Blog contributions are provided exclusively from Luxury Real Estate members throughout the world.
Courtesy of Shawn Shackelton of Ventana Fine Properties
This luxury home in the gated golf community of Silverleaf in North Scottsdale, Arizona sold for $3.2 million within 1 week of this noteworthy news feature. Phoenix, Arizona news station FOX 10's reporter Diane Ryan showed off the home and incredible amenities in this news feature.
08
Back to School
Courtesy of Frederick Peters, President of Warburg Realty
The summer rentals are ending, the vacations are winding down, and all over New York City real estate agents are preparing for the fall season. After the economic uncertainty of the summer, it seems likely that both buyers and sellers will be second guessing their own decisions as the season progresses. So let’s try to answer some of the most basic questions here and now:
Why buy?
Although most New Yorkers rent, the answer to the question “why buy?” is a fundamental one which weaves it way through American life. In no other country is the concept of home ownership so enshrined. We give tax breaks for mortgages, tax breaks for real estate taxes, all because we as a nation believe so profoundly in the concept of home ownership. Kids grow up believing that owning a home is an indication of success, proof that you have made it. Home ownership has burrowed deep into the American mind set; it embodies both security and success. Renting is easy, it can be cheaper, but it doesn’t provide the same level of satisfaction or sense of arrival.
Why buy now?
This is a question agents can never answer. I have learned over the years that the smartest and most successful agents are facilitators, not convincers. The customer always has to answer this question for him or herself. I never try to talk anyone into anything. That said, there are always good reasons to buy now. It means you can begin the process of ordering your life around your new home. But…If you find what you want, then the time to act is now. Many buyers I have dealt with over the years have let go of a property they really liked because they were sure the market was too high, or a better one would come along, or that they could somehow second guess the trajectory of the marketplace. No one ever knows what will happen next, and more often than not they end up sorry. When you and your life are ready, be ready to act. The rest is all, ultimately, irrelevant.
What should I buy?
It always makes sense to reach just a little bit. Not to seriously overextend yourself; that is NEVER a good idea. But to try to buy the best space in the best location you possibly can. When my wife and I did that, we lived for a year with a 50 year old kitchen and over 20 years with original bathrooms. It took us a while to afford the renovations, but every day we enjoyed the wonderful location and spacious rooms of our apartment. Maybe it takes a few years to get new furniture. Maybe it takes a few years to tear down those walls or re-imagine that dining room as a family room. But as long as you got yourself good bones in a good spot, everything else will fall into place.
Courtesy of Michelle Poitevin of Realogics Sotheby's International Realty
SEATTLE, WA. (July 25, 2011) – Executives at Realogics Sotheby’s International Realty unveiled a property showcase of the Seattle area’s most exclusive condominium and town home offerings on the market. A progressive open house for brokers is being hosted tomorrow on Tuesday, July 26 from 3pm to 6pm. Each property listing and relevant market data is arrayed online at www.RealogicsSothebysRealty.com/Penthouses.
“Its peak season to present luxury homes in downtown Seattle as many locals and visitors are experiencing the allure of our world-class city,” says Dean Jones, Principal of Realogics Sotheby’s International Realty. “We’ve noted a steady increase of property inquiries from buyers around the corner and around the globe. We hope to add these fine properties to our growing list of sold listings so far this year.”
According to the American Society of Travel Agents, Seattle remains in the top 10 most visited US destinations during the summer months. Meanwhile, the US Department of Commerce says Washington (primarily Seattle) tied with Nevada for the greatest annual increase of overseas visitors in the country in 2010 – up 32 percent. The Port of Seattle reports cruise ship passengers will bring more than 800,000 visitors to Seattle with nearly 200 cruise liner port calls. More than 10 million people a year tour The Pike Place Market and The Space Needle with the greatest visitor traffic during July and August. Many of the featured listings are within walking distance of these attractions (tours by appointment only).
The seven featured properties include the following penthouses and town homes:
• Fifteen Twenty-One Second Avenue I #3800 I 2 Bed / 2.5 Bath I 2,999 Sq. Ft. I $4,995,000
• Olive 8 I #PH2 I 2 Bed / 2.5 Bath I 2,224 Sq. Ft. I $2,495,000
• Mosler Lofts I #PH2 I Two Bed / Two Bath I 2,000 Sq. Ft. I $1,990,000
• The Enclave at Lake Union I 2,500 – 5,200 Sq. Ft. I Pre-selling from $1,365,000 - $3,450,000
• Market Place North I #E18 I 2 Bed / 2 Bath I 1,919 Sq. Ft. I $1,195,000
• Waterfront Landings I #524 I 2 Bed / 2 Bath I 1,888 Sq. Ft. I $1,175,000
• The Sanctuary I 2 Bed / 2+ Bath I 1,278 – 2,428 Sq. Ft. I Accepting Reservations from $600,000
Jones estimates about half of the most recent $1 million+ sales have come from buyers out of state; be it for employment relocation, retirement, as a second home or even investment. Demand is also picking up locally but the majority of homebuyers in Seattle need to sell a home before they will buy a new home, which limits the number of transactions, he said.
“We’re exercising our (international) brand to attract a broader pool of buyers for our clients,” adds Jones. “It helps too that we have such amazing inventory to present – these properties are clearly in a league of their own.”
In addition to property detail information, the web page at www.RealogicsSothebysRealty.com/Penthouses offers helpful tools for prospective homebuyers trying to better understand the market dynamics. A “heat map” demonstrates where the $1 million sales have occurred over the past decade, there’s links to recent articles on the downtown housing market, a development pipeline illustrates the supply and demand and other statistics are provided from indices like The Northwest Multiple Listing Service and the popular S&P / Case-Shiller Home Price Index.
“I believe we’re at real turning point with downtown housing - so statistical information has become as important as the architectural design, location or views,” says Jones. “That said buyers and brokers tend to look at these unique penthouse properties a little differently than more typical condominiums. They’re similar to waterfront listing because like land, they’re not making any more towers. Penthouse living is an inherently finite commodity.”
EDITORS NOTE: For high-resolution images or statistical information please contact Michelle Poitevin at 206.448.5752 or Michelle.Poitevin@SothebysRealty.com.
About Realogics Sotheby’s International Realty
Launched in February 2010, Realogics Sotheby’s International Realty has quickly emerged as the top-selling brokerage of luxury multifamily properties (by dollar volume) in King County, according to Trendgraphix, Inc. The Seattle-based firm is comprised of more than thirty brokers and offers full real estate services for new construction, resale and mixed-use developments of single-family, townhome and condominium properties. For more information visit www.RealogicsSothebysRealty.com.
11
Realogics Sotheby’s International Realty Tapped as Exclusive Listing Broker for The Sanctuary
Courtesy of Realogics Sotheby’s International Realty
SEATTLE, WA – The senior development loan on The Sanctuary -- a century-old church in Seattle’s Capitol Hill neighborhood that was converted into a 12-unit multifamily community -- has been sold by a syndicate of lenders to Pathfinder Pollin Sanctuary Holdings, LLC, an affiliate of San Diego-based Pathfinder Partners, LLC, a leading acquirer of loans and properties from financial institutions.
According to Robert Nall, managing member of Resource Transition Consultants, LLC (RTC), which has served as the court-appointed receiver for the lender syndicate since September 2010, the loan sale is a key step toward rejuvenating the long-stalled development and reintroducing The Sanctuary to the market at dramatically reduced prices.
Guardian Real Estate Services, a national real estate investment bank, represented the selling lenders. RTC will remain in place and oversee remaining construction and sales activities. Seattle-based Realogics Sotheby’s International Realty has been appointed the exclusive listing broker.
Originally built in 1908 as The First Church of Christ the Scientist, The Sanctuary was redeveloped a century later, as 12, fee simple concrete and steel townhomes within the historic structure. The original borrower defaulted on the development loan in August 2010 and construction and marketing has been halted for more than a year, Nall said. “With the support of our new lender, we can now complete construction and sell the individual residences,” Nall added.
Ranging from 1,278- to 2,438-square-feet, the townhomes will be marketed at significantly less than the original asking price – which averaged over $1 million apiece -- when complete in fall of 2011. “While the original developer had an incredible vision that we intend to fully realize, we also recognize that values must be recalibrated for today’s homebuyer,” Nall said. “We anticipate our prices will start at below $600,000.” Additionally, new homeowners will enjoy a 10-year property tax abatement, with a special assessment designation for historic structures.
Celebrating the architectural significance of the historic structure, The Sanctuary project has already won numerous design awards, including “Building Restoration of the Year (2009)” from Seattle magazine. The development features an expansive stained-glass dome, now the building’s atrium, which provides abundant natural light. Residences feature high-end finishes and amenities, including soaring 35-foot-high ceilings, metalwork and cabinets by Seattle area artisans, solid wood stair risers, re-purposed marble from the original church and top-of-the-line kitchen and plumbing fixtures. Each unit has a street level entrance, as well as a shared elevator to secured underground parking. Some units have rooftop terraces with expansive views of downtown Seattle and Elliott Bay.
Dean Jones, principal of Realogics Sotheby’s International Realty, anticipates that The Sanctuary will be a welcome addition to the in-city housing market. “Buyers and brokers are starving for exciting new inventory like this, as the for-sale pipeline has been shut down for several years and no new developments are planned,” said Jones. Additionally, “this is a unique development – one part residence, one part architectural landmark, one part objet d’art – and with just 12 homes available, we expect them to be in high demand.”
Visit www.liveatsanctuary.com for photos and further information.
About Realogics Sotheby’s International Realty
Seattle-based Realogics Sotheby’s International Realty is a nationally-recognized, full-service real estate brokerage that specializes in new construction sales and marketing services for its developer and lender clientele. Representing numerous high-profile multifamily communities in the Seattle area, the firm is a top selling residential brokerage in King County by dollar volume for condominiums, according to Trendgraphix. For more information, visit www.realogicssothebysrealty.com.
About Resource Transition Consultants
RTC, headquartered in Edmonds, WA, was founded in 2008 by Robert Nall, Douglas Barnes and Kevin Hanchett to provide receivership services to lenders on financially distressed real estate transactions. The firm has been active in the successful disposition of eight communities over the past three years in addition to numerous distressed commercial and business assets. For more information, visit www.rtcreceivers.com.
About Guardian Real Estate Services
With a specialization in real estate, loan sales, and asset management transactions, Guardian delivers solutions to asset managers, bankers, and investors. Through an innovative process that combines capital market experience and local market knowledge, Guardian also offers a combination of expertise for transactions of all sizes, leveraging the Guardian MarketMaker platform to connect buyers and sellers dealing in distressed properties, single-asset, and portfolio loans of all sizes. Visit www.gres.com or www.guardianmarketmaker.com for more information.
EDITORS NOTE: For high-resolution photography of The Sanctuary, please contact Sydnie Moore at 619-823-8448.
Courtesy of Anika Anand of Msnbc.com
Luxury Real Estate member MacArthur & Company Sotheby’s International Realty was featured in a recent msnbc.com article. Written by Anika Anand, the article features a $13.9 million home in Kukio, Hawaii.
“Its Japanese gardens, meditative shrine and separate painting studio are likely to instill a deep sense of tranquility to visitors of this Hawaiian home that offers a full, 360-degree view of the ocean.”
To read the full article by Anika Anand, click here.
30
Trading Places
Courtesy of Frederick Peters, President of Warburg Realty
Every buyer is at some point a seller. But the personality of a buyer changes completely when that transition occurs. The same person who, as a buyer, offers low and doesn’t want to raise the offer to meet the seller’s “unrealistic expectations” becomes a seller and behaves in an identical fashion to the seller he so recently reviled-and usually without an ounce of self-consciousness. The question is how to make those seller expectations as realistic as possible? What do you need to do to maximize the value of your property? The economy is uncertain, the Eurozone is struggling-the last thing most buyers want is an additional headache. So how do you, as a seller, make your property the SOLUTION to a buyer’s problems rather than an extension of them? Let’s look at some ideas:
· Make sure you have all the proper documentation. Do you have all the sign offs from the contractors who did your renovation? Do you have a record of the Board’s approval of the renovation? Any buyer’s lawyer will want to see them. Did you combine apartments? If so, do you have a record of the Board’s approval of THAT? Have you removed the second kitchen and taken the other steps to make sure the combined space is completely legal? Do it before you take the property to market. How about the building’s recent financial statements? You will need them.
· As soon as you decide you are going to sell, start throwing things away. You can put a lot of your possessions in storage, but make triply sure you REALLY want them first. When we moved our second home recently, we threw a lot of our stuff away and then put the rest in storage for 18 months while we renovated. Then we moved into the house, unpacked everything, and threw away half of the things we had stored. So be ruthless the first time.
· Once you have gotten rid of a lot of debris, walk through the house with your broker and a critical eye to see what needs to be done. Chipping paint on the ceiling? Fix it. Bulging tile in the bathroom? Fix it. Those dark purple walls you thought were so cool? Paint them white. Replace the 40 watt bulbs with 60 watt bulbs. Or 75 watt bulbs. Buy a couple of halogen torcheres and but them in the dark corners to cast uplight. The goal is a space which looks under-furnished, airy, and bright.
· Try to think of the convenience of the buyer and not your own convenience. Make the showing hours as liberal as possible. Work overtime to keep mess to a minimum. Keep buying flowers. Make the beds. Kids (even teenagers) can be made to understand that selling the property is financially significant, and having their rooms look like Satan’s lair is NOT conducive to a successful sale!
· Price to sell. Remind yourself of what it felt like to be a buyer and let that inform your decisions as a seller. You want to choose a number which will draw the buyers in, not shut them out.
There are no guarantees in real estate sales; even the most experienced agents cannot say for certain how long the sale of your home may take. But if you follow these steps you are significantly improving the odds in your favor.
Courtesy of Jordan Blakesley of Voca PR
Beaver Dam Farms, built and designed by country music legend Kenny Rogers, is an expansive 973-acre private estate tucked away in the rolling foothills of Athens, Georgia, on the original site of one of the state’s grandest plantations. Just listed for $20 million, this luxurious, fully-furnished estate features a 12,000 sq. ft. main house complete with two gyms, a movie theater, a billiards room, and an Italian marble wraparound porch. For guests, the estate also offers a six bedroom guest home, a four bedroom guest home, and four one bedroom villas. Purchased from Rogers by the Wes Adams family in 2003, Beaver Dam Farms still includes Rogers’ (an accomplished interior designer and one-time partner in an Atlanta design firm) one-of-a-kind design and many of his original furnishings.
The centerpiece of Beaver Dam Farms is a private (as in, only for the owner - there are no members), 6,285 yard, 18-hole executive championship golf course that Rogers designed after years spent traveling to play some of the world’s best, and is often compared to world-renowned Augusta National. The course has played host to golfing greats Payne Stewart, Lanny Wadkins and Ray Floyd, as well as many of Rogers’ celebrity friends. The estate also includes a clubhouse, a 90,000 sq. ft. state-of-the-art equestrian and multi-use facility, two barns, a lake house, two swimming pools, clay tennis courts, a spa, conference center, various outdoor entertaining venues and three fish-stocked lakes.
Courtesy of Judi Desiderio of Town & Country Real Estate
The Artists and Writers Softball Game, which began back in 1948 as a summer picnic, was first played on the lawn of this home originally owned by Wilfrid Zogbaum. Participants of the first games included Franz Kline, Willem de Kooning, Philip Pavia, Jackson Pollock and Joan Mitchell. It wasn’t until the late 60’s and 70’s that writers joined in the fun and shortly thereafter politicians, actors, musicians, publishers, editors and television personalities batted and fielded the now famous annual Artist Writers Game played in Herrick Park, East Hampton.
Some of the games’ notables over the years include Alan Alda, Ken Auletta, Alec Baldwin, Yogi Berra, Matthew Broderick, Chevy Chase, Bill Clinton, Rudy Giuliani, Peter Jennings, Mike Lupica, Regis Philbin, Paul Simon, Roy Scheider, Eli Wallach and Mort Zuckerman.
This home is nestled on 10+ harbor front acres which include a home, barn, waterside pool, and of course the sprawling lawn where history began with the softball game so many years ago. Represented by Town & Country Real Estate in East Hampton, this property is being offered for $4,990,000. IN#31336
Courtesy of Kirsty Bryson of Luxury Homes by VAPF
One of the luxury modern villa designs by Luxury Homes by VAPF features in this month’s edition of the Hong Kong Tatler as one of the 7 most stunning seaside villas in the world.
The Spanish luxury real estate developer’s villa “Cala Moraig” was the only European property chosen to appear alongside other beachfront properties scattered around the world: Australia, Cambodia, Hawaii, Cayman Islands, Turks and Caicos Islands and the States.
The cliff top villa Cala Moraig stands out, not only for the magnificent views across the Mediterranean Sea, with 180 degree water views, but also for the unusual and modern design, which integrates well into the natural rocky landscape of the Costa Blanca coast, whilst maintaining traditional Mediterranean architectural traits.
The well thought out layout for easy modern day living and the glass frontage to make the most of the fabulous vistas are the 2 factors that really make this property highly desirable, or, in Tatler’s words, a “beauty”.
Click here to read the article.
Courtesy of Heidi Hockenberry of Prudential California Realty
Flip through 70 pages of gorgeous homes for sale across Southern California. For our complete inventory of luxury properties for sale, please visit luxsocal.com.
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