The Christie’s Great Estates – News for the Network – October November 2009

The World Wealth Report is the definitive study of the affluent around the globe. Ileana van der Linde, the study’s author, looked at implications for residential real estate.

• The number of High-Net-Worth-Individuals dropped 14.9 percent in 2008 to 8.6 million.
• Fifty-four percent of the HNWI population remains concentrated in the top three markets (U.S., Japan, and Germany).
• The proportion of real estate in client investments increased 4 percent from 2007, totaling 18 percent of overall HNWI portfolios globally.
• HNWI’s are looking for quality investment opportunities outside financial markets, most notably real estate.

David Adamo, CEO of Luxury Mortgage Corporation, reported that the current recovery could be accelerated by energizing the jumbo mortgage market.

• Stiff lending requirements caused jumbo mortgage issues to drop from a total of US$250 billion in 2007 to less than US$20 billion in 2008.
• Every new home sale in the Super Jumbo category pumps an additional US$466,824 into the economy for furnishings and remodeling. The virtual shut-off of these unsecured loans cost the U.S. an estimated $97 billion last year.
• A recent survey asked potential homebuyers if they dropped out of the housing market altogether because of the challenges in getting a jumbo loan: 85 percent of respondents said yes.

Eric Meyer, an attorney with Philadelphia-based Dilworth Paxson LLP, has developed social media policies for major U.S. corporations. While supporting this booming potential for new business, he says a company-issued policy is a sound investment.

• Legal precedents suggest that an employer can be held liable for unchecked employee use of social media.
• Social media is not just for kids. Facebook’s rate of growth for the 35-54 demographic: 276.4 percent. Growth in the 55+ category is 193.4 percent.
• Company policies should address use of logos, disclaimer language, a reminder about copyright laws, and what constitutes acceptable content.

Christie’s Wine Department chose Evermay, the prominent Washington, D.C., estate famous for hosting U.S. presidents and international dignitaries, for a wine tasting of highlights from the upcoming Hospices de Beaune auction on November 15 in Beaune, France. More than 50 wine connoisseurs were in attendance to sample 18 vintages. “A home of this stature is the perfect venue to be associated with such a highly important wine sale,” says Kathy Coumou, Christie’s Great Estates Vice President. Evermay is offered for $39,500,000 by Long & Foster Real Estate, Inc., with international marketing by Christie’s Great Estates.

The principals of three European affiliates traveled south to Newport, Rhode Island, after the Global Annual Conference in Boston to visit properties represented by Lila Delman Real Estate. José Ribes Bas of Rimontgó in Spain, Philip Sherry of SherryFitzgerald in Ireland, and Ueli Schnorf of Wetag in Switzerland joined Melanie Delman, Robin Nicholson, and Catherine Gazder of Lila Delman on a tour of the Carnegie Abbey Club, and other prominent offerings. “We were thrilled to introduce our friends from Spain, Switzerland, and Ireland to Newport, Rhode Island,” says Melanie Delman, company president. “Everyone especially enjoyed cocktails at Oakwood, one of our premier listings.”

More than 150 top-producing real estate specialists from Harry Norman, Realtors in Atlanta, Georgia, attended a sales and marketing event on October 1 at the Georgian Terrace Hotel. Sales associates from the new affiliate company—which merged with Jenny Pruitt and Associates earlier this year—were introduced to the programs and services of Christie’s Great Estates by President Kay Coughlin and Vice President Rick Moeser. “It was a true pleasure hosting Kay Coughlin and Rick Moeser for the event,” says Martha Hayhurst, President of Harry Norman, Realtors. “Our agents are more excited than ever to take advantage of the programs and services offered through Christie’s Great Estates.“

John Foster Real Estate, Peter’s Bay, U.S. Virgin Islands. List Price: US$8,495,000.

Koenig & Strey, Chicago, Illinois. List Price: US$5,990,000.

David Ogilvy & Associates, Inc., Greenwich, Connecticut. List Price: US$5,250,000.

Joshua & Co., Aspen, Colorado. List Price: US$4,750,000.

Joshua & Co., Snowmass, Colorado. List Price: US$3,500,000.

Preferred Properties Coastal Realty, Inc., Shark Key, Florida. List Price: US$2,590,000.

Ploumis Sotiropolous Real Estate, Hydra, Greece. List Price: €1,500,000.

Report all recent sales to your Client Services Representative. Sales from the network are regularly updated for the public at www.christiesgreatestates.com.