Real estate rebound makes more property millionaires

I'm sharing this article I received last week via my friend, Ursula Morel.

Enjoy!
George 

Overpriced, Underpriced Housing Markets Article

Here's an interesting article I recently read on Realtor magazine.

Overpriced, Underpriced Housing Markets Realtor Magazine News 201101

How's the market in your area?  Do you agree with this report?
Sincerely,
George

2011 Colorado Resort Job Growth Forecast per Economist

Here's an uplifting news article about the Colorado resort economy for 2011!

Resort valleys forecast small job growth in ‘11

Economist reviews Colorado

DENVER, Colo. – Resort-dominated counties in Colorado will see employment growth in 2011, according to a projection of the Colorado State Demography Office given at a November conference. 

“Mountain resort communities were hit very hard by the recession, but at the same time, they are one of the industries that I expect will do—I wouldn’t say well, but OK—in 2011,” says David Keyser, an economist with the state office.

Eagle County (Vail) stands out.  Mr. Keyser forecasts a gain of more than 2.5% in employment next year. In 2012, he sees a gain of between 3.1% and 5.5%.  He forecasts more rapid employment growth in other mountain resort counties of Colorado, but none quite as much as in Eagle County.  “I expect a 2 percent job growth in tourism overall—which is pretty good,” he said.

He bases his projections for the resort counties on the idea that they draw business from other parts of the country, but particularly the nation’s more affluent sectors, which have not been as deeply affected by the recession.

This has been confirmed in reports during the last year from resort valleys of the West, where the high-end real estate markets have returned most rapidly, even if prices remain deeply discounted from the 2008 wish-for list prices.

More broadly in Colorado, population growth has continued even during the recession. As it always has been, and maybe always will be, growth has been greatest in metropolitan Denver-Boulder area. The state, now with a population of just over 5 million, is projected to hit 6.2 million in the next decade.

Big News in Telluride - The vision of The Peaks Resort

Read the full article at: http://telluridewatch.com/view/full_story/10291334/article-Peaks-Resort-Floats-an-Ambitious-Plan-to-Add-Rooms-in-Conjunction-With-an-Improved-Conference-Center?instance=top_story

100 Top Professionals - Luxury Real Estate Conclave

George R. Harvey, Jr. joins 100 top professionals at invitation-only luxury real estate conclave

“Leaders in Luxury” event draws top luxury real estate professionals to Austin (TX)

DALLAS, Texas. (October 25, 2010) – From California to New York, and Canada to Florida, 100 of the top real estate professionals working in the upscale residential market converged last week in Austin (TX) at The Institute for Luxury Home Marketing’s annual Leaders in Luxury (LIL) conference where ...read more...

Top 5 Most Expensive Private Yachts in the World

This was shared by Fanis Zacharis who is in one of my networks!  Enjoy!


Top 5 Most Expensive Private Yachts in the World

From Rismedia - 6 Reasons to Buy a Vacation Home Now

Here's a great read from Rismedia about buying a vacation home now.




RISMEDIA, August 11, 2010—As the real estate market continues its bumpy road toward recovery, the vacation home market is heating up, causing homeowners around the country to seriously consider buying the vacation home they’ve been eyeing.


Margaret La Grange and Christine Van Tuyl, an award-winning mother-daughter team with Prudential California Realty in Coronado, CA, offer the top... read more

London Luxury Market up 20%

London prices boom, 20% growth in 12 months (UK)
Thursday 1 April 2010
Knight Frank Prime Central London Residential Index - March 2010 result headlines:
* Prices for prime central London prices rose by 20% in the 12 months to the end of March 2010
* Prices are now rising at their fastest rate since March 2008
* Growth has been led by the lower to mid end of the central London market, with 24% growth for the sub-£2.5 mln. sector
* Prices are now only 9% lower than the March 2008 market peak
Liam Bailey, head of residential research, Knight Frank, commented: “The central London market has enjoyed boom-like conditions in recent months, at least in terms of prices, which rose by 20% in the 12 months to the end of March 2010. This growth has not been evenly spread, and it has been the low to mid end of the market, especially sub-£2.5 mln., which has seen the strongest growth (c 23%). The more expensive price brackets have lagged (c 17% for the £5mln. + sector), reflecting the fact that the recovery in pricing started later in this part of the market.

“The rate of price growth in March, at 0.7%, represents the slowest monthly rate of growth since last April, and suggests that price growth is beginning to slow on the back of higher supply and slightly weaker demand in the market. The balance between purchasers and vendors, has become more even in recent months. In the final quarter of 2009 our local offices recorded 10 new buyer registrations for every new sales instruction – well above the long run trend of 5.5. By March this ratio had dropped back to 7 as more vendors began to bring properties forward for sale on the back of rising prices, and also as buyers began to delay activity in the run up to the budget and the election.”

Global position
Bailey added, “The rapid growth in London’s pricing, reflects not only the stimulus given to the market from low interest rates and the weak pound – which have driven domestic and international demand – but also to very thin supply over the year, set against very healthy interest from buyers. However we can not overlook the importance of international buyers to the market – we reported in the recently released Knight Frank Wealth Report, that a record 49 nationalities bought residential property in central London in 2009. “Despite the result of our World Cities Survey, that London’s position as the leading global city had been ceded to New York, London prime residential market is still underpinned to a considerable degree by international demand – which appears to be rising not declining at the current time.”

California Luxury Homes

Million-dollar homes in California suffer further sales drop in 2009

The number sold in the state falls 23.8%, to 18,621 from 24,436 in 2008, for a fourth year of decline in a row.

REAL ESTATE

February 05, 2010|By Alejandro Lazo

Sales of California homes priced at $1 million or more tumbled for a fourth consecutive year in 2009, according to a report released Thursday.
The number of million-dollar-plus homes sold dropped 23.8% to 18,621 in 2009 from 24,436 in 2008, according to San Diego real estate research firm MDA DataQuick.