MCMONIGLE GROUP LAUNCHES 90-DAY CERTAIN SALE PROGRAM
The nation's top-selling real estate group recently launched a live online auction site designed to speed the selling process. The Newport, Calif.-based McMonigle Group recently started the 90-Day Certain Sale program, accounting for a 60-day marketing period and a 30-day escrow. As of press time, 17 properties were on www.90daycertainsale.com, with "Buy It Now" prices as high as $8.2 million and bids as high as $2.5 million. Property prices are reduced by a set percentage each week for every week they remain unsold, for up to eight weeks. |
KINLIN, GROVER START ROBERT PAUL PROPERTIES
Robert Kinlin and Paul Grover, founders of Kinlin Grover GMAC in Cape Cod, Mass., have started a new company to serve the Cape and the South Coast. "When GMAC was sold to Brookfield Asset Management at the end of 2008, we saw this as the perfect time to once again strike out on our own and build a relevant luxury boutique model, Robert Paul Properties," Grover said, adding that the new company will be technology- driven with a tiny bricks and mortar footprint. He created Kinlin Grover (with Kinlin) in 1994. “We were wildly successful, and sold our business to GMAC in 1999. Over the next 10 years, we worked under their umbrella, but fairly independently, cultivating our network," Grover said. |
AARC SURVEY DEBUNKS MYTHS ABOUT LUXURY SPENDING
A recent survey of the wealthiest 10 percent of U.S. households by the American Affluence Research Center revealed the most the wellheeled could imagine spending for 37 products, fromshoes to wine. "The definition of luxury varies considerably by individual and by product, as clearly demonstrated by our survey," observed Ron Kurtz, president of AARC. Wealthy women, for example, report they are more likely to spend less than $120 for nice shoes, less than $100 for a purse for every day, and less than $75 for a pair of women’s jeans. The survey, available at www.affluenceresearch.org, showed that a false view of the luxurymarket is created by other anecdotal research and that no long-term changes in spending are evident among the affluent.
—Mark Moffa
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