a period of faster recovery there will, no doubt, be a residual level of caution from buyers. Fiercely competitive pricing will reward bold sellers on both sides of the Atlantic.  More rigid and optimistic sellers may find themselves neither bounding out of the front door nor sloping out of the back.  They will be somewhere rather nasty in between called Limbo.  

Annette Reeve MNAEA CIPS

Ultimate Luxury www.stonegatelaketahoe.com in Incline Village, Nevada

Lake Tahoe Home Features Interiors By Noted White House Designer

For Immediate Release
Lake Tahoe, Nev., (Feb. 8, 2010) - Obama White House designer Michael S. Smith’s sophisticated, yet inviting design style is reflected throughout a stunning Lake Tahoe residence now offered by Chase International for $19,950,000.

Known for his work with Hollywood celebrities and most recently the first couple’s Pennsylvania Avenue residence, Smith’s low-key luxury sensibility was a perfect fit for the owners of this stunning 10,000 square-foot home (including exercise room and wine cellar) set on the sandy shores of cobalt blue Lake Tahoe.

“StoneGate is an extraordinary home,” comments Smith, who has written two home design books. “The attention to detail and craftsmanship is unmatched on Lake Tahoe. It can hold its own with the most beautiful homes in the world.”

According to listing agents Shari Chase and Kerry Donovan, Smith’s lush country lodge décor compliments a home that features unrivaled quality construction from its mechanicals to the impeccable artisan stone masonry and ironwork.

Chase and Donovan, who represent many lakefront homes, explain that with its private pier, sandy beach and buoys, this gated estate really has it all. According to these Lake Tahoe real estate experts, this caliber of property is very hard to come by.

“StoneGate is for a buyer who desires and appreciates attention to detail where no expense has been spared,” says Donovan, of Donovan Group of Chase International’s Incline Village office.

Acclaimed Tahoe builder John Brink believes “the quality of a home lives in the details” and nowhere is that more evident than in this five-bedroom, 10-bathroom estate that was completed in 2006.

“The owner hired and gave creative license to the team consisting of an extremely talented architect, Larry Henry, an award winning interior designer, Michael Smith, my lead project manager, Pete Dittle and myself to collaborate on the design and construction of his home,” Brink says. “It was a quality-driven project where we used only premium materials and left no design or construction detail to chance; the result being a truly extraordinary home that we are all very proud of.”

Like an exquisitely wrapped gift, the wrought-iron gated drive creates an enticing prelude of the detail and craftsmanship that lies ahead. Similarly, upon entering through the massive Alder doors, one’s line of sight is drawn to the end of the corridor, which connects the front of the residence to the primary living spaces and concludes with a dazzling view of Lake Tahoe. Natural flooring mined in Colorado, Jerusalem Gold Grand Granite and Southern Yellow reclaimed vertical pine and wrought iron are the residence’s signature design materials.

The 10,000 square foot home was aptly named StoneGate for its impressive exterior granite stonework. The main living area features a grand living room, formal dining room, gourmet kitchen and master wing, which includes the library.

With its sunlit lakeviews, 22-foot high-beamed ceilings and massive granite hearth, the grand living room epitomizes mountain elegance. Paned French doors provide access to the stone patio and barbeque. Adjoining the patio is a level landscaped lawn and garden. And best of all, a lovely private sandy Lake Tahoe beach is just a few steps down an adjacent stone path.

The gourmet kitchen showcases a 60-inch Wolf range with double ovens and a French country ceramic hood rising to the beamed ceiling. Perfect for entertaining, a butler’s pantry provides an additional prep area, wet bar and auxiliary refrigerators and freezer.

The richly appointed master wing offers a library complete with wood burning fireplace, plus a full bathroom. The master bedroom has high-beamed ceilings and picture windows that beacon the natural light and English garden views during daylight hours, and starlit skies by night. Encompassing a magnificent space, the master bath features Waterworks fixtures from London, a double steam shower and spa tub.

An impressive open winding stone staircase leads to the second floor lower living area, which includes three guest suites and a family room accessed on each side with French doors. Opening out to the backyard and close to the pier, a separate valet garage offers room for summer furniture, kayaks, and other Tahoe recreational gear.

The lower third floor level offers an exercise room with a full bath, cork flooring and windows with garden courtyard views. Also on this level, is a temperature controlled wine cellar with 1,200-bottle capacity. The upper third floor level features a private executive office with full bath and a peek of the lake as well as a staff or guest quarters with full bath, kitchen, den and sitting area.

And finally, two symmetrical double car garages with convenient built-ins flank the entry.

StoneGate is listed at $19,950,000 with Chase International. For more information or to arrange a private viewing of the property, contact Shari Chase at 775.588.6132; sharichase@chaseinternational.com or Donovan Group’s Kerry Donovan, at 775.750.2190; kdonovan@chaseinternational.com.

Why didn’t my house sell this year?

Year to date, 2009 had much more life across the Incline Village, Nevada,real estate market than 2008.There were and are many opportunities for buyer’s at all price points.It is more difficult for Seller’s who have not yet faced the truth, that what was for pricing a few years back ,is not coming back anytime soon.What you purchased your house for and the improvements that you invested in,may or may not make a difference to today’s buyer.Most of the seller’s that have accomplished selling their homes this year,have left their equity and improvements on the table for the buyer.

Many buyer’s have written many offers,and  are satisfied for the most part of writing again ,until they find a seller who will match their needs.Many buyer’s are writing several offers at a time,with a clause to have final acceptance based on their review of all offer’s that they have submitted.

Where are the buyer’s…they are out there.Have you heard about the multiple, multiple, offers on the Ophir Peak home in 2009?

Or the multiple,multple,multiple, offers on the Lower Tyner home earlier this year,that came on as a bankowned property as $399k……with some interesting disclosures…..many buyer’s all waiting to pounce .

The new build on Chico Ct that sold for $701k,previously on the market at over $1.2m?

What about the 9000′ home on the golf course that sold for 50% off it’s original list price!(which was ridiculous)

We are not sure if the Incline market has hit the bottom,and we probably won’t know until demand overrides supply.If you are not having any showings in a given week,the buyer’s are sending you a message,they are not buying into your pricing.The buyer’s really do  not care what you purchased your home for,but they all want to know,and can access very easily.

If you have refinanced and taken money out of your home,and spent it,that might be your only profit in today’s market you might have.Thinking that you are going to get  a profit out of your current home,is getting tougher to accomplish. Why is this? Because the supply of buyer’s willing to step up and purchase in this market is not consistant with the supply of inventory at any price point.

89 single family homes have sold in 2009 to date,and 11 homes are in escrow.85 homes sold in 2008.If you want the breakdown call us,or send an email.

The good news(!),interest rates are still low,between 4.75- 6%. Inventory in the local market is at a  low,hovering around 190 homes.Yes, there is snow on the ground,landscaping is covered,icy patches are every where and Winter has just begun.Inventory for homes in the Summer increases to around 260-298 homes,meaning alot more choices for the buyer and increased  competition for your home.

If your house did not sell this year,and you really need to sell,call us,you need to now your options before you HAVE to sell.We are not miracle workers but we have successfully matched many buyer’s with opportunities this year,and assisted many of our sellers with offers,and the choice to get out,or hold out,or explore the options,some of which are the reality of the times,short sales and such.

Are you aware that a home in Millcreek closed for $375k a few months back?

Or that there have been several short sales in the $2-4m price point?

Or that www.996wedge.com now a bank approved short sale at $1.9m,was listed in 2008 for$3.6m?

Or that their have been a few bank owned sales in the lakeview subdivision,35%-45%,off purchase prices 3 years ago?

Seller’s like it or not your home DOES compete with these distressed short sale and bank owned properties.Why? Because psychologically buyer’s in today’s market want “the deal’.If you would like the statisitics on your neighborhood,best buys  in Incline Village,or an updated list of the pre foreclosures,and bankowed properties,call us,we have it all.Our information is up todate and much easier to access by calling us ,than wasting your ski days trying to figure out what’s what.

Okay Seller’s you can hold out for what was,or now’s your chance to get the facts,and formulate a plan.Maybe you should wait 5-10 years,if you can…but the only guarentee we all have,is tha our precious Incline Village is built out.No more land to added,no tracks to be built…so our supply of housing in this most beautiful place IS finite.

So cheers to a new year and we look forward to working with you on you plan.

Are you confused? March 7 10-2,be here!

“Untangling the Truth and Providing Options”.There is so much information coming at all of us regarding the new first time home buyer $8000. credit, interest rates, qualifying for a loan, and the sheer overload of what is really happening with the banks from a consumer standpoint…..that we need to simplify some of this information and how we can help you navigate through this complex real estate environmnent.We are hosting a local forum for you, in our community on a variety of issues.

We will have some of our local industry professionals ,including a few bankers,lenders,real estate attorney,certified default specialist,certified loan modification specialist,Nevada contractor,designer and more.We are here to address some of the misinformation and the consequences of short sale vs.foreclosure vs refinancing vs loan modification and alot more. Please give us a call if you would like to attend.The format will be in three 1 hour segments with different topics being addressed each hour , to help you and anyone you know.

Best Buys in Incline Village ,Nevada

There were a few potential”Best Buys”  on broker tour today. The first is a condo at 1000 Lakeshore.#22 is a lower floor single level living unit.The great location offers the common area,a parklike setting,right out the front door.There is a 1 car detached garage not too far from unit.The location of being on Lakeshore and avoiding the maze stairs that most of these units have is a plus.The price of $498,000 is a good price ,considering other 2 bedroom units have sold in the $600’s,but the location is key.

We also liked  house on  160 Pine Cone Road.The price does not qualify as a best buy for price,but the single level living,large rooms,great light and magnificent setting off the backyard position this home,as one to show.

 There is an abundance of beautiful new  construction homes in Incline Village, Nevada at Lake Tahoe, in a variety of price points.Most of these you could not build today at the prices offered and that is one benefit of stepping up to the Buyer’s plate in the current market.

The best buy for “almost” new construction is www.346windingway.com

The home was issued a certificate of occupancy in 2006.Home is 3500′ included an”in law” quarters,perfect for those long term relatives.The clock is running to sell this property before the bank forecloses.The home is very attractive and has all of the upgrades you would want with a property built today.Please call us or email immediately if you would like to submit an offer to the bank.

We have not seen much motivation or distress on the Lakefront properties around the Lake.There are only so many parcels and even if demand is off in the past year ,it’s only a matter of time for a Buyer that has been waiting a lifetime.

Next Page »