Tag Archives: luxury resort broker

Billionaire Bill Koch chops $2.5 million off the price of his Osterville “Yachtman’s Paradise”

http://budurl.com/kupe

A million here, a million there, pretty soon we’re talking about real money
Article | News | December 30, 2013 – 6:00am | By Walter Brooks

How many waterfront mansions does a billionaire need?

Will Billionaire Bill use a few million more to save his oceanview?

Two weeks ago we published a story about Bill Koch entitled “Fighting Cape Wind $1 million at a time”, see that story below. It’s difficult not to imagine there may be a connection between that and the fact that Bill Koch has reduced the asking price of his Osterville mansion by $2.5 million.

His property in Oyster Harbors in Osterville was put on the market last year for $15 million, and according to the Robert Paul Properties website, the price has been reduced to $12.5.

He has voiced his anguish at having to see a wind farm in the distance.

Billionaire is not wining

This is almost the same loss Koch suffered a few years ago when he admitted in court that he was conned into paying $2.1 million for fake bottles of wine, see the Palm Beach News story below.

As one commenter on the CBS News story about Koch’s phony wine said, “One plus, seeing Mr. Koch show the world his intellectual prowess when he bought 4 bottles of wine supposedly owned by Thomas Jefferson. Thomas Jefferson had marked his name on the bottle with an electric etching tool. A very common practice in the late 1700′s… writing ones name on wine bottles with ELECTRIC tools! Please let Mr. Koch know I have a 1st edition bible autographed by Jesus for sale. What a pathetic fool…

Koch’s 8,600 square foot Oyster Harbors home is on a one and a half acre waterfront lot, has its own dock, 9 bedrooms, 8 full baths and 4 half-baths, with taxes of $66.398 a year and it’s assessed at $6.3 million.

Bill Koch is most famous around here as the major backer and the money behind the one remaining group fighting to stop Cape Wind – the Alliance to Protect Nantucket Sound.

Although that group will not release the names of its financial supporters, Commonwealth Magazine says it’s a good bet the big donor is Koch, a Floridian who summers in Osterville on the Cape. Koch runs Oxbow Corp., a major energy conglomerate, and is worth almost $4 billion.

In an interview with CommonWealth Magazine earlier this year, Bill Koch said he had donated more than $5 million to that organization as part of a strategy to keep delaying Cape Wind in the courts and in the court of public opinion until the proposed wind farm’s owner, Jim Gordon, calls it quits.

Maybe one waterfront mansion is enough

Of course, perhaps Bill Koch cut the price of his “Yachtsman’s Paradise” because he recently bought Bunny Mellon’s waterfront mansion nearby. Bunny, who prosecutors say gave millions to help former Democratic Sen. John Edwards cover up an affair, sold a 25-acre portion of her waterfront Cape Cod compound to Bill Koch for $19.5 million.

Forbes claims that Bill Koch is worth $3.8 billion, and they rank him as number 122 on the Forbes 400, down from number 92 a year ago.

So what’s a couple million one way or another for one of the wealthiest men in America. The only thing I have in common with Koch is that we both graduated from Culver Military Academy. Bill is listed as one it Culver’s “Notable Alumni“. I am not.

Robert Paul Properties describes Bill Koch’s Osterville digs as “Yachtsman’s Paradise on Nantucket Sound… On the south coast of Cape Cod, on the renowned private island of Oyster Harbors, only a few rare properties offer views of Nantucket Sound, a private sandy beach“.

November Conferences

This has been a fun, busy, and productive few weeks.  We recently enjoyed the California Dreamin’ Tour in Rancho Palos Verdes, as well as the Leaders in Luxury conference in Dana Point, California.  Were you there?

Affluent Preferred Print Media

This article came to me via my Luxury Insights blog.   According to this study, it reveals how affluent Americans still prefer print media over every other type of media outlet available today.  The statistics are quite insightful.

Here’s a link to the full article.  Among Affluent Americans, Print Media is Top
Affluent Read Print Media
What are your thoughts?  What is your ROI on the media outlets you have been using?

Enjoy,
George

Chinese Buyers Dominate the Vancouver Luxury Market

Here’s some information I found via Luxury Insights.
In Vancouver, Chinese buyers dominate the luxury market
Posted: 31 May 2011 09:02 AM PDT
vancouver buyers chinese

It’s no secret that the Chinese have been buying up real estate in Vancouver , but it might be a surprise to some just how much the Chinese are driving luxury sales. A recent study by Landcor suggests that in 2010 fully 74% of luxury homes and condos in Richmond and Vancouver ‘s West Side were purchased by mainland Chinese.

Here are details on the study results and further market commentary.

Enjoy,
George

WSJ article – Luxury Market Trends/Buyers

Interesting article by Candace Jackson in the Wall Street Journal.

The New Global City
Russians in London, Brazilians in Miami—and Chinese almost everywhere. The biggest players in the residential-real-estate scene today often come from halfway around the world.

She looks at New York, Miami, London, Paris and Hong Kong.
Read the full article here: http://online.wsj.com/article/SB10001424052748703730804576317150261940990.html

Enjoy,
George

More Millionaires in 2020

I wanted to share this article with you.  It is from Daily Finance.

Many More Millionaires by 2020: How Will Your State Stack Up?
By Dawn Kawamoto
Posted 3:30PM 05/05/11    Retirement, Economy, Investing

Prepare yourself for the decade of the multiplying millionaires: By the end of 2020, the number of affluent households that will cross the line into seven-figure status is expected to virtually double the ranks of millionaires in the United States, according to a study by the Deloitte Center for Financial Services.

The number of millionaires is forecast to rise 72.5% to 65.5 million worldwide by 2020 from about 38 million this year. In the United States, home to nearly half the world’s millionaires, the increase is expected to be even sharper: a 96.2% jump to 20.6 million. The estimates of household wealth are based both on financial assets such as stocks and bonds, and nonfinancial assets like primary residences and business ownership.

How much wealth are we talking about? …. READ FULL ARTICLE HERE

Where the Wealthy Will Be
In the U.S., California, Texas, New York and

New Look for Luxury Resort Broker Blog

This year Spring cleaning has inspired me to build a new look (and format) for my Luxury Resort Brokers blog!

You can still feast your eyes on my older posts by clicking here.  These archived posts go back to 2009, but a lot of the information is still relevant.

The Canadians are Coming – article

Here’s another Luxury Insights read I thought you might like to read.

The Canadians are Coming, eh?
Posted March 28, 2011

Motivated by a strong Canadian dollar and what they perceive as bargain U.S. home prices, as many as 1 in 5 Canadians say they’d consider purchasing property in the U.S.

A new survey for BMO Bank of Montreal and conducted by Leger Marketing reveals that as home prices have dropped in the regions of the U.S. which are traditional destinations for Canadian snowbirds, interest in purchasing U.S. property has risen.

Want to know which Canadians to target?  Regionally, those in Alberta (31 percent), British Columbia (28 per cent), and the Prairie Provinces (27 per cent) are most interested buying property in the U.S.

Bank of Montreal suggests that Canadians wanting to purchase in the United States should consider the questions shown below.  While some of these are lifestyle questions which the prospects will have to answer for themselves, to answer other questions, a REALTOR’s input will be valuable.  If you want to tap into this market, make sure you are knowledgeable and can refer prospects to tax advisors and others as needed.

Questions for Canadians Considering Purchasing in the United States:

- What states and neighborhoods fit your needs?
Since you are responsible for property maintenance, consider how easily you can access your property from your Canadian home throughout the purchasing process and after acquisition.
Consider flights and airlines, if you can fly there direct, and the cost.
Research and even ask locals about the community to ensure it suits your needs.

- What to consider when financing the purchase with a U.S. based financial institution?
It is important to be aware of the differences in mortgage financing and how interest is charged in the U.S.
What mortgage money is available to international buyers?
Furthermore, understand the impact of penalties and withholding taxes if and when you decide to sell your home in the U.S.

- Do you understand the status of the property?
Understand the terms of the property. For instance, is it labeled as short-sale or on foreclosure?
The status of the property can have a variety of implications. Be sure to consult an expert before making any buying decisions.

- How will you use your property?
Is your purchase for investment or lifestyle purposes? This will affect where you buy and how you hold the property. Also, understand the options available and what will benefit you in the long run.
If your purchase is for income purposes, keep in mind that renting your property means added responsibility. Research the possibilities of increased utility usage, property management needs and the vacancy rate in the area to ensure you’re prepared. Investment properties can be subject to taxation in two countries, so make sure you speak to a taxation specialist.

- How much time will you spend south of the border?
Consider how many months of the year you’ll be living there so that your purchase reflects your lifestyle.
Be aware that there are rules regarding the amount of time you can spend in the U.S. before being considered a U.S. resident and subject to paying income tax.