Eight-Figure Property Hits the Foreclosure Auction Block

clipped from blogs.wsj.com It’s rare to see an eight-figure property hit the foreclosure auction block, but it’s happening. In Australia, a 30,000 square-foot waterfront mansion will be for sale at a Dec. 1 receiver’s auction. Located on Hope Island, an affluent gated community in the Gold Coast, a resort area about 530 miles north of Sydney, the recently built sprawling estate with marina views is one of the largest homes and lots in the area, The house was listed for a few months at AU$25 million or about U.S.$23.5 million. The three-level home has multiple balconies and roof terraces, as well as seven bedroom suites, four bars, a movie theater, an elevator, a cigar room and gold-plated bathroom taps. A photo of the property from the Christie’s brochure The brochure cover shows a photograph of the home with a yacht parked in back. (Here’s the listing.) The auction will have a reserve price, Mr. Jacobs says. Furnishings are not included. Michael Vettoretto, of Knight Frank, is also handling the sale.

Robert T DeMarco Weblog: Consumers ‘Hanging on for Dear Life’

clipped from blogs.wsj.com Consumers haven’t fallen off of the proverbial cliff, but they appear to be hanging on for dear life… Indeed, the August through October period marks the worst three-month performance for core retail sales since July through September 2002 Richard Moody, Mission Residential The consumer is facing the twin headwinds associated with high energy costs and a negative wealth effect tied to lower housing prices. One of the keys going forward will be whether the labor market continues to provide sufficient income support to prevent too much of a slide in consumer demand. –Morgan Stanley Research Looking ahead, the sluggish start to the fourth quarter points to a marked slowdown in consumer spending — and in GDP growth. –David Resler, Nomura Securities Today’s data supports our view that the holiday shopping season could see one of the weakest gains in spending in years. –Drew Matus, Lehman Brothers And the full impacts from the rise in energy costs have yet to be seen. –Naroff Economic Advisors