New report affirms the allure of a second home

Luxury Portfolio International® (LPI), the luxury marketing division of Leading Real Estate Companies of the World®, has released a new, global report: The Allure of the Second Home: Why Affluent Buyers are Displaying Confidence in Resort Markets.

This detailed research focuses on affluent consumers (the top 10 percent and above income earners in 26 countries) who are in the market to buy or sell a second or vacation home in the next three years.

The Allure of the Second Home reveals that the potential for luxury property has never been bigger. Just in the last four years, personal wealth globally has grown by 15 percent and the number of high-net-worth-individuals has increased by 25 percent. For those at the highest end of the wealth spectrum (over $10 million in assets), this represents a unique opportunity. While the mainstream market has concern and is showing caution, this consumer, and particularly those in the market to buy a second home, is becoming more aggressive and feeling a high degree of confidence in the market.

Photo by Jessica Bryant​.

“Today’s affluent second home buyers have more assets than in the past, they are younger, with nearly half under 40 years, and they are experienced with home ownership,” said Stephanie Anton, president of Luxury Portfolio International®. “This group is looking for additional residences for their portfolio that cater to their discerning lifestyles, where amenities and wellness are priorities.”

Photo by Expect Best.

Beyond physical and emotional wellness, which most affluent consumers focus on, luxury second home buyers are especially keen to improve their intellectual, social and even spiritual wellness, with 96 percent taking at least one aspect of wellness seriously. Learn more about how luxury developers are keeping this in mind to differentiate themselves in the full report.   

Key Takeaways

  • The high-end second home market is a net growing market

  • Younger buyers make up half of the luxury second home market right now

  • Ultra-high-net-worth individuals are investing more aggressively

  • Buyers are ultimately seeking a life well-lived

Download the complete report at luxuryportfolio.com/whitepaper

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Invest Now for Your Future Needs

Investment is a great way to grow wealth over time and can be a game-changer for most people. It can help you generate cash, providing you an additional source of income and even have you covered with regard to retirement. Either way, if done right, investment builds wealth. Naturally, investing your hard-earned money can be an overwhelming challenge since there are a wide range of investment options to choose from. At this point, assessing your personal risk tolerance and time horizon helps you to decide where and how to allocate your investments.

Condominiums

As with any investment, there are several variables that can influence the outcome of your investments. Condos are in high demand among millennials, and so, investing in them can be a great move if you make smart decisions and purchases. Unlike most housing options, the management of the condominium tends to its maintenance and upkeep, meaning you save time, energy and money. Condos typically come with premium amenities such as swimming pools and gym, yet the purchase price is generally cheaper than single-family homes. When it comes to investing to provide future income, investing condominiums tend to be a safe bet. Head on over to get a listing in this location

Photo courtesy of Unsplash

Dividend Stocks

If you’re open to taking on a little more risk, dividend stocks may be an option for you. Including both common and preferred stocks, the equity market can provide great possibilities for future income. Invest in companies that have safe dividend payout ratios and, in return, the portion of profit for shareholders is distributed among the shareholders. Generate income on the basis of the number of shares you own.

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The Sweetest Treats

Lady M Cake Boutique, known for elegant, multi-layered Mille Crêpes cakes, has partnered with  French luxury brand Baccarat to launch its first luxury cake truck in California.

Alongside 3D Artist Kurt Wenner, the five-year partnership will launch the cake truck in New York City at the Baccarat Boutique on Madison Avenue, and travel across the country before commencing operation in California. Set to start serving August 2019 in Northern California, the 28-foot multi-functional luxury cake truck will journey throughout California greeting new and existing clients of both brands with a unique cake experience.

“Baccarat is thrilled to be partnering with Lady M on this new and innovative collaboration,” says Jim Shreve, President and CEO of Baccarat North America. “Our partnership reinforces the Baccarat message of enjoying beautiful things every day. We are excited to share delicious cakes on beautiful Baccarat. Everything tastes better on Baccarat.”

From the sidewalk, pedestrians and guests will experience the Kurt Wenner 3D, life-sized rendering of the cake truck that will be affixed to the boutique’s glass façade. Inside, guests will meander through the boutique surrounded by Lady M cakes, capturing the feel of being in an actual Lady M boutique. Within the boutique, guests will be greeted with a glass of champagne as they approach yet another version of the cake truck, where Lady M Mille Crêpes will be served through a functional service window. 

The Lady M x Baccarat cake truck is a stunning and luxurious feast for the eyes. On the exterior, Baccarat has mounted two large Tuile de Crystal Chandeliers ($29,100 each) and 1 small Tuile de Crystal ($12,600) that will gracefully hang suspended from two long beams that are collapsible when the food truck is not in service. Four Baccarat Mille Nuits Torch sconces ($2,150 each) will mount on either side of the service windows. During the day, Lady M will provide legendary service to clients who pre-order cakes.  During the evening, Lady M and Baccarat will illuminate the night and create an outdoor dining experience for those who want to experience both brands.

“The collaboration with Lady M and Baccarat has allowed me to have an entirely new experience with interactive art. Placing my art on a food truck is a first for me,” says artist Kurt Wenner, who invented 3D Pavement Art in the 1980s. By combining his art with digital printing, Wenner offers stunning, durable, interactive illusions.

This collaboration is the first of its kind, and Lady M Cake Boutique is thrilled and honored to partner with Baccarat. We are excited to expand the concept of the Lady M experience and take our cakes (including a new confection made exclusively for the collaboration), on the road, introducing them to those both new to and familiar with the brand. We look forward to sharing our signature cakes on beautiful crystal, and sharing happiness.

Ken Romaniszyn

CEO, Lady M Cake Boutique

“My 3D illusions are where the language of proportion and innovation meet. I’m so excited about this project as the illusions I have created will be partnered with elegant chandeliers and the world’s finest cakes. The marriage of all three will shift the perception of what is reality,” says Wenner. 

The cake truck will start service starting this month in Northern California, and guests are encouraged to tag and follow along with the hashtag ​#ladymxbaccarat. ​A microsite tracking the cake truck’s journey throughout California will be live at ​www.ladym.com/thecaketruck​. 

All photos courtesy Samantha Nandez / BFA.com

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Chinowth and Cohen Realtors to Receive Lifetime Achievement Award

With more than 65 years’ experience between them, Sheryl Chinowth and Lee Cohen, co-founders of Chinowth and Cohen Realtors, have proven to be leaders in the luxury real estate industry. Their experience has granted them the Lifetime Achievement Award at the Who’s Who in Luxury Real Estate (LRE) Fall Conference, being held in Washington, D.C., from September 24 to 27. 

Their firm has received several recognitions since its establishment in 2004, including ‘Best in the World’ Real Estate Company by Tulsa World readers in 2015 and 2016, along with ‘Best of the Best’ Real Estate Company in Tulsa by readers of Oklahoma Magazine for six consecutive years.

Photo courtesy of Luxury Real Estate

Awarded twice annually to a longtime member of the LRE® network, the recipient of this prestigious award is selected by virtue of their outstanding peer recognition, relentless hard work and commitment to the real estate industry. 

“Sheryl and Lee have grown one of the most successful real estate firms in the country. They are respected in the industry for their professionalism, hard work and commitment to their community,” said Who’s Who in Luxury Real Estate Chairman John Brian Losh. “It’s been an honor to call them friends and colleagues over the years.”

Photo courtesy of Luxury Real Estate

Along with being distinguished as a Top Realtor ranking in the top 3% nationally and top 1% in Tulsa County, Sheryl serves on the esteemed LRE® Executive Committee. She has previously received the LRE® Extraordinary Philanthropy award in 2013 for her commitment to giving back to the community.

Lee is currently active in the Greater Tulsa Area of Realtors (GTAR) RCA Committee, Legislative Committee and RPAC Committee. He is also a member of the Oklahoma Association Realtors Finance committee as well as a member of the REAL Trends Leadership Council.

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Home of Dean Martin for Sale

Jeff Hyland and Drew Fenton are thrilled to present The Glazer Estate, located in Beverly Hills, California. Totaling approximately 27,500 square feet, the massive concrete home with a modern museum-style aesthetic was completed in 1995, and has since replaced the longtime home Dean Martin originally purchased in the 1950s. The property was most recently owned by late real estate developer Guilford Glazer and his wife, Diane Glazer.

“Offering an exclusive Beverly Hills lifestyle, this rare gem is the ultimate in refinement and architectural prowess,” Hyland says.

Beautifully situated on 1.6+ acres in the most prime neighborhood of Beverly Hills real estate, Mountain Drive is arguably the best street in the city, making The Glazer Estate a world-class home in a world-class location.

Guests are instantly greeted by a long, private driveway surrounded by park-like grounds. With no expense spared, The Glazer Estate makes entertaining on a grand-scale seamless, with the ability to host over 1,000 guests.

From large teak doors to a two-story atrium and theatrical water elements, only the highest level of quality is showcased throughout the residence. The open floor plan allows guests to flow between the grand formal dining room to the glass-enclosed junior dining room, formal living room, and an exceptional water lounge surrounded by ponds on all sides.

The lavish master retreat is a world unto itself, with dual baths and closets. Other standout amenities include indoor and outdoor pools as well as a ballroom.

Photos courtesy of Jim Bartsch

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Renowned Chef Gastón Acurio is Joining Atlantis, Dubai, in 2020

One of the world’s leading Peruvian restaurants, La Mar, by renowned chef Gastón Acurio, is announced as the latest culinary addition to The Royal Atlantis Resort & Residences, set to open late 2020. 

 

 

 

Celebrating the authentic and diverse flavors of Peruvian gastronomy, the restaurant’s contemporary design and elegant interior will provide the perfect backdrop for La Mar’s signature ceviche, freshly grilled anticuchos and pisco-led cocktails.

Renowned for his daring experiments using local ingredients, techniques and recipes, Acurio’s flagship restaurant won the No.1 spot on the inaugural Latin America’s 50 Best Restaurants list in 2013 and has held a place on The World’s 50 Best Restaurants list since 2011.

Now with over 50 restaurants worldwide, including three in America, Acurio has won the hearts and stomachs of worldwide food lovers with his unparalleled ceviche, unique Peking-style guinea pig pancake, and desserts inspired by his childhood. In 2018 Acurio was awarded The Diners Club Lifetime Achievement Award, regarded as one of the most prestigious accolades in the world of gastronomy.

Located at mezzanine lobby level in The Royal Atlantis Resort and Residences, La Mar by Gastón Acurio will be the first traditional cebichería in Dubai, welcoming guests to an intimate space devoted to the South American tradition of ceviche and pisco sour. With a casual elegance and easy-going vibe, the signature features of La Mar will include an open kitchen, ceviche bar and an anticucho grill, where Acurio’s team of expert chefs will prepare marinated fish as well as tiraditos, causas and marinated anticucho skewers.

 

Inspired by the design of a ‘Fisherman’s Wharf’, guests will be greeted with a high cane ceiling upon entry with natural light spilling in from floor-to-ceiling windows overlooking the Palm Island via a large open terrace. Natural materials such as iron, cement, wood and stone complement a warm color palette of marine blues, green, sandy grey and beige evoking a sense of the ocean at every turn. Handcrafted and locally sourced tableware will emulate rock, coral, the seabed and shimmering fish scales.

“Dubai is perhaps one of the cities with the greatest gastronomic activity in the world. The best restaurants and the most renowned chefs can be found in Dubai sharing their proposals and concepts with cosmopolitan diners who value and enjoy gastronomy as an activity that unites people and cultures.” — Gastón Acurio.

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Summit New York Unveils new Sky Lounge

Manhattan’s newest luxury rental building, Summit New York, just unveiled The Summit, its own sky lounge overlooking all of Midtown East.

 

Walk into the luxury residential building and find yourself in a three-story high lobby, greeted by the concierge, doorman and staff.

 

Take the elevator to the 42nd floor to enjoy the brand new sky lounge, exclusive to Summit residents. The luxury, exclusivity, and sheer height of the sky lounge itself creates a “Live Above It All” atmosphere for residents to enjoy.

 

At the unveiling held on June 5, attendees enjoyed a private viewing with food and wine specially prepared by the luxury appliance company Gaggenau. Including a marble fireplace and a wine cellar, The Summit was a collaboration between Handel Architects and Escobar Design by Lemay, while being developed by the BLDG Management. Real estate agents and residents alike joined in on the celebration overlooking the city.

Photos courtesy of QuallsBenson

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Inspired by Surprise: Italian Design Firm Spagnulo & Partners

Based in Milan, Spagnulo & Partners has been one of the forerunners of architecture and luxury interior design not only in Italy but throughout the world. Federico Spagnulo, the founder and senior partner of the firm, shared his insights on the recent trends in design and his experience in the industry.

Where are you from and where did you learn design?

I was born in Milan where I studied by the Politecnico, University of Architecture. I also lived in Berlin in the 90s and worked by the architectural office Steinebach & Weber.

What is your style, and what makes you stand out among other designers?

We have a tailored approach to the Interior Design Project. In our mind, every project should be different depending on the aim of the place, the cultural context and the client’s needs. Like a tailor, I love to customize our projects and to face them as it was the first time. Thanks to this approach, the style is shared on each new project, changing every time to create a unique and custom-made experience.

When did you first know that you wanted to be a designer?

My father was an artist. He taught me and my brother, our art director, that the only way to be really free is simply to love our job. To be an architect is fantastic.

What are some recurring trends that you are seeing in 2019?

The most important new trends are some subject matters which are not strictly referred to the architectural and design world. A lot of influence is, for instance, coming from the contemporary art experience and from the cultural aspects related to India, China, Russia etc. That’s why I consider the real new trend in our job as the capacity to hear and to watch what’s coming from the outside world.

The real new trend in our job as the capacity to hear and to watch what’s coming from the outside world.

— Federico Spagnulo

What 2019 trends surprise you the most and why?

The last exhibition of Marina Abramovic in Florence. The courage to provoke a new way of thinking is always a generator of a concept. It doesn’t matter if positive or negative, but it’s always in the direction of a new beginning.

What are you working on right now?

We are involved in two new 5-star hotel projects in Dubai with 200 rooms and Doha with 300 rooms. We are also involved in the restoration of one of the most important antique palaces in Florence, Palazzo Portinari Salviati, which will be completely transformed into a luxury residence with about 40 flats. We are involved in a new architectural project of 110,000 square meters for a co-living house, offices, 3 theaters and vertical farms in Taipei, Taiwan; two new fine dining restaurants in London; two Villas on the Como Lake, and in Tuscany.

What is the most challenging part of your job and why?

To respect the client’s needs and expectations within the cultural and styling choices coming from the aim of the place where the project is located. I don’t like to continually propose the same approach to our projects, as we always work in different places and situations. This means that every time we start from scratch to invent a new story.  

What does Italian design mean to you?

Just three important elements: hundreds of years of history; an incredible capacity of workers, artisans and small companies; and good architects able to talk with the first two elements and understanding that that alone it is not possible to reach good results. 

Explain your process when beginning a new project.

We always start from the place and from the cultural aspects of where we are working. This analysis is combined with the client’s requests and becomes a concept that contains the strategic, cultural styling and practical elements that are the main pillars of the entire project. We spend a lot of time and effort on this phase, providing sketches, stories, videos, materials, music, samples and all that is necessary to create the right starting point for all the rest.

What inspires you?

If you are able to hear and watch what is outside from your usual context, it will be possible to catch real unexpected suggestions. The real inspiration, for me, is the surprise. 

Photos courtesy of Spagnulo & Partners

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Agrihoods

An increased focus on farm-to-table living has spurred a rise in the development of agricultural neighborhoods.

  

As healthier lifestyle trends continue to gain ground, homebuilders are trying to cash in on consumer sentiment through the creation of “agrihoods.” From the beautiful shores of Ecuador and open pastures of Wyoming to the rolling hills of upstate New Jersey, agrihoods are allowing homeowners to enjoy greater connections to the earth and an enhanced sense of wellbeing.

 

For active agrihood communities like Oceanside Farms, wellness is a major inspiration behind its development. A luxury agrihood community in Puerto Cayo, Ecuador, Oceanside Farms provides an optimal mix of pristine beachfront environment with convenient access and amenity value.

The development, according to co-founder Sean Kelly, was designed to offer a lifestyle that was unique on the levels of health and wellness. “By targeting this farm-to-table, dock-to-dish, wellness-driven lifestyle, we encompass the physical, mental and social value of our community and residents within it,” Kelly says.

Though the concept of an “agrihood” was not fully realized at that point, Kelly and co-founder Wendy Chan were able to realize their goals for Oceanside by designing the farm to remain accessible, and almost customizable, to residents through a variety of harvest privileges.

Residents can fully customize their lifestyle, from having seasonal selections brought to their door to reserving ergonomically designed growing beds where they can “place their hands in the soil and grow-their-own with pride,” says Kelly.

Oceanside Farms, Ecuador

Photo by Sean Kelly.

 

Willowsford, Virginia

Photos by © Bushnell Photography.

 

A refocus on food origin and quality is a large part of the expansion and appeal of agrihoods. To understand where food comes from and be involved in the process of growing it as part of the living experience sounds simple enough, but nowadays seems almost revolutionary.

Agrihoods go further by linking the home to the farm or garden, and even moreso to amenities. For an agrihood like Willowsford in Loudoun County, Virginia, this reconnection to an all-encompassing community that offers both luxury amenities and farming reverts to an almost transitional lifestyle, modern, but with traditional roots.

This transitional lifestyle is apparent as soon as you enter Willowsford. Though the community spans four distinctive “villages” on over 4,000 acres, it is defined by the recreational spaces and strong food and farm connection that encourage an appreciation for the environment and a commitment to land stewardship.

Everything about Willowsford feels close-knit, from the Farm Garden and Market Stand, open seasonally to residents and the local community with seasonal vegetables, local meat, farm fresh eggs and more, to the Willowsford Conservancy that connects and maintains the community’s forests, trails, streams, fields and farmland.

Willowsford extensively offers residents the chance to not only connect with each other as neighbors, but to connect to their food and drink. When in season, food is sourced mainly from the farm or from farms in the surrounding area.

No matter the time of year, residents can attend events like cooking classes, demonstrations, “Date Nights” or dinners that deepen that feeling of a close-knit family, with modern touches such as live instruction and on-site wine experts that tell the origins of your wine selections.

Through the landscape’s rich agricultural heritage, Willowsford stands out as an agrihood offering a transitional lifestyle, a community with modern home designs and traditional ideals of what it means to be neighbors.

 

The benefits of agrihoods extend further than just the plate, especially for developments that offer restaurants on site. Within the kitchen of Ninety Acres, a restaurant located on the grounds of Natirar, chefs have the chance to curate a farm-to-table dining experience for residents.

Natirar in Somerset County, New Jersey, is redesigning its country estate to become Pendry Natirar, bringing a bespoke collection of private, whole-ownership Estate and Farm Villa residences to the property with the Natirar Farm as their backdrop. 

“The Natirar Farm allows people to reconnect with their passion for natural, healthy eating and a way of life authentic to the 100-plus-year history of Natirar,” says founder Bob Wojtowicz.

Bob Wojtowicz

Founder, Pendry Natirar, New Jersey

While residents will have direct access to Natirar’s 12-acre farm to create a true “dining table at the farm,” having a farm right outside the kitchen is even more favorable for chefs, according to Wojtowicz. “The farmers at Natirar work in tandem with the Natirar chefs to produce fresh ingredients,” he says, noting that chefs can request when the ingredients are harvested to allow them to reach peak perfection.

This sense of perfection in the dining services at Ninety Acres is prevalent, making meals feel more like an experience than just dinner. From almost anywhere in the dining area of the restaurant you get a glimpse of the chefs working to prepare your food; you see the high-rising flames and get a sensation of what’s to come just from the smells surrounding you.

And though Ninety Acres’ dedication to locally sourced ingredients is well known, its appreciation of these ingredients is fully realized in the dishes they create, from a creamy, savory egg dish that feels like a fluffy, buttery cloud to thin slices of cheese and crispy pork that taste utterly sinful.

Pendry Natirar, New Jersey

Photos by Christian Horan.

Brush Creek Ranch, Wyoming

Photo by Dan Ham.

 

Through agrihoods, culinary experiences developed for residents offer a unique opportunity to revel in the process of cultivating, harvesting, preparing and savoring food in the beautiful landscape where it is grown. For example, Wyoming’s Brush Creek Ranch intends to deliver the new Farm at Brush Creek Ranch to create an immersive epicurean adventure of the highest quality that captures the flavors of the West, according to Michael Williams, executive vice president and COO of Brush Creek Ranch.

“Each of the individual components of The Farm are destinations within themselves…. Each feature maximizes views of the landscape and uses color palettes and design elements from the respective processes (brewing, distilling, cheesemaking, et cetera) and treats both as art for the interiors,” Williams says.

So much of the purpose behind agrihoods relies on education and granting residents accessibility to sustainable farming and resources, ideals that are becoming more appealing to luxury developers, says Wojtowicz. The concept offers a “new way to deliver a deeper connection to the location, wellbeing offerings and, better yet, a sense of community.”

Editor’s Note: Kristen Ordonez visited Willowsford and Ninety Acres as part of this special report. 

 

This editorial appeared in the Unique Homes Spring ’19: Elite edition

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Magic Unfolds: Bang & Olufsen Debuts Beovision Harmony

Like a butterfly opening its wings, two meticulously crafted oak and aluminium front covers fan out, and a thin screen rises to perfect viewing height. 

Bang & Olufsen has unveiled Beovision Harmony — a TV experience that elevates the design of any living space and fills it with spectacular sound. When Beovision Harmony is turned off or just playing music, the thin screen rests close to the floor, partially covered by two meticulously crafted oak and aluminium front covers. When Beovision Harmony is turned on, the front covers fan out and the screen rises to the perfect viewing height. Turn off the TV, and the finely choreographed sequence plays out in reverse.

 

“Pristine picture performance combined with truly immersive sound ensures a mesmerizing viewing experience. But the presence of a big screen is rarely a welcoming addition to living spaces. With Beovision Harmony, we wanted to create a meaningful object for the interior that reduces the visual presence of the TV and transforms it into something that people will develop an emotional attachment to.” — John Mollanger, Bang & Olufsen’s executive vice president of brand and markets. 

The oak and aluminium front covers conceal a sublime and powerful sound center, delicately tuned by hand and ear to reveal all details of music and sound. The intricate grading pattern is carefully designed to maximize the acoustic performance of the three-channel, fully active DSP-based sound center.

The concept behind Beovision Harmony builds on some of Bang & Olufsen’s most cherished products. The Capri series, introduced in 1959, was designed to fully integrate with the living room. Hence the TV was built in teak, which was the preferred wood for furniture at the time.

“We have been sharing an obsessive passion for almost 100 years, and it has been a mission of ours to perfect the techniques used to reproduce sound and vision and to embody it in a design that people are proud to have in their homes,” says Mollanger.

Beovision Harmony is designed as a centerpiece for home entertainment. Boasting a robust speaker system with serious sound capabilities, Beovision Harmony offers impressive music streaming with integrated music services like Tune-In and Deezer. Beovision Harmony also comes with LG’s most recent webOS 4.5 platform, which allows you to access your favorite media service providers.

Images courtesy of Bang & Olufsen

Beovision Harmony is estimated to retail from €18,500 and will be available in Bang & Olufsen stores starting October 2019.

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