Luxury Real Estate

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.

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 Michelle Poitevin of Realogics Sotheby's International Realty

Executives of Realogics Sotheby’s International Realty today released a sample price list for remaining inventory above the 27th floor at Olive 8 – a 229 unit condominium and hotel development in downtown Seattle. The new pricing strategy includes reductions across the board that vary from about 15% to more than 25% on some homes, according to Julie McAvoy, the Community Sales Director for Olive 8.

“Effectively, the price reductions is our seller making the first offer to homebuyers in this dynamic marketplace,” said McAvoy. “Selling today requires a conversation and we’re listening.”

The new price list comes out about a year after prior reductions that ranged from 10-15% and last fall an auction helped sellout targeted inventory below the 27th floor, according to McAvoy and NWMLS history. She estimates the total reductions in aggregate now range from 30-40% below presale pricing in 2007. “It a compelling opportunity for savvy homebuyers,” said McAvoy. “With prices correcting, timing the market may now have more to do with securing preferred selection and historically low interest rates versus anticipating further price cuts. I think we’re at a pivotal time in the center-city (Seattle) housing market and each community has a unique relationship within it.”

A preliminary look at median home prices (year-over-year) for all condominiums (new and resale) in downtown Seattle suggest a 13% correction from a peak in 2007 compared with 2010, according to NWMLS records. Meanwhile inventory appears to be shrinking, most notably due to a lack of new construction since the credit crunch stopped additional development in 2007. Pundits agree no new condo towers are expected to arrive to market for at least several years.

David Thyer, President of RC Hedreen Company and developer of Olive 8 says he monitors market values but acknowledges the only price that matters is the one that a buyer wants to pay. “We’re not inclined to further discount given recent sales comps in the building,” he said. “We know Olive 8 provides a great value today and we’re working our way up the building. Our three year construction loan extension provides us the time to sell into an improving marketplace over the next two years or so. Fortunately, we’ve saved our best inventory.”

McAvoy reports 10 new sales have been accepted so far in 2011 and active negotiations are taking place on several other homes. “I think buyers and sellers are finding better balance in supply and demand at Olive 8 and elsewhere,” she said. “It’s a signal that the market is stabilizing and an increase in sales means buyers are becoming more confident in home values.”

About Realogics Sotheby’s International Realty: Representing a significant volume of new construction condominium closings in downtown Seattle since 2008, Realogics Brokerage, LLC (DBA Realogics Sotheby's International Realty) has emerged as a leading sales and marketing company in the Seattle area. Managed by Realogics, Inc., the collective presents a fully integrated real estate solution comprised of market research, product development, full-service marketing and sales. The Realogics Group of Companies owns a long-term franchise within the Sotheby’s International Realty network and has since established a fastgrowing resale division. Realogics Sotheby’s International Realty is independently owned and operated by Realogics, Inc. For more information, visit www.RealogicsSothebysRealty.com.

Member Bob Hurwitz of Hurwitz James Co. provides insight on the 14-story oceanfront building.

In the U.S., the McMansion craze may be fading, but down in Costa Rica luxury has taken a super-sized turn. New to the market: the penthouse unit of the 14-story Genesis Puntarenas, a 68,459-square-foot oceanfront spread that’s a good 10 times the size of your standard American mansion.

For full article click here

By Garey De Martini of Hill & Co. 

San Francisco, CA – May 14, 2009 – In the heart of North Beach, 567 Vallejo, comprised of four brand new luxury condominiums and one luxury penthouse, has been just recently completed. North Beach, ranked one of the 10 best neighborhoods in the nation by the New York Times, combines old world flavors with contemporary sensibilities.

It is extremely rare for a new development to be built in North Beach. City and neighborhood officials are justifiably concerned with maintaining the character and quality of the neighborhood. The approval process for new developments is rigorous, and consequently the few developments that are approved and completed are extraordinary.

Each luxurious home at 567 Vallejo offers 2 or 3 bedrooms, 2.5 or 3 baths, parking, top-of-the-line amenities as well as hardwood floors, granite countertops, chef’s kitchen, downtown views and more. The penthouse also has 3 private view decks. A common area roof deck offers even more views of the St. Francis of Assisi Church, St. Peter and Paul’s Church, Coit Tower, the Bay Bridge and waters of the bay.

In the warmth of the neighborhood’s favorable weather, residents will have the opportunity to walk around the corner to the famous North Beach Restaurant for a great Italian dinner or stroll over to Washington Square to take in an art show or the North Beach Festival. It is certainly an enviable lifestyle.

This is a rare chance to enjoy the old world charms of the neighborhood, while living in a world-class contemporary, luxury home.

Hill & Co. agents Lora Petroni and Stephanie Ahlberg represent the developer in the sale of these condominiums. They can be reached at (415) 321-4286 and (415) 321-4232 respectively.

Hill & Co.

Founded in 1956, Hill & Co. Real Estate is a San Francisco brokerage long associated with the City’s finest properties. With three offices and nearly 100 full-time agents, the company enables clients to successfully navigate San Francisco’s complex real estate market. Two additional Hill & Co. offices provide property management and rental services. For more information, visit www.hill-co.com.

By Carina de Sousa of IRG International Realty Group

Portugal (March 2009) - The sale of the most exclusive, luxury residential condominium in Portugal was officially launched on March 5th at Hotel Palácio Estoril. At the event, this development’s particular location served as theme for a photographic exhibition featuring “Estoril yesterday, today… and tomorrow”, which illustrated a fascinating and historic retrospective of a unique place, historically viewed by Portuguese and European royal families as their chosen home.

The unparalleled Palácio Estoril Residências is composed of 27 luxury apartments, from two to four bedrooms and is adjacent to, linked and served by the famous Palácio Hotel, a founding member of Leading Hotels of the World. Owners at this unique address will enjoy a comprehensive range of elite privileges at the Palácio Hotel as will they at the magnificent Elements Spa by Banyan Tree, Estoril Golf Club and Cascais Marina. Concierge, Catering and Room Service are just some of the options provided by the hotel that are available to residents.
 

IRG International Realty Group is the proud and exclusive sales agent worldwide for Palácio Estoril Residências and will make use of the world’s most prestigious international real estate networks such as IRG’s exclusive affiliation to Christie’s Great Estates, EREN (European Real Estate Network), Luxury Portfolio, Leading Real Estate Companies of the World, Who’s Who in Luxury Real Estate and partners so as to provide the best possible exposure to the target markets for this unique project.

For information on Palácio Estoril Residências please contact IRG Estoril/Cascais Riviera Brokerage on Tel.: (+351) 21 464 3322, E-mail: palacioestoril@irgportugal.com or visit website www.irgpalacioestoril.com

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 in the Algarve, Estoril and in Kensington, London, United Kingdom. www.irgportugal.com

By Jim Walberg
From his blog: Palmetto Bay Resort in Belize Continues To Feature “Green Development”

This boutique luxury resort on the Placentia Peninsula is a trendsetter when it comes to its “Green Features”!

Palmetto Bay Resort is one of the leaders of “green” Caribbean developments in Belize. This luxury resort has integrated into its design certain features that other developers are watching closely. Palmetto Bay Resort has carefully considered its impact on the environment from the earliest planning stages of its development. Some of the features they have implemented are:

- Geothermal cooling and heating technology.

- Solar power for outside illumination – pathways, water features, landscaping and the beach.

- Grey-water systems to recycle water.

- LED lighting that will reduce energy costs by as much as 80 percent.

- Indigenous species of plants, including fruit trees, in the landscaping.

- Cisterns to catch and store rain water and act as a renewable water supply for the saline pool, water features and landscaping.

- Strategically implemented wind power.

This gated project has plans for around 120 full-ownership condominiums. The initial phase that has just been released has 36 whole-ownership Caribbean beachfront condos starting in the low $300,000s US and they are currently the most sought-after resort luxury real estate for sale in Belize. It is just a short two-hour flight from Houston or Miami to Belize where there are no restrictions on foreign ownership of property or capital gains tax. This is a project you may want to put on your list for your piece of paradise! They even just announced a fly-in package for people who want to seriously consider this as their next tropical home.

OK… so how is this for a description of what Palmetto Bay Resort has created? As you walk into your Caribbean condo you first notice a wraparound veranda overlooking the turquoise-blue Caribbean Sea. What I immediately do is dump my watch and find my bathing suit. The temperature is around 85 degrees Fahrenheit with a delightful warm breeze, and I then head to mashed-potato coral sand. Then the stress really starts because a decision needs to made: sunbathe; snorkel, SCUBA dive; drink… because thirst is a dangerous thing; read; nap; eat; schedule a jungle tour checking out how many Toucans I can spot, and many more choices to consider. Here is the fun part – I get to do it ALL! My first task is to take out the cold beer in the fridge and head to a lounge waiting for me on the beach. All the rest of the remaining choices will show up in their proper order… actually, there is no proper order. This mindset is the way I get to “Caribbean Time” as fast as possible.

Here is more good news for those you intrigued about buying luxury property in Belize. Belize has made owning real estate very simple and easy with some of the most advantageous offshore investment legislation in the world. The official language in Belize is English, and the legal system is based on English common law. Belize has no capital gains tax, no inheritance, estate or probate taxes and no restrictions on foreign ownership of property. The ease of air travel to Belize from the U.S., Canada, and the U.K. is effortless compared to many of your choices for other tropical destinations.

Finally… you will discover a country of diversity! It has a very wide variety of ethnic backgrounds that live together in a marvelous melting pot, each adding to the cultural color of the next. Belizeans are some of the friendliest people in the world. They are a cross-pollination of cultures – ancient Mayan people, Spanish, British, African roots, Mexican, Chinese, Japanese, Lebanese and Indian influences, AND the official language is still English. This is one of the special Caribbean destinations that you will want to put on your “must-see” list. Let me know if you want more information about my favorite spots. Until next time… fair winds!


Editor’s Note:
Jim Walberg is the co-Broker/Owner of The Bay Area Team, the most-successful team at Keller Williams Realty-Danville. He is also a member of the global LuxuryRealEstate.com network. Jim is an exceptional blogger, as you can see by visiting his blogs, East Bay Real Estate and Caribbean Islands Realty, and reading his great blog entries like the one above. He is the master of fractionals and other luxury homes in the Bay Area and the Caribbean, and he always has a lot of great opportunities to share. Jim always has many awesome opportunities to share. He’s a great blogger, and I always learn a lot when I read his work. I just finished writing an editorial for the winter 2009 issue of LuxuryRealEstate.com Magazine on “green” luxury homes. It was a very educational experience, and I’m glad to see these properties becoming popular as energy prices increase dramatically.