By Camilla McLaughlin
Seldom is a residence as spectacular as the setting, which makes the architectural showpiece featured on our cover a rarity. An address on Linda Isle is prized in Newport Beach, where only a select few homes sit directly on the bayfront and an even smaller number on an island. “Only a handful of these islands are guard gated, which makes Linda Isle especially desirable,” explains developer Zachary Eglit, president of BDR, Inc.
Expectations regarding architecture and design have never been higher than today. This custom residence is an ideal interpretation of Contemporary’s new aesthetic, which is warm, approachable and eminently comfortable. There is an integral sense of elegance and function that only derives from excellent design.
On the main floor, distinct spaces, including a designer kitchen augmented by a fully equipped butler’s pantry, and a great room, merge into an impressive open floor plan punctuated by a dramatic suspended glass staircase. The upper level incorporates a second great room. One of the four en suite bedrooms is also oriented to be a potential private office with fabulous views. White oak flooring enhances the sense of continuity between the two levels.
Expanses of glass bring in daylight and starlight. Blues of the water and dynamic panoramas are part of the experience. Disappearing doors make a seamless transition to outdoor amenities, including an outdoor kitchen, al fresco dining and a dockside patio. Aligned with current preferences toward slightly smaller but exquisite homes, this residence is spacious enough for a growing family but also manageable for a couple.
The Linda Isle community offers amenities including a private beach, but for this home the ultimate is onsite — dockside. With several slips, it can sit a vessel of up to 90 feet, ensuring ample room for a yachtsman’s toys. The experience is priceless.
By Roger Grody
In Santa Barbara, the idyllic community that anchors the portion of the California coast known as the “American Riviera,” is Estancia, a development of 72 distinctive residences that celebrated its grand opening in July. Prominent local builder Franciscan Developments collaborated with Cearnal Collective, a premier Santa Barbara-based architectural and interior design firm, on the project, to present a modern interpretation of the coastal community’s quintessential Spanish Colonial architecture.
John Schuck, president of Franciscan Developments, reports, “The vision for Estancia was born out of a desire to take what is most loved and cherished about Santa Barbara and create a residential experience that takes full advantage of the city’s healthful and active lifestyle.” Emphasizing Estancia’s Old World charm, communal outdoor spaces and semi-custom interiors that showcase views of the Santa Ynez Mountains, the developer adds, “I’m very proud of this project.”
Inside Estancia’s residences, traditional aesthetics fade into clean-lined modern living environments. Ten-foot ceilings, solid 8-foot doors and open floor plans are designed for contemporary lifestyles, and expansive terraces create a true indoor-outdoor experience that capitalizes on Santa Barbara’s Mediterranean climate. High-end finishes are standard, and a Carrara marble option transforms bathrooms into luxury spas. Generous breezeways with mountain views give common areas a resort feel and private garages are provided. Two story townhomes feature two bedrooms and two full baths in floor plans of 1,495 to 1,539 square feet, with gourmet kitchens, fireplace-warmed living rooms, and an additional powder room in select residences.
Three-story townhomes (1,923 to 2,063 square feet) provide those exceptional amenities with a second floor primarily dedicated to family life or entertaining. Representing a third option are convenient single-story residences, the first luxury flats to be constructed in Santa Barbara in 30 years. Ranging from 1,459 to 1,696 square feet — their high ceilings, abundant natural light and generous patio space make them live much larger — these units are popular with downsizing couples.
A lush landscaping concept provides a park-like setting for Estancia, with palm-lined European-inspired inlaid stone drives, flowering vines and open spaces that preserve views of the Santa Ynez Mountains. The excitement of Los Angeles is just 90 miles away yet a world apart.
Approximately 28 units of the two-phase project were completed at the end of June and complete buildout will occur in spring 2019. Prices start at $1.125 million for the single-story residences, $965,000 for the two-story townhomes and $1.125 million for the three-story townhomes. Estancia is represented by The Agency Development Group, headquartered in Beverly Hills
Hawaii is currently number one on the list of Best Luxury Destinations in the USA by U.S. News, and for good reason. The exotic greenery, breathtaking sights and pristine beaches are enough to sell any traveler on visiting. But, why visit when you can invest in a dream Hawaiian home?
For those itching to own their second home, considering the lush islands of Hawaii is ideal. There are many benefits of owning a vacation home in Hawaii’s tropical climate while still having the safety and security of U.S. laws.
Here is what potential home buyers should keep in mind when looking into purchasing a vacation home in Hawaii.
- Have ample time for due-diligence: When you purchase a home in Hawaii, state law provides buyers with 30 days to review all the purchase agreements and have their questions answered. This helps create a pressure/stress-free experience for buyers, many of whom are on vacation when they make the decision to call Hawaii their second home.
- Manage time zones: It can be a hassle to manage a second home in a different time zone. Consider having someone on the island who can monitor your assets for you and ensure everything is well taken care of while you are away, like security, bills, groceries, and air conditioning.
- Plan out furnishings: In Hawaii, homeowners sometimes face roadblocks when furnishing, due to lack of in-stock products and long shipping times. Many buyers take advantage of purchasing fully-furnished residences as a way to limit any inconvenience and own something that is move-in ready.
- Renting your home while you’re away: Many purchasers plan to rent their Hawaii homes when they are not currently living there, but it’s important to note that many areas in Hawaii have restrictions on rentals – only homes with Transient Vacation Rental Licenses within Visitor Destination Areas are legally allowed to operate vacation rentals
After being informed properly on how to logistically own a home in Hawaii, it’s time to look at properties. Here are three gorgeous options to consider.
Hualālai Resort
This oceanfront, residential resort community crosses 865-acres on the exclusive Kona-Kohala coast of the Hawaii Island. Real estate opportunities include custom homes, home sites and villas, all of which include the Hualālai Club Membership, which offers access to the award-winning Hualālai Sports Club & Hualālai Spa, the oceanfront Residents’ Beach House, access to all amenities at Four Seasons Hualālai Resort, including the beach and pools. Real estate prices range from $2 million to $30 million.
Montage Residences Kapalua Bay
Launching in July 2014 with 84 oceanfront luxury residences situated in the year-round community of Kapalua Resort, this residence is a lush natural paradise located on Maui’s spectacular western shore. Within the 1,650-acre community, each residence is a rare treasure, offering generous private lanais and expansive ocean views.
Kukui’ula
Kukui’ula is the first and only private club community on Kauai. The 1,010-acre residential community, located on Kaua’i’s southern coast in Po’ipū, is nestled between the National Tropical Botanical Garden and historic Old Koloa Town. Kukui’ula boasts custom ocean view home sites and luxury homes, villas, cottages and bungalow.
Heart-throb actor of screen and television Rob Lowe and his wife Sheryl listed their estate in Montecito, California for $47 million in July, and are still awaiting a lucky buyer.
Located in a star-studded neighborhood, whoever buys this home will be living among some of the world’s biggest stars, including Oprah Winfrey, Ellen DeGeneres, and Gwyneth Paltrow. Montecito is a much-favored retreat from the hectic world of TV and film, located 80 miles northwest of Los Angeles. Situated between the Pacific Ocean and the Santa Ynez Mountains, Montecito boasts spectacular hillside views, nearby whale watching and beautiful weather.
Reminiscent of the country estates in Charlottesville, Virginia where he was born, Rob Lowe and his wife recreated a classic East Coast-style estate, a stand-out from the typical Mediterranean architecture of the area, on the market at $47 million. On a little over three acres, the main house of the estate was designed by architect Don Nulty, built in 2009, and is 10,000 square feet.
Included on the grounds are the two-bedroom guest house, one-bedroom pool house with staff quarters and outdoor kitchen, pool and spa, tennis court with observation areas and lushly landscaped lawns, large enough for team sports with mature trees and a vegetable garden. There are two outside fireplaces and terraces for relaxing or entertaining, a water serenade from fountains, and a koi pond. From most any location, one can enjoy sunsets over the Pacific.
Inside the main house are 20 rooms: a huge family kitchen, separate catering kitchen, eight bedrooms, eleven baths, office, library-music room with bar, family room, various conversation rooms and nooks, movie theater, a well-equipped gym and expansive wine cellar.
Now 54, Lowe had a busy career in both film and television, yet is still lighting up the screens. At age 19, he starred in the hit movie “The Outsiders. Binge-watch him today in “The West Wing” reruns.
Photos courtesy of TopTenRealEstateDeals.com
As the numbers climb into uncharted territory, one word emerges characterizing prices and properties at the pinnacle of residential real estate. “It’s a whole new stratosphere,” says Zachery Wright, executive director, Asia Pacific & Western North America for Christie’s International Real Estate.
By Camilla McLaughlin
Not too long ago, the possibility of even a $200 million home seemed outrageous. Today the most expensive home for sale in the U.S., dubbed The One, is more than twice that amount. Also off the charts is a square footage almost double that of the White House.
When the first issue of Ultimate Homes debuted in 2005, the most expensive residential property in the U.S. was $75 million. Today, $100 million doesn’t come close to the top 10 for Ultimate. Five properties are priced at $200 million and above, and anything below $138.8 million doesn’t make the cut. More than 50 are above $60 million. “Because we’ve seen so much wealth creation, these numbers don’t frighten many in the ultra world,” says Wright.
“It’s no surprise we are seeing such stratospheric prices today, because worldwide personal wealth is the highest it has ever been. Consider that the world’s population of $10 million-plus households is growing, and fast,” says Stephanie Anton, president of Luxury Portfolio International. More than 1.6 million households claimed a net worth of more than $10 million in 2016, a 91-percent increase since 2010. “If many of the properties on today’s list had come on the market even five years ago, it’s unlikely they would have been priced where they are today,” says Wright.
For potential buyers, lifestyle often justifies cost. “People will pay any price if it’s a prudent purchase. But getting there is a real shock. It takes a little while to figure out what things are worth,” says Gary Gold, executive director of Beverly Hills brokerage Hilton & Hyland. “There are very few people out there making sucker purchases. I don’t care how rich you are, very few want to be a chump.”
For most, getting to the $100 million level is a process that usually begins with a much less costly goal. Often, Gold says, buyers start in the $20-, $30- or $40 million range and discover those homes won’t meet their requirements. “They all buy what they want, the best thing available for their needs. In one of our big sales, the people were originally looking for an $8- or $9 million home. They ended up paying $85 million.”
2018 TOP 10:
| 1. $500 million The One Bel Air, California |
6. $188 million |
| 2. $250 Million Chartwell Bel Air, California |
7. $175 million |
| 3. $250 million 220 Central Park South Penthouse New York, New York |
8. $150 million |
| 4. $250 million Mesa Vista Ranch Pampa, Texas |
9. $149 million |
| 5. $200 million The Manor Holmby Hills, California |
10. $138.8 million |
Prices might be stratospheric, but what matters is often the same as it is for luxury buyers overall. “When they buy a house, they want to feel like they made a smart purchase, whether it’s a great buy or that they beat out somebody else. They want to make an intelligent purchase,” Gold explains.
The argument most often ventured by developers and brokers to justify heady prices is a comparison to the art world. Bruce Makowsky, developer of Billionaire — which at $188 million is No. 6 on our list — takes the analogy to the next level using mega-yachts as a measure. “If these guys are willing to pay hundreds of millions for a yacht that is a depreciating asset they use for four weeks out of the year, what would they be willing to spend for a land yacht?” he hypothesized.
Rayni Williams, also with Hilton & Hyland, is part of the team listing Billionaire. She says the land yacht comparison is appropriate. New mega spec homes are a complete package, taking the idea of turnkey to a new plane by including almost everything someone could want, and then some.
Billionaire is completely furnished, staffed and decked out with unparalleled amenities and features including more than 100 curated art installations, two stocked wine cellars, and a $30 million collection of cars in a custom display gallery along with a helicopter pad and one of very few residential theaters outfitted with Dolby Atmos.
“Spec homes are no longer developed with the intention of appealing to an entire market. With a specific luxury buyer in mind, developers are taking custom building to new heights with over-the-top features — and they’re in demand,” explains Jeff Hyland, president of Hilton & Hyland.
When owners of these homes come to Los Angeles, Williams says, “They want the ultimate entertaining home. They want to have parties for families and children alike. They want to have enough of the stage setting where they can have live bands…. They want that kind of space. They want a spa. If they want Botox, they don’t want to go to Beverly Hills to their doctor, they want their doctor to come to them.”
Days before this article went to press, a compound on Carbon Beach in Malibu sold for $110 million, setting a record for L.A. residential properties. The property wasn’t on the market — officially or unofficially — which in the ultra-world is not unusual. “When you have a highly qualified buyer, you tend to knock on doors, whether the house is for sale or not,” says Joyce Rey, executive director Coldwell Banker Global Luxury, whose sales over the years have established price benchmarks for the L.A. market. She says this recent sale is “a good indication of the strength of the luxury market in L.A.”
Another descriptor frequently applied to ultra prices is aspirational. Even though these properties do sell, eventual prices are often substantially less than the initial offering. Still, they set new benchmarks. In recent years, transactions shattering price thresholds include a $147 million East Hampton estate and Copper Beech, a $120 million waterfront property in Greenwich that sold in 2014. In L.A., the $100 million threshold was breached in 2016 with the sale of the former Playboy mansion.
“The sky is the limit. Once we hit the $100 million mark, we broke the glass ceiling — and we’re seeing home buyers comfortable with spending more than that,” says Rick Hilton, chairman and cofounder of Hilton & Hyland.
Continuing this year is a subtle geographic tilt toward California and Los Angeles. “People are showing a willingness to spend in the West. We’ve certainly got global wealth in New York. I think we’ve got a stronger market right now than they do in New York. Anyone who is making a lifestyle decision is going to be looking at Southern California,” says Wright.
Ultra properties built on speculation get the most media attention (who can resist writing about a candy wall or jellyfish room, one of the amenities of The One), but what sells depends on availability and the mix of buyers at a given time. “There happens to be a lot of spec homes out there at the moment. People are building these amazing houses, so they happen to be available. And they’re trading. These houses weren’t available in 2016 to the same degree,” says Gold.
Still, land and location convey the most value and the top 10 always reflect a mix of locations and property types. Gemini in Manalapan, Florida, extends from the ocean to the Intracoastal Waterway. Chartwell in Bel Air is a legendary estate with historical ties. Built in 1933 by architect Sumner Spaulding and restored by Henri Samuel, whose work includes estates owned by the Vanderbilts and the Rothschilds, Chartwell occupies 10.3 acres and is often described as the “the crown jewel of Bel Air.”
Views top the list of ultra attributes buyers consider most essential. Chartwell offers sweeping panoramas of the Pacific and downtown L.A., as do others including The One and Billionaire.
In New York City, dynamic views are part of the value equation for ultra properties. This year, only one Manhattan property finds a place among the top. Occupying four floors in the Robert Stern-designed 220 Central Park South, the residence easily could be considered the Ultimate penthouse. The $250 million price is a record for Manhattan and few other residences have been as large.
Property sizes range from just over an acre to 65,000 acres on Mesa Vista ranch in the northeast corner of the Texas panhandles. Like many Ultimate properties over the years, this ranch has been a labor of love, husbanded over most of a lifetime. “When I began assembling the ranch 46 years ago, I initiated a multi-decade program to help the land heal and over time invested millions on wildlife management,” explains owner T. Boone Pickens. Improvements also included 20 lakes over the course of 20 miles. In addition to a 12,000-square-foot main lodge, the property includes a 33,000-square-foot lodge and several other houses, plus housing for staff. The chapel, a site for both weddings and funerals, is stunning, and a 6,000-foot runway and hangar facilitate getting there. The ranch is priced at $250 million and, according to Pickens, much of the proceeds from the sale will be directed to his foundation. The property is offered jointly by Hall and Hall, and Chas. S. Middleton and Son.
A 60-acre estate in Bridgehampton, once placed at the top of the first Ultimate list, and one-of-a-kind properties continue to be a Hamptons’ hallmark. In 2014, an 18-acre property in East Hampton sold for $147 million, setting a record for the U.S. Many of these properties offer what many consider an idyllic mix — classic estate homes and a substantial amount of land, including frontage on the ocean or a pond and the provenance. The setting for Meadow Lane in Southampton, listed by Harald Grant with Sotheby’s International, is considered a trophy location. It offers 360-degree views and extensive frontage on the Atlantic across three lots, as well as an additional bay-front lot.
Commissioned and owned by the Ford family, Jule Pond offers the largest ocean frontage in the Hamptons with nearly a quarter of a mile on the water. Listed at $175 million, it is the most expensive property for sale in the Hamptons and No. 7 on our list. A complete renovation in 2008 preserved many original features, including molded ceilings with traditional chandeliers, Italian marble fireplaces, French parquet floors and antique bathroom fixtures.
Referring to the mix of the top 10, Rey says, “I think it speaks to a variety of interests. Some people are attracted to land. Some people are attracted to architecture. Some are attracted to views.”
As always, the question hovering over the market remains what will sell next and what will be the next stratospheric price?
. . .
Where are they now?
A look at what happened to the top of last year’s Ultimate Homes list.
| 2017 $250 million Billionaire Bel Air, California |
2018 Price decreased to $188 Million. Now No. 6. |
| $200 million The Manor Holmby Hills, California |
No change. Now No. 5. |
| $195 million Gemini Manalapan, Florida |
Price decreased to $138.8 Million. Now No. 10. |
| $175 million Great Island Darien, Connecticut |
Off the Market. |
| $145 million La Dune Southampton, New York |
Off the Market. |
| $140 million Briar Patch East Hampton, New York |
Off the Market. |
| $137 million Il Palmetto Palm Beach, Florida |
Off the Market. |
| $129 million Palazzo di Amore Beverly Hills, California |
No change. Now No. 12. |
| $110 million The Pinnacle Penthouse New York, New York |
No change. Now No. 13 (tied). |
| $100 million Murray Compound Estate Southampton, New York |
No change. Now No. 15. |
The practice is not new, but the frequency and acceptance of pocket listings has grown.
By Camilla McLaughlin
Off market … private listing … coming soon. These phrases in high-priced markets characterize properties offered for sale, but not publicly listed in the traditional manner in the MLS. The way these listings are perceived has changed significantly in the last 10 years.
Even after the advent of formalized platforms such as the MLS, the most expensive properties were often closely held, giving rise to the term “hip-pocket” listing. Traditionally, in the industry, pocket listings have evoked concern that unscrupulous agents would keep them in house and pocket the entire commission.
Post recession, the number of pocket listings seemed to increase exponentially; most in the industry remained skeptical. Today, the terms “off-market” or “private” listing are often used instead of pocket, and, in a number of places, it is becoming an acceptable — some would even say savvy — marketing strategy.
“Now I’ve noticed it’s really changed and it’s a lot more accepted,” says Patrick Ryan, senior vice president and managing broker, Related Realty, Chicago.
“It’s certainly become a very big part of our market, and it’s not something we’re necessarily driving. We’re being led by what the sellers want,” says Chris Dyson with The Agency in Beverly Hills.
In a survey of members conducted by the Institute for Luxury Home Marketing (ILHM) for Unique Homes, an overwhelming majority, 97 percent of agents responding, said private listings were part of their market. A third indicated there were only “a few,” while 17 percent saw it as a growing trend.
“As I travel around the country training agents from a variety of other states, I hear differing opinions,” says Florida agent Tami Simms with Coastal Properties Group International in St. Petersburg, who is also a trainer for the Institute. “In some markets, it works in a positive way, and in some markets, it’s considered to be underhanded.”
In the ILHM survey, 38 percent of respondents agreed that industry professionals looked more
favorably on off-market listings. About a quarter disagreed with this statement, while 35 percent neither agreed or disagreed.
The latest twist in off-market properties are platforms and professional networks, accessible only to licensed agents, designed to facilitate the sharing of information. The Top Agent Network, a national affiliation of agents in the top 10 percent of the market, is a forum for premier agents to exchange information. Additionally, networks formed just to publicize off-market properties are popping up in hot market cities such as Austin.
In August, several agents from The Agency in Beverly Hills launched thepls.com, the Private Listing Network. In little more than six months, the network claims 600 active listings worth $3 billion. Approximately 5,000 agents have signed on to the service. “Information shared on the platform is information they already email to one another on a daily basis,” says Dyson, who founded the network along with James Harris and Mauricio Umansky of The Agency.
“We have always had off-market activity. However, I think it is even greater right now,” says Meghan Bach with Colorado Landmark, Realtors in Boulder. Not only have they become more common, but there is greater acceptance among consumers. “People used to think they were Realtor-driven and that the listing agent was trying to double-end the sale. This is very much not the case today. It is seller-driven,” says Bach.
Ask agents about off-market practices and responses vary by location. In Palm Springs, Lucio Bernal with Coldwell Banker Residential Brokerage says, “We typically do not see off-market as being common in the valley. Privacy does not seem to be an apparent issue here.”
On the other hand, in Los Angeles’ platinum locales, Bob Hurwitz, founder and president of Hurwitz James Company, says, “Off market, a.k.a. pocket listings, have become so popular that the terms are basically oxymorons. It is frankly ludicrous.”
Technology also plays a role in this trend. “There have always been pocket listings, but it’s a little more evident now because of our electronic world and the fact that information is so immediate and widespread. The truth is if a house is of any substance, it generally doesn’t remain private,” says Joyce Rey, executive director, Coldwell Banker Global Luxury.
Lack of inventory is also boosting interest in private listings. Boulder has seen 10-plus percent appreciation year-over-year since 2013; demand still far exceeds inventory. “Good products fly off the shelf, so having a pocket that brokers chat about, and get under contract fairly hassle-free is ideal for sellers, particularly in the high end,” says Bach.
In Atlanta, Jaime Turner and Heather Armstrong with Engel & Völkers find, “The shortage of inventory is worrisome to both buyers and sellers. Sellers are hesitant to list and sell without an identified home to move to. By using an off-the-market strategy, sellers are able to command a price that gives them the comfort of selling while they look for a home to purchase. Buyers like it because they feel like they are getting ahead of the curve and are able to see a home that has limited showings. It has also been a good tool for us because when we have a seller that is concerned with finding a home, we utilize our agent connections and resources to locate the right home for our seller.”
For properties not in a luxury price bracket, off-market might not be the right route. “In the lower end, anything below $1.5 million in our market, coming to market creates a bidding war and advantageous sales prices for sellers. The higher end, $2.5 million and up, sells word of mouth and pretty close to where initially priced,” says Bach. Even for high-end properties, she says, “I do see huge value in coming to the market and being broadly online. That said, when there are privacy issues — divorce, job transitions, health issues — off market makes so much sense.”
Desire for privacy remains a major incentive for sellers. According to research from Luxury Portfolio International, privacy has never been more important to wealthy consumers who are also concerned about identity theft.
This desire has fueled an increase in requests from high-end sellers asking agents to privately market their homes. “Sellers actually demand it more than a Realtor suggests it to them,” explains Ryan. “They don’t want to be bothered with people just going through the house. They don’t want it to be a museum tour, so they instruct agents to be strategic and not make property information available to the public.”
Some contend not being available to the general market potentially enhances a home’s cachet. “A lot of buyers want something that they officially can’t have. Anyone that can essentially offer something that not everyone else can have, has a unique value in itself,” says James Harris. “The reality is the less you can tell people, the more exclusive it becomes, and the more people want it.”
But restricting information about a property to a limited audience is not without risk. “It’s a two-edged sword for sellers,” says Rey. “Is privacy worth getting less money for their home? If they do not get wide exposure, they may not be getting the best price.” “It also defies logic,” says Hurwitz. “The more qualified buyers who can find a property, the more likely a sale. If a property is not visible to agents with a qualified buyer, they aren’t going to know about it and will sell something else they can find.”
“I also hear a variety of opinions. Some sellers like the idea of avoiding showings, open houses, etc. (for privacy and convenience) if they can get a price they’re happy with without listing on the open market. The opposing argument tends to be that not offering it on the open market isn’t working in the best interest of the customer if there could be better terms/conditions in a wider pool of prospective buyers,” says Simms.
Even those who express concern about this approach recognize there are situations in which not being on public platforms is a strategic move. Hurwitz has used pocked listings on rare occasions for celebrity clients who wish to remain as anonymous as possible.
“Sometimes certain types of clients are not really comfortable having lots of people come see a property,” says agent Jennifer Ames with Coldwell Banker Residential Brokerage in Chicago. In instances like this, Ames says she will do a marketing campaign directly to agents who work in this price bracket. Invitation-only previews of big, exclusive properties are a traditional avenue to publicize properties.
Luxury properties often take significantly longer to sell than those priced close to the median.
According to research from Concierge Auctions, average days on market for the highest-priced properties in top markets hovers around 522 days, ranging from 55 days in San Francisco to 1,062 in Nashville.
Once a home is listed on the MLS the clock begins ticking on the number of days on market. “The way the market works in the U.S., if you go on the market everything has to become public. Not just the price and the address, but the days on market. The longer a property is on the market, the more detrimental it becomes for the property,” explains Harris.
Being on the MLS opens the door to inclusion on public platforms including Zillow, Trulia and many others. Along with days on market, changes in photography, prices, and broker representation are all tracked. “We’ve started to realize more and more with the Internet, you want to have all your ducks in a row before going on the MLS,” says Ryan.
“Coming soon” has become an official category incorporated into a growing number of MLS systems. “We see a lot of Coming Soon strategy as opposed to off market in Florida,” says Simms. “I believe that the off-market approach is more appropriate for properties that are particularly expensive and/or unique, which would likely end up having a tremendous number of days on the market if listed traditionally.
Initially offering a property off market is considered an effective method to test a price. “If you are trying to get a very aggressive number for your house, you may want to start off market to test the price,” says Harris. Agents also use this strategy when an owner has a much higher price in mind than the market will likely accept.
“It’s a way to test the market without going on record,” says Ames. Another circumstance that could call for an interval of off-market strategy, she says, is a situation where owners don’t actually plan to move for months, but still want to give the property exposure.
In the pre-Internet era, agents relied on phone calls to agents who worked in similar price brackets. But, “you could only call so many people and network so much,” shares Ryan. Today, robust CRM systems give agents a laser focus on most-likely buyers. Additionally, national brands and affiliate groups promote networking among agents both nationally and internationally.
More formalized networks and platforms such as thepls.com are a way for agents to keep track of what’s available. For example, in Los Angeles, agents might receive hundreds of emails a week regarding off-market properties. “The PLS is essentially a place where agents can put information, so it can be searched when another agent needs it. That was really the motivation behind it,” says Dyson.
Tried and true methods to ensure those who work in luxury are aware of new listings, both off-market and publicly listed, remain the most important marketing tools, particularly for well connected agents.
Will the penchant for private listings continue if markets cool? While blockchain reduce reliance on the MLS? Both questions point to variables that could affect the off-market trend in the future.
The “Market Maker”
“Market maker” is the way Robert Dankner characterizes what he does. Dankner, president of Prime Manhattan Residential, takes off-market to the next level by finding and creating opportunities for buyers and sellers in tight markets in New York City. “There are a lot of people looking for the same thing that doesn’t exist, which is why they’re all creating things for themselves,” he says referring to the boom in renovations.
Dankner sees market potential others often overlook and is equally skilled at bringing clients —buyers and/or sellers — together, crafting a deal advantageous to both. “In my world, off-market is something that not everybody can do. In addition to obviously being extremely well connected, you have to have a memory like a computer because as things arise on both sides of the equation, you have to be able to mix and match very quickly to see what can be put together. It’s just a matter of having the resources and tools to know where and how to hunt. There’s no algorithm, no smoking gun. It’s just a matter of understanding every nook and cranny from the standpoint of things that used to be on the market or understanding through connections who, what, why and where somebody might be willing to part with something under the right conditions.”
Photos courtesy of iStockPhoto.com
Celebrity brokers co-list eight Los Angeles penthouses with The Agency Development Group.
The collection is comprised of four two-bedroom and four three-bedroom residences that range in size from 1,735 square feet to 3,534 square feet with pricing starting at $2.194 million and ranging up to $6.388 million. The residences are well-appointed with expansive floor plans that capture fine sky-high views of LA through floor-to-ceiling windows.
“Greenland USA is delighted to unveil The Penthouse Collection, which will offer residents the finest in luxury, high-rise living and access to top-tier services and amenities,” said Chao Wu, general manager of Greenland USA, Los Angeles. “Located conveniently between Los Angeles’ financial district to the north and the entertainment district to the south, Metropolis brings the excitement and vibrancy of Downtown Los Angeles right to our residents’ front doors, redefining the standard of luxury, urban living.”
Penthouse 3906 was exquisitely envisioned by Michael Erno of Mitchell Gold + Bob Williams. Erno chose pieces that create an elevated sense of calm as one enters the first-floor living area and transitions upstairs to the bedrooms. He used a glamorous palette of shimmery greys, silvers, neutral tones and a myriad of textures to complement the opulent nature of Metropolis while not detracting from the remarkable jetliner views.
Residents will have access to a 24/7 Lobby Attendant and Dedicated Concierge, Met Six Residence Clubhouse with indoor lounge and chef’s kitchen, resort pool with a Jacuzzi, cabanas and lounge, billiard and game rooms, screening room, meditation garden and a dog park with a bathing station.
“It is exciting to see how the Downtown Los Angeles market has grown over the years and how the demand for high-end product is at an all-time high,” adds Parnes. “With unparalleled amenities and services, Metropolis is among the most sought-after properties in Los Angeles, and we are excited to be a part of this new chapter of the Downtown real estate market.”
Metropolis Los Angeles, developed by Greenland USA, has unveiled The Penthouse Collection, listed by Million Dollar Listing Los Angeles’ James Harris and David Parnes and The Agency Development Group. The unveiling of The Penthouse Collection comes on the heels of the sales success at Tower 1 and the launch of sales for Tower 2.
Among the only two-story penthouses in Downtown Los Angeles, The Penthouse Collection is located atop Tower 1 and features eight residences, with one residence envisioned by the award-winning Mitchell Gold + Bob Williams interior design firm.
“The Penthouse Collection at Metropolis presents a unique opportunity for those seeking the finest in luxury living high above all Downtown Los Angeles has to offer,” said Harris. “These penthouses will raise the bar of luxury living in Downtown Los Angeles, and we are honored to be bringing them to market along with The Agency Development Group.”
Tower 2, which will feature an incredible 3.5-acre amenity deck, will soon launch as well.
Photos courtesy of Metropolis
Kathie Robidou
Coldwell Banker Advantage One Properties
1500 Valley River Drive, Suite 370, Eugene, OR 97401
541.484.2625 | kathie@kathiesells.com | www.advantageoneproperties.com | www.kathiesells.com
Kathie’s high energy level and her enthusiasm for helping people have propelled her to the top of her field in the real estate industry! A Coldwell Banker franchise owner and a top agent specializing in upper end and luxury homes, her expert marketing and promotional techniques are second to none and her knowledge in all aspects of real estate sales have made her one of the most successful and respected agents in Eugene-Springfield. Kathie has consistently been the #1 Listing Agent and Production Agent on a Team and is in the top 4% of agents globally. Kathie is affectionately known throughout Lane County as “KathieSells” and her team sales have well exceeded $200 million in just the past decade!
Featured Listing by Kathie Robidou
FLORENCE, OREGON
Enjoy spectacular 180-degree ocean views from this furnished, custom-built home with an expansive cedar deck, patio area and an abundance of windows to enjoy the unobstructed ocean and terrain views! The kitchen offers an island, eating bar, double ovens, corian counters and nook. The spacious master suite boasts 2 walk-in closets, a jetted tub, shower and door to the deck! Other features include a great room, formal dining, bonus room with surround sound and exercise area. The private, gated 1.61-acre lot offers area for RV! MLS#17334500
Price upon request.
Kathie Robidou originally appeared as an Elite agent in the Unique Homes Spring ’18: Elite edition. See her page here.
John Fairbanks & Marion Fairbanks
Coldwell Banker Residential Brokerage
The Fairbanks Group
388 South Lake Avenue, Pasadena, CA
626.398.9000 | 626.390.1000 | Est8homes@aol.com | www.TheFairbanksGroup.com
CalBRE #00972895 | CalBRE #01009669
With combined Real Estate experience of more than 60 years, The Fairbanks Group share a passion for their profession. John Fairbanks and Marion Fairbanks continue to bring international recognition for their people-centered, results driven professionalism. Having earned membership in the Society of Excellence and the International President’s Elite, they represent the top 1% of the company’s sales force, both domestic and international. Much of their business is repeat and referral from satisfied individuals. Always able to provide exceptional service, John and Marion are available to exceed your needs with their aggressive marketing and astute negotiating skills, coupled with a personal interest in their clients’ real estate concerns, mean results for their clients. These strengths continue to maintain John and Marion as top performing agents in the San Gabriel Valley for Coldwell Banker Residential Brokerage for more than 30 years.
Featured Listings by John Fairbanks & Marion Fairbanks
PASADENA, CALIFORNIA
1955 Brigden Road
A mountain backdrop, exquisite facade with brick accent, stately front porch and elegant curb appeal is only the beginning of this newly redesigned and renovated residence located in Pasadena’s prestigious Brigden Ranch! Offering more than 3,000 square feet of living space including 4 bedrooms (2 master suites), 4 baths, a formal living room with fireplace, a family room with Napoleon fireplace, an office, breakfast area and a chef’s delight of a kitchen. The backyard is an entertainer’s dream with an outdoor barbecue!
$1,750,000
John Fairbanks & Marion Fairbanks originally appeared as Elite agents in the Unique Homes Spring ’18: Elite edition. See their page here.
Julie Barnett & Leigh Barnett
Harry Norman, REALTORS®
141 S. Main Street, Clayton, GA 30525
O. 706.212.0228 | J. 404.697.3860 | L. 404.931.3636 | julie.barnett@harrynorman.com
leigh.barnett@harrynorman.com | www.lakeburtonhome.com
Featured Listing by Julie Barnett & Leigh Barnett
TIGER, GEORGIA
57 Cody Lane
This 7-bedroom, 7.5-bath stately Lake Burton retreat is gracefully positioned on manicured grounds enjoying long range lake & mountain views. The 2-story great room features a vaulted ceiling, reclaimed beams, oak flooring, stone fireplace & floor-to-ceiling windows framing lake views. A lakeside porch acts as an outdoor living room with fireplace, built-in pizza oven and dining area. The chef’s kitchen is equipped with professional appliances, a large island & cozy breakfast nook with fireplace. The terrace level features a family room with fireplace, full kitchen, wine cellar, game room with wet bar & lakeside covered porch. Amenities include: master on main, 3-car garage, detached workshop, 7 masonry stone fireplaces, fenced garden, dog run, 2-stall boathouse.
$5,900,000.















