Blog contributions are provided exclusively from Luxury Real Estate members throughout the world.
Courtesy of Michel Cruz of Rimontgo
To count on the international scene a city needs a certain...well, stature. Names such as New York, London, Paris and Rome speak for themselves, and are so famous that they promote not just a city but country too. In Spain cities such as Madrid and Barcelona enjoy that kind of status – and Valencia would very much like to join this elite group.
A centre of business, tourism and conferences, as well as cultural and sports events, Valencia has much to gain from such international recognition. While it has firmly cemented its status as the third largest city in Spain, both in terms of population and its contribution to the national economy, this Mediterranean port has sometimes struggled to be recognised on the international stage.
Putting yourself ‘on the map’
The likes of Seville and Granada long overshadowed Valencia in this regard, but thanks to a host of prestigious high profile events the metropolis of around one million people has been able to make its name resound to the farthest corners of the globe. The America’s Cup came to Valencia in 2007, while Formula One started using the city as a backdrop for the European Grand Prix in 2008. Both events ensure the international jet-set comes to town, along with TV audiences of several hundred million, but Valencia’s facilities also enable it to host Moto GP races, Champions League football, visiting orchestras and important European and global conferences and trade fairs.
Valencia’s international stature is now as high as it ever was, and the ‘brand’ is achieving international recognition as one of the places not to miss in Spain. In the wake of this has come the growth of cultural, sports, business and tourist traffic, as the city raised its corporate profile and established itself as a major Mediterranean centre. Visitors, whether here for business or pleasure, will perhaps be surprised to find this an elegant city with grand boulevards and stylish shopping districts, where the beautiful historic quarters balance the modern edge present in the avant-garde architecture of the City of Arts and Sciences.
This vast complex, designed by Valencian-born Santiago Calatrava, has helped to define the city just as the Eiffel Tower does Paris. Moreover, it has become the symbol of the dynamism and confidence that has elevated Valencia to its newfound status.
The new Alicante airport, known as the El Altet international airport, will be the most modern structure of its kind in Spain when it opens in February 2011, with a capacity for 20 million passengers per year, almost doubling present day numbers.
With the opening of the new terminal, El Altet’s luxurious facilities will cover an expanse of eight floors, topped by twenty spectacular large glass domes. The overall investment in extension work is around 670 million euros and the area has increased sixfold (from 54,800 square meters to 333,500 square meters).
The new airport terminal in Alicante will have an upgraded shopping and commercial area which will include a restaurant owned by the prestigious chef Quique Dacosta, awarded with two Michelin stars. Dacosta's restaurant, called the “Air Tapasbar” will provide a higher quality level and cachet that the previous airport lacked. Quique Dacosta was born in Cáceres, in the west of Spain, but has nevertheless made the Alicante province his home, thanks to his establishment “El Poblet” located in Denia town on the North Costa Blanca.
This commitment to increase the quality of airport services denotes a higher quality of tourism that this area of the coast, the Costa Blanca, is now receiving, as it emerges as the new destination for luxury home buyers.
By Ann Adenius of Signature Residences Worldwide
An outstanding, luxurious family home situated in La Moraleja, Madrid, is providing elegant and spacious accommodation – perfect for today’s family lifestyle and entertaining.
La Moreleja is the Madrileño version of Beverly Hills, a tranquil and spacious oasis of luxury villas with private gardens. Its residents include the internationally rich and famous, including film stars, impresarios, politicians and top company directors.
There are 26 schools in La Moraleja area alone (the Madrileño version of Beverly Hills) and about 16 of them are international. You can find for instance ICS (International College Spain), Runnymede College, King’s College School and others for French and Swedish students.
The villa features a living room with large windows, a dining room, a massive, high-tech modern kitchen and breakfast room. The stunning master bedroom comprises a reading and TV area, main bedroom, dressing room, a spectacular Spa bath and shower room. There are three further bedrooms, a music and TV room and a study.
4 bedrooms + 2 bedrooms in the service quarters. The villa offers approx. 1,100m² of living space, while the plot of land is 2,500m².
Price: Euro 9million
Signature Residences Worldwide
Tel: +44 (0)20 7095 8701
By Michael Marquette of Marquette Turner Luxury Homes
Lies, lies and more lies – it seems to be the way many agents and brokers “trick” their way into listing property. Promise the arrival of the “cashed up” international buyer who will overpay for your home and the listing is yours!
So who can actually buy property in Australia and who decides? The Foreign Investment Review Board (FIRB) is the body with the power to decide who can and who cannot purchase homes in Australia. The rules are vague and difficult to understand but I will summarize their view.
Foreign investment in Australia is desirable only if it does not put upward pressure on property prices. In fact it states just this on their website. So when the next real estate agent promises to find an international buyer who will pay well over the odds you know that he or she isn’t familiar with what the Australian Government will and will not allow.
Australian and New Zealand citizens, permanent resident visa holders and temporary resident visa holders awaiting permanent residency are allowed to purchase property in Australia without approval from the FIRB. Outside of that very small, narrow group of people approval is required in almost every case with the exception of:
1. A vacant block of land to build a house
2. A vacant block of land to build multiple dwellings
3. A new dwelling (less than 12 months old)
4. A redevelopment site
5. An established (second hand) property which is for Australian based employees for companies already operating in Australia.
So if you have digested that you might be thinking about selling your existing home (more than 12 months old) to an international buyer as a holiday house, weekender or to use when they are in Australia as their residence. If you are thinking this you have one big problem – they will require approval from the FIRB which in all likelihood they will not receive.
So in summary if you are looking to sell your home and it is older than 12 months old you need to be cautious about claims that international buyers are in abundance. The FIRB can take up to 30 days to approve an application from an international buyer which is longer than most Auction programs. There are plenty of hoops to jump through for any prospective purchaser and there is no guarantee that approval will be granted.
If you are a property developer and selling new product (less than 12 months old) you are in the box seat and can avoid issues with FIRB approval. I hope this helps to make international buying in Australia a little easier to understand. I also hope it assists vendors in sifting through fact from fiction when dealing with agents and brokers. Marquette Turner Luxury Homes specialize in the marketing and sale of property to an international audience. International selling is an extremely specialized field and to ensure you have are dealing with experts be sure to contact either myself or any other member of the team who will be delighted to work with you on the sale of your home.
If you are still intrigued on Foreign Ownership Rules in Australia you can visit the FIRB site HERE
By Kelly Lawlor of ERA Landmark Real Estate
Sharon Tudor Isler, Broker at ERA Landmark Real Estate has been named the winner of the ERA International Collection Sapphire Award. This distinguished award honors Isler for her luxury marketing expertise and her successful sales record in the $850,000+ home market over the past two years. Isler was recognized for this outstanding achievement at the 2009 ERA International Business Conference, held March 5-8 in San Antonio, Texas.
With six closed transactions (at $850,000+) in 2008 resulting in a dollar volume of over 8 Million, Sharon has obviously dedicated herself to exceeding the expectations of this sophisticated clientele. Sharon consistently ranks within the top ½ of 1 percent of all ERA sales associates, nationwide. Her participation in the cultural community of Bozeman, as well as her successful geographic networking activities is to be commended.
Representing the most desirable properties listed by ERA associates around the world, the ERA International Collection program delivers members a competitive edge in the luxury marketplace. The Sapphire Awardhonors the International Collection member who has taken actionable steps in the previous year to work effectively and competitively with the luxury market. This is the first year the Sapphire Award has been given and there were 14 finalists nation wide. The ERA network includes more than 33,000 brokers and sales associates and approximately 2,800 offices throughout the United States and 50 other countries and territories.
Isler entered the real estate industry in 1987, and has won many leadership awards, including the ERA Customer Service Award, ERA National Leadership Circle, the Gallatin Association of REALTORS® Salesperson of the year in both 1999 and 1991 and Rookie of the Year in 1988. She holds the Graduate Realtor Institute and Certified Residential Specialist designations, and is recognized in Who’s Who in Luxury Properties. She is a National Trust for Preservation designate. She is assisted by her son, Brian Tudor, Sales Associate, GRI.
“Since the inception of the International Collection, the classes that were made available to me at convention have been invaluable. The clients I have gained through my work as a leader in the arts, culture, and business community benefit from the unique positioning of the International Collection web sites and the excellent marketing materials. This continues to give me a competitive advantage with affluent buyers and sellers.”
By Carina de Sousa of IRG International Realty Group
João Manso will be responsible for the overall day-to-day management of IRG International Realty Group and will be overseeing the performance on all levels. He will also be involved in business development.
João Manso has had a long career in Portuguese and international businesses and has been involved in big scale commercial and touristic residential developments. He is a member of Ordem dos Engenheiros and has been managing director of companies related to the resort/touristic industry.
Ole Jespersen, owner and managing director of IRG International Realty Group says: "It is a huge boost for our company that we are able to attract a capacity like João Manso to our company. He will bring a lot of experience with him not just professionally but, João having been involved in Portuguese business on top level, will also add to our already multi national business culture. His previous work in touristic residential developments fits well into one of IRG's core businesses and will strengthen our already leading role in this segment."
About IRG International Realty Group
IRG International Realty Group is the leading international brokerage company in Portugal and specializes in sales and marketing of Portuguese high-end and luxury residential real estate. IRG is the exclusive affiliate in Portugal of Christie’s Great Estates, a worldwide real estate network and subsidiary of the world’s oldest auction house, Christie’s. IRG’s head office is located in the prestigious Avenida da Liberdade in the heart of Lisbon and there are also boutique offices in Quinta do Lago, Algarve, Estoril and Kensington, London.
www.irgportugal.com
RISMEDIA, May 7, 2009 -Top agents from Daniel Gale Sotheby’s International Realty were recognized in two top residential sales categories at Long Island Business News’ 2009 Real Estate Awards, the company has announced.
Peggy Moriarty was honored as Top Producer of the Year (volume by dollars sold), and Margaret Trautmann, Barbara Candee and Rhonda Banker for Top Residential Sale-Nassau, for their roles in the sale of the Northwoods Estate in Oyster Bay Cove. Long Island Business News selected the honorees based on interviews, professional accomplishments and the impact of their work on Long Island economy.
“Our success is built on the hard work, professionalism and integrity of our agents,” said Daniel Gale Sotheby’s International Realty President and CEO Patricia Petersen. “We support that work ethic with an award-winning global marketing program and ongoing training that is among the best in the industry. I speak for the entire Daniel Gale organization when I say congratulations to them.”
For more information, visit www.danielgale.com.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.
By Ann Adenius of Signature Residences Worldwide
Morocco is increasingly becoming a favoured destination for investment and lifestyle purchases. The kingdom, offering a taste of Africa on the edge of Europe (it is only 14km from Spain at the nearest point), is ideally situated less than three hours from many European destinations. The country boasts sunshine all year round, and it has a strong culture and sense of identity.
With a stunning blend of traditional charm and contemporary architecture, the exclusive boutique resort Izuran is designed to embody the distinctive style of Morocco at its best.
The exclusive development consists of only ten majestic villas and a luxury five star hotel overlooking the snow-capped Atlas Mountains.
Surrounded by a magical oasis of 7 acres, including organically grown fruits and vegetables and centenary olive groves, Izuran is guaranteed to provide a tranquil haven. Still, the development is close to the alluring Marrakech, golf courses and Marrakech international airport.
Izuran is designed by leading architect Karim El Achak, in association with international interior designer Miguel Cancio Martins - the latter well-known for his design of the Parisian Buddha Bar and The Billionaire Club. Colourful Moroccan-style architecture including rose coloured walls and lavish interiors in rich hues blend perfectly with the nature.
Fabulous resort amenities will provide a unique exclusive atmosphere: a 1,500m² medical Spa; a 30 suites luxury hotel, exquisite gastronomy including a fine Italian restaurant, refined boutiques, heated pools and a children’s area.
Villa owners benefit from all hotel services and can entrust their property into the reliable hands of the hotel management who offers an optional rental program. A professional team will also be handling the domain maintenance and security.
Prices start from €2.3 million.
For further information, contact Signature Residences Worldwide, www.signatureresidencesworldwide.com, email info@signatureresidencesworldwide.com or call +44 20 7095 8703
By Carina de Sousa of IRG International Realty Group
IRG International Realty Group assembled three leading exclusive developments to co-sponsor Portugal’s Tennis event of the year: The Estoril Open. The event takes place from May 2nd to May 10th and will be an excellent opportunity to expose the tournament’s spectators to the best this country has to offer in high-end real estate.
Troiaresort, Palácio Estoril Residências and Pine Hill Residences, although all different in location and product, have in common the pursuit of excellence and the Estoril Open 2009 boasts the perfect atmosphere for showing off these excellent developments.
Troiaresort, a project by Sonae Turismo, is located south of Lisbon on the spectacular Atlantic peninsula setting of Tróia. The project includes a marina, casino, conference centre as well as wonderful four and five star hotels which are now open and welcoming visitors. The resort boasts an offer of townhouses as well as plots for individual villas overlooking the golf course or the ocean and also apartments which are now completed.
Palácio Estoril Residências is set in the heart of the exclusive and historic residential resort town of Estoril. This magnificent development of 27 luxury apartments, from two to four bedrooms is adjacent to and served by the Hotel Palácio Estoril and with privileges at the Elements Spa by Banyan Tree, Estoril Golf and Cascais Marina. The project is being developed as a joint venture between Estoril Plage SA, owners of the Hotel Palácio, Estoril Golf, Banyan Tree Spa and operators of Cascais Marina in conjunction with Opway Imobiliáia SA. The apartments are considered some of the most luxurious in Portugal and completion is foreseen for 1st Qtr 2010.
Pine Hill Residences is a private, discreet development located within the well-known Vila Sol Spa & Golf Resort adjoining Vilamoura, in the Algarve. No expense has been spared in creating these 55 premium-quality residences. A hand-picked team of specialists has designed, built and equipped the resort and the individual properties to meet the highest of expectations in creating an atmosphere of unashamed luxury and elegance.
About IRG International Realty Group
IRG International Realty Group is one of the leading international brokerage companies in Portugal and specializes in sales of Portuguese high-end and luxury residential real estate. IRG is the exclusive affiliate in Portugal of Christie’s Great Estates, a worldwide real estate network and subsidiary of the world’s oldest auction house, Christie’s. IRG’s head office is located in the prestigious Avenida da Liberdade in the heart of Lisbon and there are also boutique offices in Quinta do Lago, Algarve, Estoril and Kensington, London.
By Janine Carey of Damianos Sotheby's International Realty
Nassau, Bahamas (March 30, 2009)—Damianos Sotheby’s International Realty in Nassau, Bahamas today announced that the Sotheby’s International Realty network is partnering with The Wall Street Journal to present the many values of real estate as a long-term investment and showcase unique properties from its network’s 10,700 sales associates located in more than 500 offices in 39 countries and territories worldwide.
The Sotheby’s International Realty brand and The Wall Street Journal will co-host The Business of Extraordinary Living on the publication’s Web site, www.wsj.com, designed to provide insights into the real estate market from the brand’s worldwide network.
In a section entitled The Address, the Business of Extraordinary Living will provide information about the properties represented by the Sotheby’s International Realty network. The Web site’s Insights section will feature data, statistics and other relevant market information. The Living section will focus on lifestyle trends including home styles, living, architecture and art. The Brand section will give an overview of the Sotheby’s International Realty network, its history and relationship with the Sotheby’s Auction House.
“This unique Web site was designed to meet the specialized needs of our customers and The Wall Street Journal’s readers,” said Michael R. Good, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “Those readers are looking to grow their portfolios in today’s ever-changing market and look to The Wall Street Journal for its insights. The Business of Extraordinary Living will bring our brand’s unique perspective into the world of real estate, which always will be one of the best investments to grow long-term wealth.”
“This is an exciting tool for real estate consumers in our market and buyers around the world who want to purchase internationally such as in the Bahamian market. It’s a truly unique collaboration that will enable us to market our Bahamian listings to nearly 40 million consumers each month,” said George Damianos. “Among the many services Damianos Sotheby’s International Realty provides, we also serve the needs of those looking to build their wealth through long-term investments in real estate.”
Damianos Sotheby’s International Realty, serves the entire Bahamas and is headquartered in downtown Nassau with offices in Lyford Cay; Governor's Harbour and Spanish Wells Eleuthera; Marsh Harbour, Hope Town and Elbow Cay, Abaco; with associates in Treasure Cay, Abaco; Exuma, and Freeport. Damianos Sotheby’s International Realty Bahamas offers exclusive Sotheby’s International Realty marketing, advertising and referral services designed to attract well-qualified buyers to the firm’s property listings. In addition, the firm and its clients benefit from an association with the Sotheby’s auction house, which promotes real estate referral opportunities with auction house clientele.
About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.
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