Luxury Insider: What Locomotive Will Pull The Train in 2015?

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The world is built in such a way that when the sun shines in one place, it is dark in another. Complicated. This contrasted picture could illustrate the volatile and moody nature of the US real estate market. Look at the so-called recovery that we have been writing about for 4 years already, even though it has not been exactly obvious. Did we all feel it? Did all regions feel it? Of course not! Who benefited from it? Who will benefit from it going forward, while it lasts?

As if it was not difficult enough, in any business, to deal with cycles, we have to recognize that a wave of real estate activity (number of sales or price appreciation for example) is rarely generalized all over the country and rarely affects all price ranges. Again, the sun does not shine everywhere at the same time. The Big Mo is very picky. People’s means, needs & motivations regulate the game and they too keep on changing.

When home prices resume their growth on the two coasts after a crisis, the rest of the country may still be stuck in paralysis and see prices continue falling. Or the other way around. Same phenomenon among the various segments of the real estate price ladder. When the high-end is hot and steamy with cash deals and foreigners over-bidding one another, the low-end may be cold when the buying pool is mostly composed of investors…. Or when the low-end comes alive again and prices surge, high-end prices may be soft and challenged.

Every 2 to 4 years or so, depending on the length of cycles, we pretty much can count on one price segment of the real estate market serving as a locomotive. That segment is almost always different from one cycle to the next, as it follows the state of the economy and the means as well as the profile of the buyers, wherever they come from.

More often than not, the high-end acts as the locomotive. The first (and often the biggest) price surge usually takes place at the top of the market, and the appreciation wave eventually moves through the various price layers. That’s what happened in the late 90’s, in 2004, 2005 &2006, and again, to a lesser extent in late 2010, 2011 and the beginning of 2012.

Big difference during the recent crisis, mostly from 2008 to 2010. The market stayed alive “thanks” to a tsunami of transactions at the low end or located in the regions most affected by the recession. Short sales and other distressed transactions represented a huge and growing share of the activity, until the economy turned around and equity sales came roaring back.

What happened in 2012, 2013 and 2014? What happened is that we saw the “bread & butter” (around median price) and the first tier of the high-end market (roughly from $1M to $3M) go wild, with double-digit price hikes. The move-up market was booming again, as jobs, incomes and confidence were growing.

Of course, the luxury market was alive and even prospered during all these years, from 2010 on. However, only the very top of the price ladder saw a significant price surge. When they see exceptional quality, those people who can afford it are fast to write an offer, without questioning the price. Case in point, Atherton, the most expensive town in the Silicon Valley (and in all of the US for that matter), saw its average sales price jumps more than 37% last year! No further comments.

OK, we are now 3 weeks deep into the new year; what price segment of the market is likely to pull the real estate train this year? My take is that the low-end is going to be the main engine. For one thing, First-Time buyers are expected to re-enter the dance. The record-low mortgage rates will obviously play a role but, more importantly, the overall cost of borrowing and new credit perks (like lower mortgage insurance premium with only 3.5% down on an FHA-backed loan) will greatly increase affordability.

There is more. Timing is everything. Look at the present conditions: more jobs, more job security, better pay, more borrowing money available, more confidence, price stabilization… Hard to pass on these opportunities if you want to buy a home and you can do it.

Now, where in the land can we expect a vibrant market? Most everywhere, but particularly where the economic recovery has, thus far, been late for the celebration. According to many analysts, the Midwest will be the bright spot in 2015. The Midwest low-tier should outperform all other price segments and all other regional markets, with a growth (6/7%) about double what is expected elsewhere. If you happen to be there and ready to make a move, don’t miss your turn!


Luxury Insider: The 80/20 Rule

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Two weeks gone; 50 more to go until we’re done with 2015. Relax, we have plenty of time to do well. Right? Wrong! If in doubt, remember one rule that always served me right through the years: if you start fast & strong, chances are you will have a good finish and a banner-year. If, however, you take your sweet time to get going, good luck, you might be a few trains late to get to where you want to go.

Those of us who are in sales (isn’t everybody?) feel the pressure at this time of the year. We know what we have accomplished over the previous 12 months, but the next 12 are largely unknown. Depends who we are. Depends on how prepared we are for another run at success. Some feel the pressure because they are excited about starting with a big bang. Some feel the pressure because they have no idea what’s going to happen to them.

There is just a hair over 1.1 million Realtors in the US at this point. It’s more than 11 times what we had in 1970 (only 94,625) and about 6% more than what we had last year, which seems to indicate that those who got their license in 2014 were/are optimistic about their chances to strike gold going forward. However big the present count is, it is actually down 19% from a record 1,357,732 Realtors established in 2006.

Of course the billion dollar questions this year are: how many of all those “active” real estate pros will finish the new year with a better bottom line than what they achieved last year? And how many will still be around on December 31st?

These questions are pretty much the same questions we have in mind every year, although it always takes a full year to get the final answers. The reasons for the ever-lasting uncertainty (aside from the preparedness, the skills and the motivation of the agents), are the fast changing market conditions and the even greater market variations between states and regions.

We know that Realtors were not born equal and that differences tend to further increase with time. Forever, it seems, we have assumed that the 80/20 rule would be a fact of life in the business. Well, not so fast. We may have to revise our thinking. A new study by the very serious WAV Group –kind of an industry think tank-, shows that last year was more in line with a 60/40 rule. Productivity among the ranks increased a bit; more agents participated in the success story. Game changer?

According to the survey, roughly 60% of the Realtors put transactions on the books in 2014. It is a bit of a surprise since the market, if nothing else, was more challenging: less sales (especially distressed sales) and a double-digit appreciation in most regions, in other words a market tailor-made for full-time & experienced local experts. Well, maybe lots of newcomers were harder at work and eager to win.

When you look at the numbers more closely, as Marilyn Wilson did for the purpose of the survey, there seems to be a direct correlation between the number of Realtors who do business and those who login daily to the MLS system. Perhaps the newly licensed agents or those weaker agents who are re-committing to the business, are more technology savvy or more serious about keeping in touch with the market data.

Statistically, 4 out of 10 Realtors are neither listing nor selling property at this point. During the first 6 months of 2014, 7% of the agents had between 11 and 20 transactions; 3% had between 21 and 50; 1% sold in excess of 51 properties!

My guess is that, at the high-end, the productivity ratio is quite different from what we can observe when looking at the overall market. Last year’ 60/40 rule and the traditional 80/20 rule don’t come close to illustrating the reality of the marketplace. At the top of the price ladder, in the multi-million dollar range, the going rule looks more like 90/10, if not 95/5 at the listing-end! There are only so many top guns in any area and they are awfully good at keeping the most precious turf to themselves.


Luxury Insider: My Take On 2015

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Here we are again, warming up to another 12 month worth of “long distance-sprint”. Ready or not. Time to get in the right groove for yet another year… or switch to automatic pilot for those Realtors who have been there many times before. It gets to be a reflex after a while. Same old hopes with our fingers crossed. What kind of a year is it going to be this time?

Our best industry brains have a ready-to-go expression or prognostic for what lays ahead; the same every year: “Cautious Optimism”. Kind of a “Definite Maybe”. You can’t go wrong with ambiguity. If the year turns out to be good, you were right; if it does not, well, you never said it would be an easy ride, you flashed the “cautious” warning lights for everyone to see.

My take on 2015? I expect it will be a pretty darn good year. Period. Listen to me. In many aspects, it will look like a duplicate copy of last year. If you liked it, you will enjoy this one as well. It will, however, offer the welcome zest of predictability and stability. 2014, building on the momentum established the year before, was a bit wild and scary. The price spiral got a good many specialists to predict a 2002-type crash-ending. No, the bubble will not burst.

The beauty of a slow and tepid recovery is that the real estate activity does not overheat. It gets hot alright, but because the bulk of the would-be-buyers are still hurting from 5 years of recession, the market self-regulates you might say; the demand cools down. Buyers are not willing to keep on overbidding a host of other candidates & ending up paying more than they realistically can afford for a home.

Last year, as Lawrence Yen, the chief economist for the National Association of Realtors rightfully put it, has been a tale of two halves. Indeed. During the first 6 to 8 months, sales were lagging behind the 2013 levels due to an even steeper listing inventory shortage and a continued & alarming price appreciation. Change of pace in September and the remainder of the year: unit sales started climbing and prices started slowing.

So here we are now, in January 2015. What’s next? Here is my take on what should be the driving traits of this new vintage:

  • Listings: Not a lot more than last year -2 to 5% at best- but “more” is sweet enough to the ears. Every little bit will help in a market screaming for more inventory. We have been waiting all of 2014 for a more regular flow of listings; it never happened. The market will be more responsive to the demand this year, as sellers (whether residents or investors) who were counting on more appreciation build-up, can only wait so long to sell and optimize their return.
  • Sales: We expect more this year, in line with the modest growth of the listing inventory. This will bode especially well for the West which, contrary to other regions, closed nearly every month of 2014 in the minus column for both listings and sales. This mini-surge of transactions will be seen mostly at both ends of the price ladder: the low-end, thanks to a timid return of the first time buyers, and at the high-end, thanks to… foreigners.
  • Median price: After 2/3 years of rapid & often dramatic growth, prices are set to stabilize. This cooling off is a welcome omen. No more double-digit appreciation in the better zip codes. Prices are still expected to go up but I doubt we’ll see more than a 4/5% hike for the whole year across the 50 States.
  • Luxury market: This segment will be, in my opinion, the true barometer of the market this year. In 2014, the high-end was lukewarm. Contrary to what we could observe at lower price levels, the supply of homes exceeded the qualified demand. Prices reductions were many over the life of most listings. Fortunately, in the multi-million dollar range, wealthy foreigners came to the rescue and easily filled the gap left by a relatively smaller domestic demand.
  • US economic outlook: The recovery is still stretching, but for how long? 2015 should be a good year. The economy is growing and the job market is growing accordingly. Too bad wages are not following the trend. Not yet. We may not be in top shape but compared with the rest of the world, we look terrific. The Dow and the S&P, both great barometers of the real estate pulse, are experiencing a few hiccups but remain on a positive record-breaking trend. Same positive outlook on the IPO’s front (with nearly 600 companies in the pipeline and an expectation that at least 10% will go public) as well as mergers & acquisitions. Roughly half of the IPO candidates are in California, mostly in the tech sector.
  • World economy: Slowing. No justifiable hope that most “locomotives” will get out of what is shaping up to be a lasting global slump. Europe and Japan have been, are, and will be fighting headwinds. China and India are experiencing a significant slowdown but, with a growth rate better than 7% and 5% respectively, it’s all relative…. If nothing else, such phenomenon might be the best thing that could happen (short term only) to our US luxury market. With the hazards of their economies and their currencies, the wealthy foreign buyers are even more incented to get their money out of the country and place it ASAP in US trophy homes. We will have time to worry about & prepare for longer term consequences in the second half.
  • Chinese buyers: They deserve a separate paragraph. We said in a previous blog that there are, today, 2.9 million millionaires and 650 billionaires in China…and the number of wealthy Chinese grows more than 10%/year…and we know that over 60% of wealthy Chinese want to emigrate to Western countries or at least buy a residence there…Mostly in the US… and a 2 month-old US/China visa agreement permitting tourists, business travelers and students to enter the country multiple times and stay as long as 10 years, will further boost the above. Be ready for a Chinese buyers’ wave, particularly around the Chinese New Year. Tourists from the old country already have their plane tickets and are getting ready to buy property here. Black Friday-type house hunting!
  • Mortgage financing: Banks and other financial institutions are back in top shape. They have plenty of money to lend this year. Good time to borrow. The Fed easy money policies are no more but the cost of money is still at record lows. Combined with this great opportunity, lending standards are being lowered: credit score qualifying requirements will be further reduced this year, inviting more people to live the American Dream.

Time to make a move?


Luxury Insider: A Welcome Pause Between Two Marathons

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Today is New Year’s Eve. It took us all of 365 days to get there, so I suggest we all rest a little bit before getting started with another cycle.

You deserve a break, and, if it’s OK with you, I’ll give myself one as well. No business blog today. Today is just about people. Let’s use this precious time to celebrate all those dear to us and enjoy our good fortune.

New Year’s Eve is the end or the beginning, depending on which stretch of life, between the accomplishments of the past 12 months & the excitement of the unknown road ahead, you choose to place the emphasis. A welcome pause between two marathons. Time to reflect and savor the moment.

Having fun is serious business. That’s all the business that matters and that we can handle on a day like this. There is always another day to get back to “business as usual” and post another blog. We’ll get back to this nice routine starting next Wednesday.

Until then, I just have a few words from the heart for you, and one single wish:
“HAPPY NEW YEAR”!


Luxury Insider: Hot Spot In The Cold

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We all have memories of painful December moments in freezing cold temperatures. My favorite and personal such painful story (funny, actually, in hindsight) took place in Boston a few years back….

That icy-windy morning, I took the shuttle-boat from the South Shore to the Financial District to get to a meeting. I was dressed for an artic exploration. My phone rang. I was expecting a call, a big one, concerning an urgent matter. I was ready. Sort of. Just one problem: before I could find my way to the cell through 5 or 6 layers of clothing, the caller quit on me.
The phone rang again. By then, I had the phone right there in my hand, but, for the life of me I could not activate the call with my mega thick ski gloves.

Third (and final) ring: I am absolutely ready for it this time. I manage to slide my Yucon trapper fur hat sideways to uncover a fraction of my ear and I open my mouth to say hello, but not a sound comes out; my lips don’t move. Frozen. I lose the call…

So you know where I went this year to celebrate a few days off mid-December with my wife? Scottsdale, Arizona, the “West’s Most Western Town”. Life is too short. I like it hot.

Of course, I could not just relax and absorb the sun by the pool, I had to look at real estate. Part of my DNA. Lucky me, I got a terrific guide to take me on a grand tour of some of the most prestigious high-end listings in town. Cheryl Wamsley (that’s her name) is a Realtor at “Arizona Best”, a partner member of our Luxury Portfolio International network. Write her name down if you are shopping for a home in the Phoenix area.

We saw a good collection of exceptional properties in the exclusive sections of Scottsdale (Pinnacle Peak, Silverleaf, Arcadia) and Paradise Valley. If you are looking for a green lawn and citrus trees, Arcadia and Paradise Valley is where you want to go; if you are a desert lover and you can’t imagine living in Arizona without a mega cactus + a few agave in the back yard and a view of a mountain peak, the first two will make your day.

There is Plenty (notice the capital P?) of listed properties to choose from in and around Scottsdale, and prices are all over the map. You can find a nice townhouse or Patio home in a $300k to $800k price range, and you can spend up to $30M if you fancy better things in life. The price per square foot varies from roughly $200 at the lower-end to a maximum of $1000 at the top end.
The area is not suffering from a listing shortage. And the inventory keeps on growing. In the $3M+ range (true beginning of the luxury market here), it may take 2 years (based on the recent rate of sales) to find a buyer in Scottsdale, and around 3 in Paradise Valley. Over $5M, three hands are enough to count the transactions in a 12 month period. Over $10M, one hand should do, give or take a couple of fingers.

As far as I can tell, the local high-end market is suffering from 2 present supply & demand challenges. One is that at the $3M –and even $2M- level, there is only a small organic “move-up market”. Most of the buyers come from another state. Quite a few look for a nice “lock & leave” vacation pad in a gated community to warm up during the winter months. At the top of the market ($10M+), the challenge is of course far greater. In that price range, many of the would-be “typical” buyers are foreigners these days and Scottsdale is not (yet) an international destination. Besides, traditional marketing is not reaching them.

Among the properties Cheryl showed me, two trophy homes got my adrenaline flowing. My top pick is a $7,995,000 new “French Manor” in Arcadia, near magical Camelback. Usually, when I read something like “French chateau” on a brochure, I am “beaucoup” skeptical. Well, let me tell you, this “manor” is amazing. The real thing. Very rarely do I see a property where every square foot is so perfect and every detail so exquisite. Grandeur, quality & charm in the same package. Worth the trip, to be sure. Bring your checkbook.

The other property, also listed through Berkshire & Hathaway, is in beautiful Paradise Valley and priced at $25 million. What do you get for $25M? More than 25,000 square feet, consisting of 7 bedrooms, 12 bathrooms, a detached 2 bedroom guesthouse, a free-standing 1,800 sqft fitness facility….. on a 5 acre lot stretching at the foot of Mummy Mountain. Impressive but challenging. It’s bigger than big and the variety of styles and colors, from one room to the next, will only appeal to a one-of-a-kind buyer. Hefty task. One huge plus though: the grounds are simply magnificent. Go judge for yourself.

Wishing you, and those dear to you, a merry and warm Christmas, whether under the sun, or on the snow, or anywhere in between!


Intero Real Estate Services Inc. Opens Ventura County Office

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One of the most creative and progressive real estate companies on the planet opens doors in Camarillo

Intero Real Estate Services Inc., (“Intero”), a Berkshire Hathaway affiliate and wholly owned subsidiary of HomeServices of America, Inc., has opened a net branch in Ventura County.

Located in Camarillo, Intero Ventura County will be managed by Katcha Burnett one of the pioneering agents at Intero Real Estate Services’ first office when the company was launched in 2002 by Gino Blefari, now incoming CEO of HomeServices of America, Inc. Trained in Silicon Valley in innovative marketing and sales techniques, Ms. Burnett has been recognized as part of Intero’s Chairman’s Circle (top 1% worldwide) multiple times, and in the spring of 2012 achieved #1 Listing Agent status amongst thousands of agents.

“Katcha’s trailblazing efforts, her vision, values, and great successes listing and selling properties makes her perfect for leading Intero’s Ventura County presence,” says Intero President and CEO, Tom Tognoli.

The Intero Ventura County office is a boutique-like environment where select agents receive individual mentoring, training in Intero’s cutting edge technology and systems, as well as participate in Intero’s powerful national and international networks. For further information, or to obtain a confidential interview, contact Katcha Burnett at 805-244-5555, or kburnett@interorealestate.com.


Diana McGrogan Named to Leading Real Estate Companies of the World® Advisory Council

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Diana McGrogan, Relocation Director for Intero Real Estate Services, Inc., a Berkshire Hathaway affiliate and wholly owned subsidiary of HomeServices of America, Inc., has been appointed to the Leading Real Estate Companies of the World® Advisory Council. This leadership group is comprised of top business development and relocation professionals from firms affiliated with Leading Real Estate Companies of the World® (LeadingRE), an international network of more than 500 market-leading real estate companies.

Diana McGrogan croppedCouncil members work closely with the Leading Real Estate Companies of the World® management team on critical network initiatives, mentor other members, and serve as ambassadors for the organization’s extensive programs.

Members are elected by fellow council members to serve a three-year term and are chosen based on professional experience and reputation, willingness to share their expertise for the betterment of the network and dedication to LeadingRE. McGrogan’s term begins in March 2015.

McGrogan, who has been with Intero since 2006, is also a member of the Worldwide Employee Relocation Council, Relocation Directors Council and the Silicon Valley Chamber of Commerce. She states, “My job is to connect our agents and clients with the best possible resources across the globe and make sure our needs are being met. By joining the Council of the largest international network, I’ll be able to bring the specific needs of our unique Silicon Valley market to the table.”

In addition to McGrogan, who is the only Council Member located on the west coast, other newly-elected council members include Ryan Carrell, Carpenter Realtors, Indianapolis, IN; Rachael Joyner, Joyner Fine Properties, Richmond, VA; and Carole Souza, NP Dodge Real Estate, Omaha, NE.

“We are delighted to strengthen the council with the addition of these highly-respected industry professionals,” comments LeadingRE Director of Network Services Brent Williams, who serves as the staff liaison to the group. “The Advisory Council is critical to our network’s continued success, as we rely on the group’s collective insights and guidance to help us offer services that support the overall success of our member firms.”

Also serving on the council are Chairperson Diane Howard, Real Estate One, Inc., Southfield, MI; Vice Chairperson Denise Talboy, The Keyes Company, Weston, FL; Dawn Fetherston, Diane Turton, Realtors, Point Pleasant Beach, NJ; Elizabeth Fowler, WestMark, Realtors, Lubbock, TX; Jane Gowarty, Smith & Associates Real Estate, Tampa, FL; Nancy Harmann, GARDNER, REALTORS, Metairie, LA; Pamela Metzger, Colorado Landmark, Realtors, Boulder, CO; Liz Nunan, Houlihan Lawrence Real Estate, Rye Brook, NY; Dawn Stevens, Jack Conway & Co. Inc., Norwell, MA; and Paige Thompson, Zeitlin & Company, Realtors, Nashville, TN.

Leading Real Estate Companies of the World® is a collection of over 500 leading residential real estate firms, represented by 4,000 offices and 120,000 associates in nearly 50 countries worldwide.
Collectively, the network produces more annual home sales than any other real estate network. LeadingRE provides its affiliates with an extensive range of brokerage services, which include lead generation, cross-market referrals, branding support, luxury marketing, online exposure, technology systems, and industry-leading professional development.


Another Office Added to Intero’s Southern California Catalog

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Intero Franchise Services continues to grow under HomeServices of America ownership

Intero Franchise Services Inc., a company affiliated with Intero Real Estate Services, Inc. (“Intero”), a Berkshire Hathaway affiliate and wholly owned subsidiary of HomeServices of America, Inc., has opened a new Southern California offices expanding their coverage in the area to 7 from Santa Barbara to San Diego.

Located in San Dimas, the new office is connected to Intero Rancho Cucamonga. This is the third office opened through this group owned by Danny Morel. The first office is located in Rancho Cucamonga proper and the second is a satellite branch in Downey. These three offices together create a trifecta of market coverage for the company throughout the entire Inland Empire.

“With Rancho Cucamonga 20 minutes west and our Downey office 20 minutes south this new office in San Dimas rounds out our service area,” says Morel. “Now anyone in the Inland Empire is close to a name and brand they can trust when it comes to their real estate needs.”

Intero San Dimas will be managed by Alex Villasenor a team member of Morel’s for the past 11 years as well as the first agent on-boarded to the Intero Rancho Cucamonga office. Morel adds “Alex exudes the key qualities I would expect from anyone managing an Intero offices. He is a great real estate coach and is extremely patient with all of the agents. He lives and breathes to empower agents to be successful.”

“It’s great to see agents who have grown with Intero now branching off and running their own offices,” says Tom Tognoli, CEO and President of Intero Real Estate Services. “With the Intero values and principles already instilled in them, these leaders have the vision, experience, and expertise needed to be successful and continue the tradition of supplying the best real estate services in the industry.”

The office is already open for business:
Intero San Dimas
160 E. Via Verde
San Dimas, Ca 91773
909-453-3213


Luxury Insider: A Digital Magazine for Intero’s Premier Properties

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PM_i15_COVER-SMThis month marks the release of the 15th issue of The Intero Prestigio International Magazine. Composed of some of the finest luxury estates Intero has to offer, this Prestigio International Virtual Magazine gives you a glimpse into the world of high-end properties. Since it is an online piece, feel free to enjoy it at your leisure, whenever you can take the time to relax and open your eyes to an album of beautiful homes. This also allows you to instantly share it with friends and family through social media, websites, or email. Browse through the gorgeous photos and find the property information and unique qualities of each one of the exceptional properties featured.

Prestigio International is a division of Intero Real Estate Services, a Berkshire Hathaway affiliate, specializing in the marketing of high end homes and estates in all relevant markets, whether local, regional, state-wide, national and international. We offer the widest scope of marketing coverage to multiply the opportunities to reach out to the most qualified buyers.

It is wonderful to see how this global high-end marketing program has become the reference in the industry for this type of publication and the standard by which others are judged. The release of our fifteenth issue attests of the mark that Intero has established in this prestigious market. Take a look at the beautiful homes that are the finest in the San Francisco Bay Area and beyond… you just might find your next home!

View the virtual magazine for yourself here.


Easy Holiday House Hunting Through Digital Magazine

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Luxury home collection comes to you from Intero Real Estate Services’ Prestigio Division

Intero Real Estate Services, Inc., a Berkshire Hathaway affiliate and wholly owned subsidiary of HomeServices of America, Inc., is releasing their holiday issue of Intero Prestigio International digital magazine. The digital magazine is a combination of the innovative, tech savvy power of the Silicon Valley real estate company and their division specializing in high-end real estate, Intero Prestigio International. This issue includes everything from a Georgian Colonial Estate in Atherton, California to a Mountain Mansion equipped with Smart amenities in Evergreen, Colorado.

The magazine offers enhanced and global promotion for Intero’s most exclusive homes and estates. Designed with ease of circulation in mind, it can instantly be shared through social media websites and email. As if reading a handheld magazine, online viewers can browse through gorgeous pictures and enjoy articles written by the luxury real estate icon, Alain Pinel. The digital magazine aims not only to raise awareness of properties offered in the Prestigio International collection, but also to exhibit their finest qualities. This piece only touches the surface of what is offered through the Prestigio International marketing program.

Renowned real estate entrepreneur Alain Pinel, Senior Vice President and General Manager of Intero Prestigio International, is the primary mastermind who pioneered and launched Prestigio International as part of his goal of expanding Intero’s luxury brand. From local print advertising to international display, properties in the Prestigio International collection have an elevated level of exposure to help them sell quickly and efficiently.

“Technology has linked all corners of the world together on an unprecedented level and it is clear that we are only going to grow more connected,” states Alain Pinel. “We no longer have high-end buyers confining their search for luxury homes to their neighborhood––or even to their own country. Nor are people searching in the conventional ways of decades past. Globalization has been the buzzword for some time now, yet nowhere is it as real and apparent as in the high-end real estate market. We, at Intero, put the puzzle pieces together. That’s why, among a host of innovative tools and services, we created this online magazine to reach the worldwide audience using the digital means that connect us together.”

PM_i15_COVER-SM

View the digital magazine for yourself here.