February Newsletter As of the time of writing, it is 7° C in Calgary and we are 30 days from the official start of spring. However, at M we are still in the middle of our winter travel season! We have produced an amazing 78 trips over the last 30 days. Sincerely, |
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| M PORTFOLIO | |
Mauna Lani, Big Island We have officially closed on our Mauna Lani acquisition. The property will be open for use as of April 5th. Initial booking will be made by way of a call center on March 6th. The details for the call center procedure will be sent out by our Operations group this week. Brenda Wallace, our designer, has just returned from Hawaii and has laid out a fabulous plan for the property. We are currently ordering furnishings and accessories. I was offered a sneak peak at some of the local art pieces chosen, and they are spectacular. Our design assistant, Candice MacLean, will be leaving on March 1st to accept the delivery of M soft goods and do the initial set up of the home. M Fact: A typical soft goods package (sheets, towels, plates, kitchen supplies, etc.) for a 3 bedroom M home is approximately $20,000.00
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The continued softening trend in the USA is presenting increased buying opportunity at M. The Palm Springs Valley specifically may be showing some initial signs of stabilization. While home sales in the rest of the state were setting record lows in January, sales in the valley actually rose 1.1% from December. This is the fourth month in a row sales have been up compared to the previous month. Sales of single-family, re-sale homes were down 9.8% year-over-year. The median price for single-family, re-sale homes fell 9.7% from December, and was down 14% year-over-year. This is a reflection of the large number of bank-owned properties that have been selling. This uptick may be due to being in the middle of the strongest selling season and the uptick in foreclosure purchasing. However, the sale to listing ratio has stabilized at about 93% and days on market is staying around 110. Given this favorable climate, we have begun doing some initial previews of homes in Palm Springs and we will keep you updated with any new developments. Tides Update |
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| M Forecast | |
The January forecast is proving accurate into February. The mortgage crisis and the credit crunch continue in the United States. The notes from the last meeting of the Federal Reserve indicate that Mr. Bernanke (Federal Reserve Chair) believes the economic risks are weighted to a continued slow down and thus further interest rate cuts may be likely. The housing market has had a substantial affect on this economic stagnation. The numbers tell the story in the US. Delinquency rates, foreclosure starts, and foreclosure inventories are all in multi year highs. The increase in mortgage delinquencies and foreclosures are taking a toll on housing markets, particularly in states where rapid price appreciation combined with speculative investing led to the proliferation of subprime and adjustable rate mortgages. Looking forward to the months ahead, the states with high delinquency rates will continue to experience downward pressures on home prices. The passage of the national economic stimulus package is likely to mitigate some of the effects of rising delinquencies and foreclosures. Although the upper end of this market is not as affected as the lower end, we continue to see increasingly good opportunities for M in our target areas for new properties. |
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| M Operations | |
Kelowna M fact: the average length of an M trip is 5.8 days Shutters, Victoria M Fact: The average property taxes on our homes is $13,000.00 Finance Rotational Priority System |
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| M People | |
| In an effort to help you get to know the M team a little better we will be doing a short biography each month on an M team member. This month we would like to introduce you to Lissette Oliver our new Mbassador (Local Host) on the Big Island of Hawaii: |
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In 2002, I moved to the Big Island with my husband of 15 years, Rick. We immediately continued or started many real estate related ventures including a real estate investment business, a general real estate career with Clark Realty and Hawaii Homechex. Hawaii Homechex provides concierge services to “on island” owners and property services to those owners away from their island home. I am now very happy to be considered the M Private Residences Mbassador. I enjoy all the many benefits and activities the islands offers including scuba diving, horse back riding, hiking, snorkeling and participating in the different aerobic classes offered at the Mauna Lani Racquet club. When time allows I also enjoy traveling to visit my family including 9 nieces and nephews in Puerto Rico, Guatemala, Atlanta and England. I also enjoy snow skiing occasionally as a welcome contrast to island life. I know that my travel industry experience combined with my real estate knowledge and complete understanding of the Big Island lifestyle will serve all of the “M” Shareholders while visiting their island home. Please call me anytime to answer your questions or concerns related to any of your needs. I look forward to many years of service to the “M” Shareholders and especially await the many friendships that I know will follow. Until we meet personally I wish you a warm Aloha and my sincerest thanks for including me in the “M” family. A Hui Ho, Mahalo and Aloha Always, Lissette |
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Aloha everyone, my name is Lissette Oliver and I am your M Private Residences MBassador. I am an “island girl” originally from San Juan, Puerto Rico. My 30 year career has had many travel and real estate related facets. When living in Puerto Rico, I enjoyed careers at TWA and the El San Juan Hotel. Over 20 years ago I transferred to Atlanta with Delta Airlines where I am still employed part time as an international flight attendant. When not flying I have always enjoyed real estate sales and management.
