Sector Snapshot: Luxury Real Estate Market with Insight from Joyce Rey, the 'Billionaire's Broker'
Point Roberts, WA - November 2, 2016 (Investorideas.com Newswire) Investorideas.com, a global news source and investor resource issues a sector snapshot for the luxury real estate market with expertise from realtor Joyce Rey who has built a worldwide reputation branding her as the 'Billionaire's Broker'.
Joyce can you tell us based on what you are seeing, what the key factors are in selling luxury real estate properties today and how much of an influence international buyers are?
A: Our current luxury market is very strong on the entire West side of LA. The two key factors in selling luxury real estate today are the importance of knowledge of available properties (as so many of them are not publicly listed) and tracking confidential comparable sales information. Another important factor is the luxury buyers' need for privacy and discretion on the part of their agent. International buyers have a significant impact on our marketplace. They do constitute a minority each year but their percentage does increase in the higher price ranges. The three record breaking sales this year in the $100M price range were all American buyers.
How much of a factor does location and building prestige play in this segment and what else can get someone to push the button and buy a home over $10 Million?
A: The old adage – location, location, location - is always proven true as it is normally a buyer's #1 consideration. Naturally prestige plays into the choice of location. The other factors that are extremely important to luxury buyers are city-ocean views, certain style choices and newer construction. Buying a home that is available with beautiful furnishings is also very attractive as it offers an instant lifestyle.
It was just announced a few days ago that Coldwell Banker Real Estate LLC, a global leader in luxury home sales, has enriched its Coldwell Banker Previews International® luxury program by elevating its Previews® agent certification program, expanding global marketing offerings and cultivating growth in its digital and print content. What does this tell you about the optimism for the sector?
A: Coldwell Banker is always on the cutting edge in emphasizing the luxury market worldwide with a network of 84,000 sales agents worldwide. I have been proud to head the Estates Division for Coldwell Banker for nearly 20 years in the Beverly Hills region and have personally been responsible for many record breaking transactions.
Narrowing in on the market in California and in particular Beverly Hills, what are you seeing?
A: Beverly Hills seems to lead the market with foreign sales as the city is known internationally both for its prestige, fine public schools, excellent police force and extraordinary shopping. The inventory in the Beverly Hills community is extremely limited. The demand is great; therefore, prices are increasing.
Can you tell us about some of your current listings and what sets them apart for a distinctive buyer looking in this price range?
A: One of my favorite listings is an acre and a half beautifully placed at the top of Benedict Canyon with stunning views of Beverly Hills and Bel Air. Just completed, this amazing European villa captures the essence of old world charm but with every modern convenience. Beautifully designed with high ceilings, inlaid parquet floors, fabulous screening room, infinity edge pool and sensational master suite, this property epitomizes the ultimate indoor-outdoor California lifestyle combining both privacy and elegance just a short distance from Rodeo Drive. My newest listings and one of my most unusual ones is a 4.5-acre property that includes a 1.8-acre parcel with a stable under construction. The house itself leads up to the Will Rogers State Park and polo field. At the end of a private road, the property has exceptional grounds. The construction was just finished last year and it has a unique style and sophistication with two separate guest houses. Also, I have listed a very glamourous architectural retreat overlooking the Sunset Strip adjacent to Beverly Hills with walls of glass and an exquisite all glass stair case. I have also listed the exceptional Harry Warner estate filled with Hollywood history where Marilyn Monroe once stayed in the guest house. You might have recently seen this property on the People vs. OJ Emmy-award winning television series as it was used as OJ's house. It has a fabulous 35mm screening room, championship lighted tennis court, beautiful ground and spacious bedroom suites. The property is ideal for entertaining and full of authentic charm with hand carved oak detailing.
Can you give us insight over the past ten years, surviving the recession and what you think the future holds for this sector?
A: The recession hit us with a jolt in the October/November months of 2008. I lost over $35M in escrows. Many buyers walked away from substantial deposits rather than close escrow. Interestingly enough, looking back 2009 and 2010 were incredible buying opportunities, because most buyers were apprehensive about the market and prices had dropped significantly. It's always smart to buy when other people aren't. It also takes courage! Prices have steadily increased since that time, however, the price per square foot in luxury properties in the Beverly Hills/Los Angeles neighborhoods is still far lower than any other major city in the world--even our American competitors. So I anticipate a strong market in the year ahead.
In closing, if someone wants to become a realtor in this specialized sector, what does it take to be successful?
A: #2-The number one answer is hard work. It is much more difficult to get started in today's market than when I began over 40 years ago. Worldwide marketing is a necessary component and is very expensive. Contracts are far more complicated and clients gravitate to agents with experience and good reputations with a large client base. It's important to start with an excellent firm and often helpful to associate with a well-known realtor that can assist you in a rather lengthy learning process. The luxury clientele is extremely demanding and expect a very responsive and knowledgeable realtor.
JOYCE REY, Joyce Rey (Executive Director, Coldwell Banker Previews International), has spent more than four decades selling America's most significant residences such as "Pickfair", "The Harold Lloyd Estate", and "Owlwood", setting record after record along the way. Founding the first company in the United Stated in 1979 to only handle million dollar estates, Joyce became one of the most respected names in luxury residences worldwide. She was ranked the #1 Coldwell Banker Real Estate agent internationally. All over the prestigious neighborhoods of Southern California, she has amassed over three billion dollars in career sales, and is frequently called upon by the international media to offer her insight into the high-end market place. She has been included in Elle Magazine's 'Women in Hollywood Power List', in a listing of '35 Most Influential People in Luxury Real Estate in the U.S.' by Unique Homes, and has won an unprecedented three awards from LuxuryRealEstate.com. In recent years, Joyce has mentored an outstanding group of young agents who have been ranked as the top team in Southern California for Coldwell Banker in 2014 by the Wall Street Journal. Joyce graduated from USC with a Master's Degree in Business and became a Business Law teacher.
Despite the demands of her thriving real estate business, Joyce remains dedicated to many philanthropic projects such as the Southern California Executive Board for the U.S. Fund for UNICEF. She is an active volunteer for CUN and their wonderful International Day of the Child to help foster children. She is also a member of the Music Center's Blue Ribbon, the Coldwell Banker Community Foundation Board and the Los Angeles Public Library Foundation Council Board. Joyce first joined the Beverly Hills Chamber of Commerce in 1974. She is honored to be a long time member of the International Women's Forum-Trusteeship and an active member in the Women's Presidents Organization (Los Angeles Chapter 2). She has also been honored by the Anti-Defamation League with their wonderful "Deborah" award and the American Cancer Society's "Spirit of Life Award". One of her most exciting moments was when the Beverly Hills/Los Angeles Board of Realtors gave her their coveted Lifetime Achievement Award. Her negotiating power, integrity, and passion for personal service and caring for others is nothing short of inspiring. She resides in an Architectural Award winning home in Benedict Canyon where she frequently entertains her clients, colleagues, and friends
Described by the Chinese media as The First Lady of Luxury Real Estate, Joyce has traveled throughout the world presenting her outstanding listing inventory.
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