All posts by Alyssa Gautieri

What Now?

Interest rates are up. Millennials are just beginning to make their housing play and empty nesters are looking for something new. Change is underway, making what now? the question of the year. In our annual yearlong series, we hope to answer that question — at least for real estate — by shining a spotlight on all the regions of the country.

Along with a snapshot of real estate markets, we take a dive into the latest on housing, developments and design. For this issue, we begin with the middle of the country, grouping three regions together: the Midwest, Mountain West and Desert Southwest.
Location, location, location may be real estate’s timeworn mantra, but more than location determines value today. Condition, price, property type, and even architecture are all at play, having more or less influence on value, depending on the location and price bracket. From the rugged mountains of Colorado and Utah to the desert expanses of Arizona to the heartland, the geography of our focus regions varies, but surprising threads run through all three, making them as similar as they are different.

Chicago and the Midwest

Midwest luxury fared well in 2016 with sales of homes priced at $1 million and up increasing by 11.1 percent year over year; sales in the $750,000 to $1 million range were up by 20 percent. Like almost every market in the U.S., sales here showed a strong up-tick following the election and into the beginning of the year. “The dust has settled and people are ready to move on — and move in,” observed Steve Baird, president of Baird & Warner in Chicago. “Prices for high-end properties have surpassed the peak of 2007 and 2008,” reports Joanne Nemorvski, with Berkshire Hathaway HomeServices KoenigRubloff Realty Group, who brokered one of 2016’s highest transactions, an $8.35 million home in Lincoln Park, which also happens to be one of Chicago’s premier luxury locations.

 

Highest-priced listing: $50 million urban estate in Lincoln Park set on a lot equal to eight city blocks with a 25,000-square-foot main house. Also notable is a $30 million estate in Fort Wayne, Indiana.
 

What’s Hot: Urban dwellings. And new residences affiliated with upscale hotels.

On the Radar: Luxury flips. Lenders such as Erick Workman, vice president of marketing at Renovo Financial, say, “We’re seeing more interest in 2017 for loans on high-end construction and luxury flips.”

Design Trends — In Chicago
Decadent is the word Chicago designer Donna Mondi uses to refer to what’s hot in design here. “There is so much color and drama that is happening in design.” Noting that design typically follows fashion, she points to runway looks she says sometimes resemble “grandma’s closet meets a 70s partier.” Interiors haven’t gotten quite that crazy, but she expects them to become “much more eclectic.” Beyond colors, floral wall coverings are also back. “You can do a lot with wallpapers because it is a way to get major impact in a space. Textured wall coverings are great, but I’m talking about the highly patterned stuff that is really hot now,” observes Mondi.

Desert Southwest

Here, real estate is a story of many markets, price points and sales. The region is expected to have some of the hottest markets in the country in 2017, according to Realtor.com. Phoenix leads its list of 100 top markets for 2017, with projected growth of 5.9 percent in price and 7.2 percent in the number of sales. Tucson is also in the top 10 with an expected 6.1-percent increase in prices and 5.5-percent bump in sales. Arizona was hard hit during the recession. Many places or price brackets are coming back as the last pieces of the recovery puzzle to fall into place.

Entry and mid-level brackets have a tight supply of for-sale properties, but the luxury story revolves around an oversupply. In Paradise Valley, one of the Southwest’s premium locations, the median list price was $2.33 million, while the median sale price for the million-plus bracket was $1.43 million. The supply of luxury properties on the market in Paradise Valley ranges from 30.9 months for the $2 million-to-$3 million bracket to 102 months for $5 million and up. Scottsdale has a median sale price of $509,000. Over $1 million, the months of inventory range from under a year to 61 months for the $3 million-and-up bracket.
“People want quality, and if you are selling for over $3 million in Paradise Valley, you should talk to a stager and an interior designer, so you can be competitive, not in price, but in condition,” says Aazami.

What’s Hot: “What’s on fire are new builds. You can’t get enough of new builds. They are getting north of $500 to $700 and $800 per square foot,” says Aazami. Penthouses like those at the Ritz-Carlton and Mountain Shadows are getting over $1,000 per square foot. At $1,100 per square foot, a unit at Mountain Shadows set a record for the region.
 

Highest-priced listing: Paradise Valley has the region’s highest with a $29.5 million estate on 11.48 acres, available as a pocket listing through Walt Danley Realty. Also notable is a $13.6 million estate with a guesthouse in the hills north of Santa Fe.

New Development of Note: The Residences at the Ritz-Carlton Dove Mountain in Tucson, which combine resort amenities and service with exceptional architecture.

Design Trends — The Southwest
For architectural influences, it’s all about Contemporary in the Mountain West and the Southwest, from a soft California Contemporary to Postmodern and Mid-Century. Even more traditional homes are changing. In certain locations, a Santa Barbara style or a Colonial or a Mission style might remain popular, according to Tony Sutton, president and owner of Est Est Inc., in Scottsdale, but they are still manipulated by Contemporary influences.
“If you bring in a more Contemporary element to a Traditional or a Transitional design, you will get an eclectic twist. It helps give it more intrigue and excitement.” Grey tones and neutrals still predominate, but expect an infusion of color — greens, blues and aubergine. Indoor-outdoor synergy is key, with main living spaces often oriented around patios and pools.

Mountain West

The real estate landscape in this region is as varied as the geography. For the last couple of years, Denver has been one of the strongest markets in the country; and, like many hot markets, the story here is a lack of inventory. In a recent RE/MAX housing report, Denver and Seattle tied for the fewest homes on the market, with less than a month and a half of supply. Experts such as Anne Miller, director, brand marketing for RE/MAX, say availability will continue to be an issue.
“Smashing” might best describe recent sales in mountain resorts, where transactions in both Vail and Aspen crushed existing price records. Overall, Telluride broker George Harvey, who is also NAR’s 2017 vice president for the region, says, “All the mountain resorts have recovered nicely.” For many, the 2016 story was keeping pace, while Vail saw overall sales increase by 9.5 percent. The highest price for a single-family property in Vail was $17.6 million, which was eclipsed in January 2017 by the $23 million sale of Vail’s most treasured estate. Another record was a new high price per square foot in Lionshead. Just in the first month of 2017, the Stockton Group at LIV Sotheby’s International had $60 million worth of property under contract.
In the first half of 2016, sales plunged in Aspen, but recouped some by year end. Still, the fourth quarter saw a new record price per square foot of $5,427, with the sale of a $16 million penthouse in the new Mountainside building at Dancing Bear Aspen. The same building accounted for $40 million in transactions in the last quarter.

Highest-Priced Listing: Elk Mountain Lodge, an $80 million compound in West Aspen.
On the Radar: Foreign buyers (or the lack of them), residence clubs and new construction in Snowmass.
New Developments:
Denver, Colorado: New master-planned development RidgeGate is generating lots of interest and also is a good indication that Millennial families are looking outside of urban centers. This is only one of a number of large communities underway in the Denver area.
Park City, Utah: Now that Vail Resorts owns both Park City Resort and the Canyons Resort, more than a few cranes are in evidence with new builds underway (some previously approved) at the Canyons. Apex Residences will be located at the highest point in the Canyons Village. Deer Valley also plans to expand on the east and south sides overlooking the Heber Valley. Look for new everything — terrain, lifts, and exclusive communities.
Aspen, Colorado: More than Dancing Bear Aspen is happening here. Another new development, One Aspen, named after historic Lift One (once the longest ski lift on the planet), is located at the base on the west side, which is often described as Aspen’s best-kept secret. Prices begin at $12.1 million, and almost half have already sold.

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Modern Marvel: The House Of Light

The estate gracing the cover of our Unique Homes Spring 2017 issue offers over 5,000 square feet of distinctive design in a premier California location.

Light, balance and harmony might best describe the home featured on our cover, but precision craftsmanship, rigorous engineering and thoughtful design are equally applicable, as is being an AIA award-winner designed by one of California’s most notable architects, John Thodos.
Inspired by the 1930s Maison de Verre in Paris, our cover star is a house of glass with entire walls and ceilings made of structural glass. One design objective was to have natural light bathing principal rooms on all four sides. The entry and facade are composed of glass bricks, while a glass ceiling infuses a long gallery leading from the entry with light. Tasmanian oak flooring and custom cabinetry in exotic African Afromosia wood bring warmth to the interior.
The essence of excellent design is also the ability to incorporate features to facilitate accessibility without compromising aesthetics, which means this home is beautiful, but also delivers the highest degree of functionality. Additionally, the steel and concrete structure was engineered with major attention to earthquake resistivity as well as energy efficiency. Photovoltaics and solar panels deliver power and hot water.
All the requisite amenities, including a recreation/media room, wine cellar and a custom office for two, are in place, as are thoughtful features such as lighting designed to display artwork.
Indoor/outdoor living is integral to design today, and this home takes the concept to the next level, literally bringing the two together. The setting, surrounded by redwoods, is especially serene. And, unlike most buildings, this home doesn’t intrude, instead it syncs with the harmony of the setting.
“Such a wonderful execution of the modernist aesthetic combined with a prime setting makes this home matchless,” shares Lyn Jason Cobb with Coldwell Banker Residential Brokerage in Menlo Park, California, who is listing the home for $6.8 million.

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Sheer Luxury

A major trend in today’s high-end wristwatch market is the exhibition of all moving parts, viewed through flawless sapphire.
Although subject to market fluctuations, there remains strong demand for luxury timepieces, particularly among the same clientele vying for vintage sports cars, cases of old Bordeaux and Midtown Manhattan real estate. Some of the hottest new watches, with stratospheric prices to match, reveal intricate operating movements through transparent sapphire cases.
Sapphire crystals — this is synthetic sapphire created in a laboratory, but nonetheless a precious material — are no longer exotic, and show up in many mid-priced timepieces and Apple devices. Far more unusual, however, is when entire cases are made from the material, allowing views inside from every angle. “People are paying for craftsmanship and they want to visually see that craftsmanship,” says Ariel Adams, founder and editor-in-chief of A Blog to Watch and one of America’s leading experts on luxury timepieces.

One limited edition watch that exemplifies the all-sapphire trend is the Greubel Forsey Double Tourbillon Technique Sapphire. It is a flashy blend of technology and glamour with the crystal, case back, case band (middle panel), and bezel, all crafted from sapphire, as well as the lugs (where the strap is attached) and crown. The brand is a favorite of Alexander Linz, a prominent watch industry authority and publisher of Watch-Insider.
Speaking to the consistent innovation of watchmakers Robert Greubel and Stephen Forsey, the Vienna-based Linz states, “It’s rare to see watches created with this kind of spirit, love and passion,” and adds, “Their hearts are really in these watches.” All of this invisibility accentuates the complex and aesthetically alluring mechanisms, with many of the flashy watch’s 393 pieces in full view. The price tag on this watch — a limited edition with only eight produced — is a staggering $1.1 million.
Hublot is a highly respected Swiss manufacturer founded in 1980 and now a subsidiary of luxury conglomerate LVMH, whose upmarket brands include Moët & Chandon, Marc Jacobs and Louis Vuitton. One of the company’s most exotic timepieces is the MP-05 LaFerrari Sapphire ($575,000), among the most audacious looking timepieces a gentlemen could ever strap on his wrist. The name reflects Hublot’s partnership with the Italian sports car manufacturer (the watch even carries the automaker’s famed prancing horse logo), and Linz reports it is actually modeled after the backside of a Ferrari supercar. The watch is so aerodynamic, it looks like it could take the pole position at Le Mans.

Since its founding just 17 years ago, watchmaker Richard Mille has become a cult favorite, and Linz reports that in Europe, his watches are particularly favored by Formula One racecar drivers. For women, the RM 07-02, nicknamed “Pink Lady Sapphire,” is one of the most stunning-looking watches to ever make its way to market. The case, bezel, case band, and case back are milled from solid blocks of pink sapphire, and the contrasting central dial is crafted from gray mother-of-pearl, bordered by sparkling diamonds that reappear on some of the unveiled red gold mechanisms. The ultimate cocktail watch, the Pink Lady is priced just shy of $1 million.
MB&F is a limited-production boutique brand for elite consumers seeking exclusivity as well as craftsmanship. Its futuristic-looking HM6 SV (that stands for “Sapphire Vision”) combines advanced engineering with one of the most avant-garde aesthetics in the industry. While the entire case is not sapphire, this watch showcases its complex, intricately crafted movement through a multi-bubbled crystal crafted from 11 distinct pieces of sapphire seamlessly fused together. “It’s insanely interesting, and the movement is as much a piece of art as the case,” says Adams. And at nearly $400,000, the watch is priced like real jewels.

Bell & Ross products tend to possess a simple masculinity, strongly influenced by aviation and military instruments. But the BR-X1 Sapphire Tourbillon is a stunning, sheer-cased timepiece cut from nine blocks of flawless sapphire. Unlike some skeletonized watches whose movements are embellished with vibrant colors, variances of white and grey on this watch create an ethereal appearance that commands almost $500,000.
Veteran retailer Greg Simonian, who dispenses extravagant products at Westime, his posh Rodeo Drive boutique, best articulates why luxury watches continue to capture consumers’ imaginations. “There are many devices to tell you the time, but a beautifully crafted luxury watch is part jewelry, part miniature machine, and, most importantly, a real statement about its owner,” he states.

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What Was Old Is New Again

For 30 years, Paris Ceramics has been restoring elegant materials from across the globe and innovating modern designs.
Richard Abbott has spent decades returning beauty to materials that have lost some of their shine. “We started in London 30 years ago, mainly dealing with handmade and painted ceramic tiles. Then we moved into French limestones and never looked back. We are constantly searching for materials that have soul and are timeless,” he says.
The search for these materials takes Abbott and his team across the globe. Paris Ceramics reclaims limestone from France and Jerusalem, terracotta from France and Belgrade, marble from Spain and oak from France.
For Abbott, “the most interesting thing about these materials is the patina that they have acquired over the years from generations of wear. We clean and restore these to bring out this beauty. There is nothing quite like it and every piece is different and has its own character.”

The process of restoring these antique materials is a painstaking but worthy endeavor.
“We have to cut them down in thickness. We have to carefully remove the dirt and anything else undesirable on them and treat them with green solutions to ensure that there is no bacteria or fungi on the material, and bring to the fore the patina that the stone has acquired. These techniques have been developed over many years of dealing with these materials,”
he explains.
Paris Ceramics has built a reputation for creating brilliant and eye-catching patterns in its tile designs. For inspiration, Abbot finds that “going back and looking at designs from Greek, Roman, Arab and Celtic sources is a good way to develop new ideas.”
The company does not shy away from using bold patterns, specifically in its flooring designs. These patterns add another decorative element to the space. For Abbott, the patterns “ground the space, sometimes make the space appear larger and become the focal point.” Some of the geometric tile designs even appear to be in 3D, giving the space a depth and perspective it otherwise would not possess.

While patterns are what draw the eye to these floors, the feel is also important when working with these materials. “Texture is an extremely important part of natural stone. We are constantly inventing new textures both created by hand and machine. It’s all about touch and feel,” Abbott says.
Texture is crucial in both restored and new material designs. Abbott explains, “We do both reclaimed oak from France and new French oak, which we texture and treat with reactive stains that react with the tannins in the wood.” For Abbott, even new materials benefit from the use of texture treatments to bring out their inherent rustic beauty.
The future for the luxury tile market is bright. Increased consumer demand for bespoke design materials is leading to an expansion of the industry. “Each antique reclaimed floor is unique,” Abbott says. “Most antiques are becoming increasingly harder to find each year.”

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Cutting Edge

The classic American steakhouse— where an abundance of white linen, polished mahogany and brass create a comforting, masculine ambiance — is today more nostalgia than reality. Contemporary steakhouses now dominate the genre, where in addition to sleek modern décor, slabs of USDA Prime are being traded in for petite cuts of Japanese wagyu beef priced like jewelry.
The steakhouse, a quintessentially American dining tradition, continues a robust renaissance that began more than a decade ago. The classics — places like Sparks, and Smith & Wollensky in New York City or Gibsons in Chicago — remain popular, but talented young chefs are reinterpreting the venerable institution for a more sophisticated, diverse clientele. The traditional ribeye is still on the menu, but the days of pairing it with a baked potato and creamed spinach are fading in favor of caviar, truffles and some molecular gastronomic magic.
One of the first steakhouses to break with tradition and introduce diners to a new wave of contemporary beef palaces was Beverly Hills’ CUT, the Wolfgang Puck concept that has since been replicated in Las Vegas, New York, Singapore, London, and even Bahrain. The original Beverly Hills dining room, an über-sleek space incongruously carved out of the ornate, Italian Renaissance-style Beverly Wilshire Hotel, broke all the rules.
 

When CUT debuted a decade ago, it was a bold departure from the traditional steakhouse, from the cutting-edge aesthetic by famed modernist architect Richard Meier to a menu that included beef from around the globe and subtle Pacific Rim influences. Unlike the traditional chophouses, it did not ooze testosterone, and tables were just as likely to accommodate svelte models as button-down businessmen. CUT was among the first mainstream steakhouses to offer genuine Kobe beef, so heavily marbled from a pampered existence that just a few ounces satisfy.
“Our chefs are constantly challenging themselves, using ingredients and techniques that most steakhouses would never think to implement,” says Head Chef Ari Rosenson. While that may be reflected in dishes like bone marrow flan and maple-glazed pork belly with sesame-orange dressing, the chef points out that familiar items like creamed spinach, Kennebec fries and tempura onion rings are among the most popular sides. “We continue to evolve, creating experiences that are tailored to our guests, while also keeping it playful, unpredictable and true to our brand,” states Rosenson.
In Northern California, Alexander’s Steakhouse has emerged as a counterpoint to old school chophouses like San Francisco’s John’s Grill and Alfred’s. According to Vice President of Operations Josh Rousseu, the layering of innovative Pacific Rim influences over the traditional steakhouse template is driven by changing demographics, partially due to the region’s tech boom. “The inspiration for Alexander’s was rooted in the love and popularity of the classic American steakhouse, but elevated by Asian influences, ingredients and techniques to create a meld between the comfortable, accessible familiarity and unexpected surprises,” explains Rousseu.

After launching in the Silicon Valley, Alexander’s next took over a former ware-house in San Francisco’s South of Market (SoMa) district, transforming it into a chic, contemporary space. Loyalists of old school steakhouses may be disappointed at the absence of an iceberg lettuce wedge or shrimp cocktail, but uni-oxtail toast and cured foie gras with blackberry honey and elderflower introduce sophisticated Japanese and French influences.
Steaks representing a wide array of appellations are offered at Alexander’s, from the American Heartland’s Black Angus to the “snow beef” wagyu raised in Hokkaido (Japan’s northernmost island), where cattle eat voraciously to combat frigid temperatures. Although most imported wagyu is incredibly rich and requires minimal seasoning, a selection of six exotic salts are provided.
Not all prized beef is from the Pacific Rim, and Long Beach, California’s Chianina is named after a legendary breed of cattle that Italians insist rivals the best of Japan or the American Midwest. For an opening act, diners may select from beef tartare, pork belly or roasted bone marrow with onion marmalade. The cuts of Chianina include bone-in ribeye, bone-in New York or bistecca alla fiorentina, and prestigious Piedmontese beef is also offered. The restaurant, a modern, approachable environment, features a strong wine program that is naturally deep in Italian reds but global in scope.

Prolific restaurateur Stephen Starr maintains a portfolio of about 30 diverse restaurants in the Northeast and Florida, including those of celebrity chefs Masaharu Morimoto and Douglas Rodriguez. Philadelphia’s Barclay Prime, with its chic, colorful décor — Baccarat crystal chandeliers are concessions to its historic Rittenhouse Square building — and contemporary soundtrack, has been called the “anti-steakhouse steakhouse.”
Executive Chef Mark Twersky’s menu includes some fun, whimsical items in addition to the requisite filet mignon and porterhouse, such as a monstrous 50-ounce tomahawk ribeye from Pennsylvania’s Baer Country Farm and Barclay Prime’s elevated riff on the iconic Philly cheesesteak. The $120 sandwich, which includes a half-bottle of Perrier-Jouët Champagne, is crafted from Japanese wagyu ribeye, foie gras and truffled Cheez Whiz. General Manager Tom Austin reports, “We’re filled with tradition and history in our own right, but stand in stark contrast to the old school classic steakhouse.”
Las Vegas has arguably become the steakhouse capital of America, with favorites from the Big Apple, Windy City and Lone Star State represented, as well as beef palaces created by celebrity chefs Mario Batali, Gordon Ramsay, and Jean-Georges Vongerichten. Top Chef star Tom Colicchio operates two steakhouses on the Strip: Heritage Steak, where beef from around the globe is grilled over an open flame, and Craftsteak, a sophisticated bastion of premium beef from the Heartland and Japan.
Colicchio is not one to overthink his cuisine. “My goal at Craftsteak is to find remarkable ingredients and cook in a way that preserves their integrity,” he says, adding, “It’s an amazingly simple idea.”
His Craftsteak menu includes braised, grilled and roasted cuts of beef, from USDA Prime to wagyu designated A5, the highest grade applied to the finest beef from Japan, complemented by a wine list filled with legendary (and stratospherically priced) vintages from Bordeaux. General Manager Christopher Goss reports the restaurant’s large menu offers opportunities for sharing and customizing. Despite the high prices, he insists, “We’re approachable to everyone, and while the cuisine may be an art, it’s not too highbrow and stands the test of time.”

José Andrés, the Spanish-born celebrity chef who dominates the Washington, D.C., food scene, has stepped into the steakhouse arena at the trendy SLS Las Vegas. At his Bazaar Meat, he shows off some of the molecular gastronomic innovations he is famous for — tricks learned from his mentor, Spain’s pioneering chef Ferran Adrià — but he also respects the traditions of the American steakhouse.
In a chic environment created by groundbreaking designer Philippe Starck, Bazaar Meat is a modern, fanciful take on the traditional hunting lodge. Diners begin with Andrés signatures like foie gras cotton candy, otherworldly spherified olives and (literally) smoking liquid nitrogen cocktails, all reminders this ain’t your granddad’s steakhouse. Appetizers like beef tartare or bison carpaccio tacos reflect the meat-centric spirit, but the restaurant also offers an impressive raw bar from which oysters, sea urchin and live scallops are dispensed. And for high rollers, flights of caviar from around the globe can be paired with world-class Champagnes.
The steaks at Bazaar Meat include A5 Kobe from Japan’s Hyogo prefecture listed at $50 per ounce, prices equivalent to French black truffles. It is, however, worth noting that a few ounces of this ultra-rich, melt-on-your-tongue beef goes a long way and is best reserved for special occasions. Representing more bang for the buck is a whole, crackly-skinned suckling pig (a nod to the chef’s Spanish heritage), which can be pre-ordered for a memorable feast of what Andrés calls “the heart and soul of Bazaar Meat.”

Photos courtesy of Starr Restaurants

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‘I’ve Never Met a Malbec I Didn’t Like’

A retired publisher turned photographer and world-traveler – and now author – literally wrote the book on wine and travel in Argentina.
The first in a series of coffee-table books on wine regions of the world, Exploring Wine Regions: A Culinary, Agricultural and Interesting Journey Through Argentina, began as a feature story.
“I love to travel. I’ve been publishing a travel magazine for 20 years, and I’ve retired,” says Michael C. Higgins, PhD. “I thought I would go to Argentina to find why I hadn’t met a Malbec I didn’t like. So, for five weeks I traveled around. And then went back for another five weeks. And I had way too much for a feature story, and too little for a book. So I went for a third time for three weeks.”
The culmination of his travels is a comprehensive list of not only the wineries and vineyards he visited and their offerings, but also sightseeing options and delicious restaurants. “I’m giving you the inside track. You can take my book, go to Argentina, never have a glass of wine, and have an amazing experience,” he states. “But, the best way to learn about wine is to drink it.”

And the best way to drink wine is by going straight to the source, and thoroughly immersing yourself in it. “I fell in love with the culture, food, the landscapes and the whole environment.”
“When some people go wine tasting, they visit four or five wineries a day. I sit in one. I get to know the winemaker, the agronomist, the people making the wine and walk the property. I find taking in the whole experience is amazing,” Higgins explains.
Higgins experienced many “behind the scenes” things throughout his travels, learning how the Argentinian wine industry is continually evolving.
In the Uco Valley, southwest of Mendoza at the foot of the Andes Mountains, the elevation (3,000 to 5,000 feet), mixture of soils, extreme temperature ranges, air quality, fresh water from the snow melt, and the extremely long growing season have created a special micro-climate that is very attractive to winemakers. There are three different sub-regions, with three separate sources of water that contribute to each area’s unique wines.

Sebastian Zuccardi, grandson of the founder of Familia Zuccardi winery in Maipú, began working in Altamira in 2007 and studied the soils, rich in limestone. This led to the creation of five super-premium labels for Zuccardi wines. At this location, Higgins got to see firsthand how it’s decided where to plant the grapes.
“I’m in the vineyard, and they’re digging like 500 trenches in the middle of the vineyard, about 15 feet long, 2-to-3-feet wide and 4-feet deep. What they wanted was to see what was under the ground. Malbec loves limestone, and when they were digging, you could see all the minerals,” shares Higgins.
In Patagonia, whose cooler climate produces Pinot Noir, Sauvignon Blanc, Merlot and, of course, Malbec, Higgins saw the revitalization of the wine industry. “There used to be 260 wineries in the region 100 years ago, but in recent years only one was left. Now, there are 20-plus wineries using ancient vines and propagating new vines to produce high-quality wines,” Higgins explains.
In Northwestern Argentina, near Salta, the single tallest grape vine in the world, a Pinot Noir, stands at 10,206 feet above sea level. This grape vine is another experiment that Higgins saw firsthand. “The wineries in the Calchaquí Valley start at about 6,500 to 8,500 feet above sea level, and some at 9,000 feet. They’re pushing the limits,” he says.

At Altura Máxima, an experiment to see which vines will grow best in the high-altitude environment is underway. It is led by Ing. Agr. Rafael Racedo Aragón, who has established a biodynamic farming environment that he believes will influence a crop’s ability to establish itself. Already planted are 86 acres of Malbec, Pinot Noir, Merlot, Syrah, Torrontés, Sauvignon Blanc and Chardonnay. The combination of a soil high in phosphorus and exposure to the sun is expected to yield a crop with concentrated aromas, polyphenols and flavors.
So, has Higgins really never met a Malbec he didn’t like? Short answer, no. “Malbec is big, like a Cabernet, but at the same time it’s fruity like a Pinot Noir. I think there’s a real magic to wine,” he shares.
“It’s a testament to Argentina that after 13 weeks, I haven’t even begun. I knew a lot about [wine] before I went, but now I’m a different person. I know more about Argentine wine than Californian wines, and I live in California!” Higgins exclaims.
California, incidentally, is the next region to be covered by Higgins in his Exploring Wine Regions series.

Photo credit to Michael C. Higgins

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Latest Market Reports From Lucas Fox International Properties

The latest market reports from Lucas Fox International Properties portray a positive outlook for the luxury Spanish property residential market during 2017 and beyond, identifying three new trends.
The three main trends were discovered from the company’s 2016 data and are as follows: foreign buyers are continuing to drive sales; new home transactions are significantly up on 2015 but a lack of stock is pushing up prices and the Brexit vote and the election of Donald Trump are starting to affect British and American buying habits.

Property sales up

Lucas Fox registered a 31% rise in the number of property sales transactions in 2016 compared to 2015, the biggest increase since the company was founded in 2005. Sales transactions in Barcelona increased by 69%, driven in part by an increasingly diversified global market – foreign investors represented 65% of all Lucas Fox sales. Despite the Brexit vote, the British continue to made up the biggest proportion of foreign buyers (11% but down from last year’s 18%), followed by buyers from the Middle East (8% compared to 5% in 2015), Scandinavia (7% compared to 4%  in 2015), France (6% compared to 9% in 2015) and the US (5% compared to 4.5% in 2015). Asian and South American buyers are also on the increase.
“We’re seeing growing national and international demand for homes in leading cities and desirable second-home destinations showing that Spain’s economic recovery is on course despite last year’s political paralysis” explains Lucas Fox co-founder Alexander Vaughan. In total, 35% of Lucas Fox sales in 2016 were to national buyers up from 19% in 2015.

New homes top the list for foreign buyers

New and newly renovated homes accounted for over 100 million euros of Lucas Fox sales in 2016 and just under half of all Lucas Fox Barcelona sales. Three-quarters of these turnkey properties were bought by foreigners, 46% of whom were buying for investment reasons. Lucas Fox data shows that the average selling price of a new home in Barcelona during 2016 was 6,200€/m2 (€720,000), significantly above the Barcelona average.
“New homes are in high demand particularly in prime districts of Barcelona and Madrid but a lack of stock is currently pushing prices up in these areas” explains Lucas Fox Head of New Developments Joanna Papis. “The outlook for 2017 looks promising. Our current portfolio consists of more than 350 homes with a value of approximately 250 million euros and we are expecting to take on a further 1000 new homes with an approximate value of 550 million euros in the next 12 months.”

Brexit and the ‘Trump effect’

Both the UK’s Brexit vote and the election of Donald Trump have begun to shape both American and British buying habits. Lucas Fox data shows that both the number of visits to the Lucas Fox website and the number of enquiries from Americans during 2016 have increased compared to 2015.  Almost 70,000 visitors to the Lucas Fox websites (8% of the total interest) came from the US during 2016, up from 5% in 2015, with the most sought-after locations being Madrid and Barcelona.
Meanwhile the reverse is true of the British (10% of website visitors in 2016 down from 12% in 2015). Enquiries from the UK for homes in all desirable second-home destinations have decreased following the Brexit vote, most notably on the Costa del Sol, traditionally popular among British buyers. Lucas Fox data shows that Barcelona and Ibiza were the most searched for destinations among UK buyers during 2016.
“Since the referendum, UK buyers have dropped off due to the weakening of the Pound,” explains Lucas Fox Marbella Partner Stephen Lahiri. “There is still movement at the lower end of the market and towards the latter half of the year there has been an increase in the numbers of sellers of re-sale properties discounting prices, particularly British sellers who can now afford to reduce the price without affecting what they will make in Sterling.”

Latest sales figures for last year from the National Institute of Statistics (INE) show the Spanish property market expanded 14% in 2016, the biggest increase since the run up to the last boom. Sales were particularly strong in Barcelona (24%) and the Balearics (31%) but rose just 5% in Malaga, most likely due to the Brexit vote. Another notable trend during 2016 was that investors who have traditionally bought in key property investment hotspots such as London or New York are now looking at Spanish cities as a viable option.
“We’re optimistic that the Spanish Property market will continue to improve through 2017 and for the coming years,” concludes Mr Vaughan.

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Willowsford Marks One-Thousandth Home Sold

Willowsford, a unique new home community in Loudoun County, Virginia, has reported exceptional sales volume amid the start of 2017, marking its one-thousandth sale this past weekend.
However, the sales trend was on par with record sales for 2016 when Willowsford reached historic numbers, selling so many homes that it was included in the prestigious John Burns Real Estate report naming it one of the top 50 communities in the nation, and one of the only communities with just single family detached homes to make list. Similarly, in 2016, Willowsford’s sales increased by 44 percent over 2015.

“As word of Willowsford gets out nationally on the uniqueness and authenticity of this community, sales continue to soar,” said Stacey Kessinger, vice president of marketing at Willowsford.
And, it’s not just homebuyers that are recognizing Willowsford’s quality-of-life value proposition but developers from as far away as North Carolina and Texas have visited Willowsford to study it for replication in other regions.
“Willowsford has won ‘Community of the Year,’ for multiple years,” added Kessinger. “This is where families, young professionals and empty nesters are buying because Willowsford is so much more than our homes. It’s buying into a lifestyle and lifetime experience.”

Willowsford credits its success with its dedication to innovative but daily experiences that make it much more than just a community. Sitting on approximately 4,000 acres with 2,000+ acres in open space, Willowsford provides a natural environment that’s rare for new communities.
From its award-winning home designs (created just for Willowsford) to its amenities including a working farm and farm-to-table cooking program with pop-up restaurants, visiting chefs, a farm market; to more than 40 miles of trails and active outdoor programming; and additional amenities including resort-style pools, demonstration kitchens, 7-acre lake, fitness centers and more—all built upfront. Willowsford has created a lifestyle experience and setting that few other communities offer.

Photos courtesy of Bushnell Photography and Maxine Schnitzer Photography

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Pacific Union International Teams Up With Audi FIS Ski World Cup

The approaching Audi FIS Ski World Cup is partnering with Pacific Union International, Inc., receiving a significant sponsorship for the event that will be held on March 9-12, 2017 at Squaw Valley.  As the leading real estate brokerage for Lake Tahoe’s most stunning residences, Pacific Union’s support in the community where its team lives and works is paramount.
“This is a rare opportunity to witness the best in sport in our own neighborhood,” Pacific Union CEO Mark A. McLaughlin says. “This elite competition is the return of World Cup ski racing to California after 19 years, and we are proud to support the superb athletes and volunteers who are making the extraordinary happen in Squaw Valley.”

Pacific Union is offering a limited number of top-tier tickets to the most exclusive guest venues — the VIP and Club level viewing areas at the base of the challenging Red Dog run — for sale to the brokerage’s clients for $450 and $1,400, respectively. The packages include two-day lift tickets, VIP amenities, parking privileges, exclusive hospitality, and private receptions, including access to lodging reservations in Squaw Valley.
On Friday, March 10 the highly anticipated competition includes Women’s Giant Slalom will occur and the Women’s Slalom on Saturday, March 11. Olympic champion, Mikaela Shiffrin, will be ripping up the terrain on the legendary Red Dog run, the site of the 1969 World Cup and the 1960 Winter Olympics.
Pacific Union is San Francisco Bay Area’s premier luxury real estate brand operating in nine regions. With more than 25 Bay Area offices and nearly 700 of the region’s top-performing real estate professionals, Pacific Union merged with Los Angeles-based brokerage John Aaroe Group in December 2016.
For tickets and more information go to skiworldcup.

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Warren Buffet Lists Laguna Beach Estate For $11 Million

Warren Buffett, the legendary “Oracle of Omaha”, has listed his Laguna Beach, California, home for $11 million. Bill Dolby of Villa Real Estate is selling the estate, which offers six bedrooms, seven baths and ocean views of Laguna Beach, while boasting 3,588 square feet.
27 Emerald Bay was originally purchased for $150,000 by the American business investor in 1971 and has been used for Buffet’s family vacations for more than 46 years. Built in 1936 and renovated by the Buffett family, the estate is conveniently located just steps to the sand near the south point of this exclusive enclave. Five of the bedrooms have en suite bathrooms, and two of the bedrooms have their own entrances, ideal for visiting guests.

A spacious family room with an oversized ocean viewing deck is separated from the main home, offering privacy and the ability to have activity away from the main part of the home’s living areas. Featuring an abundance of parking, the property has a two-car garage and a separate one-car garage with an adjacent apron for off-street parking.
The Buffett residence is in beautiful Emerald Bay, a private beach community in Laguna Beach, and one of the most incredible seaside enclaves along the southern California coast. Emerald Bay features nearly a linear half mile sandy beach, six championship tennis courts, a community center, the Al Simmons swim center, acres of natural parks and greens, and 24 hour security.

For more information on 27 Emerald Bay, please visit villarealestate.com or call Dolby for a private showing at (949) 584-1874. Dolby is an Emerald Bay native and third generation Laguna Beach real estate agent.

Photo credit to Todd Tankersley Photography

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