Confident sales, buoyant rentals – a Dubai Market Update

A mood change has been going around investors worldwide in the last couple of months. The current recovery of the global bourse has boosted investors’ moods, and banks in stabilising countries resumed lending once more, even though with a slow start. This optimistic effect has also caught the local stock markets. Much like the oil price rally, Dubai’s stock market has greatly recovered over the last quarter of 2009. Instead of cutback discussions in coffee breaks, there is talk of confidence and cheer. The government has also caught on this optimistic trend.

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Emaar Offers Commisions on Sales With Credit Notes

Emaar  has incorporated a new clause in its local agent agreement, offering a commission for any sale transacted using its credit notes, a real estate agent told Emirates Business. The ongoing saga of replacing deposits that investors have paid on canceled projects with “credit notes,” takes a new twist as people become more desperate to offload these poison pills.

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Luxury Real Estate Recovers in London Says Bloomberg

The media continue to talk up the luxury real estate market with some pretty fantastic – and I use the term in it’s literal sense – headlines amidst question marks, false positives and negative predictions all of which add to the confusion and serve the opposite purpose to that which was intended. The latest headline from Bloomberg reads, “London Luxury-Home Prices Rise on Lack of Properties,” and goes on to say,  “Luxury-home prices in central London rose 4 percent in the third quarter from the previous three months as buyers competed for fewer properties,” according to Savills – which is a half truth at best.

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Luxury Hotel Industry About to Collapse Under $24.5 Billion in Debts

The luxury hotel industry has been showing signs of struggling over the last year or so, with a number of high end hotels defaulting on loans, but a recent report from Realpoint LLC, a credit rating agency that follows the commercial mortgage-backed securities suggests the problem may be somewhat larger than originally thought. According to Realpoint, $24.5 billion may be in danger of default, representing loans against some 1,500 luxury hotels.

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Burj Dubai Delayed Again

The Burj Dubai has been delayed once again, and rumors are now suggesting that the World’s tallest building will now open in December 2nd to commemorate UAE National day. The developer Emaar was only prepared to say that the building will be open, “this year,” when questioned.

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Foreclosures on the increase for Luxury Homes

According to the Mortgage Bankers Association, delinquencies continued to climb, even in the luxury homes sector, with a new record being set since records began being kept, in 1972. And the disturbing fact is that these increases are being driven by prime loans. Jay Brinkmann, MBA’s Chief Economist said,

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Luxury Real Estate in the News 09/21

The main talking point recently seems to be the ongoing disconnect between buyers and sellers at the top of the market. The New York Observer has some good examples of this in Manhattan, quoting Kenneth D. Laub, who is asking $35 million for his Upper East Side townhouse as saying,  “If I’m overpriced, then so be it. If someone feels that the house is worth what I think it is worth, then they’ll buy it. And if not, then they won’t. And it’s not the end of the world one way or another.” New York Observer

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Half price luxury homes

Five luxury homes in a development in Kilmacanogue, Co Wicklow, Ireland, have had their prices slashed by up to €1 million each.

Five luxury homes in Rocky Valley Crescent, have been dropped to under €900,000 – the original asking prices were in excess of  €1.8 million, meaning a reduction of over 50%. Roscommon builder Alan Hanly’s Laragan Developments,  went bust earlier thsi year ad the homes have been siezed and offered for sale by a receiver.

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Luxury homes for sale in Las Vegas

Ouch! The president of the “Luxury Homes Group,” a Las Vegas- based luxury real estate company has just listed his 6,600+ sqft home for sale on Innisbrook Avenue for $1.299 million. Mr Morco Kozlowski paid $2.3 million for the property back in 2006, and the property was foreclosed upon in March for $1,45 million, which gives some kind of indication of the fall in values in Las Vegas.

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Toll Brothers CEO makes 50 million dollars and Two respected Chicago Firms Merge

Here is an interesting fact. Robert Toll, CEO of Toll Brothers Inc – the luxury home builder – has just sold 791,000 shares in the company after the share price jumped to around $23 following on from an upbeat report where Mr. Toll said, “We believe declining cancellations and more solid demand indicate that the housing market is stabilizing,” after the company posted a loss of  $472 million.

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