Looking for a bargain on some luxury real estate? Just follow the news of the latest celebrity who has gone bankrupt or is trying to avoid foreclosure. Recent announcements show Toni Braxton, and Nicholas Cage avoiding the banker by selling off property or foreclosing on one of their many homes.
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Daniel Gale Sotheby’s International Realty (DGSIR) recently participated in the 5th Annual Sotheby’s International Realty® Leadership Forum. This dynamic, three-day event provided a unique opportunity for a number of Daniel Gale Sotheby’s International Realty’s key executives, department heads and managers to network and share best practices with the top brokers, owners and managers of other firms affiliated with Sotheby’s International Realty.
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"The consumer is king" and will benefit from the global economic recession as luxury houses rethink their business strategy, writes Tina Gaudoin, editor-in-chief of WSJ.
The Wall Street Journal's glossy magazine, which is set to hit newsstands in the U.S. on Sept. 12 and Sept. 11 in Europe and Asia. "Luxury goods houses will have to rethink the way they appeal to us, the consumers, in order to survive…which ultimately means greater value, superior products and a better deal," writes Ms. Gaudoin in her cover story, "Changed State of Luxury." The magazine explores the recalibration of luxury focusing on diamonds, luxury cars, top-end real estate, accessories and travel. "Luxury is still a big business — $175 billion big — and all of us have contemplated abstinence in the past year, at least where purchasing is concerned," she added.
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Concierge Auctions will conduct a luxury real estate auction of three luxury properties in the Jacksonville, Florida area on September 23, including a country estate on more than 24 acres of land and a 4,500-square-foot home in the Marsh Landing Country Club in Ponte Vedra, the company announced.
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Bain & Company's Luxury Market Update: 2012, authored by Claudia D'Arpizio has just been released. The study covers over 200 luxury goods brands, which includes leather goods, fashion, jewelry, alcohol and luxury real estate companies that serve high net worth customers, or those with assets of $1 million or above.
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With the luxury goods market in tatters, sales of luxury real estate and yachts drying up faster than an ice cube in the Nevada desert and luxury goods makers going broke left and right, the Hungarian government has announced a new "luxury tax," which will apply to any luxury goods and any luxury real estate worth over 30 million forints ($150,000) which may seem a low figure – but not for Hungary. The tax will be introduced in 2010 and will be applied at a rate of 0.35% up to 50 million florints and 0.5% over that figure.
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As the banks crash, needing more and more government assistance just to survive, the luxury real estate market is beginning to feel the effects. Some places are harder hit than others. Specifically, the luxury condominium markets are having a very bad time of things. Massive over building, combined with unrealistic selling prices and lack of funding mean huge drops in values in some markets.
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