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This fantastic two-storey Victorian terrace will be auctioned by Marquette Turner Luxury Homes on Saturday 13th December at 3pm, on site, with bidding to start at $1 million.
Occupying a prized and central position, this impeccably presented home at 40 Adelaide Street, Woollahra is nestled in a row of charming terraces and offers exceptional convenience to Bondi Junction’s shopping and transport hub, along with beautiful Cooper Park.
Exuding a warm and inviting ambiance, this home combines wonderful character features with all the required comforts for modern living. The home enjoys a 2B zoning which allows for the operation of a home office, such as a dentist, doctors surgery, psychologist and psychiatrist rooms and offers many other professional options.
This zoning is extremely sought after in the area and provides an excellent opportunity for commercial level rental returns for astute investors who may also choose to reside in another area of this deceptively large home.
You can also see other properties to buy from Marquette Turner Luxury Homes.
The existing owner, real estate developer Jane Popple, is hoping that that the prospect of owning a prospective President’s home will tip the balance in achieving a great price and indeed buck the current trend in a tough market.
The house in North Central Phoenix, which is certainly fit for a long-term Senator, 13 bedrooms, 14 bathrooms, and a seven-car garage.
The home was Cindy McCain’s childhood abode and she and John McCain called it home for 20 years. Having purchased the property in 2006 for $US3 million, a $US9 million profit in current conditions would certainly be something of Presidential proportions. Will the result of the auction campaign mirror the Republican Candidate’s presidential campaign? We’ll know soon enough.
CASE STUDY: A luxury home was auctioned in Merewether (a beachside suburb in Newcastle, Australia) on Saturday by an agency that we can call “Agency X”. It was a fascinating experience for a number of reasons, notwithstanding the fact that it didn’t sell.
Marquette Turner Luxury Homes have a wonderful property for sale in Merewether at the moment which is one of the finest in the city and our interest in the result of the other property being auctioned was understandable. We were lucky enough to have a representative (Person Y) at the auction that was able to summarize the experience.
Person Y was stunned by the number of neighbours who walked to the house just before the auction – it was obvious that none of them were likely buyers and if Person Y was a serious bidder “stalking” the crowd to find who may be a competitor then the game would almost certainly be up for Agency X. Person Y didn’t see anyone holding an auction number and also didn’t see anyone register for the auction. Person Y felt certain that the crowd contained no bidders and that neighbours were out to see what was happening.
Person Y wasn’t a fan of the location of the property and found it a little hard to locate. Person Y also thought it would be a very specific buyer as the home didn’t have broad appeal and more importantly had a price expectation in the vicinity of $2million.
In 2007 in all of Australia only 3.65 % of residential property sold for more than $1 million. In other words the target market for a home of that value in Newcastle is extremely small and the likelihood of several competing parties after a short 4 week campaign was always going to be low in even the best of markets.
Given that the property has now passed in and a vendor bid has been placed at $1.9 million we have to ask why that strategy was chosen? Auctions in Newcastle are statistically unreliable so very little data is available and given that buyers are looking for reasons to offer less and buy a bargain surely this plays into their hands? Can it be concluded that the home is overpriced, undesirable or that something may be wrong with it? Was auction really the right thing to do?
Using a specialist Luxury Agency is vital to achieve the best possible price and has never been more important than now.
Michael Marquette and Person Y
MORE INFORMATION: Read other articles regarding auctions
LuxuryRealEstate.com, the luxury real estate website of the prestigious “Who’s Who in Luxury Real Estate” has been named as the world’s most prestigious real estate website by high-net-worth consumers in the 2008 Luxury Brand Status Index survey.
The survey was conducted by the Luxury Institute, an independent research company in New York City.
John Brian Losh, CEO/publisher of LuxuryRealEstate.com stated that “this study illustrates our dedication to high-end homebuyers and sellers in the United States and around the world.”
He goes on to say that “It’s an honour to receive such high praise from wealthy consumers. They demand only the finest properties and that’s exactly what we provide on our website.”
Since its creation in 1995 at the dawn of the Internet age, LuxuryRealEstate.com has been the most popular site in its field.
Michael Marquette, co-founder of Marquette Turner Luxury Homes goes on to say that “We are extremely proud to be one of the privileged few Australian agency’s to have been invited to be a part of this global network. We are genuinely able to offer Australian’s a true choice to sell their luxury home.”
Furthermore, “With current market conditions meaning that showcasing a property to its very best is more important than ever, the client’s of MTLH are afforded the very best marketing available at absolutely no cost to them”.
Quite simply, such an advantage is priceless. Marquette Turner’s luxury listings are showcased on Luxury Real Estate.com for the whole world to see.
Michael Marquette is also a frequent contributor to the LRE network’s personal thoughts section. Read his latest articles
A report conducted by the Real Estate Institute of Australia in June 2008 has showed that housing affordability has fallen across every Australian State and Territory for the first time since March 2004.
The figures, which consider both rental and home loan affordability, shows that:
New South Wales as the least affordable Australian State in which to own a home
Home loan holders in New South Wales are having to use 42.6% of their income to meet payments
The average monthly loan repayment has risen 7.5% in the last quarter to $2301.
Tenant’s have had to face tightening vacancy rates
Tenant’s are having to use 25% of their income (up 0.3% from the final quarter) to meet their rental payments.
Tasmania is the least affordable State in which to rent, with 29.2% of the median family income having to be used to pay the rent.
After nine months lows in the housing market, there are signs that the Australian mood is settling.
Housing Industry Association data shows that:
- New home sales rebounded by 4% in June
- Unit sales increased by 15.5%.
- Detached house sales increased by 2.6%
Whilst auction clearance rates remain jittery, Marquette Turner Luxury Homes continues to maintain that the choice of auction’s when selling property at this time is more of a gamble than it is a strategy. In terms of consumer interest in real estate, however, we have noticed a jump in the level of inquiries in the last week or so.
Looking ahead for the rest of the year, a typically more effervescent period for property sales anyway, a combination of easing inflationary pressures and interest rate cuts should certainly put a spring in the step of many Australians.
For the week ending 17 August 2008.
Source: RP Data