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:

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.

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.

The Curious Crowd collection is brought to us by Ghislaine Viñas at HBF Textiles, and it brings the designer’s connection with water to life through aquatic influences.

Viñas was born in the Netherlands and raised in South Africa. Later she studied interior design at Philadelphia University and went on to establish a successful design firm in New York in 1999. With several design awards and nationally and internationally published projects, Viñas has had the opportunity to work with a range of products including wall coverings, rugs, and furniture. The Curious Crowd collection of textiles is specifically influenced by the ocean and its playful energy, especially colorful jellyfish and seas slugs. “My connection to water is deep and constant — I’ve always lived by the ocean, which is an important part of my childhood,” says Viñas. “The clownish attitude and outrageous patterns of the sea slug and the beauty of the undulating jellyfish inspired this collection. I’ve always been fascinated by eccentric personalities and colorful beings, the ones you want to hang out with at a really fun party.”

The six fabrics were crafted to perform and stun.

Ms. Quilty is an ultra-soft quilted knit and featured in 5 shades.

HBF Textiles delves into the mystery of the ocean and the deep with the new collection of six, high-performance patterns. “Curious Crowd is widely applicable and unequivocally fun,” explains HBF Textiles VP of Design + Creative Direction, Mary Jo Miller. “With Ghislaine’s bold perspective and our focus on unique and textural constructions, Curious Crowd stands on its own with an eclectic inspirational story and vibrant color palette. We’re so proud that Ghislaine has created something fresh and different for the contract industry and are excited to see how designers interact with the Curious Crowd.”

Photos courtesy of HBF Textiles

Statement throw blankets are the perfect way to seasonally decorate, soften a space, and bring a personal touch into any room.

Is there anything quite as tempting as curling up on the couch with a soft blanket?

Stretching a few plush throws across any bed or couch can add layers and a decorative touch. Layering is a great way to mix and match designs and add complexity to your room. The additional warmth is an easy way to spruce up your everyday furniture. Pairing throw blankets with metal furniture or placing them against other sharp surfaces can create a contrast that will entice visitors to stay awhile.

Choosing different fabrics are another way to make a statement when selecting a new throw. Ultra soft or simple comfort can help set the atmosphere of a room.

Massimo Alba’s ‘Yes Yes Yes’ blanket and Coralie Miessen’s ‘Home’ blanket are fun ways to personalize your home.

And Oyuna offers a cashmere option known as the ‘Uno Throw’ that will encourage a lazy afternoon full of lounging. After relaxing, the ‘Uno Throw’ can be casually folded across bench seating to invite guests.

Photos courtesy of WallpaperSTORE*  store.wallpaper.com

Photo courtesy of Woodland Creek Furniture

             Stone Forrest Natural Bathtub

Listing by Victoria Fingelly

MAGNIFICENT GOLD COAST ESTATE

One of the largest estates on the Westport shoreline, this magnificent 7.7-acre “Gold Coast” property offers an unparalleled aesthetic of grace and grandeur, featuring 365 feet of sweeping water-frontage and beach. Composed of three lots, this exceptional estate luxuriates in unrivaled views of Long Island Sound and the stunning Southport and Fairfield coastlines. Circa 1911, the Elizabethan Tudor Residence with pool and carriage house, recently renovated to perfection, retains the genteel ambience of the early 20th Century blending seamlessly with every sophisticated architectural and mechanical enhancement.

www.BeachsideAvenueWestport.com
Offered at $28,000,000

Victoria Fingelly ORIGINALLY APPEARED AS AN ULTIMATE AGENT IN THE UNIQUE HOMES ULTIMATE ’18 EDITION. SEE HER PAGE HERE.

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.

Julie Barnett & Leigh Barnett originally appeared as Elite agents in the Unique Homes Spring ’18: Elite edition. See their page here.

Vicki Smith

Coldwell Banker Sky Ridge Realty

P.O. Box 1089 Lake Arrowhead, CA 92352

909.499.9639  |  VickiSmith@ColdwellBanker.com  |  CalBRE# 00853394

Vicki Smith is the top producer for high-end homes at Coldwell Banker Sky Ridge Realty and is a member of Coldwell Banker’s Global Luxury division connecting her with agents, clients and properties worldwide. She is a licensed real estate broker and has been selling luxury homes in Southern California for 30+ years. Vicki’s high level of professionalism and dynamic personality, combined with her large client base has contributed to the fact that 95% of her real estate business comes from repeat clients and referrals. Vicki’s business ethic and strong connections with the brokerage communities in Lake Arrowhead, Los Angeles, and Southern California Desert areas, allows her to implement a Comprehensive Marketing Approach benefiting her clients and their properties through maximum exposure not only in Southern California, but across the country and around the world.

Featured Listing by Vicki Smith

CALIFORNIA

Spectacular Estate

This spectacular estate is perfect for a corporate retreat or large family gatherings. Set on 3 lakefront lots, it features 8 bedrooms including a separate guest or staff apartment. Most all rooms overlook the lake including the dramatic living room and grand dining room. For those who expect only the finest.
$13,750,000

Vicki Smith originally appeared as an Elite agent in the Unique Homes Spring ’18: Elite edition. See her page here.

Kathy Chambers

Coldwell Banker Traditions

4071 Ironbound Road, Williamsburg, VA 23188
757.876.3279 | 757.220.3700 | kathy@CBTLuxuryHomes.com | www.kathychambersrealtor.com
www.cbtluxuryhomes.com
Kathy believes the home selling experience should be personal, memorable, and flawless. With 20 years of experience in the high-end real estate market, her results speak for themselves. Kathy is a superior real estate professional and being part of Coldwell Banker’s Luxury Homes Program “Global Luxury” is a natural fit. She has the intuition of a seasoned professional in that she understands the needs and motivation of both sellers and buyers. In working with Luxury Home clients, Kathy understands the market and the lifestyle offered in the home, the community, and the surrounding area. She is extremely knowledgeable in regards to the subtle details of quality homes and construction. Whether a multimillion-dollar home in a gated community or a rural estate on the waterfront, Kathy brings the skill set and intuition to the table to understand the property, how to present the property, and how to effectively utilize the Global Luxury Marketing Tools that are unparalleled in the real estate industry. These tools allow her to match the right buyer(s) with their dream home. At the end of the day, Kathy can demonstrate the features and benefits of owning the property with the focus and confidence that is the gift of so few. Kathy Chambers and Coldwell Banker’s Global Luxury Homes Program offer a unique and unequalled service model in today’s market place.

Featured Listing by Kathy Chambers

GLOUCESTER, VIRGINIA

Riverwind

40-acre private waterfront estate on a knoll overlooking the scenic York River. Minutes from Colonial Williamsburg, a short sail to the Chespeake Bay and the Atlantic Ocean. Being sold fully furnished. Contemporary residence features 180-degree views of the water that extends 2 miles across, 3 miles down and 10 miles up the York River. MLS 1740232
$5,880,000.

Kathy Chambers originally appeared as an Elite agent in the Unique Homes Spring ’18: Elite edition. See her page here.