Existing Home Sales Stumble in June
CHARLOTTE, NORTH CAROLINA
From Wells Fargo Economics Group
Sales of existing homes fell 1.2 percent in June and May's numbers were revised modestly lower. Sales of lower-priced homes fell sharply, likely reflecting fewer distressed deals. Investor and cash sales also declined.
Investors Retreat and Traditional Buyers Return
June's weaker than expected existing homes sales may not be as worrisome as they first appear. While the drop marks a surprise relative to the improving pending sales figures, we believe most of the decline is due to fewer bargain-priced homes for investors to purchase, particularly in the West.
Distressed transactions accounted for just 15 percent of June sales, while first-time buyers inched up to 29 percent. Fewer Lower-Priced Sales Send Median Prices Higher Sales of homes priced less than $100,000 plummeted across much of the country, tumbling 53.5 percent in the West and 18.5 percent in the South on a year-over-year basis. By contrast, sales of homes priced over $250,000 rose solidly across the country, and homes priced between $750,000 and $1 million surged 38.5 percent in the West. The changing mix of home sales, along with relatively lean inventories, is pushing price measures higher |
Les Jardins USA Celebrates 10th Anniversary
LOS ANGELES, CALIFORNIA
Les Jardins USA, the American subsidiary of the France-based, award-winning, high-end outdoor furniture manufacturer Les Jardins, is turning 10 years old in 2013. To celebrate, it's unveiling a new logo, a revamped website, and a string of products from a trusted brand that has become revered worldwide not only for its signature modern, refined designs but for its excellent value and quality.
Inspired by French joie de vivre, Les Jardins pays homage to the Provençal lifestyle - its people and places, its lush colors, climate, foods and fragrances. For more than two decades, the company has provided exquisite exterior furnishings and lavish accessories to five-star luxury hotels and resorts on five continents, as well as to private residences from St. Tropez to St. Barts. Les Jardins has offices in Paris, Aix-En-Provence, Singapore, Hong Kong and, for the last 10 years, in Los Angeles.
In 2003, Pasadena-based Frédéric Raffenne launched Les Jardins USA in order to bring this exclusive yet affordable and durable brand to American audiences. Not only did Les Jardins USA weather the shifting economy, it has thrived, increasing its annual earnings every year since its inception.
The company has supplied pool and patio fixtures to Hyatts, Westins and Hiltons from Indian Wells and Santa Barbara to Aspen and Napa, and to shopping, dining and entertainment complexes from San Diego to Sherman Oaks. The make is also sold to individual consumers at chain stores and unique shops throughout South Florida, Southern California, Texas, the Pacific Northwest and Chicago.
Two new products celebrating Les Jardins USA's decade of American success include:
A sexy, sturdy, sleek conversation starter, this chaise lounge has a silhouette that oozes sensuality and sophistication. Measuring 26 in. wide, 61 in. long, and 33 in. high, and designed by Les Jardins' chief product developer Henri Valerio, the Jetstream Meridienne consists of an aluminum frame and a Batyline sling. MSRP: $735.
The Hegoa Dining Table
Combining class and cleverness, this dining table represents an industry first in that it marries a teakwood base to a high-pressure laminate top. Unquestionably classic yet elegantly modern, not to mention eminently practical, the Hegoa Dining Table-designed by Claude Robin-measures 55" in diameter and comfortably seats up to six bons vivants. MSRP: $1,845. For more information call (213) 745-8883.
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