Nick Churton of Mayfair International Realty, Houlihan Lawrence’s London-based affiliate, takes a look at how the real estate market is shaping up this spring and looks forward to a bit of normality.
Everywhere in the world has a different real estate story to tell. In the US there are now some good signs of recovery. In the UK we have – at least on paper – dipped back into recession again. In the Euro zone there is turmoil. I could go on. So just what is going on? Where will the real estate market go now? When will it ever get back to normal?
Well, wherever you are the mortgage lenders are still being difficult. Buyers are being especially choosy and some sellers still think it is 2006 with prices to match. These are everyday issues that seem to affect all those involved in buying and selling real estate. Plus there are other local difficulties and confused and conflicting reports made by industry ‘insiders’ in the print and online press.
What on earth should a sensible buyer or seller think – or do? The answer is to try and forget all of the above and get on with it. If you wait for things to get back to normal you will wait forever because there is no normal in real estate. We are where we are now. Tomorrow we hope will be better. But who really knows? So make the most of it now and move on. Don’t look back, except with some fond memories.
There may be ups and there will certainly be downs along the way. But the best advice from the people who understand the real estate market most of all – real estate agents – is don’t wait for things to get back to normal. You may get a better price for your home tomorrow but then you will, no doubt, pay more for another. When you think about it this is normal, or as normal as it gets.
London: A Destination for Luxury Buyers
Mayfair's Nick Churton and Anthony Cutugno
A global hub for luxury real estate, London is home to one of our premier European affiliates, Mayfair International Realty. Recently I was pleased to attend Mayfair’s annual conference, held at the Royal Air Force Club in fashionable Piccadilly, where over 350 luxury brokers, representing some of the highest priced properties in the UK and Europe, got together to discuss the state of the business in their respective markets.
Outlook 2011: A Stabilized Luxury Market in the UK and Europe
Spurred by reports of several high-end sales in London and Europe, Nick Churton, Managing Director of Mayfair International Realty, reported on the improved outlook for next year especially for properties that are properly priced. Similar to the market conditions we see here in the New York area, European luxury properties priced for today’s marketplace are seeing activity while overpriced properties continue to languish. Whether you are in London or Paris or Bedford or Rye, homebuyers in every price range want a “deal” and pricing will continue to be the driving force in today’s marketplace.
Marketing in the International Domain
It was a valuable experience to hear from these leading international brokers first-hand and a great chance to introduce our important estate properties to this esteemed group. Members particularly enjoyed hearing about Devonshire in Bedford Corners , named for the famed aristocratic clan, the dukes of Devonshire and their ancestral seat, Chatsworth House in Britain. More and more , our international outreach and affiliation with the world’s leading experts in real estate is critical to our success in the marketing of our local estate properties, where buyers can come from anywhere in the world.