Yesterday, I had the opportunity to join over 200 friends and colleagues at a conference hosted by our luxury home division, Coldwell Banker Previews International. The venue was the spectacular Christine Lee’s restaurant at Gulfstream Racetrack and Casino in Hallandale. Complimented by a sensational meal and networking opportunity with the very best of the best in luxury real estate, we were privileged to have several distinguished speakers present and share valuable information and insights on the Southeast Florida luxury market segment.
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| Christopher Ramey Luxury Marketing Council |
Mr. Christopher Ramey of Florida’s Luxury Marketing Council was the first keynote speaker. He spoke about the driving forces of today’s high net worth buyer and seller, and the global shift of age demographics and the role it plays in market psychology and consumer behavior. Mr. Ramey addressed the importance of brand recognition in the luxury segment, and how the Previews International brand is synonymous with high luxury real estate throughout the world. Evidence of this status is demonstrated by virtue of the company we keep as invited members of the Luxury Marketing Council: Bentley, Cartier, Tiffany & Co., Mercedes Benz, Four Seasons Hotels, Brioni, Louis Vuitton, Rolls Royce, and Bergdorf Goodman just to name a few.
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| Jillian Tobias Boardroom Communications Incorporated |
Ms. Jillian Tobias of Boardroom Communications Incorporated (www.boardroompr.com ) , headquartered in Plantation, FL was next to speak. Her firm specializes in integrated marketing and public relations. Ms. Tobias leads the company’s forward thinking initiatives in new media (blogging, social media, interactive). Ms. Tobias gave us a peak into the world of new media and how it is continually evolving and allowing marketers to reach potential, existing and past customers around the world, and engage them to establish, maintain and retain quality relationships, loyalty and promote growth through the infinite capabilities of the internet and the expanding sphere of influence it facilitates.
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| Ken Kamen Mercadien Asset Management |
Mr. Ken Kamen, President of Mercadien Asset Management (http://www.mercadien.com)/ was next to grace the stage with an enlightening perspective on global markets, the economy and government. Mr. Kamen is a nationally recognized financial expert and advisor. He has consulted with the U.S. House Commerce Committee and the U.S. House Ways and Means Committee, testified before the House Subcommittee on Finance, and served as the chairman of the business advisory group to the U.S. House of Representatives’ Oversight and Investigations Sub-Committee on financial matters surrounding the Enron corporate scandals. Author of the book “Reclaiming Your Nest Egg”, Mr. Kamen demonstrated a keen awareness of the strengths and weaknesses of the American economy as well as the economies of China and Europe. Personally, my key takeaways from his presentations were (these are my words, not Mr Kamen's....in other words, I could be wrong):
1. Don’t pay too much attention to the media. Their job is to attract viewers for their advertisers, and hardship attracts more eyeballs than happiness. The media feeds on volatility, not performance. Volatility creates excitement and excitement draws viewers.
2. Don’t let the media be your financial advisor or Realtor any more than you would allow WebMD to be your doctor.
3. Financial security is a long term game, and the majority in our society has a sound bite mentality. Boring and tedious issues like insurance, asset allocation and tax planning have a more important long term impact on our future and the futures of our children than the stock of the week or the crisis du jour.
4. Government is largely controlled by very well organized special interest groups who effectively communicate their positions and objectives to congressional staffers (many of which are highly educated mature 20-somethings) who filter and feed this information to our elected officials in order to guide them and help form their opinions and positions. This, in conjunction with polling data from focus groups, drives the direction and strategy our country takes. Under this system, it is inherently implausible for government leaders to have a true and comprehensive understanding of the issues we face. While their intentions may be good, their perspectives are generally tilted to one side or another. As a result, policy decisions in most cases fall victim to unintended consequences.
5. Owning a home represents much more than a simple entry in our asset portfolio. It represents the security and stability of our lives and the comfort and well-being of our families. It represents us as an integral part of our communities. To the luxury market, it means the opportunity to create an environment for those we love that we can cherish and foster memories that will last for generations. To the high net worth buyer or seller, time is the most valuable commodity. Therefore, in the current economy where treasury notes, CD’s and money market funds result in a net loss against inflation, and uncertainty is the only constant in the stock, bond and commodities markets, the burning question is whether the wealthy should forego the pride and pleasure of a new home, give up the time and satisfaction of providing joy and happiness to their families in exchange for what the paper investment markets have to offer.
I would like to thank Mr. Mike Murray, VP of Coldwell Banker ‘s SE Florida region, Ms. Rochelle Fraga, our Regional Marketing Director, Christine Lee’s Restaurant and all the leadership and staff who made this event possible. The ideas and insights were relevant and enlightening, the message of support and guidance from our leadership is resonant, and Coldwell Banker Previews International remains the benchmark of quality, expertise and customer care in luxury real estate!
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