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I love to go the Ruth’s Chris in Del Mar, Donovans in La Jolla and other fine steak houses–and always wonder how they get their perfect steaks. Of course, the meat is prime quality, but I’ve also  heard it’s their 800-degree cooking surfaces that allow the steak to arrive so hot inside. The problem for me is tht I don’t have any surface in my home that even comes close to such a temperature.

So, when cooking steaks at home, I usually sear the meat first in a cast iron skillet and then finish in a hot oven. The result, after a brief rest,  is generally a nice medium rare finish with a crust on the surface of the steak with a pink-to-red gradient finish on the inside.

Now, there is a different suggestion for the perfect steak.

Slowly cook the steak in a 275 oven, let sit for 15 minutes, then sear in very hot cast iron skillet. The result will be a very hot steak with crust on ouside and a medium rare (or whatever level you prefer) finish throughout the inside.

I wish I could take credit for the idea, but picked it up this morning and will share article and video below, which offers more detailed instructions.

How to cook the best steak.

The post The Luxury of a Perfect Steak appeared first on Luxury Home Digest.

by Roberta Murphy

We have noted a decided uptick in our own luxury real estate market in San Diego.  Home shoppers from Europe, Canada, Mexico, Asia and the United States seem to have collectively decided that now is the best time to invest in coastal San Diego–in communities ranging from Coronado and downtown San Diego to La Jolla, Del Mar, Solana Beach and Rancho Santa Fe.

Apparently, this is a growing trend, as can be seen by this infographic that shows recent luxury home trends throughout the United States.  Anecdotally, we are hearing the same from luxury real estate brokers in Florida, Colorado, and other states.

As you can see, biggest gains in luxury home sales occurred in the Western states, followed by the Noetheast, the South and trailed by the Midwestern states.

The post Luxury Real Estate Market on the Rise appeared first on Luxury Home Digest.

$57 Million as a sales price for a Hong Kong apartment?

That is an amount that most people cannot even imagine. No matter how hard-working or how dedicated to the saving, wise spending and money management encouraged by Forbes.com, lovemoney.com and the like, most people will not accumulate that kind of wealth–even in several lifetimes. It is most definitely the realm of the super rich, being able to purchase such colossally expensive homes–and the ultra-wealthy in Hong Kong are no exception.

What if I had $57 million to buy a luxury home in the U.S.?

I would seriously have to consider a currently-available 10,000 square foot home right on the beach in Del Mar, just north of La Jolla. The climate couldn’t be more perfect, the views are spectacular, while snow-covered mountains and desert golf are just a couple of hours away. But then again, I am a big fan of (and a Realtor for) homes in San Diego!

The post Hong Kong Luxury Real Estate on a Roll appeared first on Luxury Home Digest.

There’s no doubt that uber-wealthy Russians love luxurious homes–and are willing to pay billions of roubles for well-placed mansions, townhomes and luxurious estates.

In Moscow, where luxury buyers are enriched by petrodollars and enthused by strong consumer confidence, a young and wealthy businessman recently paid 2.5 billion roubles ($99 million) for a Moscow town home near the Kremlin. Setting a new Moscow record, this seven-story apartment boasts 1300 square meters of undisclosed luxury and sits near the Kursk railway station.
Russian luxury home buyers, though, invest without borders.

Donald Trump’s Palm Beach estate, was originally listed at $125 million, but Dmitry Rybolovlev, one of Russia’s wealthiest businessmen, closed on the estate at $95 million. Forbes, by the way, pegs Ryobovlev at #59 with an approximate net worth of $12.8 billion on its list of world billionaires. The fate of Trump’s former mansion? It is reported that Dmitry Rybolovlev intends to tear it down and build another.

Another Russian waterfront buy recently occurred on Britain’s ultra-exclusive Sandbanks Peninsula. There, an unnamed Russian businessman paid almost $9 million for a 5-year-old Sandbanks mansion that he, too, intends to tear down. Replacing the existing home will be an ultra-contemporary glass-fronted home–with a helipad on the beach.

Sandbanks, by the way, is listed as the fourth most expensive place in the world for real estate.

I can’t help but wonder if any of these Russian real estate investors might be interested in some of San Diego’s prime real estate. There is an exquisite Del Mar estate on 5.5 acres pf oceanfront property priced at just $76 million–or 1,952,363,937.376 Russian Roubles.

And of course, if an investor should be interested in this wonderful investment opportunity, or any others for that matter, please feel free to give me a call at either 877-818-8197 or 760-402-9101.

HT:
Moscow super-rich pour millions into luxury homes | Oddly Enough | Reuters

The post Luxury Homes: From Russia with Love appeared first on Luxury Home Digest.

Because, says Dyson “This is a real estate depression–a serious, serious issue.”

He sees an immediate need to stabilize real estate markets and neighborhood values. He also believes the motgage lending industry needs to get out of the “asset management” business, and instead focus attention on new loan originations.

So what to do with all those defaulted loans and pre-foreclosures?

That’s where Dyson’s proposed “American Incentive Resolution” saves the day.

How would it work?

1. The American Incentive Resolution Corporation (as a government entity) would buy defaulted loans from lenders at 50 percent of face value.

2. Re-market these homes through Realtors at retail market value.

3. Offer these homes to first time buyers and those whose credit and FICO scores have been damaged by short sales and foreclosures the last couple of years. The initial terms would be a 12-month lease-purchase, with all payments accruing to a down payment as long as payments are made on time. Lease payments would equal what loan principle, interest, taxes and insurance would be under normal loan terms at 5 percent interest. Initial move-in would entail first and last months’ payments.

4. At the end of 12 months, the lease would become a purchase with all payments made under terms of the lease being applied to the full down payment.

The first video below details Bob Dyson’s assessment of the real estate market bottom, while the second deals with the American Incentive Resolution:[youtube]http://www.youtube.com/watch?v=uidxq2GWkdc[/youtube] [youtube]http://www.youtube.com/watch?v=yhfF-loeG9A&feature=related[/youtube]

HT: http://www.SanDiegoPreviews.com

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Last Thursday, I had the opportunity to sit across from Bob Dyson at his office in Del Mar and listen to this real estate legend discuss today’s real estate market. We were also fortunate to have Chris Dyson videotaping much of the discussion, which we have divided into four segments.

At the start of our interview, Bob Dyson said these are the worst conditions he has seen during his 40 years in the real estate business–citing symptoms such as lack of buyer confidence and the drastic deflation in certain real estate markets–including California, Nevada, Arizona and Florida.

The causes stem from irresponsible mortgage lending practices from 2003 to 2007 and the resultant and reactionary tightening of mortgage funds. Dyson simply calls it a “lending debacle.”

At the same time,he says, there is a large and growing backlog of buyers who want to buy–and are just waiting for reassurance that the real estate market has really bottomed, or is at least close to that point.

See below (and stay tuned for a radical solution):[youtube]http://www.youtube.com/watch?v=fV0WIWDrfIA[/youtube]

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Luxury Real Estate Market: What is Normal?

I often turn to Billy Taylor, financial services guru at San Diego’s Villa Sotheby’s, when I want to hear the latest scoop on the mortgage market. Just last week, for example, Billy shared that Chase had moved out of the jumbo mortgage market entirely. That leaves a mere handful of lenders who will even consider doing jumbo loans, which help fuel much of the mortgaged luxury real estate market.

Below, Billy shares with us his latest assessment of the mortgage market and how it is impacting real estate sales:

As a real estate professional with more than 25 years experience I often get this question:

“When will the real estate market be coming back?”

Well, I don’t think the real estate market ever left us; it was the financing that left us!

There are many people looking to buy or sell real estate. The phones are still ringing and open house traffic is growing. I receive calls everyday inquiring about loans and real estate available.

It is NOT Consumer demand that is missing; it’s the financing programs available to fulfill those sales transactions that is missing.

Overnight after August 10th 2007 the real estate loan liquidity simply dried up. The secondary market on Wall Street stopped buying Jumbo loans,(those over $417,000), and has yet to come back into the market.

Jumbo loans, which had been 60% of the loan market in California prior to last summer of 2007, are now about 10% of the market. Congress’ loan liquidity solution of raising the Fannie Mae and Freddie Mac loan limits to $697,000 in San Diego, for example, has NOT been the solution many had hoped it would have been. This is mostly because the interest rates delivered were NOT conforming rates as suggested they would be. Rather, they more like a half percentage point higher–and with new restrictions that made them nearly impossible to be approved.

This new jumbo loan category is called Agency Conforming and is nothing more than an old Jumbo loan, but with stricter guidelines and higher pricing. Jumbo pricing above $697,000 to $5,000,000 is even higher in pricing and also faces difficulty in getting approved.

The lifeblood to any market is liquidity and a real estate market would die without financing. In Mexico real estate loans are rare and generally require 50% or more as a down payment. Unfortunately that is why most of the population in Mexico doesn’t own real estate. So a lack of liquidity for real estate loans in the United States, and particularly jumbo loans, has restricted home ownership this past year.

We in the U.S. have had liberal financing available for real estate which has allowed millions to own homes. And therefore an abundance of real estate liquidity has allowed millions to own homes and enjoy a higher standard of living for themselves and their families.

But the lenders have all found underwriting religion and their financial gravy train has derailed. Programs that once fueled the 20% annual growth rates in Southern California real estate have been deleted. Stated income loans, which were probably the most abused offering of the market, is quickly disappearing as lawmaker’s line up to kill it completely. Second trust deeds which allowed lower down payments are rarely offered, and if they are, the pricing is prohibitive. In a word the lending guidelines are “TIGHT”

So where does this leave us and where am I going with this editorial?

Although my commentary is a bit dire I want to make the comment that all is NOT lost. There are still many banks willing to make loans. But it must be said the path to closing the deal is narrower!

Everyone would love to know when the bottom of this market will be reached. Which was the original premise for me writing this commentary?

I have the belief that TIME has nothing to do with when a bottom in a real estate market is reached. I believe the bottom will be reached when the INCOMES of buyers support the ASSETS FINANCED. And unfortunately this was not the case for many of the loans funded in the past five years.

That being said, I believe the real estate owner and investor has to be working with the best and most informed bankers, real estate brokers and real estate agents if they are to be successful in this market. The days of every loan being approved and every transaction closing is over. Sellers, Buyer’s and Agents should be partnering with their banker before a transaction goes into escrow–NOT AFTER. Success in real estate takes more planning and upfront work than in previous markets.

The post When Will the Real Estate Market Return to Normal? appeared first on Luxury Home Digest.

Who are these young and ultra-affluent buyers of homes in Rancho Santa Fe, Palm Beach, La Jolla, Aspen and Manhattan?

Robert Frank, in his best-seller Richistan, calls them instapreneurs (didn’t he coin the term?).

These are the new titans in technologies, who have benefited from a rise in financial speculation and governments that support free trade and wealth.

Instapreneurs are not plodders when it comes to accumulating wealth. They don’t develop companies to last for family generation; rather, they may launch several companies over their career life spans. And the goal for each venture is a lucrative “exit strategy” that will create the fattest windfall possible.

What are these luxury buyers seeking when searching for their trophy home?

1. They are specific in their demands as to age of property, views, room volume, luxury closets, privacy, and entertaining areas.

2. Instapreneurs often wish to be near prestigious country clubs, where they can golf, play tennis and entertain business elite.

3. In San Diego, many of these nouveau uber-wealthy demand ocean frontage, ocean noise–and silent streets. Or the highest penthouse in downtown San Diego. The want what is rare, what is singular.

4. Instapreneurs often have children, and are concerned about the quality of nearby and private schools. How the home works for the kids can be of keen importance. Instaprenerual parents want safety, space and room for kiddie galas.

5. These luxury home buyers often have special room requests, such as a library, multiple offices, servant quarters, guest houses, snoring rooms, home gyms, massage rooms, a conservatory or even a panic room.

6. These busy people often demand to be not far from a major airport because of frequent travel demands and the desire to minimize time spent away from families.

We enjoy working with these interesting folk, not just because we enjoy finding perfect property fits, but also because of the stories we get to hear. Some have been scientists, some movers and shakers in technology, and some who just had the courage to pour everything they had into an idea whose time had come.

They all inspire and the world is a better place because of these producers.

The post Nouveau Luxury Home Buyers: Instapreneurs appeared first on Luxury Home Digest.

Bob Dyson is a real estate legend who recently launched Sothebys real estate offices in the San Diego, Palm Springs and Las Vegas markets. He has kindly agreed to share some exciting news with us about a new real estate exchange program that is set to rock the San Diego real estate market mid-January.

This program will do much to liberate locked-up equities in homes throughout Southern California.

But Ill not steal his thunder.

by Bob Dyson

How I See It: Lets Liberate Home Equities

With all the alarming issues facing us in Real Estate ownership and all the turmoil in Real Estate lending, I have been searching endlessly for fresh solutions to these problems. What if we could create a new and faster way to buy and sell homes in todays challenging market? What if real estate buyers and sellers could focus on the deal instead of getting lost in the details of granite surfaces, designer amenities and upgrades?

We believe our home exchange program will help stabilize our troubled real estate market and could be a program easily implemented in other cities outside of Southern California.

Quick Facts:

There are more than 25,000 homes for sale in San Diego County. We believe there are also more than 19,000 qualifed buyers who wish to purchase a home in San Diego RIGHT NOW.

So where are the buyers and who are they?

They are home owners living right here in San Diego.

They are home owners with œFrozen Equity – people who want to relocate right now but must sell their home first.

The Media:

Granted, there have real problems with the real estate lending industry . And the media has done an excellent job paralyzing the home buying public, scaring them away from purchasing.

Recent statistics provided by First American Title Company show that in San Diego County, the Palm Desert/Palm Springs areas and Las Vegas, foreclosure activity is centered in small pockets of those communities.

Areas like Rancho Santa Fe, Del Mar, Indian Wells and Summerlin have experienced very little impact from local foreclosures; however, those communities have been brought down by media hype and generalities.

It seems that nobody at the media level, or especially the government level, is paying attention to details. Our congressmen who are holding hearings on these issue dont even know what questions to ask – much less are able to present viable solutions.

Been There, Done That:

In January 1993 – in a similarly challenging Real Estate Market – several of us in the industry began calling our listing clients and we asked them one question: œWhen you sell your home, are you moving up in price, down in price or out of the area?

From that calling session forward, our little group began selling homes at an incredible pace. In January of that year alone, we sold 48 properties.

How We Did It:

We took our clients who had good equity, good jobs and good credit and matched their wants and desires to move up with other clients selling their homes who desired to move down.

We simply exchanged properties. It was actually as simple as œIll buy yours and youll buy mine.

Two purchase agreements were drawn up, each contingient upon the concurrent close of the other. Both clients got new loans and became a buyer in one escrow and a seller in the other.

The process and the response exceeded our wildest expectations. We provided all parties with work sheets, we moved sales prices and new loan amounts around with our lenders and, in most cases, satisfied the needs of both clients.

Exchanging Properties in Todays Real Estate Market:

Today, we are taking our exchange idea of the 90s, dusting it off and are updating it with todays technologies.

What is evolving is an industry-supported effort to help buyers and sellers with good credit, good jobs and solid equity move NOW.

To best understand this new program please click on the following link to visit www.HomeExchangeProgram.com. The site is still under construction, but you can get a feel for how exchanges work.

Real Estate agents and sellers alike can participate in this program. The more of us who participate, the faster this Real Estate market will right itself and and help œAll Ships to Rise.

If you would like to discuss the Home Exchange Program, please give me a call at 858.481.2020 or email me.

And thats œHow I See It.

Bob Dyson

Bob Dyson is the Broker of Dyson & Dyson Sothebys International Realty in Palm Desert/Palm Springs, Calif. and Las Vegas, Nevada and Villa Sothebys International Realty in Del Mar, Calif. With nearly 40 years experience in the Real Estate Industry, Bob has become an industry innovation leader. In addition to his many years in the brokerage industry, Bob is also involved in real estate mapping and development and currently has several thousand acres in various stages of mapping and development in Southern Nevada and Southern California.

About the Company
Dyson & Dyson Sothebys International Realty and Villa Sothebys International Realty were founded in Southern California in 1988 under the name Dyson & Dyson Real Estate Associates. Offering a variety of unparalleled real estate services, the brokerage operates offices in Las Vegas, the Palm Desert/Palm Springs area, and Garner Valley under the name Dyson & Dyson Sothebys International Realty and in the San Diego County area under the name Villa Sothebys International Realty.

Each office is independently owned and operated.

Read also:

San Diego Real Estate Exchange: Barter and Banter

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