The Transition

Cover photo ©istockphoto.com / Evgeny Zhigalov

Of all the changes brought on by the pandemic, what is here to stay?

From a drone’s eye perspective of 50 years, real estate might resemble a Mobius strip, a never-ending roller coaster of ups and downs with each boom-and-bust cycle sparking small changes and adaptations. But none have had an impact comparable to the pandemic, which ushered in an avalanche of innovation, new ways of doing business and a profound shift in consumer values. Some effects are a temporary response, while many reflect a significant transformation.

“The way that real estate as an industry operates has changed, and I believe it is a microcosm that can be applied to 90 percent of the economy out there. No one is going back, and that means the way we live, work and play changes forever,” observes Marci Rossell, former CNBC chief economist and chief economist for Leading RE. “COVID drop-kicked us into 2030.” 

Ask agents if any prior cycle compares to the experience of the last year and a half, and they will tell you the pandemic boom is unparalleled. “I don’t think any Realtor in the country has had the experience we’ve had this last year! Yes, there have been good upticks in certain years in certain places, but never anything like this!” shares Trinkie Watson with Chase International in Lake Tahoe.

“We’ve certainly seen periods where you had to pivot skill sets and be really aware of the market and things that would impact clients, but we’ve never seen anything like the last year and a half, (and) that’s been compounded by a lack of availability,” shares Tami Simms, with Coastal Properties Group in St. Petersburg, Florida, who is also trainer for the Institute for Luxury Home Marketing.

“I think that last year was the most significant year of change from a tech perspective,” says David Marine, chief marketing officer at Coldwell Banker Real Estate. The pandemic market accomplished what major brands had been working on for years. “In 90 days,” he says, “every single real estate agent figured out a way to move the transition online. Now it’s commonplace. It’s no longer an issue.”

“Agents basically skyrocketed 10 years into the future, and they did it in a two-month period,” says Rossell. Rather than an abrupt switch, industry experts see real estate’s seemingly overnight embrace of new technology as acceptance of tools already available. Think of it as “escalating trends that were already underway that would have happened, but they are going to happen almost a decade faster than anyone expected,” explains Rossell.

Will it be a virtual world?

Prior to what Simms dubs “the Zoom age,” she says, there wasn’t a widespread understanding or trust or proficiency with virtual apps. “Now,” she says, “we know how to use it. We’re reasonably proficient at it, and there’s a level of trust. So, we’re able to embrace this technology. You know I don’t ever want to go back to having to communicate with out-of-state buyers purely by telephone.”

Virtual Sales are touted as the main advancement sparked by the pandemic, but an even greater benefit has been an industry-wide recognition and adaptation of virtual apps to enhance and expedite the process from initial views of a property to consumer education. “FaceTime is an effective tool, but really more to give a prospect a better idea of the home, not to induce an offer … though it could,” says Watson. 

Looking ahead, agents don’t expect virtual sales to disappear, but they will continue to be a rarity. “I don’t think we’ll see many escrows where the buyer hasn’t physically seen the property. Yes, Zoom and similar will continue to be a part of our lives. Also, more defined photography for our listings … the importance of a comprehensive ‘walk through’ so prospects can get a good feeling for how the house flows,” says Watson.

Detailed virtual walk-throughs became more important than ever, with platforms such as Matterport leading the way. 

©istockphoto.com / fizkes

“In-person viewings have been very limited. No one wants to go to open houses. No one is walking about a house just for fun. People are looking online. They are viewing the pictures of a listing maybe 10 times before they see a house. So, a showing is more like a fourth showing, and agents need in-depth knowledge of a property,” says Joanne Nemerovski, with Compass in Chicago.

©istockphoto.com / joakimbkk

Dreaming of Home

The ability to work remotely is often cited as the main driver for the surge in sales, but even more fundamental are new consumer values regarding home and lifestyle. Citing millennials, who now comprise a substantial portion of buyers, Nemerovski says many were starting careers and literally were never home, so home basically was a shoebox they visited. “I think that sentiment has changed. Home is where the heart is. It has become the center of people’s lives. People are also more respectful of their homes.”

Everybody wants their dream home,” says Frank Aazami with Russ Lyon Sotheby’s International Realty in Scottsdale, Arizona, “because they just cashed out of another home that maybe they inherited or maybe were there for 20, 30 or 40 years.”

Buyers’ expectations of quality are high and will continue to be so. “People understand the level of finishes better than ever before. We’ve gotten so much better with respecting architects, good architects’ work, good designers’ work,” he says.

“All of a sudden, consumers are finding that now it’s not all about a commute. It’s about ‘does the place that I live offer me the things that I want to do when I have a little extra time, both inside and outside.’ Outside spaces have always been a luxury item, but more so now than ever,” says Simms. Topping wish lists are beautiful recreational facilities, inside and out. Also becoming more desirable is access to nearby outdoor venues such as parks and trails. Before COVID-19, outdoor living was a growing trend; now a connection with nature has become almost an essential for homes, particularly new construction.

Skills Put to the Test

With properties selling days or hours after going on the market and multiple platforms broadcasting new listings, it would seem agents’ skills are not essential. However, the pandemic market has proved the opposite. “It’s been a really intense time for real estate professionals in terms of making sure that their communication skills are absolutely the most important thing that they have, setting expectations, both on the seller side and the buyer side,” says Simms.

“There’s more attention to vetting prospective buyers, making sure they are qualified to buy before showing them property,” adds Watson.

Price is only part of an offer’s appeal to sellers, and crafting a winning offer has been an important skill for agents and buyers in the current market. Even when multiple offers become less of the norm, this aspect of buying will continue to be important.

An intense market tempts buyers to forgo contingencies. “It has been definitely challenging to counsel people on strategies to be successful in acquiring properties, but also in making sure that they truly understand the ramifications of releasing contingencies and know the risks they are taking on,” shares Simms.

“A downside of the intensity has been buyer’s remorse, cancellations before closing, some attempted lawsuits … a result of no inspections, jumping too fast without thorough exploration, et cetera. This would be a small percentage of the purchasers, but certainly a reflection of ‘herd mentality’ going the wrong way!” says Watson, referring to the pressure buyers felt to make a decision.

Cooldown Ahead

With days on market hovering just over 14 in July, prices rising in 99 percent of all metro areas, and double-digit price increases in 94 percent of metros (according to NAR), the current pace might seem no less fevered. Still, indications of a transition are beginning to filter out from a number of locations. Days on market are increasing ever so slightly, and overblown prices are being reduced. Or, as Katie Treem at Keller Williams Realty in Portland, Maine, explains, it might be that a property receives 20 offers instead of 40. “We’re still seeing people moving from New York, Boston, Connecticut and D.C.,” she says.

Also, agents like Treem are just beginning to see a few who bought in 2020 reselling. Sometimes they improved the property, but in others, decided the lifestyle was not what they desire or the commute, even for occasional days in the office, was too difficult.

In Tahoe, Watson says, “I believe the intensity has certainly calmed down, and I suspect very few listing agents will accept an offer from a buyer who hasn’t physically viewed the property. That goes for waived inspections … I’d be surprised if many are doing that any longer.”

No Bubbles Here

Bubble talk has become almost a perennial for real estate, but experts such as Rossell do not subscribe to this characterization of the market. Rossell says, “It’s not a bubble. It’s simply real demand bumping up against severe supply constraints. But this doesn’t mean house prices continue to go up. But what it does mean is you’re very unlikely to see the bottom fall out of the market, the way that you did in 2007, 2008.

“September 11 forever changed the way that we thought about terrorism. And I think in the same way, the first round of COVID in March of 2020 forever changed the way that we thought about public health, and pandemics. I think we’re all going to be living with the reality that at any given time something like this could happen, just like terrorism.”

Days on market are increasing, and overblown prices are being reduced. It might be a property receives 20 offers instead of 40, says Katie Treem at Keller Williams Realty in Portland, Maine.
 

©istockphoto.com / sara_winter

This story originally appeared in Unique Homes Fall ’21. Click here to see the digital version.

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The Legends of Ultimate Homes

The Manor from Unique Homes 2017 Ultimate issue.

Photo courtesy Hilton & Hyland.

As we mark the 17th “Ultimate” edition of Unique Homes, we look back at the exceptional properties and agents who have been a part of the annual celebration of the most expensive real estate in the U.S.

Over the 50 years since the first issue of Unique Homes rolled off the presses, countless estates have graced our cover. Hundreds have captured a top position on Ultimate Homes’ list of the most expensive, but only a very few are real estate legends. Trackback through record-setting sales and property listings, and a handful of properties filter to the top, including an equally select cadre of real estate agents.

What destines a property for legendary status? Rarity, provenance, architecture, land and location all play a role. “We have represented and sold many properties that are above and beyond, but what makes them legendary is the architecture and the history of the property, including notable prior owners, location, and the property amenities that set the bar for other luxury properties,” explains Judy Zeder, a member of the Jills Zeder Group (along with Jill Eber and Jill Hertzberg) with Coldwell Banker Realty in Miami.

“What truly makes an incredible luxury property is that it’s something that someone else would never have. It’s not just another house with a different material feature,” shares Shari Chase, founder of Chase International Real Estate in the Lake Tahoe/Reno region. “Rarity is huge,” she says, as is “not being bumper to bumper with a lot of mega mansions that are exactly the same.”

The 2016 sale of the Playboy Mansion cracked the $100 million benchmark in L.A. 

Photo by Jim Bartsch.

Owlwood, Pickfair, Le Belvedere, Greenacres and Chartwell: the list of legendary properties that Joyce Rey, who heads Coldwell Banker Global Luxury’s division for Southern California, has sold is only surpassed by the number of accolades she has received over her more than 40-year career. Her sales have achieved price records multiple times, sometimes for the same property. In 1976, she sold the Sonny and Cher mansion for $1.2 million, a record at the time. Two years later, she sold it again for $4.2 million, which surpassed all other prices, setting a new high in the U.S. and worldwide. “It was a really big deal,” she says. “It changed the marketplace.”

The storied history of this property, which was renamed Owlwood to honor owls living in the estate’s towering trees, continues to the present day. The acquisition of neighboring properties and additional acreage over the years enhanced the value. Last offered for sale well above $100 million, it appeared on Unique Homes’ Ultimate list last year at $115 million. It sold in December in an off-market transaction for a reported $88 million.

Once dubbed “the Crown Jewel of Beverly Hills,” Owlwood’s resume includes a number of other high-profile names and celebrities, including Marilyn Monroe.

Ultimate Manhattan? The Tommy Hilfiger penthouse at The Plaza in New York City graced the cover of Ultimate Homes in 2014.
Casa Casuarina, seen here on the Unique Homes Fall 2012 cover, was the home of Italian fashion designer Gianni Versace.

Having a much-loved celebrity often adds to the cachet of a property. “Americans love celebrities,” says Jill Eber. “When a celebrity is comfortable using their name in connection with a property, it really makes a difference. Every home comes with a story and a celebrity’s story just makes it more interesting. A lot of properties are sold by very successful business people and the properties are just gorgeous, but when a home is sold by a celebrity or athlete, buyers are curious and sometimes they are attracted to that cache.”

Few celebrity homes received as much buzz as the Miami Beach mansion owned by the late Gianni Versace. “Everything about the Versace property, known as Casa Casuarina, was fun and exciting,” says Jill Hertzberg, who, along with Eber, sold the property. “It was a totally iconic property known worldwide. Every room was different with the most extraordinary mosaic tile designs throughout. The property was built for fun and entertainment and the buyers who purchased it just loved it! They all jumped into the pool on the day they got it. Standing in front of the mansion with reporters from all over the world is something I will always remember.”

Among our Ultimates, few have generated as much interest as The Manor, dubbed The Spelling Manor when it came to market in 2009 at an unprecedented price of $150 million, eventually selling for a reported $85 million in 2011. The buyer, Petra Ecclestone, daughter of Formula One billionaire Bernie Ecclestone, embarked on an extensive remodel, eventually bringing the estate back on the market in 2016 at $200 million. The 2019 sale price, $119.7 million, set a new, but short-lived, record for Los Angeles. Only a few months later, another legendary property, Chartwell, sold for a reported $150 million, achieving a new benchmark. 

Designed by Sumner Spaulding in 1933, Chartwell, like several other legends, including the Manor, was inspired by French chateaus. Located on 10 acres in Bel Air and surrounded by pristine gardens, it ticks off all the attributes of a legendary estate. Although it is notable for the highest list price, $350 million, in 2017, few other mansions are as familiar to so many. Featured on the 1960s sitcom, The Beverly Hillbillies, it was home to the Clampetts.

It’s worth noting the estate is actually in Bel Air. The Bel Air Hillbillies might not have been as catchy a title as the Beverly Hillbillies, says Gary Gold, with Hilton & Hyland, one of the agents listing the property. Using a home at one address, but identifying it as being in another location in films and television is not unusual, according to Gold. 

Chartwell was listed by a team of agents including Rey and Jade Mills with Coldwell Banker Realty, and Gold and Jeff Hyland with Hilton & Hyland. When prices breach $100 million, it’s not uncommon to have multiple brokerages marketing the property.

“These big sales have many layers of complexity. It can be a trust, a bankruptcy or a probate, and everyone at this level is well represented. And at $100 million, no one is flexible,” explains Gold. Often the team of agents and brokers will divide the tasks depending on their expertise. Gold says he is always 100-percent committed to getting the deal done.

Having brokered the sale of the Playboy Mansion, Gold jokingly refers to himself as the “Roger Bannister of luxury real estate.” Like Bannister’s one-minute mile, the Playboy Mansion smashed the $100 million ceiling in L.A. and opened the door to a number of legendary estates trading at or over $100 million, including Chartwell and The Manor.

“These types of mansions usually come on the market once in a blue moon, once a decade, but recently a number have traded in the last couple of years,” Gold shares.

When it came on the market, the Playboy Mansion received lots of media coverage. Still, when Jade Mills, who represented the buyer, initially saw the property, she wasn’t expecting to find a zoo. The property had “been talked about, but not really the zoo and the peacocks and everything that was there,” she says.

“When I first went there, there were all of the animals, monkeys, peacocks were all over the property — I just thought that it was so amazing that right in the middle of Holmby Hills, you had all those fabulous animals. So, it was just fun to see, and to see the grotto.”

Gold says the number of birds increased over time as local avians decided it was a great place to call home and joined the menagerie.

Another interesting tidbit was an abundance of pushbuttons in this home, sort of a smart home before the era of home tech. For example, push a button and the bed would turn around. The grotto had an array of buttons, all glowing red, and a phone from which you could dial up whatever music you wanted

Foundation of Value

But for legends, it is the amount of land or an impossible-to-replicate location that usually sets them apart. A majority occupy sizable parcels, whether it’s hundreds of acres like Tranquility in Tahoe, or a dozen or less in Bel Air or Holmby Hills. The exception are places such as Malibu, where a setting on the beach is more prized and rarer than acreage.

“Regardless of the condition — like new, falling down or anything in between — each owner puts their heart and soul into these homes,” shares Robert Kinlin, co-owner of Robert Paul Properties, who works with some of the most expensive in Boston and on the Cape. “But a lot of times, people are buying the land and the feeling it evokes when they’re outside walking the property, because you can’t change the land, but you can change the house.”

“The biggest thing you can have with a beautiful estate is Mother Nature,” adds Shari Chase.

When Chase founded her brokerage in 1986, the word “luxury” really wasn’t part of the vocabulary. Instead, she says, “we talked about estates and extraordinary estates, and her tagline was Exceptional Properties for Exceptional People. “I wasn’t going to bother with just any kind of real estate. I only wanted the best, and whether I had one or two or three sales a year, it didn’t matter. I mean, as long as they were fantastic. I think the very first sale was lakefront.” Early on, Chase was involved in what she describes as “the most extraordinary sale we ever had at Tahoe,” the Thunderbird Lodge at a record $50 million. “It held the price record in the entire nation for over 8 years.”

Not often are newly constructed homes destined to become legendary, but Le Belvedere, sited on over 2 acres in Bel Air overlooking the city with a romantic landscape that includes a swan pond, rose gardens and a 280-degree panorama of city lights, is the exception. Over-the-top features such as opulent materials, a ballroom seating 200, a media room seating 50, and a 500-bottle wine cellar, were exceptional when it came on the market in 2009, but the way every detail is executed, the stateliness of the architecture and the sense of harmony from all facets working in perfect sync pushes it from a “stellar property” to a legendary estate.

Le Belvedere, like Tranquility, is also exceptional for its amenities. At that time, shares Rey, “people weren’t building so many of those major theaters. Before that, only those in the industry had large screening rooms.

Rey was involved in the sale of Le Belvedere for $50 million — the highest in the U.S. in 2010 –— and again in 2018 for $56 million.

Amenity Wars

In recent years, there have been a number of newly built for-sale trophy homes, some with list prices stretching current benchmarks. What sets these properties apart is the number of over-the-top features, including curated art installations, stocked wine bars, car collections, an onsite staff and even a helipad. The objective — to include everything someone might want in a home — is aligned with the motives behind the inclusion of extensive amenities in classic estates.

Legendary Redos

No matter how exquisite a property, new owners have a penchant to put their own stamp on it. “I just think that it’s amusing that people must make even, you know, the most expensive, beautiful home — they must make it their own. So sometimes it’s just been remodeled, and then torn completely apart. And they start over,” shares Mills, who brokered the 2019 sale of The Manor. And this practice is not limited to prime estates. Instead, it reaches across the entire price spectrum, whether a house is $1 million or a $100 million.

Few other homes on our annual list have received as much attention as this estate. “The Manor was sort of like no other,” recalls Mills. With 123 rooms and more square footage than the White House, it is one of the largest in Los Angeles. Size and prices generated publicity, but it was the extensive amenities, including gift-wrapping rooms, vast closets, a barber shop, hair salon, bowling alley and nightclub that captured the public’s fancy. There aren’t as many closets as large as the one in the master,” Mills ventures, estimating it to be in the 2,500-square-foot range.”

This story originally appeared in Unique Homes Ultimate ’21. Click here to see the digital version.

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Car-Free Communities

Culdesac will be the first neighborhood-scale community with zero residential parking, which will allow for more open spaces that can be used for socializing, events, and getting to know your neighbors.

Rendering by Opticos Design.

A five-minute city, car-free and golf cart centered communities are gaining momentum around the United States, from Port Aransas, Texas, to Tempe, Arizona.

With plenty of extra outdoor space, Culdesac will hold over 150 events per year, including concerts, food trucks on the plaza, outdoor yoga classes, and more that guests can enjoy close to home.

Rendering by Opticos Design.

Automobiles have long been a symbol of freedom and advancement, making it easy to overlook the strain they put on our communities and the environment. Even smaller cities are battling noise and air pollution as the number of cars per household increases. Long commutes, congested traffic routes, parking fees, and pollution have all encouraged a whole new way of thinking when it comes to cars.

Culdesac, in Tempe, Arizona is the first car-free community in the United States that has been built from top to bottom around the idea that cities can be made better. “The vision has always remained the same — to build cities for people and not cars,” says Culdesac’s general manager, Lavanya Sunder. Space that is typically reserved for roads, parking lots, and individual parking has been completely rethought in this rental apartment community. Parking lots and garages have been replaced with wide-open spaces that offer everything from fire pits and hammocks to water features and inviting courtyards.

Tempe, Arizona, offered the ideal canvas for a project like Culdesac. “We chose Tempe for its thriving job market, proximity to transportation, and forward-thinking, action-oriented local government,” says Sunder. These are among the added benefits when considering a car-free community.

“By removing parking lots, we were able to see all of the possibilities, twice the retail, triple the open space, and 55-percent landscape coverage, compared to less than 20 percent from comparable developments,” notes Sunder.

The community was designed as a five-minute city, meaning everything residents might need is within reach and life is at your front door. “Homes at Culdesac all open up to vibrant shared courtyards, versus impersonal hallways in traditional apartment complexes,” says Sunder. Seemingly small details such as this contribute to the overall atmosphere that is created when a place urges its residents to slow down. “Community is a key component of Culdesac. Culdesac will have over 150 events per year, including concerts, food trucks on the plaza, outdoor yoga classes, and more.”

Communities such as Culdesac are finding that residents are drawn to the idea of knowing their neighbors again. A notion that hasn’t been overlooked in other communities around the United States. Port Aransas, Texas, is a beautiful beach destination that is like traveling back in time. The eclectic atmosphere is entirely accessible by golf carts, including the 18 miles of beach, with spacious boardwalks that accommodate the carts and encourage foot traffic. The use of golf carts decreases traffic, noise and pollution, and creates a very relaxed pace around the island. Cinnamon Shore, the 1,000-acre, master-planned beachfront community is very walkable and designed with families in mind who want to enjoy the small-town feel in Port Aransas.

A private luxury community, Haig Point, on the northern end of Daufuskie Island in South Carolina is only accessible by ferry, and the island is almost entirely car-free. Residents and guests never have to worry about traffic, stopping for gas, or finding a parking space, as the island runs mainly on golf carts. Similarly, Fire Island, across the Great South Bay from Long Island, New York, is another popular summer retreat that functions smoothly without cars. Bikes, golf carts, and jet skis are the best way to experience the Fire Island’s top-tier accommodations.

According to the Bureau of Transportation Statistics, “the mean number of vehicles in households is 1.9 personal vehicles…. Thus, it appears that households on average have more vehicles than drivers.” American cities, from New York to San Francisco, are struggling to provide enough space to merely park all of these vehicles, nevermind drive them.

Our personal space, green space, shared space, and even sidewalks have decreased significantly over the years as the need to accommodate a growing number of automobiles increases. 

Communities such as Culdesac are hoping it is time for the urban form to be rethought and upgraded. “We also will have an “Extend Your Home On-Demand” Program,” says Sunder. 

Communities such as Cinnamon Shore in Port Aransas, Texas, are embracing the idea that guests want a slower pace without sacrificing accessibility.

©istockphoto.com / IR_Stone

Car-free and golf cart centered communities are designed for those looking to reconnect with the outdoors and spend less time stuck in traffic.

©istockphoto.com / 300dpi

 “Residents will have access to a variety of bookable spaces to allow them to expand and contract their home as needed.” A modern way of living has melded with the traditional idea of small-town communities. “Culdesac will have bookable guest suites, podcast studios, hosting spaces, and day-use office spaces to allow your home to adjust to your needs,” Sunder explains. “Why pay for a guest room 365 days a year, when you only use it a few times a month?”

Forever shifting to accommodate the residents’ needs, a car-free community like Culdesac is ideal for many people, even during these changing times amidst a pandemic. “The idea of life at your front door makes Culdesac Tempe a place that a variety of people with different needs are interested in — young professionals, students, families, remote workers, retirees, empty nesters, et cetera,” says Sunder. More spacious apartments and public workspace are functional for those residents who are working remotely, as they also don’t have to worry about commuting into an office every day. Since the pandemic, “we’ve seen increased interest from folks particularly from New York and San Francisco, and 50 percent of our waitlist are people coming from outside Arizona,” notes Sunder.

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FIABCI: A Network that Works

In today’s unusual market, buyers and sellers benefit from luxury agents with international connections.

When Eugenia Foxworth tells you about the FIABCI network, one thing is immediately clear: it works.

FIABCI-USA is the U.S. chapter of the International Real Estate Federation, formed in France in 1951 (the acronym stands for Fédération Internationale des Administrateurs de Biens Conseils et Agents Immobiliers). To say that it’s been a key part of Foxworth’s business from the beginning would be an understatement.

Soon after obtaining her license in New York City in 2000, Foxworth started attending FIABCI events in the region. “As a matter of fact, one of the people responsible for my joining FIABCI was Christina Lodar, who was my Unique Homes sales associate. She asked me what did I want to accomplish in real estate? I told her that I wanted to grow my business. She told me about FIABCI and the opportunities that they offered. At that time, you needed to be sponsored. She was a FIABCI member also, and she sponsored me.”

The connections proved to be the business building blocks Foxworth needed.

Above photo: Rome – istockphoto.com / e55evu

Cover photo: London – istockphoto.com / sborisov

“FIABCI is an organization that works. As a new agent, I was amazed at all of the tools and advantages that they offered. The referral network, our sponsors, academics, our own listings on the FIABCI-USA and FIABCI-ORG website, publications with websites just geared to the luxury properties, et cetera — it was amazing. We referred clients and friends to each other. A lot of my business came from FIABCI members my first few years.”

Foxworth, who is the FIABCI-USA president-elect, isn’t the only one extolling FIABCI’s virtues. Christian Ross of Engel & Völkers Atlanta is the president of the FIABCI Southeast Council. She explains how the network has given her greater insights into markets all over the world, how she’s gained knowledge for marketing campaigns and global developments, and connected clients to potential investments. 

“For sellers, marketing to the international buyer and curating a marketing plan that targets and attracts a buyer from across the globe is essential. With that is also the knowledge of how to maximize currency exchanges, understanding the challenges of moving funds from certain countries and the geopolitical news that may affect all of those concerns,” Ross says. “For buyers, discovering and understanding how to connect them with opportunities they are exploring for international investments, as well as consulting with them to understand all aspects of their competition in the marketplace, helps them put their best foot forward.”

Hugh Gilliam, the director of International Real Estate at RealtyHive in Atlanta, is the current FIABCI-USA president. In almost 10 years, he’s gained dozens of listings through the network. When asked where he sees FIABCI going, he says the potential is unlimited.

“Our community comprises over 40 professions, including architects, brokers, developers, investors, financial institutions, and the list goes on,” Gilliam says. “In addition to expanding membership within these professions, we are adding new countries to the organization annually. This makes it very clear that the sky is the limit over the next decade.”

And Foxworth describes how even the pandemic has not impacted FIABCI’s effectiveness. “We have had many challenges throughout and we overcame the challenges,” she says. “Even at this time with COVID-19, we are continuing to do business globally. The Internet has allowed our members to work together very efficiently. The Zoom seminars and presentations are taking us to another level of selling luxury real estate, and we have several success stories.”

THIS ARTICLE ORIGINALLY APPEARED IN THE Fall 2020 ISSUE OF UNIQUE HOMES. TO SEE THE DIGITAL VERSION OF THIS STORY, CLICK HERE.

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H&E Undercover with Craig Hogan and Gilles Rais

We’re proud to publish Coldwell Banker Global Luxury’s Homes & Estates magazine. The current edition features a $11.995 million modern marvel in Fort Lauderdale, Florida, listed by Gilles Rais of Coldwell Banker Realty. And for the first time ever, Craig Hogan, vice president of luxury for Coldwell Banker Real Estate, hosted a “cover reveal” presentation. It’s a wonderful interview! Check it out here.

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Custom Gulf-front Home in Casey Key, Florida up for Auction

With 123 feet of private beachfront away from the crowds in Casey Key, Florida, this home offers a place to get away from it all.

“It’s really rare to find a new construction home on the Gulf, and this one is built to all of the latest codes and highest standards,” says Nate Schar, Director of Luxury Real Estate for Heritage Auctions. “The home is comfortably elegant, perfect for a refined, yet casual beach life.”

The 5,335-square-foot home features a kitchen with an island, Viking range, convection ovens, and custom cabinetry; a three-stop elevator; a main-level bedroom suite with a private office, closet with a dressing room, and direct access to a full-length veranda; and an upper level with split secondary suites that each include private baths, walk-in closets, and a large living area with balcony.

“The verandas facing the water are such a peaceful place to watch the sunsets over the gulf,” says Schar. “Wide enough for a dining table, you can entertain a crowd while overlooking your own private beach.”

Additionally, the lower level offers a well-proportioned 5-car garage with storage, flex space for gym or studio, a full bath, heated saltwater pool and spa, and an outdoor kitchen.

“The home is perfect for someone looking for a place that’s very private and quiet,” says Schar “It’s close to the nightlife and culture of Sarasota and Venice, but away from the crowds.”

The home will be auctioned without reserve on March 23. Previews held by appointment.

Visit Heritage Auctions online at HA.com/CaseyKey to view due diligence and terms of sale. Financing accepted

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Under Pressure

The following is a

Unique Homes Online Exclusive

During the mid-year height of the Covid-19 pandemic, real estate agents comment on how the market stood, and in some cases prevailed, under enormous pressure.

 

This past Fall, luxury real estate agents from across the country spoke on Unique Homes’ first Zoom panel to discuss topics from the recent article “Space: The New Currency,” from Unique Homes Magazine’s recent Fall issue, written by Camilla McLaughlin. On this exclusive virtual panel, agents were able to discuss how the real estate markets of America endured (and continue to endure) through the turbulence that the Covid-19 pandemic has caused. Throughout the discussion, these experienced panelists spoke on the changes their area(s) have undergone and the how the pandemic has affected the homebuying process. We’ve highlighted some of our distinguished panelists and their unique experiences below.

 

Mauricio Umansky, Founder/CEO of The Agency

Los Angeles, CA

In the beginning of “Space: The New Currency,” Mauricio Umansky, Founder and CEO of The Agency, notes that in the midst of the pandemic, consumers who were staying at home also found themselves asking impactful questions regarding their homes and their futures: where am I sequestering versus where am I at home? What do I want my home to look like? What do I want my second home to look like? 

As one of the opening speakers, Umansky adds that though many of these questions may not be answered right away, the pandemic proved to be a catalyst for many potential home buyers to start a dialogue with their local real estate agents. “Sequestering at home, stay in, shelter in place, whatever it is we want to call it, has caused a conversation that is equal amongst everybody, whether it’s politically driven, whether it’s answering ‘what do I want to do with my life?’ and understanding that we can now work and operate from anywhere.”

 

 

Courtney Hampson, Vice President of Marketing

Palmetto Bluff, SC

Palmetto Bluff is a community in coastal South Carolina that caters to a mix of primary and vacation homeowners. Courtney Hampson, Vice President of Marketing for Palmetto Bluff, says on the panel that at the beginning of the pandemic many residents were already staying in Palmetto Bluff due to Spring Break, and were mandated to stay due to the shutdown. Many stayed until May when the state began opening up again, and there were several instances where those who extended their stay ended up moving to Palmetto Bluff full time. About a particular couple from New York with young children, Hampson says “They literally walked down the street into our real estate office, went on our tour, looked at available homes, closed two days later, our fastest closing ever, and that was it. ‘This is where we are,’ they said, ‘This is the plan now.'”

During the panel Hampson also stated that the utilization of virual tours and showings became more widely utilized, so much that they had to include the option right away on their website.” She also noted that in the midst of everything, they found that buyers were buying almost like they were suffering from FOMO, or a Fear of Missing Out. “[Clients] are booking their stay at the hotel first, and … they have almost a fear of missing out. They’re not waiting to get here to look at real estate — they’re doing that virtually, going under contract and seeing their property the first time they come to visit.” 

Carrie Wells, Coldwell Banker Mason Morse Real Estate

Aspen, CO

Though located on the opposite side of the United States, Carrie Wells of Coldwell Banker Mason Morse Real Estate in Aspen, Colorado, experienced similar situations as Hampson had in South Carolina. March is typically the latter part of the state’s skiing season, but due to the pandemic the season was cut short, and those visiting found themselves sequestering in Aspen — and staying. She remarked that you can see this reflected in the school district alone, where 175 new students were admitted and a wait list was created for the Aspen Country Day School, Aspen’s main private school. She also noted that with the help of Matterport virtual tour technology, many sales were able to happen, as clients wanted to be able to visit openings safely. 

Wells remarked about her own experience with a New York family who stayed in Aspen until the summer. “He said, ‘I never realized that Aspen is so enjoyable in April and May,’ which are normally our off-season months. … People have experienced being here year-round, when they normally would not be here, and there’s so much to do other than downhill skiing that I think regardless of what happens with our winter, we’re still going to see our market continue to be strong.”

 

 

Frank Aazami, Russ Lyon Sotheby’s International Realty

Scottsdale, AZ

The title of the article “Space: The New Currency,” as well as the main point of discussion for the panel, was inspired by profound statement by Frank Aazami of Russ Lyon Sothebby’s International Realty. During the panel Aazami notes that when the pandemic began and people were sequestering, he noticed that areas that were previously difficult to sell beforehand, regions outside of Phoenix and Scottsdale such as Fountains Hills, Cave Creek, et cetera, were now like beacons that buyers were gravitating toward. Previously, there were no sales north of $3 million, but eventually there were closings reaching upwards of $4 and $6 million. The reasoning for this market change? Space!

In the article, Aazami notes that from his region of Scottsdale, Arizona, his experience during the pandemic that no matter what buyers were generally looking for — a vacation home, relocation refuge, et cetera — the key point he saw was that consumers were looking for a safe haven, with plenty of space. Not only that, but consumers are also requesting specifics when it comes to this space in order to make their purchases personal and customized to their lifestyles, from multiple offices and indoor gyms to view decks and larger patios. 

 

 

Chris Bernier, Churchill Properties

Boston’s North Shore, MA

Located just 30 minutes outside of Boston, Chris Bernier of Churchill Properties notes during the Zoom panel that despite the usual trends of buyers looking for smaller, more minimalistic style homes, space really is the new currency. He affirms that many buyers in his market are flocking toward the larger homes. These market shifts are no doubt due to the pandemic shifting priorities. 

“Our listing inventory is down 52 percent for single family homes in Massachusetts, so we’re running on half of what we were this time last year. And it’s just made a tremendously imbalanced seller’s market. Prices are up in Massachusetts, it’s just driving the market up.” With as much uncertainty, he adds that it’s also been hard to know exactly what the real estate cycle looks like, even though it’s always been a very predictable real estate cycle in Massachusetts. That all being said, he notes that from the pandemic to American politics at play, “with everything that’s going on, it’s been one of the best years in Massachusetts for residential real estate.” 

 

James Torrance, Keller Williams Luxury International

Palm Beach, FL

James Torrance from Palm Beach, Florida, has much to say about the pandemic has shifted Florida into more than just a retirement or snowbird refuge, seen in these clips from the Zoom discussion. He notes further that in fact a large wave of buyers from California and more specifically Chicago brought interest to the area and helped close several sales, a rarity in his area. What was also interesting that he notices are the importance of the private schools and districts in South Florida, as he mentions that many buyers were finding schools they liked, then picking from available homes nearby.

This, alongside his points about the importance of homes with multi-functional spaces such as guesthouses and just the overall outlook on how the market has shifted, highlight just how much action Florida has seen in the past several months due to Covid-19’s effect on real estate.

 

 

Roxann Taylor, Engel & Völkers Dallas Forth Worth

Dallas, TX

As an real estate agent with 40-plus years of selling experience, Roxann Taylor of Engel & Völkers Dallas Forth Worth was a fountain of wisdom toward the end of the virtual panel. She highlighted much of what the other panelists had noted, including buyers prioritizing homes with large space as opposed to downsizing, and putting houses on the market through a near fully virtual process. 

 

 

For More Unique Homes Online Exclusive content, click here.

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Under Pressure

The following is a

Unique Homes Online Exclusive

During the mid-year height of the Covid-19 pandemic, real estate agents comment on how the market stood, and in some cases prevailed, under enormous pressure.

 

This past Fall, luxury real estate agents from across the country spoke on Unique Homes’ first Zoom panel to discuss topics from the recent article “Space: The New Currency,” from Unique Homes Magazine’s recent Fall issue, written by Camilla McLaughlin. On this exclusive virtual panel, agents were able to discuss how the real estate markets of America endured (and continue to endure) through the turbulence that the Covid-19 pandemic has caused. Throughout the discussion, these experienced panelists spoke on the changes their area(s) have undergone and the how the pandemic has affected the homebuying process. We’ve highlighted some of our distinguished panelists and their unique experiences below.

 

Mauricio Umansky, Founder/CEO of The Agency

Los Angeles, CA

In the beginning of “Space: The New Currency,” Mauricio Umansky, Founder and CEO of The Agency, notes that in the midst of the pandemic, consumers who were staying at home also found themselves asking impactful questions regarding their homes and their futures: where am I sequestering versus where am I at home? What do I want my home to look like? What do I want my second home to look like? 

As one of the opening speakers, Umansky adds that though many of these questions may not be answered right away, the pandemic proved to be a catalyst for many potential home buyers to start a dialogue with their local real estate agents. “Sequestering at home, stay in, shelter in place, whatever it is we want to call it, has caused a conversation that is equal amongst everybody, whether it’s politically driven, whether it’s answering ‘what do I want to do with my life?’ and understanding that we can now work and operate from anywhere.”

 

 

Courtney Hampson, Vice President of Marketing

Palmetto Bluff, SC

Palmetto Bluff is a community in coastal South Carolina that caters to a mix of primary and vacation homeowners. Courtney Hampson, Vice President of Marketing for Palmetto Bluff, says on the panel that at the beginning of the pandemic many residents were already staying in Palmetto Bluff due to Spring Break, and were mandated to stay due to the shutdown. Many stayed until May when the state began opening up again, and there were several instances where those who extended their stay ended up moving to Palmetto Bluff full time. About a particular couple from New York with young children, Hampson says “They literally walked down the street into our real estate office, went on our tour, looked at available homes, closed two days later, our fastest closing ever, and that was it. ‘This is where we are,’ they said, ‘This is the plan now.'”

During the panel Hampson also stated that the utilization of virual tours and showings became more widely utilized, so much that they had to include the option on their website right away on their website.” She also noted that in the midst of everything, they found that buyers were buying almost like they were suffering from FOMO, or a Fear of Missing Out. “[Clients] are booking their stay at the hotel first, and … they have almost a fear of missing out. They’re not waiting to get here to look at real estate — they’re doing that virtually, going under contract and seeing their property the first time they come to visit.” 

Carrie Wells, Coldwell Banker Mason Morse Real Estate

Aspen, CO

Though located on the opposite side of the United States, Carrie Wells of Coldwell Banker Mason Morse Real Estate in Aspen, Colorado experienced similar situations as Hampson had in South Carolina. March is typically the latter part of the state’s skiing season, but due to the pandemic the season was cut short, and those visiting found themselves sequestering in Aspen — and staying. She remarked that you can see this reflected in the school district alone, where 175 new students were admitted and a weight list was created for the Aspen Country Day School, Aspen’s main private school. She also noted that with the help of Matterport virtual tour technology many sales were able to happen, as clients wanted to be able to visit openings safely. 

Wells remarked about her own experience with a New York family who stayed in Aspen until the summer. “He said, ‘I never realized that Aspen is so enjoyable in April and May,’ which are normally our off-season months. … People have experienced being here year-round, when they normally would not be here, and there’s so much to do other than downhill skiing that I think regardless of what happens with our winter, we’re still going to see our market continue to be strong.”

 

 

Frank Aazami

Russ Lyon Sotheby’s International Realty

Scottsdale, AZ

The title of the article “Space: The New Currency,” as well as the main point of discussion for the panel, was inspired by profound statement by Frank Aazami of Russ Lyon Sothebby’s International Realty. During the panel Aazami notes that when the pandemic began and people were sequestering, he noticed that areas that were previously difficult to sell beforehand, regions outside of Phoenix and Scottsdale such as Fountains Hills, Cave Creek, etc, were now like beacons that buyers were gravitating towards. Before there were no sales north of $3 million, but eventually there were closings reaching upwards of $4 and $6 million. The reasoning for this market change? Space!

In the article Aazami notes that from his region of Scottsdale, Arizona, his experience during the pandemic that no matter what buyers were generally looking for, a vacation home, relocation refuge, etc., the key point he saw was that consumers were looking for a safe haven, with plenty of space. Not only that, but consumers are also requesting specifics when it comes to this space in order to make their purchases personal and customized to their lifestyles, from multiple offices and indoor gyms to view decks and larger patios. 

 

 

Chris Bernier, Churchill Properties

Boston’s North Shore, MA

Located just 30 minutes outside of Boston, Chris Bernier of Churchill Properties notes during the Zoom panel that despite the usual trends of buyers looking for smaller, more minimalistic style homes, space really is the new currency. He affirms that many buyers in his market are flocking toward the larger homes. These market shifts are no doubt due to the pandemic shifting priorities, and continues to show 

“Our listing inventory is down 52 percent for single family homes in Massachusetts, so we’re running on half of what we were this time last year. And it’s just made a tremendously imbalanced seller’s market. Prices are up in Massachusetts, it’s just driving the market up.” With as much uncertainty, he adds that it’s also been hard to know exactly what the real estate cycle looks like, even though it’s always been a very predictable real estate cycle in Massachusetts. That all being said, he notes that from the pandemic to American politics at play, “with everything that’s going on, it’s been one of the best years in Massachusetts for residential real estate.” 

 

James Torrance, Keller Williams Luxury International

Palm Beach, FL

James Torrance from Palm Beach, Florida has much to say about the pandemic has shifted Florida into more than just a retirement or snowbird refuge, seen in these clips from the Zoom discussion. He notes further that in fact a large wave of buyers from California and more specifically Chicago brought interest to the area and helped close several sales, a rarity in his area. What was also interesting that he notices are the importance of the private schools and districts in South Florida, as he mentions that many buyers were shopping around different homes once they had found a school system they liked, then picking from available homes nearby.

This, alongside his points about the importance of homes with multi-functional spaces such as guesthouses and just the overall outlook on how the market has shifted, highlight just how much action Florida has seen in the past several months due to Covid-19’s effect on real estate.

 

 

Roxann Taylor, Engel & Völkers Dallas Forth Worth

Dallas, TX

As an real estate agent with 40-plus years of selling experience, Roxann Taylor of Engel & Völkers Dallas Forth Worth was a fountain of wisdom toward the end of the virtual panel. She highlighted much of which was similar to what the other panelists had noted, including buyers prioritizing homes with large space as opposed to downsizing, putting houses on the market through a near fully-virtual process, and much more. 

 

 

For More Unique Homes Online Exclusive content, click here.

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New, Charming Community in Brick Township, New Jersey

Pioneer Estates, by reputable builder Arya Properties, features 15 cul-de-sac home sites. This new community will include three stunning models (The Wyndham, The Cambridge I and The Cambridge II). It is located near the coastal area of Brick Township, New Jersey (with the benefits of not being in a flood zone) within close proximity to shopping, beaches and major transportations.

Pioneer Estates redefines the term “Builder’s Grade” by providing: a gas fireplace, custom paint, 9-10 foot ceilings on the first floor, crown molding, a chair rail, shadow boxing, granite counters on every top, hardwood floors on the first level and upstairs hall and a designer custom lighting package sure to open your eyes.

 

The Cambridge I
The Cambridge II
The Wyndham
Arya Properties prides itself on presenting a different standard when it comes to the concept of new construction and on working with consistent contractors that have a track record of excellence. They are committed to delivering for the most demanding buyers.
And, this part of town rarely produces new construction — this is your chance. Curbing, sidewalks, and street lights for the children will remind you that you have arrived at Pioneer Estates.

Pricing starts at $610,000 and there are only five lots remaining!

For more information visit www.newhomesinbrick.com or
call 855-623-2676 and ask for Abram Covella, Thomas Zdanowicz or Justin Bosak with the Ocean Six’s Group of Re/max Revolution.  

And, the Ocean’s Six’s virtual and quick delivery options make it easy and safe for buyers —
with their virtual marketing techniques, which help buyers make offers before seeing them in person. They offer:

  • Virtual Consultation: Scheduling virtual appointments to learn about their client’s real estate goals and developing a game plan to achieve them
  • Virtual Tours: They provide virtual showings to all buyers, which include recorded videos, online walkthroughs, interior and exterior architectural photos and drone photography.
  • Home Showing Protocols: They employ a series of wellness safeguards to abbreviate the marketing timeline
  • Showings and Inspections: All in-person visits are monitored for wellness safeguards
  • Electronic Signing: They offer the opportunity to sign all documents electronically
  • Closing: Replacing the traditional title company meeting, they offer curbside signing for ink signatures.
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A Peaceful Haven in New Hampshire

This stunning custom-built log home borders the White Mountains National Forest. It is an exquisite modified Tellico Tennessee Log Home nestled on 4.72 acres at the end of a cul-de-sac in the desired Tuttlebrook Log Home neighborhood.

The open concept of this home offers plenty of space for all gatherings while giving plenty of private areas in the large 5 bedrooms, each with baths, as well as private outdoor space in the form of a balcony or patio. A 24-foot Engelmann Spruce tree is a prominent centerpiece of the home — as well as the handcrafted three-level staircases.

The gourmet kitchen with a 12-foot island features Thermador and Miele appliances and a walk-in pantry. And, the gear room has plenty of room for all outdoor recreation gear. Additional features include a 5-person Jacuzzi, theater room and a family room with a full bar area and dual kegerator. The upper and lower heated garages can accommodate up to eight cars or can be used for bays for recreational vehicles and storage. 

“Elegance and luxury, with a homey vibe, is the best way to describe this custom log home in the heart of the White Mountains,” says Arlie Vandenbroek of Coldwell Banker Lifestyles, who is listing the home for $1.8 million. The serenity and breathtaking beauty of this home is like no other.

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