Archive for the 'Luxury Realtors' Category
Even Luxury Home Owners can be Victims of Fraud
It’s a sad fact of life, but unscrupulous vultures are always ready to pick at the flesh of the most financially distressed–which more frequently these days includes the owners of luxury real estate.
Over on our San Diego real estate blog we report that San Diego County District Attorney Bonnie Dumanis is asking San Diego Realtors to help her track down and prosecute real estate fraudsters operating in our county.
We have written before about the foreclosure and loan modification scams that prey upon distressed San Diego home owners who are struggling to stay in their homes. The DA’s office is aggressively trying to warn homeowners to stay away from these San Diego real estate crooks and their fraudulent offers of mortgage and loan modification assistance–and is asking us, as San Diego Realtors, to report any suspicious activity.
All too often, unwitting and desperate home owners will pay an upfront fee to a person or company who promises to prevent foreclosure–or to modify existing mortgage loan terms. And all too often, people are paying for services they never receive–and might be better off with a do-it-yourself loan modification.
read comments (3)Luxury Homes: From Russia with Love
by Roberta Murphy
There’s no doubt that uber-wealthy Russians love luxurious homes–and are willing to pay billions of roubles for well-placed mansions, townhomes and luxurious estates.
In Moscow, where luxury buyers are enriched by petrodollars and enthused by strong consumer confidence, a young and wealthy businessman recently paid 2.5 billion roubles ($99 million) for a Moscow town home near the Kremlin. Setting a new Moscow record, this seven-story apartment boasts 1300 square meters of undisclosed luxury and sits near the Kursk railway station.
Russian luxury home buyers, though, invest without borders.
Donald Trump’s Palm Beach estate, was originally listed at $125 million, but Dmitry Rybolovlev, one of Russia’s wealthiest businessmen, closed on the estate at $95 million. Forbes, by the way, pegs Ryobovlev at #59 with an approximate net worth of $12.8 billion on its list of world billionaires. The fate of Trump’s former mansion? It is reported that Dmitry Rybolovlev intends to tear it down and build another.
Another Russian waterfront buy recently occurred on Britain’s ultra-exclusive Sandbanks Peninsula. There, an unnamed Russian businessman paid almost $9 million for a 5-year-old Sandbanks mansion that he, too, intends to tear down. Replacing the existing home will be an ultra-contemporary glass-fronted home–with a helipad on the beach.
Sandbanks, by the way, is listed as the fourth most expensive place in the world for real estate.
I can’t help but wonder if any of these Russian real estate investors might be interested in some of San Diego’s prime real estate. There is an exquisite Del Mar estate on 5.5 acres pf oceanfront property priced at just $76 million–or 1,952,363,937.376 Russian Roubles.
And of course, if an investor should be interested in this wonderful investment opportunity, or any others for that matter, please feel free to give me a call at either 877-818-8197 or 760-402-9101.
HT:
Moscow super-rich pour millions into luxury homes | Oddly Enough | Reuters
Nouveau Luxury Home Buyers: Instapreneurs
Who are these young and ultra-affluent buyers of homes in Rancho Santa Fe, Palm Beach, La Jolla, Aspen and Manhattan?
Robert Frank, in his best-seller Richistan, calls them instapreneurs (didn’t he coin the term?).
These are the new titans in technologies, who have benefited from a rise in financial speculation and governments that support free trade and wealth.
Instapreneurs are not plodders when it comes to accumulating wealth. They don’t develop companies to last for family generation; rather, they may launch several companies over their career life spans. And the goal for each venture is a lucrative “exit strategy” that will create the fattest windfall possible.
What are these luxury buyers seeking when searching for their trophy home?
1. They are specific in their demands as to age of property, views, room volume, luxury closets, privacy, and entertaining areas.
2. Instapreneurs often wish to be near prestigious country clubs, where they can golf, play tennis and entertain business elite.
3. In San Diego, many of these nouveau uber-wealthy demand ocean frontage, ocean noise–and silent streets. Or the highest penthouse in downtown San Diego. The want what is rare, what is singular.
4. Instapreneurs often have children, and are concerned about the quality of nearby and private schools. How the home works for the kids can be of keen importance. Instaprenerual parents want safety, space and room for kiddie galas.
5. These luxury home buyers often have special room requests, such as a library, multiple offices, servant quarters, guest houses, snoring rooms, home gyms, massage rooms, a conservatory or even a panic room.
6. These busy people often demand to be not far from a major airport because of frequent travel demands and the desire to minimize time spent away from families.
We enjoy working with these interesting folk, not just because we enjoy finding perfect property fits, but also because of the stories we get to hear. Some have been scientists, some movers and shakers in technology, and some who just had the courage to pour everything they had into an idea whose time had come.
They all inspire and the world is a better place because of these producers.
Most Luxurious Home in Lake Tahoe
I love living in coastal San Diego, but have a special appreciation for mountains and mountain lakes. Among other mountain attractions, its the regularity of seasons, the deep blue water, the towering pines, and the snow pack that accumulates each winter.
It is easy to imagine such natural beauty.
Now, imagine a 210-acre mountain estate in Lake Tahoe (the tax-free side) with its own serene private lake and an updated, 70-year-old, 38,000 square foot mansion complex. Offered through Chase International, Lake Tranquilitys splendid main residence replicates many important rooms in our Western culture.
Included is:
- A replica of the grand staircase on the SS Titanic. Ahhh.
- A cushy cigar lounge fashioned after the one at the St. Regis Hotel. Breathe deeply.
- A library that mimics the New York City Public Library. Shhh
This luxurious home includes a 3500-bottle wine cellar, 9 bedrooms, 18 baths, a gymnasium with basketball court, a guest house, art studio, boat house pavilion, horse stables, staff quarters, and two over-the-water par-three golf holes. The conservatory is accessed via an underground passage. There, you are greeted by an indoor mosaic glass swimming pool with poolside bar and exercise facilities all overlooking Tranquility Lake.
The exquisite natural setting provides trails for hiking or cross country skiing and incomparable views of Lake Tahoe and its magnificent surrounding mountains.
Tranquility is offered at $100 million. The owner is reported to be Joel Horowitz, co-founder of the Tommy Hilfiger empire.
If this is a property that might suit your portfolio, please call me at 877-818-8197 or 760-402-9101. An appointment with knowledgeable representation can be arranged.
San Diego Real Estate Exchange
Bob Dyson is a real estate legend who recently launched Sothebys real estate offices in the San Diego, Palm Springs and Las Vegas markets. He has kindly agreed to share some exciting news with us about a new real estate exchange program that is set to rock the San Diego real estate market mid-January.
This program will do much to liberate locked-up equities in homes throughout Southern California.
But Ill not steal his thunder.
by Bob Dyson
How I See It: Lets Liberate Home Equities
With all the alarming issues facing us in Real Estate ownership and all the turmoil in Real Estate lending, I have been searching endlessly for fresh solutions to these problems. What if we could create a new and faster way to buy and sell homes in todays challenging market? What if real estate buyers and sellers could focus on the deal instead of getting lost in the details of granite surfaces, designer amenities and upgrades?
We believe our home exchange program will help stabilize our troubled real estate market and could be a program easily implemented in other cities outside of Southern California.
Quick Facts:
There are more than 25,000 homes for sale in San Diego County. We believe there are also more than 19,000 qualifed buyers who wish to purchase a home in San Diego RIGHT NOW.
So where are the buyers and who are they?
They are home owners living right here in San Diego.
They are home owners with œFrozen Equity – people who want to relocate right now but must sell their home first.
The Media:
Granted, there have real problems with the real estate lending industry . And the media has done an excellent job paralyzing the home buying public, scaring them away from purchasing.
Recent statistics provided by First American Title Company show that in San Diego County, the Palm Desert/Palm Springs areas and Las Vegas, foreclosure activity is centered in small pockets of those communities.
Areas like Rancho Santa Fe, Del Mar, Indian Wells and Summerlin have experienced very little impact from local foreclosures; however, those communities have been brought down by media hype and generalities.
It seems that nobody at the media level, or especially the government level, is paying attention to details. Our congressmen who are holding hearings on these issue dont even know what questions to ask – much less are able to present viable solutions.
Been There, Done That:
In January 1993 – in a similarly challenging Real Estate Market – several of us in the industry began calling our listing clients and we asked them one question: œWhen you sell your home, are you moving up in price, down in price or out of the area?
From that calling session forward, our little group began selling homes at an incredible pace. In January of that year alone, we sold 48 properties.
How We Did It:
We took our clients who had good equity, good jobs and good credit and matched their wants and desires to move up with other clients selling their homes who desired to move down.
We simply exchanged properties. It was actually as simple as œIll buy yours and youll buy mine.
Two purchase agreements were drawn up, each contingient upon the concurrent close of the other. Both clients got new loans and became a buyer in one escrow and a seller in the other.
The process and the response exceeded our wildest expectations. We provided all parties with work sheets, we moved sales prices and new loan amounts around with our lenders and, in most cases, satisfied the needs of both clients.
Exchanging Properties in Todays Real Estate Market:
Today, we are taking our exchange idea of the 90s, dusting it off and are updating it with todays technologies.
What is evolving is an industry-supported effort to help buyers and sellers with good credit, good jobs and solid equity move NOW.
To best understand this new program please click on the following link to visit www.HomeExchangeProgram.com. The site is still under construction, but you can get a feel for how exchanges work.
Real Estate agents and sellers alike can participate in this program. The more of us who participate, the faster this Real Estate market will right itself and and help œAll Ships to Rise.
If you would like to discuss the Home Exchange Program, please give me a call at 858.481.2020 or email me.
And thats œHow I See It.
Bob Dyson
Bob Dyson is the Broker of Dyson & Dyson Sothebys International Realty in Palm Desert/Palm Springs, Calif. and Las Vegas, Nevada and Villa Sothebys International Realty in Del Mar, Calif. With nearly 40 years experience in the Real Estate Industry, Bob has become an industry innovation leader. In addition to his many years in the brokerage industry, Bob is also involved in real estate mapping and development and currently has several thousand acres in various stages of mapping and development in Southern Nevada and Southern California.
About the Company
Dyson & Dyson Sothebys International Realty and Villa Sothebys International Realty were founded in Southern California in 1988 under the name Dyson & Dyson Real Estate Associates. Offering a variety of unparalleled real estate services, the brokerage operates offices in Las Vegas, the Palm Desert/Palm Springs area, and Garner Valley under the name Dyson & Dyson Sothebys International Realty and in the San Diego County area under the name Villa Sothebys International Realty.
Each office is independently owned and operated.
Read also:
San Diego Real Estate Exchange: Barter and Banter
You may also wish to read about or search:
Rooms and More Rooms in Luxury Homes
What kinds of rooms might go into a luxury home? The possibilities are as varied as lifestyles.
I recall a luxurious mansion in Houston’s lovely River Oaks that had, in addition to every other conceivable room, a luggage room. It was a sensible space that accommodated the traveling owner’s large collection of leather suitcases, trunks and garment bags. When a trip was planned, the butler would retrieve the appropriate luggage and assist with the packing.
When expense and space are not restrictive issues, the floor plan of a luxury home can truly reflect the lifestyle of its owner.
Some of the more common possibilities might include:
- A large morning room off the kitchen for casual family dining. This is simply an expansion of the traditional breakfast room.
- Large formal dining rooms still prevail and are a must for indoor formal entertaining.
- A butler’s pantry between the kitchen and formal dining area that may be equipped with china cabinets, lined flatware drawers, crystal storage and wine refrigeration.
- An oversized and well-organized pantry in the kitchen that has room for a freezer.
- A temperature-controlled wine room that might even accommodate a tasting table or two.
- A game room that might hold a pool table, arcade games and even a karaoke stage.
- A high-ceilinged music room for the grand piano and other musical enjoyment.
- Forget strip closets. Luxury homes demand oversized and highly organized walk-in dressing rooms.
- Personal gyms are a common requirement in luxury homes. They are typically located off the master bedroom or near outdoor amenities.
- The plush home theater with cushy seats, popcorn machine and huge screen have become very popular.
- A home library offers a quiet room for books, reading and reflection.
- A conservatory provides a glass-walled transition between the luxury residence and its natural surroundings–and is a lovely spot for casual entertaining.
- A sunroom may be located anywhere in the home, but provides a casual place to enjoy sunshine and views.
- Home offices are often a requirement for busy owners and their staff.
- A large laundry and project room may have multiple washers and dryers, a steam closet, and cabinets for project storage. It should also have space for a large, multi-purpose table.
- A snoring room off the master bedroom. Enough said….
Common to luxury homes in San Diego are loggias and fully-equipped outdoor kitchens, which allow for year round outdoor dining and entertaining. It is also not uncommon to find poolside cabanas, dressing rooms and steam rooms. In mountain communities, luxury chalets will likely have mud rooms and ski lockers.
As suggested earlier, it is the lifestyle and taste of the affluent that will ultimately determine the configuration of their luxury homes.
Richistan Home Prices Continue to Soar
$50 million is the new $30 million, says Glenn Roberts over at the Inman News Blog–especially when it comes to high end luxury homes.
Citing a 2007 Mid-Year Luxury Report by Stribling Private Brokerage, Roberts explains how just a few years ago, even a rumor of a $30 million real estate sale in Manhattan would create big buzz. But since the sale of a $53 million property there in late 2006, prices have leapfrogged into the $50 millions.
This enormous inflation at the top tier of the real estate market is occurring across the country–from San Francisco’s $55 million fixer, to Donald Trump’s $125 million estate in Florida to Tim Blixseth’s $155 million estate offering for his 53,000 square-foot estate in Bozeman, Montana.
I couldn’t resist responding to Glenn’s article:
We are seeing a similar phenomenon in the San Diego’s luxury end of the real estate market. Late last spring, a Del Mar oceanfront estate was sold at $48.15 million–setting a California record.
Now, just listed, is another 5.5-acre Del Mar oceanfront estate with a price tag of $76 million.
Inflation in Richistan continues to amaze!
Other articles of interest:
Breaking All Barriers: Luxury Homes Reach Nine Figures
Del Mar Estate Most Expensive Home in San Diego
We follow luxury listings throughout the world, and when a home listed above $50 million hits the market, it’s NEWS by any stretch of the imagination. And San Diego is just the latest to break that barrier.
Priced at $76 Million, this circa 1937 oceanfront Del Mar trophy estate sits on nearly 5.5 singular acres. The two story home has nine bedrooms and six-and-a-half bathrooms and ocean frontage of 396 feet. It is an oceanfront estate that will appeal to top tier and global real estate collectors–and is a relative bargain compared to other hurricane-prone waterfront estates.
We caught first official details of the story from Michelle Mowad, crack reporter and writer for The San Diego Business Journal. She interviewed agents (listed by Brian Guiltinan with Prudential California Realty) involved in the offering and reveals that the property is owned
by San Diego venture capitalist William “Bill” Stensrud, one of San Diego’s wealthiest residents. He is a partner with Enterprise Partner’s Venture Capital, who recently acquired Muze, Inc.–reportedly purchased the Del Mar property seven years ago for a (then) record-setting $25 million.
This just-listed, private, and gated estate also sits across from the Del Mar Race Track, and is just a short stroll away from Del Mar Village and shopping in Solana Beach.
And given that Del Mar and coastal San Diego County arguably have the finest year round climate in the world as well as a thriving economy–this is one real estate offering that may not last for long.
For additional reading about luxury real estate and listings, read:
World’s Most Expensive Mansion
Luxury Home Management: Ask for the Butler
Montana Luxury Real Estate Coup?
Easy Feng Shui Tips for the Luxury Home