Does the idea of owning your very own luxurious hotel suite in a 300 year old monastery in Piedmont, Italy excite you?  Then make sure to check out Hotel Monastero di Cherasco!

The 750 year old medieval town of Cherasco is centrally located between Milan, Monte Carlo, the Alps and Mediterranean attracting visitors from all over the world looking to enjoy the fabulous food, festivals/markets, Borolo & Barbaresco wines, Tartufo Bianco (white truffles), remarkable history and Le Langhe’s gorgeous countryside. 

Hotel Monastero di Cherasco will feature 20 hotel suites ranging between 400-500 SF and priced between $300k and $375k.  Hotel amenities include a swimming pool, formal and casual dining, a wine bar, onsite boutiques, lush gardens, a professional management staff and much more.  Because the hotel is located on the northwest corner of Cherasco many suites will also enjoy the panoramic sunsets and views of Mt. Viso and the Alps…what more could you ever ask for! 

Each homeowner will receive their own Euro bank account where 60% of the suite revenue will be deposited every month.  The hotel will be professionally managed by an experienced team who also own/manage a hotel in a nearby town so you will never have to worry about your vacation getaway.  Monthly dues will be $250-$275 and estimated completion is set for late 2008.

This is a very unique opportunity to work with a Seattle-based group of investors looking to make a dream into a reality! 

If you are interested in learning more about Hotel Monastero di Cherasco, please let me know and I will be happy to send you additional information.  There are only 7 reservations left! 

I ran across this search engine for over 4 million properties in 50 countries…but no US to be found (just yet).  Currently you can search for nearly 3.5 million listings in Europe, 7,000 in Africa and 30,000 in Asia to purchase or rent on Properazzi.com. 

Properazzi is very user-friendly and also offers additional news/information about the different markets- check it out!

NuWireInvestor issued an interesting piece this morning on rental income tax rates around the world. Research came from the Global Property Guide study and rates were based on the monthly rental income of $1500.

Among the highest rates were Switzerland (48.56%), Tanzania (31.45%), Russia (30%), U.S.(30%), Costa Rica (30%), Kenya (30%), Norway (26.86%), Philippines (25%), Peru (24%) and Spain (24%).

Higher rental income taxes can potentially decrease property values and the interest of foreign investors unless significant deductions are offered to offset the rate. Obviously, the lower tax rates create more profit and are considered more attractive to investors.

Our neighbors? Canada’s rental income tax rate is 14.87% and Mexico’s is one of the lowest at 3.36%. For those exploring the idea of an investment, remember the US does tax foreign income so talk to a tax professional before making any commitments!

The Office of Federal Housing Enterprise Oversight (OFHEO) released their interpretation of the House Price Index today: U.S. HOUSE PRICES SLOW- House Price Index Shows Smallest Quarterly Increase Since 1994

You can read the 78 page press release but here are the highlights for us…

The top 20 Metropolitan Statistical Areas (MSA) were ranked based on the highest rates of home price appreciation over the past year and Washington has 4 spots:

- #1, Wenatchee (23.54%)
- #6, Longview (13.6%)
- #17, Seattle/Bellevue (9.89%)
- #20, Spokane (9.3%)

Click here to read Inman News- Home prices drop in 15 states during Q2

Lauren Baier Kim, a senior editor at RealEstateJournal.com, published an article that touches on some key real estate markets across the U.S.  Here is what she had to say about Seattle: 

Seattle sales slow
It seems that even Seattle is showing signs of the housing slowdown. The metro, although tied with Salt Lake City as the strongest housing market in the U.S ., saw pending home sales in King County drop 9.4% year-over-year in June, while the number of homes for sale rose 53% year-over-year, according to a Seattle Times article. Although boosted by a strong job market, Seattle’s housing market is being hurt by its high prices and lack of affordability, the Times says. But the outlook isn’t all gloom and doom: “I’d still characterize the Seattle market as being healthy — one of the few in the country,” the paper quotes Lawrence Yun, senior economist for the National Association of Realtors, as saying.

Check out the rest of the article!

Looks like everyone over at Redfin have been very busy!  Check out the new blue site and logo- very clean and well-designed! 

Here are some additions:

• Added Boston to the mix
• Changed logo due to a conflict with Move.com
• Made expandable map to fit your entire screen
• Bigger property photos
• Faster loading time with no tabs!
• New signs
• AND increased prices for Sellers

  They even have a launch video that demonstrates the changes.  For more information on the updates, check their Corporate Blog.

Today, the New York Times published a little blurb about what $500k gets you in Seattle, Colorado and North Carolina.  Why they picked these locations- I haven’t a clue, but the listing they chose to feature in Seattle was an 853sq. ft, 2 bedroom/1.75 bath at The Grandview (2201 3rd Ave #2106) listed for $509k.  With sweeping views of Downtown, Lake Union, the Space Needle and Mt. Baker, this unique condo has been upgraded with stainless appliances, granite counters, custom lighting and more! 

When I saw this listing come on last Monday (March 12th), I knew it wouldn’t last long.  It is currently listed on the MLS as Active-STI.  Congrats to agent, Jean Anderson with John L. Scott, for the national exposure!