Mayfair Economy

Wanted: A Boring Leader for the Fed

"Quantitative easing has amounted to an audacious experiment in trickle-down economics. Among other things, it has artificially boosted the stock market in the hope that enriching a few — the top 1 percent of American households owned 42 percent of the nation’s financial assets in 2010 — will help the many. Meanwhile, retirees who don’t dare buy stocks have seen their modest bank deposits stagnate with interest rates near zero. Economists hate to admit it, but the profession is as much faith as science. Counting on monetary policy to secure full employment is like attempting vascular surgery with a dull ax." Continue reading →

Continue ReadingWanted: A Boring Leader for the Fed

California adds 500,000 renters while homeownership declines amidst a boom

"The California housing market is providing us with two different pictures. First, home prices have surged and inventory is still very low. However, the homeownership rate continues to decline from the peak reached in 2006 of 60.2 percent. Since 2007 California has added a net of 500,000 renter households while losing a net of 233,000 homeowners. Yet the market continues to boom in the face of a declining homeownership rate. As we look at the market today we start seeing a slowdown in the speed in which flips are being accepted and inventory is rising. With higher interest rates and the fall season just before us, will the market thaw or continue to accelerate?" Continue reading →

Continue ReadingCalifornia adds 500,000 renters while homeownership declines amidst a boom

The most expensive home styles in America

"Most people know that a mansion costs much more than a farmhouse. What many might not be aware of is that the style of a home can also have a major impact on its price. A Mediterranean-style home sold in the U.S. costs an average of $1.32 million, while a ranch-style home costs less than a fifth of that. Real estate site Trulia provided 24/7 Wall St. with data on the price and popularity of different home styles for which the average price listed by Trulia was greater than $650,000. Descriptions of home style characteristics and history came from groups including Realtor Magazine and Better Homes & Gardens." Continue reading →

Continue ReadingThe most expensive home styles in America

Half of All Homes Are Being Purchased With Cash

"More than half of all homes sold last year and so far in 2013 have been financed without a mortgage, according to a Goldman Sachs analysis. The analysis estimates that around 20% of all homes sold before the housing crash were 'all-cash' sales (or around 30% of sales by dollar volume). But over the past seven years, the all-cash share of sales has more than doubled. There’s no exact way to know who is responsible for all of these cash purchases, though they are likely to include some combination of investors, foreign buyers, and wealthy homeowners that don’t want to go through the hassle of getting a mortgage before closing on a sale." Continue reading →

Continue ReadingHalf of All Homes Are Being Purchased With Cash

Saudi prince reserves portions of Disneyland Paris for $19.5 million

"A Saudi prince spent 15 million euros ($19.5 million) for three days of fun at Disneyland near Paris to celebrate his degree, the group that runs the theme park said Monday. Prince Fahd al-Saud booked entire areas of the park over May 22 to 24 for his 60-odd guests. The festivities included tailor-made events involving 'rare Disney characters,' Euro Disney told AFP. Special security was put in place for the prince, one of the park’s top customers, it added. The theme park attracted 16 million visitors last year but Euro Disney has not made any profits since it was set up 20 years ago." Continue reading →

Continue ReadingSaudi prince reserves portions of Disneyland Paris for $19.5 million

Is this one of the world’s most expensive suits, at HK$1 million?

"A tailor in Hong Kong has produced what he claims to be one of the world's most expensive suits. With 22-carat gold stitching, a gold waistcoat and diamond-encrusted gold buttons, the one-off was sold on May 29 for HK$1 million (US$129,000). It took Apsley Tailors 200 hours to make the suit from the finest wool, with gold woven into the fabric. Apsley Tailors is based at Punjab House in Tsim Sha Tsui. It is famous for its bespoke suits. Established in 1889, it became the go-to tailors for the British forces stationed in Hong Kong, making officers' uniforms as well as civilian attire." Continue reading →

Continue ReadingIs this one of the world’s most expensive suits, at HK$1 million?

Golden threads for the undie drawers of the wealthy

"Hertli, the chief executive of Rococo Dessous, discovered the missing sparkle while a consultant in oil-rich Qatar. Speaking to private banking clients there, he realized wealthy people's love of all things gold was going unfulfilled in the under-there department. After moving to the U.S. and enrolling in Columbia Business School, he teamed up with former Victoria's Secret designer Breanna Lee to launch the first fashion line using gold thread sourced from Switzerland, according to the company. 'The materials are surprising soft and durable,' Lee wrote in an email." Continue reading →

Continue ReadingGolden threads for the undie drawers of the wealthy

Most Americans fear anti-aging technology is luxury for the rich

"Most Americans do not want to live beyond age 100, and a poll out Tuesday suggests many worry that anti-aging technologies may end up being a luxury for the rich. A majority of US adults (56 percent) said they would not 'choose to undergo medical treatments to slow the aging process and live to be 120 or more,' said the Pew report. The median, or midpoint, for ideal lifespan was 90, or about 11 years longer than the current US average. Asked whether current medical treatments are worth the costs, 54 percent agreed and 41 percent disagreed on grounds that modern medical advances 'often create as many problems as they solve.'" Continue reading →

Continue ReadingMost Americans fear anti-aging technology is luxury for the rich

Amazon launches online art gallery

"The 19-year online retail juggernaut, which began as a bookseller but now does everything from groceries to patio furniture, launched 'Amazon Art' to market works from galleries in Miami, San Francisco, New York and other US cities. The site showcases more than 40,000 works from over 150 galleries and dealers that run the gamut as far as subject, genre and period are concerned. Works range from modest canvasses like a $44 cat portrait to Norman Rockwell’s 'Willie Gillis: Package from Home,' which retails for $4.85 million. 'From gallery walls to your walls,' boasts the site, which enables users to quickly click through works by period and genre." Continue reading →

Continue ReadingAmazon launches online art gallery

It looks like the inside of a private jet but this is actually the inside of a humble Mercedes van

"A luxury car customising company has unveiled its latest creation - a van which has been turned into a five-star hotel-style suite. Lexani Motorcars has created the Reale which is an armoured Mercedes-Benz B6 Sprinter. The company based in Corona, California, calls it the 'ultimate' in personal security. The stunning inside area is dripping in the finest fixtures and fittings to make it the ultimate mobile home from home. It is lined with Alcantara suede and features handcrafted fine leather seats, a galley kitchen, luxury lavatory with ceramic toilet and gold-plated sink, marble floors, and even a hidden coat rack." Continue reading →

Continue ReadingIt looks like the inside of a private jet but this is actually the inside of a humble Mercedes van