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Courtesy of Realogics Sotheby's International Realty
Sales of waterfront houses are picking up again. Recent deals and at least one new listing point to this.
Earlier this month, Dorothy L. Simpson sold a Mercer Island manse on Lake Washington to an LLC headed by Liberty Dialysis CEO Mark Caputo for more than $5.95 million. And as the DJC reported, Detlef and Marianne Schrempf sold their place on the lake for $5.76 million to Yahn Bernier and Beth McCaw.
Realogics Sotheby's International Realty said the design is meant to recall the “nostalgic summer homes of the Atlantic coast.” The company's Dennis Paige is co-listing the property with Bob Bennion of Windermere Real Estate. The asking price is $8.5 million.
Bennion said the market has been sluggish for the last few years, but now there's record sales volume for Lake Washington houses.
Sellers on Bainbridge are listing properties. Realogics Sotheby's reports two other “significant” Bainbridge waterfront properties are on the market in the private residential enclave that surrounds a country club.
The most expensive estate now on the market is Harmony on Proctor Lane, a Mercer Island property that Tere Foster of Windermere is listing for just under $26.9 million. It knocked Boulevard Place, also on Mercer Island, from the top spot when that $28.8 million property was taken off the market.
Brokers say demand for luxury properties is rising because the economic outlook has improved, prices have fallen and home buyers are moving here from out of state for the lifestyle and Washington's tax-friendly climate for the wealthy.
Courtesy of Michael Saunders & Company
“As of May 17, 2011, there have been 6 sales on Casey Key; 4 of these I represented either the seller or the buyer. There are 3 pending sales and 46 active listings as of today.”
The sales have ranged from $3.050 million (highest sale for the year), $2.6 million (second highest), $1.75 million, to a $1 million home, all on Casey Key.
To read the article in its entirety, click here.
This wonderful opening line from Keats’s poem “On First Looking Into Chapman’s Homer” also accurately describes my excitement (Philistine that I am!) every time I open the Select Register to look at a floor plan! In many ways I became a real estate agent, back in 1980, because of my love of floor plans. What makes them so great? I will try to classify my obsession:
· Through floor plans you can trace the history of the deployment of space in Manhattan. Manhattan is one of the world’s great apartment cities. From the late 19th century, when multiple dwellings first entered the architectural vocabulary of New York, until now, the way we think about our lives and what is important is reflected in how we use space. 5 maids’ rooms? Not any more! Few people have that sort of staff. Efficiency kitchen? SO 1950s and 1960s. Today everyone hangs out in the kitchen. Formal dining room? In the first few decades of the 20th century, it was the second largest room in the apartment. Now for most owners it is a multi-purpose TV/play/eating space. And the foyer – an important element of early apartment plans, it was then abandoned as “wasted space” for decades before making a triumphant comeback in the condo construction of the last 10 years. Architects have figured out that “wasted space” is rarely wasted-that it gives a sense of space and connection to everything around it.
· Through floor plans you can observe the ebb and flow of wealth and how it expresses itself. The early apartment buildings were tenements, definitely not planned for the wealthy or even for the middle class, since they lived in houses. Early grand apartment buildings like 998 Fifth Avenue, built by McKim, Mead, & White, struggled to find tenants. 998 had to offer cut rate rents to appeal to the rich man’s ever present sense of economy. And 998, with its towering ceiling heights, 40’ entrance halls and sweeping staircases, and multiple reception rooms all with fireplaces, resembled a private house as much as an apartment building possibly could. It wasn’t until the 1910s and 1920s that a truly specific New York apartment style was born, with buildings like Emery Roth’s San Remo and Rosario Candela’s 720 Park providing a variety of apartment sizes for wealthy clients who might need only one bedroom but still wanted maids’ rooms, a formal dining room, and a paneled library. Later, glass towers like Trump Tower and Museum Tower catered to globe hoppers, some American but many not, who found midtown a convenient address but who lived elsewhere, or nowhere, commuting between continents.
· Through floor plans you can watch the refining and redefinition of New York architecture. The tortuous plans of the early apartments, usually just a long hall with a series of rooms off it, are often echoed by their heavy neo-Gothic or Queen Anne facades. As the interior gives way gradually to the far more pleasing central foyer layout, there is a coincident move towards the iconic Manhattan apartment buildings which grace our skyline to this day. The beautiful interior planning of the Beresford, or the Normandy at 86th and Riverside, or 1220 Park, are echoed in the graceful exterior shapes with which the buildings occupy their lots. The sleekness of the International Style and its aftermath find residential expression in such buildings as Museum Tower or 860 and 870 United Nations Plaza, where neutral curtains were provided in every window so the visual line and sweep of the space would not be broken by chintz! And today postmodernism shows itself in every prewar imitation, every red brick and banded limestone exterior; their interiors have updated and imitated the foyers, dining rooms, fireplaces, and setbacks of buildings conceived and created 80 years ago.
But my greatest fascination with floor plans lies in what they allow me to imagine about people’s lives. How wonderful to walk down that 30’ gallery towards the dining room for a dinner with friends. How beautiful to pause halfway up that semi-circular staircase to gaze out over the skyline of New York from the fan window. Our apartments embody us; they tell our stories. And for thirty years I have had the privilege of bringing those stories to the customers and clients I serve.
You can read more on www.warburgrealty.com/blog.
Courtesy of Judy Sweetland of Private Trade Winds
Private Trade Winds has been serving homeowners since its launch in 2007 by acting as a conduit in connecting discerning travelers with luxury vacation homes worldwide. Homeowners are given the freedom to have as much or as little involvement as they would like. An Asset Manager is assigned to each homeowner to streamline the process with care and efficiency. Trade options are available for homeowners who enjoy traveling in like style, and prefer the space, privacy and security of a 5-Star villa as their home-away-from-home.
The bar for quality assurance is set extremely high, as homes go through a careful vetting process to ensure the finest experience for elite travelers, who expect only the best in accommodations, service, and amenities.
To bring a home to 5-Star standards branded items such as spa robes and high-end bath amenities are brought in, and concierge, chef, daily housekeeping, and babysitting services are seamlessly arranged.
For a home to be considered it must be in a highly sought after vacation destination, and secure a prime location within that destination. Private Trade Winds homes typically command ocean or beachfront view, are located on a golf course or within a golf community, offer ski-in/ski-out options or present mountain or city views.
Real Estate Agents can partner with Private Trade Winds to offer buyers and sellers a unique service, helping owners “maximize the value of their vacation home” by enrolling in their homeowner travel program. Agents can use the program to add value to their sale. For more information on partnership opportunities contact Andra Minnehan, Sales Director at 866.PTW.4LUX Ext. 809.
· There is no consistent “market.” Depending on the size, condition, and location of the property, there are a variety of submarkets which are behaving dissimilarly to one another.
· There are plenty of studios and one bedrooms, especially on the Upper East Side east of Third, going down through Midtown and Murray Hill all the way to 14th St. There is still a buyer’s market for these apartments.
· The house market in Brooklyn, especially in Park Slope, Windsor Terrace, and Prospect Heights, is incredibly hot. Everything sells immediately at the asking price or higher with multiple offers. $1 million does not buy you so much any more. The same thing is happening in Greenpoint and Williamsburg. Prices in Brooklyn Heights are astronomical.
· Three bedroom apartments, particularly those in great condition, sell right away all over town with lots of bids. The worse the condition, the slower the sale. And larger places, in the luxury and ultra luxury markets, are moving briskly, with layout, condition, and views driving this marketplace which doesn’t seem inhibited by buyer financial constraints.
· Generally speaking, Open House attendance declines fast after the first few weeks. A number of agents reported having 25 attendees the first week, 15 the second week, and 3 or 4 by the fourth week. This tends to reflect the pace of sales as well. If it doesn’t sell within the first few weeks, it may hang around for a while.
· The rental market is hot. One of my agents says there is less inventory, at higher prices, than ever before.
· Loan commitments have become slightly easier to obtain, although appraisals are once again an issue as values increase. And as of October 1, 2011, Fannie Mae is scaling back the limit on loans it will purchase in “high cost areas” from $729.500 to $625,500, thus further complicating the jumbo loan marketplace.
· Condos all over Manhattan and Brooklyn have sprung back to life. While many of the current purchasers plan to live in these units, there is also a huge resurgence of interest in New York from foreigners looking for investment vehicles. We are seeing this from Harlem to the Battery. Buyers from Russia (and other former Soviet bloc states), Brazil, India, China, and Korea are particularly in evidence, but Europeans (especially southern Europeans) are active as well.
Overall, the market continues to show a quick pace for larger units while the smaller ones, and those in poorer condition, move much more languidly. The very rich are snapping up trophy properties and setting price records. Competitive bidding situations abound. Meanwhile, finding a rental seems as hard as it has ever been, and what IS out there costs a fortune. And we see very little new inventory feeding either the sale or the rental pipeline. It’s a busy market, and often a fast paced one. We will see what the summer brings!
You can read more on www.warburgrealty.com/blog
Courtesy of Carmel Realty Company
Peter Butler and Susan Freeland of Carmel Realty Company in Monterey County, California recently closed the highest price luxury real estate sale for 2011. They represented both the buyer and the seller in this $11,250,000 private transaction. The luxurious 11,000 square foot estate has 5 bedrooms, 6 baths and 2 half baths. Rooms include a wine cellar, media room, and game area. There is also a separate exercise room and guest quarters. Panoramic views of Carmel Bay and the Pacific Ocean truly make this residence a remarkable luxury home.
About Carmel Realty:
Established in 1913, Carmel Realty Company is the oldest real estate firm on the Monterey Peninsula. Carmel Realty has attracted a number of the market’s most successful realtors who bring global reach and experience to this unique destination community. The company focuses exclusively on high-end real estate, representing buyers and sellers typically transacting in the $2 to $20M dollar range. In addition to brokerage service, Carmel Realty is the market leader in luxury vacation rentals in Carmel-by-the Sea and Pebble Beach, managing an extraordinary portfolio of short and long-term rental homes and offering full-service luxury real estate capabilities no other firm can match. This independent, family-run business has flourished for nearly 100 years with a proven commitment to quality of service, integrity and local knowledge. The company leverages the personal insight and skill of its agents with industry-leading technology and a world-class marketing team. The company’s 20+ agents operate out of a showroom gallery on Ocean Ave in Carmel, with two more offices located in the heart of Carmel and a fourth in Carmel Valley. Get to know the Carmel Realty team at our team blog: www.carmelrealtynews.com or visit our website at www.carmelrealtycompany.com.
About Peter Butler:
Peter Butler is consistently ranked among the top producing REALTORS in the Monterey County having participated in over 250 transactions totaling over $400,000,000. Peter has developed a special emphasis on the unique and exclusive Pebble Beach marketplace while also representing numerous clients in Carmel, Carmel Valley and throughout the Monterey Peninsula.
About Susan Freeland:
Susan has lived and worked on the Monterey Peninsula since 1985, and became a licensed broker in 2001. An attorney by education, a marketing, business and finance professional by experience, Susan brings a solid mix of expertise to each client transaction. With a BA degree from Colorado College, she earned her JD degree from Monterey College of Law and is a non-practicing member of the California Bar Association. She is one of the leading agents in the Monterey Peninsula area and is highly regarded for her professional approach and client satisfaction.
While many bemoan the state of the property market, it is good to know that there are real estate companies that are recording good results. The success achieved may have been hard-fought, but it provides an encouraging sign that those who are willing to innovate and adapt – and are well-prepared in terms of marketing, organisational structure and the service they provide – can do well.
In terms of significant sales, i.e. the sale of so-called important properties, Inmobiliaria Rimontgó recorded four such transactions in its home market area in 2010. These included two luxurious villas in Jávea, along Spain’s scenic east coast, a large villa just off the city of Alicante, a little further south, and a grand property in the region of Elche.
But in addition to such ‘local’ transactions of note have come the fruits of the international cooperation that Rimontgó has worked so hard to develop, and which finds itself embodied in EREN (European Real Estate Network) and the other international organisations that the company belongs and contributes to.
Most notable among these are a luxury Vienna apartment bought by an American-based
couple that was being transferred to the Austrian capital. Working closely with its EREN partner in Vienna, Marshall Immobilien, Rimontgó succeeded in finding its transatlantic client a beautiful new home and concluding the multi-nation deal in an efficient and transparent manner.
· A record sale to a Danish citizen of an estate in Lugano listed at CHF30 million
· The close working relationship with its partners in New York was also emphasised in the purchase of an important apartment by a Venezuelan national
· When a Florida resident wanted to sell his property in the Oliva Nova Golf Course near Valencia, without having to travel to Europe. Powers of Attorney were issued on behalf of Rimontgó and the proceeds from the sale of the property to a Madrid family were wired to the seller, who was very pleased with the service received
It all proves that international cooperation between likeminded companies can produce excellent and mutually beneficial results. For Rimontgó, the good results of 2010 serve as further encouragement and reward for the hard work and dedication they have shown in pursuit of a clear and effective market strategy.
Luxury Home Rentals by East West Resorts is an elite vacation home rental service representing the most prestigious homes in Vail, Beaver Creek and Bachelor Gulch. Catering to elite travelers, we represent a select collection of homes that each feature high-end furnishings, designer décor, and top-of-the-line appliances. In addition all properties are located in prime locations within close proximity to the world-class ski resorts of the Vail Valley.
One of our newest properties includes Woodhaven at Vail and is just a representation of the full collection of available properties. This unprecedented Vail Mountain ski-in/ski-out home is ideal for a family or group getaway. With accommodations for up to fourteen guests, a private chalet for mountain-side meals and majestic great room, this home features everything needed for a perfect visit to Vail no matter the time of year.
What sets Luxury Home Rentals apart is the level of service you will receive leading up to and throughout your stay. Luxury Home Rentals will ensure that every detail of your trip is taken care of. Your Luxury Home Rentals Vacation Consultant is available from the minute you begin planning your vacation until you leave Colorado. From making sure there is a fire in the hearth and that the cabinets are stocked upon your arrival to arranging private chefs, a snowmobile adventure, or childcare, you can count on your Vacation Consultant to anticipate your needs and be on call to fulfill them.
For more information about the unique experience we can provide, please contact us at 888.841.0880 or by email.
Courtesy of Jack Cotton of Sotheby's International Realty
Jack Cotton has built his reputation as one of the most respected Cape Cod real estate professionals on the foundation of integrity. The integrity to put his customer first in every single situation. Jack Cotton is highly regarded in the Cape Cod community, by his real estate peers throughout the country, and perhaps most importantly, by his customers and clients. Jack specializes in luxury properties and Cape Cod’s waterfront homes.
Changes to the Government's business migration scheme will make it easier for rich foreign investors to qualify as investor migrants.
These include a reduction in the number of days a $10 million investor has to spend in the country from 73 to 44 days, and recognizing investments in bank bonds and equity, Immigration Minister Jonathan Coleman announced yesterday at a breakfast meeting in Auckland.
Business migrants will also need to only meet one of the two requirements of either having managed a business with five full-time employees or a business with at least a $1 million annual turnover, instead of both.
But what immigration advisers say will attract investor migrants, especially those from China and the rest of Asia, are that funds can now be transferred through foreign exchange companies and not just banks, and the recognition of residential property, other than their own home, as an "acceptable investment".
The focus would be for these investors to build new subdivisions, houses and apartment blocks to increase the total housing stock available to New Zealanders, Dr Coleman said.
"The marketing of our business migration package will target key OECD markets including the United Kingdom and the United States. We're also looking at the major developing markets in India and Southeast Asia," he said.
Annually, new migrants add $1.9 billion, tourists $9 billion and international students more than $2 billion in foreign exchange.
"Given these compelling figures, my number one priority has been to ensure immigration is contributing to the Government's economic growth agenda," Dr Coleman said.
Stakeholders in the immigration industry have welcomed changes with some saying it could attract hundreds of new investor migrants here.
The scheme, set up a year and a half ago to promote greater investment, has attracted $562 million.
“International investors are comfortable with investment into residential property so we expect this new opportunity to be well received” said Nick Horton, co-owner of Luxury Real Estate New Zealand. Horton is part of a group of companies who regularly run international seminars attracting investor immigration applicants, and through their website www.investorimmigration.co.nz
Investor Immigration scheme changes
* Investors with $10m need to spend only 44 days instead of 73 days during the three-year investment period.
* Residential property, bank bonds and equities now acceptable investments.
* Transfer of funds can be made through foreign exchange companies, and not just restricted to banks.
* Rules around level of business experience relaxed.
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