Archive for the ‘lifestyle’ Category

Happy Birthday Alberta Legislature!

Friday, August 31st, 2012

This Sunday, the Alberta Legislature is turning 100!

To celebrate, the Legislature is throwing a Party Under the Dome this Sunday, September 2. There will be a family fair and family-friendly activities, a great concert in the evening featuring some big names, and the entire night will be wrapped up with a fireworks display. This event is completely free to attend, and it should be a great day to get out and celebrate our fantastic Province.

There’s a ton of great history about our Provincial capital building available at the Assembly website, including some great historic photos of the construction.

Did You Know? Construction of the Legislature building continued year-round, making it necessary to heat the materials. A heating house with steam pipes covering the entire floor was constructed to hold the yards of stone and sand used in the building’s construction!

Happy Holidays from The Paranych Team

Friday, December 23rd, 2011

As 2011 draws to a close, we can reflect on all the success of the past year and give thanks to those who have made it possible: people like you! The entire Paranych Team wishes all our partners and clients new and old happy holidays and a safe and prosperous New Year!

We look forward to assisting you in your 2012 Real Estate adventures. Happy Holidays, and we’ll see you in the New Year!

Even Marked Up, Luxury Goods Fly Off Shelves

Saturday, August 6th, 2011

According to an article in the New York Times, it seems that all levels of the luxury market have been steadily increasing both in price and in demand. Canada tends to reflect on a similar level when it comes to the luxury market. In the Edmonton Real Estate market, we have also seen an increased demand for high end luxury homes. Luxury homes are designed with the lifestyle needs of an individual in mind, with an unmatched quality that a standard home would have difficult matching.

This article portrays an excellent picture for where luxury goods will be moving over the next couple months. It seems prices are moving up, which is a great indicator for home prices as well. If you would like to discuss your luxury home buying or selling options  with the Paranych Luxury Home team, please contact us today.

From the New York Times:

Even with the economy in a funk and many Americans pulling back on spending, the rich are again buying designer clothing, luxury cars and about anything that catches their fancy. Luxury goods stores, which fared much worse than other retailers in the recession, are more than recovering — they are zooming. Many high-end businesses are even able to mark up, rather than discount, items to attract customers who equate quality with price.

The luxury category has posted 10 consecutive months of sales increases compared with the year earlier, even as overall consumer spending on categories like furniture and electronics has been tepid, according to the research service MasterCard Advisors SpendingPulse. In July, the luxury segment had an 11.6 percent increase, the biggest monthly gain in more than a year.

What changed? Mostly, the stock market, retailers and analysts said, as well as a good bit of shopping psychology. Even with the sharp drop in stocks over the last week, the Dow Jones is up about 80 percent from its low in March 2009. And with the overall economy nowhere near its recession lows, buying nice, expensive things is back in vogue for people who can afford it.

“Our business is fairly closely tied to how the market performs,” said Karen W. Katz, the president and chief executive of Neiman Marcus Group. “Though there are bumps based on different economic data, it’s generally been trending in a positive direction.”

Tiffany’s first-quarter sales were up 20 percent to $761 million. Last week LVMH, which owns expensive brands like Louis Vuitton and Givenchy, reported sales growth in the first half of 2011 of 13 percent to 10.3 billion euros, or $14.9 billion. Also last week, PPR, home to Gucci, Yves Saint Laurent and other brands, said its luxury segment’s sales gained 23 percent in the first half. Profits are also up by double digits for many of these companies.

BMW this week said it more than doubled its quarterly profit from a year ago as sales rose 16.5 percent; Porsche said its first-half profit rose 59 percent; and Mercedes-Benz said July sales of its high-end S-Class sedans — some of which cost more than $200,000 — jumped nearly 14 percent in the United States.

The success luxury retailers are having in selling $250 Ermenegildo Zegna ties and $2,800 David Yurman pavé rings — the kind encircled with small precious stones — stands in stark contrast to the retailers who cater to more average Americans.

Apparel stores are holding near fire sales to get people to spend. Wal-Mart is selling smaller packages because some shoppers do not have enough cash on hand to afford multipacks of toilet paper. Retailers from Victoria’s Secret to the Children’s Place are nudging prices up by just pennies, worried they will lose customers if they do anything more.

While the free spending of the affluent may not be of much comfort to people who are out of jobs or out of cash, the rich may contribute disproportionately to the overall economic recovery.

“This group is key because the top 5 percent of income earners accounts for about one-third of spending, and the top 20 percent accounts for close to 60 percent of spending,” said Mark Zandi, chief economist of Moody’s Analytics. “That was key to why we suffered such a bad recession — their spending fell very sharply.”

Just a few years ago, luxury retailers were suffering. Too many items were chasing too few buyers, and high-end stores began cutting prices. As a result, consumers awaited 70 percent discounts rather than buying right away. Sales of luxury goods fell 17.9 percent in October 2008 from a year earlier, SpendingPulse said, and double-digit declines continued through May 2009.

Read the entire article at the New York Times, Even Marked Up, Luxury Goods Fly Off Shelves

Robb Report Releases Luxury App

Tuesday, June 14th, 2011

The Robb Report recently released a new iPad app featuring their “Best of the Best” issue for the month of June. The application features some of the world’s most luxurious and innovative products and services, including: 100+ award winners, Aston Martin, Audi, Brioni, Ferrari, Gulfstream, Ralph Lauren & more. It truly offers it’s privileged subscribers an interactive and one of a kind experience.

This is definitely the thrill that luxury and tech enthusiasts need to be checking out. One can delight on the user friendly interactive enhancements that the application provides.

Canadians on the Forbes “World’s Billionaires” List

Wednesday, May 18th, 2011
Forbes Billionaire List

“Wealth is on the rise again. The Forbes magazine list of The World’s Billionaires for 2011 reports that the total number of billionaires has reached an all time high — 1,210 individuals now have a net worth of a billion dollars or more. Topping the list is Mexican businessman Carlos Slim Helu, who is worth an estimated $74 billion. Bill Gates and Warren Buffet took the next two top spots ont he list with $56 billion and $50 billion respectively.”

— “How Many Billionaires Are Out There?” from the Luxury Insights Blog

Some very prominent Canadians made Forbes’ World Billionaire List this year, including:

  • 17th: David Thomson & Family: Net worth of $23 billion. Chairman of Thomson Reuters, The Woodbridge Company Limited, and TR Organisation Plc. Currently lives in Toronto, Canada.
  • 133rd: Galen Weston & Family: Net worth of $7.1 billion. Head of George Weston Ltd. food and retail empire, and owns the Loblaw supermarket chain. Currently lives in Toronto, Canada.
  • 173rd: Jim Pattison: Net worth of $5.8 billion. Started with car dealerships and expanded into coal shipping terminals, advertising, supermarkets and forestry. His media company owns Guiness World Records and Ripley’s Believe It Or Not. Currently lives in Vancouver, Canada.
  • 235th: Paul Desmarais: Net worth of $4.5 billion. Owns PowerCorp., a financial services and communications company, Montreal Daily, La Presse and 6 other newspapers in Quebec and Ontario. Currently lives in Montreal, Canada.
  • 310th: James & Arthur Irving: Net worth of $3.5 billion. Company owns oil refineries, gas stations, sawmills, publishing interests and potato farms in New Brunswick. Currently lives in Saint John, New Brunswick.

Edmontonian Daryl Katz also made the list at #595 with a net worth of $2 billion. Chairman and CEO of the Katz Group of pharmacies, Katz is the current owner of the Edmonton Oilers hockey team.

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