Vacation Homes & Tax Breaks

Are you one of the millions of Americans who owns a vacation home? According to an online article in the South Coast Today, many vacation homeowners “often fail to maximize their tax savings from their part-time residences.” The article advises that by “…keeping simple tax records for your second home can result in saving hundreds or even thousands of tax dollars.” It suggests four different ways you may be able to save.
Realty tax tips: Vacation and second home tax breaks

Luxury Real Estate News Round Up

The 4th Qatar International Real Estate and Investment Exhibition (Q-Rex) was opened by HE Sheikh Abdulrahman bin Khalifa Al Thani, Minister of Municipality and Urban Planning at the Qatar International Exhibition Center yesterday. The Peninsula
Qatari Diar is one of the major sponsors for the exhibition, which runs until 28th of this month. Qatari Diar is wholly government owned and also owns 45% of the other main sponsor of the event, Barwa Real Estate.
The Four Seasons luxury resort “Aviara,” near San Diego, has taken the unusual step of adding security guards and locking owners out of their own properties after owners attempted to remove the company for mis-management. Owners and operators are fighting more often and more intensely as the economic downturn reduces the number of guests and forces down rates while owners struggle to cope with debt payments on their multimillion-dollar properties, say industry analysts. New York Times
“More Signs of High-End Housing Trouble,” says the Wall Street Journal. More housing pain may be on the way for high-end housing markets that had until recently avoided the worst of the housing bubble. Wall Street Journal
Beach erosion on Australia’s Gold Coast is threatening luxury homes. High seas pounded the coast for several days bringing the coastline uncomfortably close for some owners. The World Today
A 19th century French Chateau near in Languedoc has been converted to luxury apartments. Chateau Les Carrasses was originally created by famed architect Louis Garros in 1886. The walls of the castle are embedded with French history and, listening closely enough, it might still be possible to hear the murmur of bygone days. French Chateau for sale
A new luxury community is being planned for Lake Tahoe’s shores. A 19-acre lakefront property that has housed a mobile home park since the 1960s is poised to be developed into the first multifamily residential complex to be built on the shores of Lake Tahoe in more than a quarter-century. SF Gate
Three men in Northern California have been charged in a $200 million Ponzi scheme. They apparently used the money to buy an 80-acre castle estate. The defendants allegedly began peddling construction and real estate projects and other “investment opportunities” across California in 1997. CBS5
Two men were arrested in London last week for a similar fruad involving £50 million and a third will be arrested “by appointment,” this week. So much more civilized than the Californian police. :) BBC
We predicted back in 2008 that we would be seeing a lot more frauds, and certainly the British Financial Services Authority (FSA) have been busy this year.

For Sale One English Farmhouse Private Airplane Included

In today's market owners of luxury properties are doing as much as possible to sell their house... see the following example..

A retired British couple have taken the unusual step of putting their entire life up for sale rather than just the house. For a mere £590,000 you can buy their three bedroom farmhouse - included in the sale is a private airplane with private airstrip and hangar, eight acres of land, and a vacation cottage in Normandy, France.
The house was originally purchased in 1986 for £72,000 and is within easy reach of the house in Normandy. In fact, only about two hours separate the two houses - assuming you can fly the plane that is. “Having a plane meant we could go to France at the drop of hat. We could finish work on a Friday, throw a suitcase in the plane and two hours later be at our French home in time for dinner…,” said the owner. The properties and plane are also available as individual pieces, but - how could you resist?

Wyomissing Pa Luxury FSBO

Mediterranean Luxury Design High on the Wyomissing Hills. A 4000sf of Luxury including Marble, Hardwood, Laminate, Tile floors,

Cherry Kitchen with Corian counter that takes you into a huge Family Room with Marble surround fireplace leads to office,

A 2000sf Finished basement with Tile and Laminate floors, a beautiful Wet Bar and a full bath with stall shower,

A huge main bedroom with a sitting place, jacuzzi, sauna and double shower with exit to deck. This home has a three car garage, is professionally landscaped, stucco finish and great views. This is a truly unique property that comes around once in a while... Contact agent for more information...

More info at:

www.LuxuryHomesBerks.com

World's Most Expensive Homes

These are some of the world's most expensive properties, and the prices are as unique as the homes.

Bran Castle $140 million, Brasov, Romania

Once inhabited by Romanian prince Vlad the Impaler, the inspiration for Count Dracula, this castle, built in 1212, sits on 20 acres. For something a little more "Old World," a Romanian castle, can be had for $140 million.

Saudi Prince Bandar bin Sultan's Aspen ski lodge

$135 millionHala RanchAspen, Colo.Until Tim Blixseth finishes constructing his $155 million Montana ski lodge, this 95-acre ranch owned by Prince Bandar bin Sultan bin Abdul Aziz, former Saudi Arabian ambassador to the U.S., is the most expensive in the country.

Timber and real estate baron Tim Blixseth just upped the ante. He plans to build and sell a 53,000-square-foot stone and wood mansion at the Yellowstone Club, the members-only, Blixseth-developed residential ski and golf resort near Bozeman, Mont. Price tag: $155 million.

64-room Istanbul waterfront mansion

$100 million Waterfront EstateIstanbul, TurkeyThe fifth most expensive home in the world is in a somewhat unexpected spot, located on three-quarters of an acre directly on the Bosphorus in Istanbul, Turkey.

For the third consecutive year, Forbes.com compiled lists of the world's most valuable properties on the market in every continent, excluding Antarctica. They scoured international real estate listings and spoke to top brokers around the world, restricting their list to homes and apartments, not including apartment buildings or plots of land. They allowed for some commercial properties such as ranches or vineyards, but only if the property also featured a residence worthy of the list.
Still, discovering every top-tier property is impossible. Many owners sell their homes only to preselected buyers, and hide their asking and sales prices. This can help owners conceal the value of a home for tax purposes, and keeps fellow aristocrats from regarding them as gauche for announcing a $100 million property to the world.

Forbes, May 2008

Are Luxury Homes A Growing Market?

The luxury homes market was once a tiny percentage of overall sales but today is a fast growing market segment that has gained increasing momentum over the past several years. Real estate professionals who once may have dabbled in the market are now beginning to view this niche as an opportunity to build a career path.

But what is a luxury home?

Certainly we can all imagine in our minds eye the enormous castle or a fabulous estate on the hill, complete with butlers and maids, but is this an accurate definition of today’s Luxury Home? Luxury homes are often described as expensive homes. But cost is only a measure of luxury, a way to measure the differences in any community. Cost can also vary greatly between areas of the country. A luxury home price in the one part of the country may not be able to buy a modest home in another. So price alone is a poor description of a luxury home.

Looking at it another way, luxury homes also include many types of properties from ranches, town homes, condominiums and apartments, to custom homes, villas and brownstones. But one area that all luxury home specialists seem to agree on is that location is a key ingredient to desirability. Location is often a reflection of lifestyle, a key component in the luxury homeowner’s decision making process. And therein rests the key ingredient that needs to be understood for real estate professionals that want to move into this growing market niche. According to John Brian Losh, publisher of Who’s Who In Luxury Real Estate, “When luxury buyers look for a home … they look for a lifestyle change – and they want the home to reflect the lifestyle of the area.

Source:
TransWorldNews

Jim Remley

RealtyU.COM

Market Statistics for 2007 Luxury Homes Berks County

The following numbers are the statistics for 2007 for homes between $500K and $1Million:

There were 223 homes listed for sale
Out of which 52 homes sold
Average Listing Price was $652,970
Average Sold Price was $619,919
Average Days on Market 156


The following numbers are the statistics for 2007 for homes $ 1Million and above:

There were 39 homes listed for sale
Out of which 3 sold
Average Listing Price was $1,842,407
Average Sold Price was $1,350,000




source 2008 Trend MLS

The Luxury market is hurting? I don't know perhaps if you live in some parts of Detroit, where some developments of Luxury homes values fell from 900k to 400k. Now if you live in Manhattan it might be a good idea to smile if you own a piece of land... look at the following statistics from the year that just ended... Is this a local bubble... some think so. Some say that the Manhattan market is driven by Europeans buying all that is for sale.. perhaps, truth is that bubble or not it still gives the rest of the country a last hope in the luxury homes market, or perhaps false hope that things will get back to the 2003 market where you list one day, next day you go pending...

Truth is that Berks County homes have lost value like everywhere in most of our country, not so bad depending on the type of property you own... but in the Luxury, Historic homes market things do not look that bad in our area... homes are still selling. Good time to buy a hi-end property? I think so, but do not overpay... you are looking to buy a Luxury, Historic Property please get representation from an agent who can provide for you info and advise you to a successful transaction...

The average sale price of all Manhattan apartments was up 12% to $1,395,000
Condominiums sold briskly and made up 55% of all deals for the first time.
Condos increased by 9% on a price per square foot basis to $1,222
The median condo price was up 17% to $1,100,000
Co-ops increased by a more modest 3% price per square foot to $918
The median co-op price was up 2% to $666,000

Your home needs one of these

I am not sure this particular toilet will match the baths, but this Swarovski crystal studded toilet is certainly an eye catcher. Designed by Jemal Wright, this is from the “Isis” range of bathroom fittings and is either fully or partially handset with Swarovski crystals – “the epitome of bathroom couture,” according to the designer. Looks a little cold to me and I can only imagine how much fun this will be to clean.
Price - $75,000

Luxury Homes to the MAX

Limestone gallery in London offer bespoke bathrooms and other interior décor made from a variety of natural materials. This particular bathroom features a solid Ivory Stone bathtub carved from a single piece of stone. Possibly the most exceptional bathroom fittings I have ever seen.
Price – this one is at the lower end of their range and sells for around $70,000 for the entire bathroom. A single bath tub can cost as much as $140,000 – just for the bath tub.