Every year we select locations to highlight as Markets to Watch. This year change is underway and we take a look at some top performers, others that are beginning to transition, and a handful of under-the-radar locations that are emerging.
Austin, Texas
On track for another record with sales up more than 3 percent, Austin’s luxury patina shines ever brighter. In October, the medium home value in Barton Creek increased to $1.02 million, making it the city’s first million-dollar neighborhood. Austin’s charms include no income tax to win over newcomers, but music and tech might be tops.
Bozeman, Montana
Bozeman might seem like a sleeper on this list, but with ranches, the Yellowstone Club and Big Sky country it’s an under-the-radar hangout for demi-billionaires and billionaires.
Brooklyn, New York
No longer second best! Buyers are making Brooklyn a first choice. Median prices in the most expensive neighborhoods hit the $1 million mark. Israelis, Chinese and Western Europeans also gravitate here. It’s no surprise this New York City borough is No. 2 on Urban Land Institute’s Markets to Watch.
©istockphoto.com/Auseklis
Chicago, Illinois
By August, the Chicago area recorded as many luxury sales as in all of 2016 or 2017. Sales of $1 million-and-up properties set a record in the third quarter with a 19-percent increase over 2017. According to RE/MAX, luxury is booming in the west loop area. Upscale suburbs trail the city. Lots of new condos and stunning new buildings open doors to more urban opportunities in a market that hangs in the balance.
Dallas, Texas
Few cities have charted a post-recession course as strong as Dallas and the city remains Urban Land Institute’s No. 1 location for overall real estate prospects in 2019. But the dramatic post-recession price increases are over, say economists. Moderating prices and adjusting inventories are positive indicators that that a move back to a normal market is underway.
© istockphoto.com/Kanonsky
Denver, Colorado
Real estate’s Rocky Mountain high isn’t over yet. Denver continues to rank in the top group on many lists. In the upscale bracket, a shift toward balance is underway with the inventory of $1 million-plus homes at about seven months. Year-over-year prices are up on average 9.29 percent. Boulder remains a sweet spot for luxury, ranking 10th among cities and towns with at least 10 neighborhoods considered million-dollar.
Las Vegas, Nevada
Projections call for appreciation as high as 10 percent this year. Nevada was the fastest growing state, with new platinum communities; forward-looking, innovative architecture; and spectacular views capturing the attention of buyers looking for lifestyle and tax relief.
Hilton Head, South Carolina
Coastal South Carolina and Georgia are ground zero for demographic shifts and the growing ability among the affluent to live wherever they want — a trend just taking off. New developments including Palmetto Bluff add to demand for the Hilton Head region.
Minneapolis, Minnesota
Moving toward balance. A long-awaited uptick in homes on the market is one of several hints of a market shift. Median prices reached a record high this fall, and homes still sell quickly. Still the inventory of homes for sale is one of the lowest in the country. Upper tier and move-up brackets are less competitive.
Northern Virginia
D.C. continues to be in the top group on watch lists but Amazon’s recent announcement makes real estate in Northern Virginia much more interesting. What the prospect portends for current homeowners is uncertain, but sure to make this a market to watch in 2019.
Park City, Utah
No longer just a ski hangout, this Salt Lake neighbor is luxury’s newest player. The most desirable neighborhoods see a shortfall of inventory. Land prices increased by 25 percent with the highest number of sales occurring at Promontory. Opportunities abound: new projects at The Canyons, a large expansion of Deer Valley, a $4 billion renovation of the Salt Lake airport and a bid for the 2030 Olympics.
Wikimedia Commons / Don Lavange
Portland, Maine
Beaches and skiing, does it get any better than that? Hipsters meet old money here. Ranked among the top 20 for entrepreneurs, the city has a growing tech industry and one of the best foodie scenes in the Northeast. Look for more new construction. Prices will continue to ease upward as more people discover this hidden gem.
© istockphoto.com/DougLemke
Santa Barbara, California
Opportunities for buyers in many California locales continue to increase as markets shift. Median prices in Santa Barbara in November were down more than 25 percent, which is good news for buyers. The area remains a prized luxury refuge and lower prices open the door for newcomers to enjoy one of the most unique locations in the U.S.
Sarasota, Florida
The city’s iconic waterfront is being reimagined with a vision to increase cultural programming and urban amenities. Median prices have been increasing steadily, up 25 percent since 2014. New construction means more inventory with more on the horizon. Agents report steady and growing interest in individuals from high tax states.
© istockphoto.com/KarolinaBorowski
Seattle, Washington
Happier times are ahead for buyers in Seattle with active listings up by 41 percent. Even though inventories are still slim, it’s a good indication the frenzy is over. Closed sales in November were down 28 percent. Homes continue to appreciate but the increase has slowed to 5 percent. For buyers and sellers this is definitely a market to watch. The city still is in top groups in many rankings, but the frenzy is over.
Wikimedia Commons / Jeff Gunn
Toronto, Canada
Canadian Baby Boomers and Millennials came together and turned up the heat on the luxury condos in 2018; single-family home sales decreased by as much as 44 percent. While the foreign buyers tax has reduced sales to overseas buyers, it’s also opening new opportunities for locals. Local buyers will continue to drive demand for condos here.
Resort Markets
Luxury’s top performers in 2018. Not only are residences in demand, but new resorts are raising the bar for luxury and reinvigorating current markets. New developments in Turks and Caicos, including the ultra-indulgent Gansevoort Villas, turn up the heat on interest in the Caribbean. Easy reach from the U.S. and private enclaves generate new interest in the Bahamas. Cabo San Lucas, Mexico is seeing new resorts and other regions along the Sea of Cortez are seeing new development. Mandarina in Nyarit is the site of One & Only’s first collection of private homes. Owning a private island continues to be an ultimate purchase and the Bahamas is ground zero.
Thanks to:
Austin Board of Realtors
Michael Saunders, Founder and CEO Michael Saunders & Company
Anthony Hitt, President and CEO, Engel & Völkers Americas
Aleksandra Scepanovic, Co-Founder and Managing Director of Ideal Properties Group
National Association of Realtors
Northwest Multiple Listing Service, Kirkland, Washington
RE/MAX Canada
Trulia
Zillow
This story originally appeared in the Winter 2019 issue of Unique Homes Magazine.
The historic town of Port Aransas has all of the charm and color to make it a perfect family destination with the excitement that you and yours are craving. Gregory Carr, development manager at Palmilla Beach Resort & Golf Community described the community as “fun, eclectic, and funky.” Port A — as it is fondly known by the locals — has 18 miles of uninterrupted beach with spectacular Gulf views and beachfront living. Palmilla Beach Resort is the ideal home or vacation spot for ocean and nature lovers alike.
Located in the ideal Gulf coast town, this beach community easily paints a picture of luxury with modern yet traditional architecture, high-end dining, and top-notch amenities. Walking through the development is a serene and safe experience. The tumbling ocean waves add to the relaxed atmosphere that one feels. Overall, the resort is “an environment where memories can be made,” says Carr. He also made note of how the community comes together whether it’s at the pool, on the beach or just in their backyards to create a welcoming environment.
The Real Estate
Palmilla Beach is well-established and always expanding. There are plenty of real estate options for vacation renters and those looking to make Port A their home. “It’s a lifestyle community,” says Carr, pointing out that most of the community are in rental properties. According to Palmilla Beach’s website, more than 75,000 people visit Port A during peak season. This is the perfect opportunity to take advantage of a popular destination and generate extra income while securing your perfect vacation home. Tiffany Holmgren Zuniga, sales executive at Palmilla Beach says, “Port A has the fastest growing rental market in Texas.”
Real estate options include:
- Homesites
- Homes
- Condominiums
- Cottages
- Townhomes
Black Marlin Bar & Grill
The on-site restaurant is elegant with a high-end menu and taste, but it is surrounded by a comfortable beach atmosphere. The relaxed feel, friendly staff, and delectable cuisine make for the perfect summer afternoon. Choose from a variety of fresh seafood, such as lobster imperial or seared scallops. Then, end your meal with a sweet treat that is made in house with top quality ingredients. The Black Marlin is a gathering place for great company and exquisite food. “It’s the perfect comfort food,” says Zuniga.
Palmilla Beach Golf Club
Previously an 18-hole course, with a high difficulty level, the course is now undergoing some major changes that are going to appeal to more than golf enthusiasts. The new additions will make the course less challenging, kid-friendly, and entertaining for the whole family. “These new improvements are going to be for the whole family,” says Carr.
Once completed, the course will accommodate a range of golfers, from experienced to new players. After construction, The Playground will feature “an 18-hole putting course featuring an authentic, all-grass putting play with grass greens, bunkers, dunes, music, and access to food and beverage that will appeal to avid golfers, families, and children,” according to Palmilla Beach’s website.
A three-hole, short course will also be offered. This will serve perfectly as a warm up or simply a relaxed, quick game. Another addition will include the events lawn, which will accommodate games, competitions and concerts. The new improvements will include music, food and beverages that will help make this area an entertaining activity for the whole family.
Photos courtesy of Palmilla Beach Restort & Golf Club
Sunflower Beach Resort & Residences is a beach development that has easy access to the Gulf of Mexico and makes an impression with luxury details and a friendly community.
Sunflower Beach Resort & Residences in Port Aransas, Texas greets you with sun, open spaces, a crisp ocean breeze, and comfort. The newly growing beach community offers a variety of luxury real estate options that will attract families and more. A permanent residence here appeals to those who crave the year-round nice weather, proximity to the beach, and the small-town feel. Equally appealing is the option to generate an income with a great rental program that is successful throughout Port Aransas.
The Beach Club
The main amenity at Sunflower — The Beach Club — is now open and the whole family will relish in the specialized perks. A luxury pool is included along with cabanas, an event pavilion, and a kid’s lounge. The separate adult pool and the Bar & Grill are what make The Beach Club ideal for everyone. Ryan Ritcher, from on-site sales at Sunflower Beach Resort & Residences, says, “The club is the perfect way for the whole community to enjoy themselves and get to know each other.”
Ashleigh Robertson from on-site sales also speaks to the sense of community at Sunflower Beach, “It’s a big family here. This is the kind of place where it’s safe enough to send your kid to school on their bike.”
Ritcher explains that at the sales center they make it a point “to really get to know each individual buyer and understand what they’re really looking for.”
Real Estate
Real estate options include custom homes with modern and approachable design. Coastal lots are available with stunning natural features and easy, driveable access to the beach.
The Camp is another interesting investment that is being offered. According to Sunflower Beach Resort & Residences, “The Camp is thoughtfully designed to take you from the warmth of the Texas sunset to the intimate glow of your own fireplace. Each cabin at Sunflower Beach offers attention to luxury that you won’t find anywhere else on the coast. From its seamless indoor/outdoor spaces to camp-inspired amenities, this collection of cabins offers one-of-a kind architecture, style, and floor plans. Modern poolside condos are in the works and for all these options preferred builders Keystone, Newport Custom Homes, and Conner Coastal are available.
Features
Community Features that you and your family will love include, a sweeping and well-kept lawn, parks and play areas, pleasant streets to stroll down, unforgettable ocean views and stunning dune preserves.
Sunflower’s location in Port Aransas is an added bonus for those settling in or just visiting. The delectable cuisine that is available, the friendly beaches, golf cart accessibility and local culture makes this a fun beach destination that is only continuing to grow.
“Port A is one of the last really authentic beach towns and it’s only going to grow,”
Cinnamon Shore in Port Aransas, Texas withstood the unforgiving winds of hurricane Harvey and came out on top.
The strict building standards, the lock-and-leave storm procedure and more are a testament to the development’s dedication to creating a durable and safe place to live. “Residents and guests can relax because they can just lock their doors and leave if there is a storm,” says Jodi Peters, managing real estate broker at Cinnamon Shore. But once you visit you won’t want to leave.
Upon entering the community that is Cinnamon Shore, the modern yet cozy architecture catches your eye yet melds perfectly with the carefully incorporated natural elements. “The dunes are really special. Not every beach has this beautiful, thick greenery that separates the homes from the water,” says Peters. The undeniable Southern beach tones immediately make you feel as if you’re at a serene beach getaway.
Clean white accents are crisp against beach tones, and modern design ties the community together and sets a standard within the community that doesn’t feel stiff or forced.
Despite the closeness to the beach — most balconies offer spectacular views — the residences are built 11 to 13 feet above sea level and adhere to building codes and regulations that have been tested and have proven to be reliable and sturdy.
“It’s a safe area that is perfect for families and empty nesters,” says Jeffrey Hentz, president and CEO of the Port Aransas/Mustang Island Chamber of Commerce & Tourism Bureau. With that distinct feeling of safety, the community seamlessly incorporates amenities that will have guests feeling as if they’re at a coveted resort. However, rather than scooting away from other guests and fighting over seats around the pool, the community encourages getting to know the other residents, without sacrificing the necessary privacy for a relaxing vacation or stay.
Areas like the fire pit — a popular gathering point with smores to accompany peaceful nights, the community pool, the social circle, and the great lawn provide endless opportunities to meet people or enjoy a serene evening by the water. “Small things like the fire pit bring everyone out and together,” according to Hentz.
The balance that Cinnamon Shore has created is the perfect formula for success.
The sense of safety as if you’re in a neighborhood where you’ve lived your whole life doesn’t dull the excitement or variety of activities and nightlife that are available within the development or just a short trip into town away. Lisabella’s within Cinnamon Shore is the perfect evening dining venue. The rest of Port A offers a variety of cuisine ranging from authentic Italian food at Venetian Hot Plate to the “you catch it, we cook it” option that is offered at several local restaurants.
Nature is a big part of Port Aransas and Cinnamon Shore has taken special care to include Hummingbird Park, a fishing pier, Lake Colby and Lake Gavin and, of course, easy access to the Gulf of Mexico for those looking to get away from the big cities. “The pier is a popular spot in the afternoons. It’s the perfect spot to relax and enjoy a summer night,” says Peters.
Cinnamon Shore might be your next permanent home, vacation spot, or rental that you’ll fall in love with.
Real estate options include homes, condos, cottages, homesites, and penthouses.
—Cottages nestled around sunset park range from $585,000 to $689,000.
—Condos are available with one to four beds.
—Four bedroom penthouses are also available with current prices in the range of $790,000.
—Various beach homes are available with options for up to 5 beds and 6 baths.
Cinnamon Shore has already proven its success, but there are big plans for expansion already underway. “It’s the original seaside village on the Texas coast,” says Peters. “It just keeps getting more beautiful and intricate with every detail.”
Cinnamon Shore South is going to be a 300-acre New Urbanist community and will include two luxury pools, views of a Texas-sized lake, and vistas of both the Gulf of Mexico and the bay.
Photos by Shannon Lafayette/ courtesy of Cinnamon Shore
Photo courtesy Jack Oughton.
DUE TO THE EVER-CHANGING MOOD OF HIGH-END DINERS, HOTEL MANAGEMENT CONTINUES TO ADAPT TO NEW AND EXCITING CHALLENGES WITHIN THE FOOD AND BEVERAGE SECTOR OF LUXURY TRAVEL. IN A RECENT POST BY TEXAS MEETINGS + EVENTS, EXECUTIVE CHEFS AND MANAGEMENT MEMBERS DISCUSS TRENDS WITHIN THE WESTERN REGION OF US THAT ARE BECOMING UNIVERSALLY SEEN IN HOTELS ACROSS THE COUNTRY.
LOCAL SOURCING & AUTHENTICITY
“Traveling is all about experiencing a new culture, and that includes fare from the region guests are visiting,” says James Morin, executive chef at the Hyatt Regency Hill Country Resort & Spa located in San Antonio.
“We see a lot of guests enthralled by the culture of our Lone Star State, and they want to experience that unique Texas flavor in authentic cuisine.”
Showcasing the sourcing of ingredients and partnerships with local suppliers is a shift from previous priorities. The George R. Brown Convention Center also works to showcase its local partners by prominently featuring their branding in restaurant and café experiences, according to Chris Bupp, general manager of Levy, the exclusive food and beverage provider for the convention center.
Photo by Jack Oughton.
One example of this is the convention center’s relationship with local company Java Pura as a coffee vendor. “In telling people about it, it’s roasted down the street and it’s available across Texas,” Bupp says. “What a great story to tell, and consumers love hearing about it.”
Photo by Vishnuvardan.
HEALTHY ALTERNATIVES & DIETARY RESTRICTIONS
Chefs at multiple hotels and resorts spoke about an increased desire to develop menus with healthy options for attendees. For breakfast, often groups are looking for healthy options and “light action stations,” as they “want to see how the food is prepared,” says Christof Syré, executive chef at the Four Seasons Resort and Club Dallas at Las Colinas.
In regards to particular ingredients, grains such as quinoa, farro and sorghum have gained a new spotlight, as well as cold oatmeal and avocado toast topped with smoked salmon or a poached egg. Salmon has been a strong ingredient for Ruffy Sulaiman, executive chef at Hilton Americas-Houston.
“When we do a lot of tastings, each time we have salmon in the tasting, salmon always wins,” Sulaiman says. He credits the interest in salmon because it’s loaded with Omega 3 and appeals to most health-conscious eaters.
Coinciding healthy options are dietary restrictions, a complicated but rewarding challenge that the hotel industry finds itself constantly working toward accommodating, says Sulaiman. “It allows us to be as creative as possible to make sure that we take care of those folks.”
GOODBYE BUFFETS, HELLO POP-UP EXPERIENCES
Long buffet lines are going by the wayside, according to Sulaiman, as event planners are now sticking with smaller plates to continue the “less is more” trend. Sulaiman has developed different pop-up food experiences that highlight various cultures represented in Houston, including an Indian station with chicken Marsala and lamb shashlik and a pho station to represent Vietnamese culture.
To learn more from these inspired experts from the Lone Star state, visit Texas Meeting + Events’ post!
Photo courtesy Swastiverma.
The Lone Star State’s forward-thinking, artsy capital has its own distinct personality, one that fuels imaginative residential architecture.
By Roger Grody
Photo courtesy of Patrick Wong/Atelierwong.com
Austin is unlike any other city in Texas, and its residents proudly embrace an eccentric, defiant attitude. A vibrant music scene, progressive politics, trendsetting cuisine, and a technology-driven economy make this metro area of two million one of America’s most dynamic. It comes as no surprise, therefore, that Austin has developed its own exciting architectural traditions.
Kevin Alter, founding partner of Alterstudio Architecture and the Sid W. Richardson Centennial Professor at the School of Architecture at the University of Texas (UT) in Austin, suggests the city is developing a strong tradition of modernism. He reports that 20 years ago there was little interest in the movement, but modern architecture’s ability to connect to the outdoors — it suits the region’s scenic Hill Country nearly year round — has endeared it to Austinites. He also cites attitudes of new residents from other regions of the country (Alter himself is a transplanted New Yorker), the draw of UT and a growing technology industry presence as fueling modern design.
“There are a lot of very good architects in the city, given its relatively small size,” says Alter, asserting there is more interesting residential architecture in Austin than in the giant metropolises of Houston and Dallas. “There’s also a youthful optimism in Austin, so people aren’t looking back in history for inspiration.” Contrasting Austin to more traditional, less architecturally tolerant cities, Alter suggests, “Because of that optimism, there’s not a ‘looking-over-your-shoulder’ mentality here for property owners interested in building modern residences.”
Photo courtesy of Paul Finkel
Real estate broker Brian Linder is a licensed architect and founder of The Value of Architecture, a multi-city network of real estate professionals specializing in architecturally significant homes.
After establishing that niche in Los Angeles, Linder expanded his practice to Austin, appreciating both its family-friendly lifestyle and wealth of exceptional architecture. “Buyers here are willing to pay a significant premium for homes designed by signature architects,” says Linder.
The specialty broker reports one the most desirable neighborhoods in Austin is the trendy South Congress (SoCo) district, where the original housing stock is being replaced with exciting modern architecture. “The area is popular with urban expats from cities like New York, San Francisco and L.A., and buyers are taking their accrued appreciation from those places and investing in good design,” says Linder.
Representative of the top architectural firms in town are Bercy Chen Studio, Jay Hargrave Architecture, Chioco Design, and Minguell-McQuary Architecture.
Austin architects, according to Linder, soften the sometimes austere modernism found in L.A., noting their work emphasizes texture through incorporation of native materials. “Elements like site-gathered stone and reclaimed lumber or brick add a more human scale defined by those materials,” he says. While modernism is becoming the city’s preferred style, there is also ample demand for contemporary farmhouses, a theme promoted by local developers.
One of the priciest current listings in Austin is a striking modern home encompassing 5,400 square feet of living space, offered at $8.5 million. The design, from prominent local firm Dick Clark + Associates, features panoramic views of the city skyline through 60 feet of retractable floor-to-ceiling glass in a living area that opens onto an infinity-edge pool.
Offering a distinctly different lifestyle is a 558-square-foot penthouse-level condominium at the Seaholm Residences in downtown Austin, listed at $399,000. Built on the site of a former power plant, this project helped energize demand for high-rise living in Austin and The Independent, designed locally by Rhode: Partners, will be the tallest residential tower west of the Mississippi when completed. Professor Alter reports that as recently as 2005, investment in downtown condominiums was anemic, but young professionals now arriving in town relish the city center.
“We want to make sure we create spaces that fit our clients, beyond aesthetic or stylistic preferences, beyond basic function,” says Sean Guess, founding principal of the Austin firm Faye and Walker. While he does not view his work as reflecting a particular signature, Guess is among those talented young architects contributing to Austin’s evolution as a city increasingly identified with modern design.
“I tend to focus on the essence of a form, stripping away extraneous information, and carve out spaces from those fundamental forms,” says Guess. Raised in nearby Temple, Texas, Guess suggests that despite Austin’s reputation as the Lone Star State’s least-Texas place, the city’s spirit of risk-taking and independence — certainly reflected in its architecture — is very much the product of the Texas ethos.
“This is a very eclectic community that attracts a great variety of people and backgrounds, which results in creativity and diversity in its architecture,” says Guess of Austin. Among the architect’s acclaimed projects is the home he designed for his own family, dubbed the “Elephant House” because its wrinkled grey corrugated fiber-cement facade is evocative of elephant hide. Some interior walls are clad in clear-coated plywood, making Guess’ novel use of everyday materials reminiscent of Frank Gehry’s early work.
Photo courtesy of Patrick Wong/Atelierwong.com
“I appreciate modern architecture that reflects tasteful, principled design,” says Linder, who is less inspired by facsimiles of Tuscan villas. He is kept increasingly busy in the Texas capital, as Austin’s exceptional architects work overtime to meet demand from buyers with a passion for innovative residential environments.
Judi Wright
Ebby Halliday Realtors
1415 Legacy Drive, Suite 100, Frisco, TX 75034
214.597.2985 | judiwright@ebby.com | www.judiwright.com
Judi Wright and The Judi Wright Team have been named “Best Realtor in Dallas,” by D Magazine for 11 years. Experience and responsiveness matter when buying or selling a home and Judi and her team handle all the details so buyers and sellers can relax. Whether you own an estate property or a first time home buyer property, the team’s focus and attention to your property and needs is the same. You will never be just a number to The Judi Wright Team. The team utilizes both print and digital marketing extensively to promote listings. Judi is an inaugural member of the Institute for Luxury Home Marketing and was one of the first Certified Luxury Home Marketing Specialists in Dallas. Make the “Wright” choice for all the right reasons!
Featured Listing by Judi Wright
PLANO, TEXAS
5716 Seville Court
Magnificent country estate home on 1.14 acres with grounds, a pool/spa and tennis! This home offers 11,262 square feet, 7 bedrooms, 6 full and 3 half baths, a study, outdoor living center and more!
$2,399,900
Judi Wright originally appeared as an Elite agent in the Unique Homes Spring ’18: Elite edition. See her page here.
Nunzio DeSantis, who designed more than 60,000 hotel rooms during his 34 years with global architecture firm HKS, opened a new hospitality architecture firm in Dallas with next generation architect and son Marc DeSantis.
Award-winning architect Nunzio DeSantis and his son Marc DeSantis have launched a specialized hospitality architecture firm, Nunzio Marc DeSantis Architects. Located in Dallas’ ultra-chic Design District, NMDA brings architectural individuality to international resorts, hotels, spas and restaurants.
In only nine months since opening, NMDA has secured the work of nearly 30 different projects in some traditionally hard barriers-to-entry locations, such as Santa Fe, New Mexico, Jackson Hole, Wyoming and Charleston, South Carolina. While many firms are constantly looking to increase breadth of projects, NMDA goes against the grain with its commitment to staying small and focusing solely on hospitality.
Among other accomplishments, Nunzio — who designed more than 60,000 hotel rooms during his 34 years with global architecture firm HKS — played an integral role in the Cabo San Lucas hospitality boom. He designed notable resorts that have shaped the destination, including Las Ventanas al Paraiso, One & Only Palmilla, Esperanza Auberge Resort and Secrets Puerto Los Cabos Golf & Spa Resort.
Co-founder and designer Marc DeSantis’ architecture training at the University of Notre Dame and years at Robert A.M. Stern Architects in New York brings a structured and classical perspective to NMDA. The discipline gained under Stern’s tutelage shaped Marc’s aesthetic and attention to detail, which he imparts on the agency’s younger staff. “Many young architects today are taught about form, not how buildings are put together,” he said. “We teach young designers what makes a building real.”
Photo courtesy of Liane Swanson
Inventories, demand, new construction, urban renewal, untapped potential and changing business opportunities. All of this and much more vary greatly from region to region, market to market, and submarket to submarket. We took it all into account as we determined which 18 places most warrant keeping an eye on in 2018.
By Camilla McLaughlin
Atlanta, Georgia — Midtown is on fire, the result of extensive redevelopment, and local experts believe downtown will become equally vital. Buckhead is still a locus for the high end, but new upscale buildings bring luxury to revitalized city neighborhoods. Look for more upscale communities in the suburbs as well.
Austin, Texas — Along with Atlanta, Austin is setting the pace for a new age for cities in the south. Technology, pharmaceutical and biotech industries coupled with a unique lifestyle bring newcomers. Not to be discounted is Texas’ status as a no-income-tax state. Californians will continue to look favorably on this city.
Boston, Massachusetts — New
ultra-luxury buildings have buffed Boston’s luxury patina. And the redevelopment of neighborhoods is creating more upscale addresses. Prices in the greater Boston area reached a new high in October with a $568,000 median. A steady influx of foreign investors and slightly more balanced inventory are expected to drive the market into 2018.
Charleston, South Carolina — This city’s ascendancy to the luxury elite is undeniable. Christie’s ranks Charleston fifth, ahead of Paris and Sydney, on its Luxury Thermometer, based on demand and growth. Antebellum classics in historic sections still captivate, but enclaves outside the city or on the water also capture attention. Food, authenticity and waterfront — is there a more compelling combo?
Charlotte, North Carolina — Forecast to be a top housing market in 2018, Charlotte offers urban perks with renewed neighborhoods, new towers and major sports teams without the big-city hassle. Investors, developers, retirees and millennials are all taking notice. An international airport and a temperate climate place this city in the major league.
Darien, Connecticut — Experts anticipate interest in suburban towns with easy access to major metros to grow this year, and Darien is a good example. Homes that are priced right and close to the water sell quickly. Recent ultra sales in nearby Greenwich bring more high-end focus to Connecticut suburbs.
Las Vegas, Nevada — Not too
long ago, some predicted that it would take decades, if ever, for Las Vegas to bounce back from the recession. Today, it tops Realtor.com’s list of the best housing markets for 2018. While a few segments still play catch up, luxury in Las Vegas is back full force with new ultra-lux properties in a range of prices. Architecturally, many are innovative showstoppers.
Maui, Hawaii — More visitors return to Maui than any other Hawaiian island. The number of private jets on the tarmac at Kahului Airport, condominiums asking $25 million and a recent $40 million home sale attest to Maui’s luxury charisma. Montage Residences Kapalua Bay with $54 million in sales in 2017 set the bar for resort residences.
“We have seen value increase, but what we have seen of significance is the number of luxury home sales in our marketplace has really grown year over year, each of the past three years,” says broker Peggy Hoag.
Minneapolis/St. Paul, Minnesota — More than Super Bowl LII adds to hubbub in downtown Minneapolis. The boom includes a new 120-block downtown neighborhood anchored by a new stadium, home to the Vikings, and a five-block Wells Fargo mixed-use complex. Offering a higher quality of life at an affordable price, Minneapolis tops Urban Land’s outlook for the Midwest.
Nashville, Tennessee — Once considered a second-tier city, this music hub is now a real estate superstar. Nashville was one of eight metros showing inventory gains in October. Buyers responded, making days on market in November among the
lowest in the country. Nashville appears on several markets to watch this year, making it more than a good bet for 2018.
New York City’s Northern New Jersey suburbs — Developers are eyeing submarkets adjacent to major metros, and towns in Northern New Jersey are in their sights. Already, the region is home to some of the priciest ZIP codes in the country. Manhattan is less than 30 minutes away, and estates here greatly appeal to celebrities thanks to lifestyle and privacy.
Newport Beach, California — Slim inventories make tear downs prized properties here. Developers look for properties to tear down and build new product that appeals to high-end clients who can come in and customize. RE/MAX broker Jeff Grice said more agents are
working with these builders, and his brokerage recently listed a property in the process of being rebuilt for $8.8 million that sold within 11 days. “I foresee this getting bigger and bigger in 2018,” he says.
Orlando, Florida — Florida attracts more international buyers than any other U.S. state and more than Mickey Mouse makes this city a top destination for global buyers in Florida. New luxury enclaves are being developed including more properties in Lake Nona by noted architects.
Philadelphia, Pennsylvania — Inventory is the story here, but one of more rather than less inventory as new luxury rentals and residences come online in Center City. For single-family residences, demand still exceeds supply. Slow and steady
describes a continued influx of newcomers to the city, the second greatest among U.S. secondary markets.
Portland, Oregon — A slim inventory has pushed prices up by almost 10 percent, but low housing prices compared to Vancouver and San Francisco bring newcomers, as does a growing tech presence. Luxury here is on a steady growth path. “We have seen value increase, but what we have seen of significance is the number of luxury home sales in our marketplace has really grown year over year, each of the past three years,” says local broker Peggy Hoag.
San Diego, California — Luxury is not new here, but the cachet of this Pacific star continues to expand. There is no better testimony than the inclusion of San Diego on Christie’s list of
the top 10 fastest growing luxury markets. Luxury has expanded downtown with artful new towers and large-scale developments include North Embarcadero Esplanade.
San Jose, California — The heart of Silicon Valley led the country in price growth with a year-over-year price increase of 19.2 percent in October with 76.3 percent of homes selling above list price. But don’t expect any cooling here until inventory pressures are relieved with more homes in the market.
Seattle, Washington — It’s no surprise Seattle leads ULI’s list of markets to watch. At year end, the typical home was snapped up in just 10 days, making it the fastest market in the country. Upscale properties are in demand thanks to international interest and home-grown tech wealth.
Photo courtesy of iStockphoto.com
Comprised of over 100 square miles of Eastern Texas Panhandle ranch land, the ranch features man-made streams and lakes, and offers what many agree is the “world’s best quail hunting.”
By Kelly Potts
Business magnate T. Boone Pickens’ 65,000-acre Mesa Vista Ranch in Texas is listed for $250 million.
Over the course of decades, Pickens, longtime owner of the ranch, invested time and money into wildlife management, programs and facilities to create a unique combination of pristine lands and world-class amenities at the Mesa Vista Ranch.
“My hopes for the Mesa Vista and my plans for its future remain as vivid as they were when I began assembling the ranch 46 years ago,” says Pickens, regarding the decision to put the property on the market. “We have minimal cattle grazing on the ranch, preferring instead to let the land revert to pristine prairie conditions, much as it has been in centuries past.”
The ranch, bordering the Canadian River, features multiple structures, including a 12,000-square-foot lake house, a 33,000-square-foot lodge, a family house, gatehouse, pub and a kennel with enough space for 50 dogs. The property also features a 6,000-foot runway and hangar, as well as a chapel with views of the mesas.
Comprised of over 100 square miles of Eastern Texas Panhandle ranch land, the ranch features man-made streams and lakes, and offers what many agree is the “world’s best quail hunting.” “The Mesa Vista has been a labor of love that has occupied the better part of my life. And I intend for a lot more good to come from the sale of the ranch,” Pickens says, noting that much of the proceeds from the sale of the ranch will be donated to The T. Boone Pickens Foundation to fund various charities.
The property is offered jointly and exclusively by Hall and Hall and Chas. S. Middleton and Son. Pickens says, “I see this sale as a new beginning — for the Mesa Vista’s new owners and for the recipients of my charitable giving.”
Photo courtesy of Mesa Vista Ranch