No Reserve Auction September — Exclusive Dallas Estate

Dallas-Fort Worth, Texas, August 19, 2020 — Located in the sought-after rural city of Anna, Texas, Bodark Acres offers a wonderful relaxed quality of life, just north of neighboring McKinney and minutes from the bustling Dallas-Fort Worth Metroplex and downtown. This ideal escape from city life provides a little something for everyone with its abundant private acreage, security, and master craftsmanship architecture. Supreme Auctions will offer this custom luxury estate at a no-reserve auction on September 19, in cooperation with Lori Vaden of Compass.

“Poised for growth, Anna, Texas is just two miles west of Celina, and McKinney 20 minutes south, which makes Bodark Acres one of the best kept secrets in Collin County in terms of locale. Also neighboring Anna is Frisco, Texas… home to both the Dallas Cowboys and PGA headquarters, as well as numerous sporting arenas and teams, including soccer, baseball, NFL, and hockey.” stated Jennie Heal, President of Supreme Auctions. “Being within reach of the DFW metroplex, which is known as being the economic and cultural hub of the North Texas area, it is the ideal location for discerning homeowners who seek a more intimate place to call home.”

Providing a true personal haven, Bodark Acres spectacularly demonstrates a private and relaxing country-side lifestyle of affluence and refinement with its five-bedroom, four full bathroom main residence that comes complete with its own resort-style patio area with heated pool, spa, and covered cedar cabana terrace. The estate is comprised of two adjacent parcels and is completed with a secondary guest house residence, sheds, workshop, and of course, an abundance of acreage and open space to call your own.

“This home offers a spectacular setting and attention to detail at every turn,” stated Compass listing agent, Lori Vaden. “The seller clearly put extensive thought into every decision and design feature. Even upon the initial drive up to the property, you can feel your body decompress. It is tucked away, yet near a major highway, for the ideal commute conditions. The history of the property, the trees, the setting, and the privacy are the first features to grab your attention. You can tell this magnificent property is different the second you pass through its gated entrance. There is a massive Bois D’Arc tree that is said to be one of the oldest in the state. The home is impeccably maintained inside and out and a buyer can easily envision a life here.”

Bodark Acres will enthrall you with its majesty and draw you to a location that will fulfill your need for community savoir-faire. Culture, shopping, dining, business and legendary sporting teams are just a small taste of the lifestyle that the Dallas-Fort Worth area offers to its visitors and residents. A celebrated location, DFW is home to 23 Fortune 500 companies and continues to grow in popularity and positive reputation. Known for its diversity in business, including commerce, insurance, telecommunications, energy, healthcare, transportation and logistics, Dallas is truly an area of economic growth.

“This neighborhood is the most unique that I’ve ever lived in,” stated the current owner, Kristi Jones. “The neighbors to the east, west, and south have all grown up here in the area, including their families, some for 50 years… before the roads were even paved. This shows great loyalty, love and stability in the neighborhood. I will be sad to leave; however, it is time for me to move on to the next chapter of my life.”

Bodark Acres will be sold at a luxury no-reserve auction on September 19, to the highest bidder. To learn more, contact Supreme Auctions at (866) 929-2243 or visit SupremeAuctions.com

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One-of-a-Kind Residence on Lake St. Clair in Michigan

With approximately 445 feet of water frontage, this property is set on 4.3 acres in Grosse Point Shores, Michigan and showcases panoramic views of Lake St. Clair.

The mid-century modern main house features four bedrooms and a heated terrace. Most of the main rooms have beautiful views of the lake. The house has been expanded and undergone extensive renovations to create what is now a 5,490 square foot home. The charming mid-century modern ranch style was retained and the great room features a stunning wood-paneled cathedral ceiling, two fireplaces, and floor-to-ceiling windows and sliding glass doors, which provide fantastic views of the lake. The open floor plan, along with the skylights, allows the home to be filled with even more natural light. The master bedroom suite includes two baths, an office and a walk-in closet.

The current owner purchased the adjacent property, which was then razed to create the gigantic 4.3-acre lot on the water. The property also includes a charming guest cottage with lake views and a quaint 1,065-square-foot farmhouse with two bedrooms, plus an additional carriage house.

The estate, listed for $9.5 million by Kay Agney of Higbie Maxon Agney Realtors, is one of the largest estates in Grosse Pointe — and the scenic home is the ideal place to lead a quiet life, surrounded by trees, with a perfect view of lake St. Clair.

For more information about this property, contact:

Kay Agney-Broker/Owner

Cell: 313 460 3041

83 Kercheval Avenue, GP Farms, MI

www.higbiemaxon.com

This property was featured in the Unique Homes Ultimate 2020 Issue. Click the link to learn more!

Photo courtesy of Kay Agney.

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You Have Arrived: Frank Aazami and the Private Client Group

Those who know us have seen that the Private Client Group brand at Russ Lyon Sotheby’s International Realty has a passion for offering first-class service coupled with top-tier print to web marketing exposure of our listings.

Your trust and commitment to working with us has given us a ranking as the No. 1 Sotheby’s International Realty team in Arizona — and No. 9 team worldwide in 2018. Our properties have historically sold at the highest values within the shortest time. Our successes have also set us apart by conversing with and serving collectors and trendsetters who are connoisseurs of Sotheby’s International Realty fine living lifestyle from around the globe.

Click here to view Frank’s ELITE agent ad in Unique Homes ELITE 2020.

Click here to view Frank’s info on the Unique Homes Elite page.

Our ability to elaborate on topics that matter most to our clientele has truly defined who our members are: We like to say they are veterans of making dreams come true. Our exclusive partnership with media giants has also helped us assemble the content within this issue that we hope you’ll enjoy. These efforts have garnered savvy and refined international buyers for our properties.

We achieved our reputation by affiliations—best practices and best strategies to sell a home—not just to “list a home,” but to sell a home not merely by “showing it.” The Private Client Group expansion and footprint in over 75 international luxury markets will promote and unite the best sales our market can earn. Earlier this year, we set the record for selling the highest residential sale ever recorded on the Arizona Regional MLS.

When you’re ensconced in that unique experience of a property, particularly one that has been the labor of passion or love, the home almost becomes a window to the soul. To have the opportunity in understanding the life journey within a home is exactly why it’s so easy for us to become passionate about real estate.

The Private Client Group is ready to make your real estate journey a memorable experience… all by design, not by luck. We very much look forward to personalizing our extensive services for you.

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In the Heart of Key West

Currently owned by legendary Dale Earnhardt Jr, the property is in the heart of Old Town, Key West, Florida. “This truly is a unique property steeped in rich and mysterious history,” says listing agent Bob Cardenas of Ocean Sotheby’s International Realty. “One of the highlights of the home is, undoubtedly, its secret hatch door in the parlor, which has been a part of the house since its inception.

This five-bedroom, three-full- and 1-half bath home, listed for $3.7 million, was built in 1863 during the Civil War era, and it retains most of its original architecture that was lovingly maintained. It has one of the deepest and largest pools in Key West, reportedly being about 13 to 14 feet deep. A gate from the second-floor porch opens allowing daring (or crazy) individuals to jump off the second floor into the pool. 

The kitchen was artfully designed by Earnhardt to resemble the inside of a pirate ship, including a large ships wheel at the end of the bar, bringing in a taste of another era of Key West history. A legal guest house at the other side of the huge lot is currently one huge bedroom, however the owner had planned to turn it into two bedrooms and one bath. His local contractor has the plans and estimated costs ready for construction. This house must be seen to be appreciated. 

This is your chance to buy a bit of Key West history, along with a unique house with serious celebrity status!

 

Photos by Andre van Rensburg.

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Rise to the Top

Who’s Who in Luxury Real Estate Members Recognized More Than 150 Times in REAL Trends 500

 

REAL Trends recently published their 33rd Annual REAL Trends 500, a leading report ranking the performance of the top residential real estate firms in the United States.

The list ranks the Top 500 firms ranked by both closed transactions sides as well as closed sales volume throughout 2019. Additionally, they acknowledged firms that closed at least one billion dollars’ worth of residential real estate in the surveyed year. 

This year, Who’s Who in Luxury Real Estate members were recognized more than 150 times in the REAL Trends 500. Many members were included more than once and ranked among the top ten in their respective categories! 

Congratulations to all Who’s Who in Luxury Real Estate members who made this prestigious list!

Residential real estate leaders have been looking to REAL Trends for more than 30 years for timely and trusted information and analysis through their monthly newsletter, conferences and publications. They provide vital data and insight into market trends that are imperative to the luxury real estate community, and inclusion in the REAL Trends 500 is a high honor.

Please visit REAL Trends 500 to view the entire report; keep an eye out for our latest LRE® promotion on page 3.

Photo at left provided by Who’s Who in Luxury Real Estate.

Featured photo by Luan Oosthuizen.

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A Modern Masterpiece: A Village of One’s Own

Designed by Hugh Newell Jacobsen, this estate in Meadowbrook, Pennsylvania, sits on a sloping hillside, nearly invisible from the road.

The main home is grand without being grandiose, a quiet elegance that offers multiple experiences. Features within include two entertainment patios, a two-story library, four bedrooms, three full and 1 half baths, and a private office in the master suite. There are many fine details throughout, including five wood-burning fireplaces, a circular staircase, a custom light tower in the foyer. granite countertops and a kitchen island. 

As one turns down a pea-gravel drive past a series of perfectly placed pines and hemlocks, a sharp 120-degree turn to the west reveals a remarkable village-like cluster of five buildings on the left with the barn across the drive. From the moment you turn down the drive, there is a sense of calm discovery. “Good architecture doesn’t really over-power its surroundings, it makes the site look better,” said Jacobsen.

The property is listed by J. Scott Laughlin of Berkshire Hathaway HomeServices Fox and Roach for $1.295 million. 

     

This editorial originally appeared in the Spring 2020 edition of

Unique Homes Magazine. Click here to see more.

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Under the Radar: North Cyprus and Canada

By Jessica Ganga and Marlene Ridgway

North Cyprus 

“With 300 days of sunshine,  golden beaches, friendly people, and stunning countryside, it’s no wonder that many visitors seriously consider buying property in North Cyprus,” explains Aylin Pelin Onar, Broker/Owner and Global Luxury Ambassador of Coldwell Banker Maximum.

Cyprus consists of 480 miles of stunning coastline, attracting buyers from all over the world. ©iStockPhoto.com / Mindstorm-Inc.

As the third-largest island in the Mediterranean, Cyprus boasts 480 miles of coastline, citrus groves, gorgeous beaches and has a capital growth average of 20 to 40 percent annually over the past three years, making it a prime opportunity for luxury buyers, according to Onar. There’s also a certain mystery surrounding the island that is appealing. “It’s no surprise that according to legend, Julius Caesar gave the island to Cleopatra as a token of his love.”

 

With the highest-priced listing in the area being an $8 million, 150,000-square-meter villa built on a private hill, it’s clear that there is an expanding demand for luxury properties. “Our market is growing due to improving local and international economic conditions,” says Onar. Situated between three continents, Europe, Asia, and Africa, the location has contributed to the growing international market. “We are receiving clients from Turkey, Russia, Scandinavian countries, the Middle East, England, Israel and Australia,” notes Onar.

 

With the continuing development of new constructions and homes, the luxury market is expected to keep expanding to sustain the demand. Up and coming areas such as East of Kyrenia can provide the 5-star accommodations that luxury buyers now expect, including social facilities such as gym centers, spas, pools, and high security. “East of Kyrenia is the shining star, especially with its seafront luxury sites. The natural beauty, beautiful beaches, amazing mountain views, 18-hole international golf course, and 5-star hotels with casinos are the attraction points of this area,” says Onar.

Aylin Pelin Onar

Aylin Pelin Onar

Broker/Owner, Global Luxury Ambassador

Coldwell Banker Maximum

AylinPelin.Onar@CB.com.TR

www.MaximumVelver.com

Page 30

Luxury properties in Esentepe, Kyrenia, North Cyprus embrace the island’s natural beauty, such as this home with gorgeous ocean views that sold recently for $900,000 USD. Photo courtesy of Sadi Yolgecen.

Recently sold for $7.7 million USD in Kyrenia, North Cyprus, this house examplifies the ultra-luxury listings available. Photo courtesy of Sadi Yolegecen.

Canada

With its diverse landscape and abundance of land, Canada is an ideal location for luxury buyers seeking a new place to call home. Of Canada’s many cities, Toronto is one that is family friendly and among the safest in the country. “People see Canada as a safe place to invest their money and raise their family. Toronto is the biggest city in the country and the financial centre of the country,” says Barry Cohen, Broker at RE/MAX Realtron Barry Cohen Homes Inc., Brokerage in Toronto.

As Canada’s largest city, Toronto has grown to be a rich metropolis with no shortage of things to do. “It’s a very cosmopolitan, multicultural city,” says Susan Macarz, Broker at RE/MAX Ultimate Realty Inc. Brokerage. Toronto boasts picturesque parks and playgrounds, country clubs, a theater district and nightclubs, to only name a few. Toronto also features some of the best schools in the country, attracting families seeking to provide their children with a top-notch education, according to Macarz.

Toronto, the largest city in Canada. ©iStockPhoto.com / PGIAM. 

Toronto’s real estate market is diverse and continuously changing. “What’s happening is that there is very little land left in Toronto, so what people do is they buy big properties with an older house on it and they tear it down because they are buying it for land value,” says Macarz … Another trend that Macarz noted was the increase of townhomes and condominiums in the area, specifically Central Toronto, adding to the variety. “What I’m finding more often now is … there’s townhomes that are being built along the major streets. These townhomes start at about $1.5 million CAD and up,” says Macarz. Tall high-rises are being built that feature luxurious condominiums that have sizeable square footage, according to Macarz.

Along with urban-styled living spaces, Toronto is home to spectacular estates and mansions. According to Macarz, luxury buyers can find homes priced from about $4 million CAD to $30 million CAD. The most expensive listing in Toronto is located in the Bridle Path area, on the market for $32 million CAD by Cohen’s team. “It’s a magnificent multi-generational estate with a completely separate two story in-law apartment with its own entrance, elevator, and garage,” says Cohen. The 35,000-square-foot home also features an indoor pool and tennis courts.

Overall, both Macarz and Cohen made clear that Toronto is a premier location for people seeking to find their dream home.

In the St. Andrew-Windfields area of Toronto, elegance and contemporary blend in this listing recently sold for $7.1 million CAD by the Barry Cohen Team. Photo courtesy of Barry Cohen.

Barry Cohen

Barry Cohen

Broker, RE/MAX Realtron, Barry Cohen Homes Inc. Brokerage

Susan Macarz

Susan Macarz

Broker, RE/MAX Ultimate, Realty Inc. Brokerage

This editorial appeared in the Unique Homes Global ’19 Issue.

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Selling Near the Stars

star property itself, this private estate offers incredible attention to detail and elegant interiors that exude sophistication.

Patrick Fogarty of Hilton & Hyland represented the buyers, German national Ekkehart Hassels-Weiler and his new husband Omar Romero, who were eager to acquire this unique home. Fogarty says the home was on the market for less than a month and bought in under four.

Externally, the home is almost mysterious at first glance, as the long driveway affords complete privacy from the street. That mystery transitions into pure awe once the house is in full view, as Fogarty says the home’s proportions and classic design give it a grand feel that enhances with every meticulous detail. “The style is timeless rather than of the moment,” he says, adding that the overall aesthetic is tasteful yet opulent.

Built and developed by the seller, British property developers Ian and Richard Livingston, the estate greets visitors with a graceful motor court that features both trees and fountains. The front doors open to a striking grand entry with 30-foot ceilings and walls of marble, all opening up to a grand staircase and detailed floor plan. A strong yet beautiful harmony is felt in every room, from the dramatic kitchen to the tasteful master bedroom and baths. Interestingly, Fogarty notes that though “the home is grand in scale, [it] still manages to feel like a home.” Other features of this estate include a master wing, gym, theater, guesthouse, staff quarters and bocce court. The expansive backyard also boasts an ozone pool that highlights the perfect California indoor-outdoor lifestyle.

Only approximately five minutes from Rodeo Drive, the 8-bedroom, 11-bath home remarkably reflects a sense of tranquility and serenity, allowing the new owners to relax with complete privacy. The blend of rich landscaping and natural materials, such as stones, wood, steel, and brass, also enrich its character and depth, making it a true sanctuary.

Photos by Berlyn Photography 2019.

THIS ARTICLE ORIGINALLY APPEARED IN THE GLOBAL 2019 ISSUE OF UNIQUE HOMES. TO SEE THE DIGITAL VERSION OF THIS STORY, CLICK HERE.

Dining Responsibly

Seafood challenges chefs and delights diners, but a world of rapidly depleting resources requires conscientious choices.

A Guide to the Michelin Guide

Bvlgari Hotels & Resorts is proud to announce that both the hotel’s signature restaurants, the Italian Il Ristorante — Niko Romito and the Chinese Bao Li Xuan, have been awarded Michelin stars during the Michelin Guide Shanghai 2020 presentation ceremony.

Breathtaking Beauty, Uniqueness and Exclusivity in Portofino, Italy

This spacious apartment in Calata Marconi features two levels with four windows (two on each level) overlooking the sea — a true rarity in the most exclusive and well-known village, positioned at the heart of a green promontory surrounded by the bluest sea.

Luxury Waterfront Property on Hilton Head Island

Only once in a lifetime does a legacy property like 136 Fort Walker Drive on Hilton Head Island, South Carolina become available!

Resort Living in New Jersey

Looking for an at-home getaway? This Holmdel, NJ home exudes resort-like living with high-end features.

One-of-a-Kind Residence on Lake St. Clair in Michigan

With approximately 445 feet of water frontage, this property is set on 4.3 acres in Grosse Point Shores, Michigan and showcases panoramic views of Lake St. Clair.

Elegance, Luxury and Sophistication in Michigan

This captivating Michigan offering features luxury living indoors and out and can accommodate a guest house and/or boat house on Bay Harbor Lake.

Elite 2020: Stars of Santa Fe

Listed by Sotheby's International Realty agent Darlene Streit, this star property situated in Las Campanas is a prized jewel in Santa Fe real estate.

A Peaceful Paradise

Tired of being cooped up working from home? Make your summer of 2020 as enjoyable as possible on peaceful Isle of Palms at this luxury rental paradise!

Christine Aldrete Banks: Certified Luxury Home Marketing Specialist

Introducing Unique Homes ELITE 2020 Agent, Christine Aldrete Banks and Spyglass On the Island, a luxury development in Corpus Christi, Texas

In the Heart of Key West

Listed by Ocean Sotheby's International Realty, this is your chance to buy a bit of Key West history, along with a unique house with serious celebrity status!

Prestigious and Pristine Property in Portugal

Berkshire Hathaway HomeServices Portugal offers Quinta de Lago, boasting some of the most spectacular and beautiful villas in the Algarve.

Featured Michigan Agent: Denise Bellore

Denise Bellore, associate broker at Keller Williams Paint Creek, has experienced firsthand the ebbs and flows of the real estate market. Learn more about her here!

You Have Arrived: Frank Aazami and the Private Client Group

The Private Client Group brand at Russ Lyon Sotheby’s International Realty has a passion for offering first-class service.

Jump for Jubilado

From benefits for retirees and an assortment of visa options, to the sights and real estate options, there is much to see and experience in Panama.

ELITE 2020: Elegance Abounds in Massachusetts

This newly constructed Shingle-style home on coveted Smith's Point in Manchester by the Sea, Massachusetts, is strategically set on 3-plus acres.

Foxworth Realty: Luxury Real Estate in New York City

Foxworth Realty is like an artist’s palette when you need a primary, secondary or a weekend residence in New York City and the outer boroughs.

Elite 2020: Stars of Santa Fe

Listed by Sotheby's International Realty agent Darlene Streit, this star property situated in Las Campanas is a prized jewel in Santa Fe real estate.

Prestigious and Pristine Property in Portugal

Berkshire Hathaway HomeServices Portugal offers Quinta de Lago, boasting some of the most spectacular and beautiful villas in the Algarve.

A Modern Masterpiece: A Village of One’s Own

From the moment you turn down the drive, there is a sense of calm coming from this Pennsylvania home.

The Abundance of Aspen

Aspen’s abundance has grown in terms of luxury, from fine restaurants, world-renowned ski resorts to some of the most culturally stimulating experiences.

A Sunset Paradise

This exquisite new construction estate will excite the discerning buyer who is looking for quality, uniqueness and all the beauty of the Florida Keys.
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The Abundance of Aspen

Maroon Bells ASPEN / COLORADO 

Photo: Vkoulampet / wikimedia commons

Originally named for the abundance of aspen trees in the area, Aspen’s abundance has grown exponentially in terms of luxury, from fine restaurants and world-renowned ski resorts to some of the most artistic and culturally stimulating experiences. These aspects and more are appealing to buyers and continue to shape Aspen’s diverse, high-end lifestyle.

Though the market is plentiful with a large inventory of luxury property options, the Aspen market is finite due to local and state development rules that restrict building in certain areas of the town, according to Craig Morris of Aspen Snowmass Sotheby’s International Realty. “Supply and demand are always in favor of our sellers,” he says, but adds that what people want is nearly always achievable. These demands result in an interesting balance of both classic, historic homes with original architecture, and newer construction primarily built on “teardown” properties.

This interweaving of old and new structures is special to Aspen, says Carrie Wells of Coldwell Banker Mason Morse Real Estate, as it further adds to the character of the town and continues to bring in affluent buyers seeking luxury amenities. She notes that particularly in downtown Aspen, the “core,” new residential developments are not permitted and current properties have become more valuable. Wells, and other agents like Robert Ritchie of Aspen Snowmass Sotheby’s International Realty, say buyers have grown to cultivate lifestyles in Aspen to fit their own needs. Bespoke estates are either renovated internally, increasing their worth, or new homes are being built more beautiful and upscale than the last. Though Aspen seems to be constantly changing, Ritchie says changes help “shine it up” and ultimately makes the town look good.

And truly, “looking good” is an understatement when considering the luxury and culture that exist in every corner of the city. From an exclusive G650 club and top-rated restaurants to a variety of world-class ski resorts and outdoor amenities, Aspen’s elite can find their true home in a place like this. Whether you hit the slopes or visit the Aspen Music Festival every year, Aspen is a place that can fit any lifestyle, which to buyers is often a priority. “We live in our own little fantasy world and people often suggest that living here is not ‘the real world,’” Morris says. “It’s the ‘real world’ to those that decide to put living and lifestyle at the top of their list, and when they do, they never look back.” 

Colorado

Carrie Wells

Coldwell Banker Mason Morse Real Estate

970.948.6750

carrie@carriewells.com

www.CarrieWells.com

Page 54 & H&E 161

Colorado

Craig Morris

Aspen Snowmass Sotheby’s International Realty

970.379.9795

craig.morris@sothebysrealty.com

CraigMorris.com

AspenSnowmassSIR.com

Pages 52-53

Colorado

Robert Ritchie

Aspen Snowmass Sotheby’s International Realty

970.379.1500

Robert.Ritchie@sothebysrealty.com

AspenValues.com

THIS ARTICLE ORIGINALLY APPEARED IN THE GLOBAL 2019 ISSUE OF UNIQUE HOMES. TO SEE THE DIGITAL VERSION OF THIS STORY, CLICK HERE.

Nap Bars

From nap bars to napping pods, a new set of businesses aims to help a sleep-deprived society relax and rejuvenate. Find the one nearest to you!

Luxury Waterfront Property on Hilton Head Island

Only once in a lifetime does a legacy property like 136 Fort Walker Drive on Hilton Head Island, South Carolina become available!

Lifestyle and Longevity

New values, shifting demographics and technology are all transformative agents in 2020, and each will shape real estate and design well into the next decade.

One-of-a-Kind Residence on Lake St. Clair in Michigan

With approximately 445 feet of water frontage, this property is set on 4.3 acres in Grosse Point Shores, Michigan and showcases panoramic views of Lake St. Clair.

365 Days of Summer

Bring the outdoors in to create your space to enjoy a summer state of mind all year round.

Furniture Shopping Made Simple

MY Furniture, a luxury, high-quality furniture retailer, has made it easy for customers to enjoy furniture shopping without ever having to leave their homes.

Big Gardens for Small Spaces

By focusing on a desire to nurture carefully grown fauna, this company has rethought the living wall by making gardening easy for small spaces.

How To Make Your Home Sports-Friendly

Whether you’re looking to add a basketball or tennis court, or something more adventurous like a putting green, home golf simulator or bocce ball court, having the ability to play these sports while at home can provide countless hours of enjoyment.

Centered on the Earth

These three boutique travel companies offer sustainable yet luxurious opportunities to see — and even help save — the planet.

Salt of the Earth

Given the spike in natural wellness practices, man-made salt caves are popping up across America — promoting a wealth of health benefits.

No Reserve Auction September — Exclusive Dallas Estate

Located in the sought-after rural city of Anna, Texas, Bodark Acres offers a wonderful relaxed quality of life.

One-of-a-Kind Residence on Lake St. Clair in Michigan

With approximately 445 feet of water frontage, this property is set on 4.3 acres in Grosse Point Shores, Michigan and showcases panoramic views of Lake St. Clair.

You Have Arrived: Frank Aazami and the Private Client Group

The Private Client Group brand at Russ Lyon Sotheby’s International Realty has a passion for offering first-class service.

In the Heart of Key West

Listed by Ocean Sotheby's International Realty, this is your chance to buy a bit of Key West history, along with a unique house with serious celebrity status!

Rise to the Top

Subscribed to REAL TRENDS 500? This year, Who’s Who in Luxury Real Estate members were recognized more than 150 times in the REAL Trends 500. Find out more about these top agents!

A Modern Masterpiece: A Village of One’s Own

From the moment you turn down the drive, there is a sense of calm coming from this Pennsylvania home.

Under the Radar: North Cyprus and Canada

In honor of our annual Global issue, we highlight areas not always thought of at the top of the luxury real estate list — but they should be.

Selling Near the Stars

With neighbors including Sandra Bullock, Ricky Martin and Tony Pritzker, it’s no surprise this Beverly Hills estate recently sold for $42.75 million.

The Abundance of Aspen

Aspen’s abundance has grown in terms of luxury, from fine restaurants, world-renowned ski resorts to some of the most culturally stimulating experiences.

Footloose Fortunes

While the pace of wealth creation may be slowing, the story now is how it’s spreading around and prompting change in real estate markets around the globe.

Breathtaking Beauty, Uniqueness and Exclusivity in Portofino, Italy

This spacious apartment in Calata Marconi features two levels with four windows (two on each level) overlooking the sea — a true rarity in the most exclusive and well-known village, positioned at the heart of a green promontory surrounded by the bluest sea.

Nap Bars

From nap bars to napping pods, a new set of businesses aims to help a sleep-deprived society relax and rejuvenate. Find the one nearest to you!

Luxury Waterfront Property on Hilton Head Island

Only once in a lifetime does a legacy property like 136 Fort Walker Drive on Hilton Head Island, South Carolina become available!

Direct Oceanfront in Massachusetts

Sophistication abounds in this property, which has sweeping views over all of Plum Island sound and the Atlantic Ocean in Ipswich, Massachusetts.

A Unique Country Sanctuary in Dublin Hill

Award-winning design-build firm SBP HOMES is bringing life to a six-residence development on private Dublin Hill Drive in a bucolic and convenient section of mid-country Greenwich.

Elegance, Luxury and Sophistication in Michigan

This captivating Michigan offering features luxury living indoors and out and can accommodate a guest house and/or boat house on Bay Harbor Lake.

Jump for Jubilado

From benefits for retirees and an assortment of visa options, to the sights and real estate options, there is much to see and experience in Panama.

ELITE 2020: Elegance Abounds in Massachusetts

This newly constructed Shingle-style home on coveted Smith's Point in Manchester by the Sea, Massachusetts, is strategically set on 3-plus acres.

Elite 2020: Trusted in Marblehead

Heather and Mary (Coldwell Banker Residential Real Estate Agents) are trustworthy negotiators offering a high level of service, integrity & trust.

A Peaceful Paradise

Tired of being cooped up working from home? Make your summer of 2020 as enjoyable as possible on peaceful Isle of Palms at this luxury rental paradise!
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Footloose Fortunes

©istockphoto.com / ClaudioVentrella

While the pace of wealth creation may be slowing, the story now is how it’s spreading around the globe.

“The increasingly footloose nature of wealth.” That’s how global consultancy Knight Frank characterizes today’s trend in affluence. When it comes to real estate, all it takes is a quick look at the worldwide activity of major brands to see a clear illustration of this concept.

The locations of new affiliates of Sotheby’s International Realty in recent months include Oklahoma City, Arkansas and Kansas, along with Cyprus, Slovakia and Qatar. Qatar is the second location in the Middle East for Sotheby’s. Berkshire Hathaway HomeServices has extended its reach to global hubs, partnering with major firms in Europe and the Middle East. Now, they count Berlin, London, Milan, Madrid, Barcelona, Dubai and Frankfort in their network. Coldwell Banker has offices in 49 countries. Luxury Portfolio International, the luxury arm of Leading Real Estate Companies of the World, has affiliates in more than 70 countries.

“The fact that the world is becoming smaller and smaller, the speed of information flow, and travel contribute to people’s interest in owning properties elsewhere, both for Americans and foreign nationals,” explains Joyce Rey, executive director, Coldwell Banker Global Luxury.

Markets may go through cycles and new partnerships emerge, but the foundation of global real estate hasn’t changed. “The luxury buyer understands that one of the best, if not the best, investments they can make is property,” explains Michael Jalbert, executive vice president, Global Field Operations for HSF Affiliates, the parent company of Berkshire Hathaway HomeServices.

Chatter regarding a potential recession might form a smokescreen, but wealth creation will continue to be a constant, according to Knight Frank’s annual Wealth Report, which forecasts a rise, over the next five years, of 22 percent in the number of individuals whose net worth exceeds $30 million, a group often classified as Ultra High Net Worth, UHNW. Over the next year, existing UHNW, especially in the U.S., expect their wealth to increase.

When Rey began her career in the 1970s, foreign buyers were a rarity, especially in Southern California. Today, she says, the percentage of foreign buyers purchasing ultra-luxury properties, those priced above $20 million, has remained pretty steady. “Usually it waffles between about 20 percent to 25 percent. And that hasn’t changed over the years.” For the first nine months of 2019, foreign buyers accounted for 31 percent of purchases of $20-million plus residences in Los Angeles’ tony west side.

Rey was one of the first to reach outside U.S. borders to forge connections. After the increase of Japanese buyers in 1980s, she traveled to Japan to meet one-on-one with agents and potential buyers. “I feel if a quarter of your buying population is foreign, you should be reaching out to the foreign market,” she says.

Bob Hurwitz, founder and president of the Hurwitz James Company (HJC), was also on the leading edge of the global outreach. “In the early 90s, I recognized that the buyers for my highest-priced properties were more and more often originating from overseas. This was actually before the Internet was even a reality for marketing purposes. As a result, I started focusing a significant percentage of my marketing to exposing my listings here in the states to affluent foreign buyers.” He also created a network of HJC representatives to promote his listings overseas. Currently, Hurwitz represents nearly $3 billion in luxury properties and developments worldwide.

Even those who work in the global arena today are occasionally surprised by the geographic diversity of investors and buyers. “One stat that recently jumped out at me is Aruba is home to 90-plus nationalities and ethnic groups, which I thought was fascinating,” shares Stephanie Anton, president of Luxury Portfolio International. “One of our affiliates there also pointed out that many of their buyers are coming from India.”

And this isn’t an isolated instance. Indian buyers are cropping up in many other primary and second-home locations, including Portugal. Among foreign buyers in the U.S., India ranks third after China and Canada. India is expected to lead the five-year growth in Asia’s ultra-high net worth population with a 39 percent increase, followed by the Philippines (38 percent) and China (35 percent).

Increasingly, the ultra-wealthy are not necessarily tied to one country or one region. Approximately, 26 percent plan to emigrate in the next year. Already, more than a third hold a second passport and 22 percent plan to buy outside their country of residence, according to Knight Frank.

However, 2018 saw only a marginal increase (0.8 percent) in the size of the ultra-wealthy population, which Wealth X describes as a “marked slowdown” from the year earlier. The combined net worth of the ultra-wealthy declined 1.7 percent, the first annual fall in three years, according to Wealth X. However, it’s important to view these changes in context, because 2017 saw dynamic wealth creation with double-digit growth in the number of ultra-wealthy and impressive gains in asset markets.

The global outlook this year is nuanced. Rising interest rates and the end of quantitative easing means we are reaching the end of super-charged returns on everything from classic cars to art and property, according to Knight Frank. Government policies continue to transition as some countries seek to attract wealth, with a record number offering citizenship and residency through policies regarding investment, while others restrict outflows of capital. Others, including Singapore, Australia, New Zealand, Canada and the UK will continue to make it more difficult for wealthy non-residents to purchase properties.

Looking ahead, expectations are for slower price growth in key markets. But, as with any correction, a shift in values is an opportunity to which buyers respond, something that is already happening in London, where agents see a potential turnaround, particularly for higher-priced properties, underway.

“London’s general property market has experienced a slowdown and fall in housing prices. That said, the luxury property market is certainly bottoming out and we are experiencing buyers returning to the market, which is demonstrated by our revenues being up 146 percent year on year,” says Martin Bikhit, managing director at Berkshire Hathaway HomeServices Kay & Co.

“Given all the uncertainty of Brexit, values in London have come down significantly. It’s a buyers’ market,” says Jalbert.

The exchange rate of the U.S. dollar to sterling makes the value equation even more appealing. “American buyers have been able to take advantage of savings up to 45 percent compared to the 2014 peak of the market. U.S. buyers believe that the market is going to spike post-Brexit and there is now an opportunity to buy competitively. Indeed, this is illustrated by the fact that American hedge funder Ken Griffin was the buyer behind two of London’s most expensive property transactions within the past year,” according to Bikhit, who calls this surge a “pre-Brexit boom.”

Hurwitz sees luxury penthouses in many traditional hot markets, including London, as good opportunities for buyers, since those prices have seen a big decline. Other recommendations in Europe include France as well as Tuscany, which, he says, has an appeal that transcends the strictly financial. “Finding something totally renovated in an authentic manner is key.”

A flat or pied-à-terre in Paris has become a rite of passage for Americans, says Anton, noting reports of particular interest coming from Silicon Valley. Paris is one of the bright spots in Europe, placing third on Knight Frank’s list of the

fastest-growing luxury markets.

“France and Italy are still two of our top locations and our offices are expanding in numbers and experiencing a very solid claim in the market,” says Craig Hogan, vice president, Coldwell Banker Global Luxury.

Berlin is Europe’s rising star. It has topped Urban Land Institute’s list of markets to watch in Europe for four years in a row, and currently ranks second after Madrid on rankings of the fastest-growing luxury real estate markets. Luxury residential here is a small but vibrant niche, with the number of privately owned apartments selling above 1 million euros growing by 17.5 percent from 2017 to 2018.

Stefan Schulze, COO, Berkshire Hathaway HomeServices Rubina Real Estate, says, “If Berlin succeeds in further expanding its potential in scientific and culture fields and remains one of the influential centers in Europe, it can be deemed certain that not only the number of premium new development projects but also the quality of luxury real estate will continue to grow sharply.”

Global Buyers in the U.S.

From the perspective of foreign buyers in the U.S., Hurwitz says, the market has changed multiple times over the last few years, fueled by factors as diverse as the attitude and oversight of a foreign buyer’s own government regarding money leaving their country, to crushing economic changes in their country of origin, to U.S. government restrictions on shell companies buying, to various others. Hurwitz says, “I still believe the U.S. is a safe bet and I am telling my clients to buy here.”

During the 12 months from April 2018 to March 2019, global purchases of U.S. properties fell sharply, with purchases declining by 36 percent. The dollar volume as well as the average price also declined. Rather than lack of interest from potential buyers, Lawrence Yun, NAR chief economist, cites what he calls “a confluence of factors — slower economic growth abroad, tighter capital controls in China, a stronger U.S. dollar and a low inventory of homes for sale.”

John Smaby, NAR president, adds, “There is still significant interest in U.S. properties across the globe, and the U.S. is still seen as a safe, secure place to invest.”

London

©istockphoto.com / _ultraforma_

Tuscany

©istockphoto.com / mammuth

Paris

©istockphoto.com / Givaga

Madrid

©istockphoto.com / SeanPavonePhoto

Global Bright Spots

Along with real estate professionals from over 27 countries, Stephanie Anton recently returned from her company’s international conference in Athens. “It was thrilling to hear and see firsthand about so many bright spots in the market,” she says, including places where property markets were hard hit by political and financial turmoil during the recession. “One that was particularly obvious was our host city itself. The optimism of the Greek people was palpable.”

Both Spain and Portugal are seeing an influx of buyers and a surge in sales. Both suffered during the recession and are experiencing a strong turnaround.

“I think there is a sentiment of Europeans kind of holding their breath and waiting to see what happens with Brexit. But yet, there are also bright spots and the bright spots are more of those second-home markets because they’re lifestyle purchases. And so people are less concerned about the economic impact of Brexit because of making decisions on purchasing second or third homes,” Anton observes.

Some of the strongest luxury markets this year have been in resort locales. San Miguel de Allende continues to rank at the top of best cities and second-home destinations. “Our typical luxury buyers are investors looking for properties to take advantage of the lucrative vacation rental market, or shopping for their second or third vacation homes,” says Nancy Howze, with CDR San Miguel.

“Upscale consumers tend to have a broad world view,” says Jalbert. “They understand markets and are attracted to a range of places. Buyers in different parts of Europe are looking for a weather change, so it’s no surprise to see the resurgences of locations along Costa Del Sol and Portugal.” Jalbert adds that almost 100 percent of the luxury transactions in their eight offices in Portugal are from buyers outside the country. “It’s just an incredibly enchanted place where they have beautiful properties, but where there has also been significant investment in infrastructure,” he says.

One thing that has remained constant across the globe is the attitude of the elite regarding buying. Some of the highest sales in the last year can be tracked to global buyers, according to Hogan. “They will spend the money but need to know it’s a wise decision.”

THIS ARTICLE ORIGINALLY APPEARED IN THE GLOBAL 2019 ISSUE OF UNIQUE HOMES. TO SEE THE DIGITAL VERSION OF THIS STORY, CLICK HERE.

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