Top of the Tweets: Buffett, Extraordinary Islands and Yachts
Say anything that hints of a rebound and you’re sure to get a lot of attention, particularly if your name is Buffett. In his most recent letter to Berkshire Hathaway stockholders, Warren Buffett cites the reduction in new housing starts to a rate below that of housing formation as key to a recovery for real estate. He anticipates that within a year or two residential housing problems should largely be behind us.
A sign of the times? The current downturn in the minerals and metals business has hit Russian billionaires, especially Mikhail Prokhorov. The richest man in Russia, according to the Times Online ,made headlines in August 2008 when he plunked down $50 million as a deposit on the purchase of Villa Leopold. The sale of the Cote d’Azure complex for €390 million would have made the most expensive for residential real estate. Early last year, Prokhorov backed out of the sale and a French court ruled last week that he could not get his deposit back. Click here for story.
Amid some not-so-good reports on pending home sales came positive news on the mortgage front. The quarterly Default Risk Index compiled by University Financial Associates in Ann Arbor, Mich., show that mortgage risks are slowly beginning to return to normal levels. Other good news, Florida home sales rose in January, making 17 months that sales increased year over year.
Luxury yachts are not immune to the downturn. The super yacht Obsession II, offered by Ocean Independence in Zurich is a 34.2m sailing yacht built by France’s C.I.M. Shipyard. Last refitted in 2008, she accommodates up to eight guests in four staterooms: a master, three doubles and a twin plus two cabins for three crew. BoatInternational.com tweets a price reduction to €4.5 million.
Ever since I wrote about buying an island a couple of years ago, anything related to islands and real estate catches my eye. So ,an article listing 10 extraordinary islands on Yahoo Travel didn’t escape me thanks to @coldwellbnkr. Travel expert Frommers has a new book, 500 Extraordinary Islands, and shares information on 10 of them online. While they aren’t for sale, they are great places for an escape — real or virtual. On the list: Bora Bora, Prince Edward Island, Malta, Isla Grande de Tierra Del Fuego. The inclusion of Mauritius (home to the dodo bird) in the Indian Ocean didn’t surprise me, seeing as this island is establishing a reputation as an upscale destination.
On the celebrity watch, Conan O’Brien made his Twitter debut snapping up 583,974 followers almost instantly. In the midst of posting a handful of tweets, he’s listed his Central Park West apartment for $29.5 million, according to The Commercial Observer, @commercial_nyo.
