The pounding of Fannie Mae and Freddie Mac continued Thursday, reflecting concerns about their solvency - and raising fresh anxieties about the impact their collapse would have on the U.S. housing market and broad economy.
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Iranian missile tests. Reports of covert U.S. operations inside the country. Israeli military exercises designed to simulate an attack on Iran.
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RISMEDIA, July 11, 2008-Prudential California Realty luxury home specialist Susan Bartow has announced the listing of a stunning European-style estate owned by a world-class PGA Tour golfer. The home is nestled on nearly five prime acres in beautiful Rancho Santa Fe, positioned perfectly to take advantage of coastal breezes and breathtaking views. “This Rancho Santa Fe masterpiece is an incredible work of art,” said Susan Bartow, listing agent and Prudential California Realty luxury home specialist. “No detail was overlooked in the design and construction of this home.”
Resting high at the end of a private lane, the property’s nearly five acres frame a marvelous presentation of unmatched craftsmanship, European design elements and a rare attention to detail found only in the finest of homes. Guests are welcomed by a covered walkway to the front entrance, which leads into the main residence. Once inside, the home’s inimitable quality and Tuscan authenticity become clear. Hand-carved Cantera fireplaces, Calcutta marble and Bacarrat crystal on sterling silver fixtures are just a few of the home’s incredible high-class features immediately noticeable upon entry. The property’s magnificent views of the Rancho Santa Fe countryside are enjoyed through Albertini windows that hold leaded glass. The home’s soaring ceilings are paneled and trussed in crafted wood, while the distressed walnut flooring lends itself toward the warm and intimate living space.
The estate, designed in the spirit of a classic European villa, evokes strong artistic influences throughout. The master suite is highlighted by custom mosaics replicated from a Venetian palazzo, while the main residence showcases mosaics and frescoes from some of the world’s finest artisans. A 1,200 square foot detached guest villa is graced with many of the same luxurious appointments as the main residence, and another detached studio enjoys a warm southern exposure, serving as an office or meditation/reading room.
This exquisite estate is being offered by Prudential California Realty for $10,750,000 to $12,225,876. Susan Bartow, listing agent for the property, can be reached at 858.775.9055.
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RISMEDIA, July 11, 2008-RealtyTrac
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RISMEDIA, July 11, 2008-In Grant Thornton LLP’s 2008 Real Estate Survey, nearly six in 10 real estate executives (57%) have a pessimistic outlook regarding the U.S. economy for the next year, and almost half of the respondents (48%) have similar feelings about the real estate industry’s business outlook. These numbers show a sharp decline in optimism from 2006, when only 15% of respondents had a pessimistic outlook about the economy, and a scant five percent were pessimistic about the real estate industry’s outlook.
Despite these pessimistic economic and industry outlooks, respondents’ attitudes toward their own companies remain much more positive. Half of the respondents express an optimistic outlook for their own companies in the coming year, and only 12% had a pessimistic outlook. In 2006, 80% of respondents had a positive outlook for their own companies in the next year.
When asked about the single most important issue facing their industry in the next year, more than one-third of real estate executives (36%) chose the national economy. Other concerns included earnings and operation results (21%), the ability to access capital (19%), tenant relationships (10%), and rising costs (5%), among others.
Survey respondents also weighed in on anticipated rate changes in the market. These are some of the predicted rate changes in the coming year:
- 69% think the unemployment rates in their market will increase.
- Three-fifths (61%) predict vacancy rates will rise in their market.
- 79% of respondents expect capitalization rates to increase nationally.
- 76% believe the capitalization rates will increase in their market.
- Half of respondents (51%) think interest rates will decrease.
Grant Thornton LLP’s 2008 Real Estate Survey was designed to elicit the opinions and activities of a broad range of real estate industry professionals. The real estate executives were polled in two ways. First, an invitation to participate in the online survey was sent to nearly 1,900 real estate contacts in Grant Thornton’s database. This effort was followed up with a communication to 4,000 developers, owners and investors who are members of the National Association of Industrial and Office Properties (NAIOP). NAIOP’s members include developers, owners, investors and other professionals in the industrial, office and mixed-use real estate industry. A total of 341 survey responses were collected between March 2, 2008, and March 26,
2008.
For more information, visit www.GrantThornton.com.
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Oil rallied late Thursday, settling more than $5 a barrel higher, as traders reacted to talk of further turbulence in Iran and Nigeria, raising new supply concerns.
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