Archive for 'Sotheby’s International Realty'

Home Sales for Ultra Wealthy Picking Up Steam

The housing market has it’s ups and downs for all of us, even the ultra rich. With the high end market being flat about a year and a half ago,  it’s now on the uptrend and has been for over a year.  The super rich are now buying up these mega mansions for investment purposes and for other reasons as well.

A growing number of ultra high net worth (UHNW) individuals view homes as ‘opportunity gateways’, driving buying decisions that are based on potential opportunities from owning these luxury residential properties, according to the latest study by Wealth-X and the Sotheby’s International Realty® brand released today.

The UHNW Luxury Real Estate Report: Homes As Opportunity Gateways reveals two trends that are fueling the rise in the number of ultra wealthy individuals who are buying luxury homes:

(1)  International home-buying by UHNW individuals (defined as those with at least US$30 million in assets) from emerging nations seeking a safe investment diversification.
(2)  Home-buying as part of a program to gain citizenship or residency status in foreign nations.

The report provides insight into the UHNW residential real estate opportunities in Sydney and Vancouver for buyers seeking safe investment diversification; and Malta, the Bahamas and Sao Paulo, which may appeal to ultra wealthy buyers who are seeking citizenship or residency through property investment.

The UHNW Residential Real Estate index, tracked by Wealth-X, rose to 115.2 in Q2 2015, an 8.3% rise year-on-year, and the sixth consecutive quarter in which the index has risen. The continued rise in the index reflects the confidence of UHNW individuals to invest in luxury residential real estate.

The index takes into account the full range of luxury residential properties that are owned by the world’s wealthiest individuals. Wealth-X data shows there are 211,275 UHNW individuals globally, who collectively hold nearly US$3 trillion in real estate assets, equal to 10% of their net worth.

Below are other key findings from the report:

  • 12% of second homes purchased by UHNW individuals in emerging countries (those who reside in BRICS nations) are located outside their country of residence.
  • Recent market fluctuations in emerging nations are leading a new generation of UHNW investors to consider investing in luxury residential real estate in Western markets.
  • Chinese UHNW individuals make up the third largest share of foreign UHNW homeowners in the United States, behind only Canada and the United Kingdom.
  • Twenty nations in Europe and the Americas now offer citizenship or residency programs to individuals willing to invest in domestic residential real estate.
  • Many residential real estate markets with such programs – including Sao Paulo, Malta, and the Bahamas – offer good long-term investment opportunities.

Wealth-X President David Friedman commented: “Wealth-X is pleased to partner with the Sotheby’s International Realty brand for this third luxury real estate report for 2015. This new joint study explores the trends and home-buying motivations of a distinct group of ultra wealthy individuals in the emerging markets. As their wealth grows, so will their investment fueled by various motivations, be it to diversify their portfolio or to gain citizenship or residency in a foreign country.”

According to Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC, this joint report was designed to provide an understanding of the trends driving buying decisions of ultra high net worth individuals around the world. “The research reveals trends that go beyond traditional motivations and help guide real estate investments that contribute to long-term wealth,” he said.  “It underscores the important role real estate plays in a larger strategy to build a valuable asset portfolio.”

Download the report here.

About Wealth-X
Wealth-X is the global authority on wealth intelligence, providing sales, marketing, strategy and compliance solutions to clients in the financial services, luxury, not-for-profit and education sectors. Its award-winning research and thought leadership are regularly cited by the world’s media such as CNBC, Financial Times, Thomson Reuters and BBC. Wealth-X has more than 250 staff in 10 locations, including Singapore, London and New York. (www.wealthx.com)

About Sotheby’s International Realty Affiliates LLC
The Sotheby’s International Realty network currently has approximately 17,000 sales associates located in approximately 800 offices in 61 countries and territories worldwide. Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby’s International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.  In February 2004, Realogy entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house.  The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Each Office is Independently Owned and Operated. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744.

CONTACT: Wealth-X media contact: Fauzi Ahmad, +65 8653 6514, fahmad@wealthx.com; Sotheby’s International Realty Affiliates LLC media contact: Lindsey Scharf, +1 (973) 407-5596, lindsey.scharf@sothebysrealty.com

RELATED LINKS http://www.wealthx.com

Martha’s Vineyard Estate Set for Auction

Martha's Vineyard Estate Set for Auction

Martha's Vineyard Estate Set for Auction-Image via Wikipedia

Bidding to take place October 22nd-28th for premier harbor front property

 Concierge Auctions will sell a historic Edgartown estate built in 1924, owned for generations by the same family, within walking distance to shops and restaurants and with direct frontage on the Inner Harbor. Bidding will be held October 22nd-28th at EdgartownAuction.com. Originally listed for $9.35 million, the starting bid is $3.25 million, and the Buy-it-Now price is $7.5 million. The sale is being conducted in cooperation with listing agent Gerret Conover of LandVest, a Christie’s International Real Estate affiliate, and co-listing agent Tom Wallace of Wallace & Co. Sotheby’s International Realty.

“This auction presents an ideal combination – a premier, historic property and sellers who are committed to finding a new owner,” stated Conover. “The result is the best buying opportunity in Martha’s Vineyard. And with a 2.5% co-operating broker commission offered, any agent with a potential buyer should make sure they are aware.”

Cared for since 1928 by generations of the same family, 31 S. Water Street is a historic residence offering six bedrooms, five baths and four levels of direct harbor views across an expansive lawn, complete with an in-ground swimming pool. Located in the heart of Edgartown’s historic district, mere steps from the Village, the property displays the quintessential Martha’s Vineyard historic architecture of wood shingle siding and crisp, white trim.

“My father loved the sea and the summers he spent as a child growing up on the island. He and my mother were drawn to Edgartown, in particular the Harbor. They purchased this home in 1928, and our family has lived and spent summers here every since,” stated one of the family siblings. “This home is a true gathering place, and the pool in particular is a very important aspect where we all sit together, talk and share experiences. You can buy a house here and be part of this multi-generational Vineyard family within minutes. This is a warm, welcoming community where you become part of the fabric very quickly and are woven.”

An extensive research and development program has been completed with renowned architect Patrick Ahearn, whereby a detailed renovation plan was devised to enhance and expand upon the current structures while keeping with the Village theme and historic style. The plan includes updating and addition to the main residence, rebuilding the existing swimming pool and new landscaping. Approvals have already been received from the Edgartown historic district and the conservation commission.

“As the preferred auction partner to Sotheby’s International Realty, we are proud of the association with this seller organization,” Wallace stated. “I’m excited to be working with Concierge firsthand and look forward to identifying a new owner of this incredible property next month.”

“We’re thrilled to conduct another auction on Martha’s Vineyard in addition to our October 14th auction without reserve of 9 Clay Pit Road in Aquinnah,” stated Laura Brady, Vice President of Marketing for Concierge Auctions “The history of 31 S. Water Street and the family that has cherished it for generations is a remarkable story. We’re confident we will find a new buyer to carry that enjoyment into future years. Interested buyers should preview the property and conduct any desired research in preparation to place bids October 22nd-28th.”

Located in Dukes County, Edgartown has the largest population and area in the entire county and all of Martha’s Vineyard. Edgartown was an old whaling port and is now a summer and tourist destination with a multitude of houses built by whaling captains and other prominent people of prior centuries. The growth of the population over the past 25 years has led to a period of intense renewal of these old houses. Edgartown was used as the main shooting location for the town of Amity in Steven Spielberg’s 1975 blockbuster Jaws. Ferries to the island sail from Massachusetts, Rhode Island and New York City, and the Martha’s Vineyard Airport is centrally located for public and charter flights. The Edgartown Light at the end of north Water Street defines the entrance to the Harbor, and South Beach, a small part of the ocean beach that runs the entire southern length of the island from Edgartown to Aquinnah, is a major tourist destination.

Bids will be accepted October 22nd-28th at EdgartownAuction.com. A 2.5% commission is offered to the buyer’s broker. The property is available for preview daily between 1-4pm and by appointment. For more information call 800-211-1785 or visit EdgartownAuction.com.

About Concierge Auctions: Concierge Auctions is the preeminent luxury real estate auction firm serving high-end sellers nationwide through an accelerated marketing process that obtains fair market value for high-end properties in a 60-day timeframe. As a preferred auction partner to Sotheby’s International Realty® and other luxury brokerage firms nationwide, the company has executed auctions from New York to Hawaii and hosts a database that includes more than 100,000 luxury real estate buyers and agents from all 50 states and 38 countries and territories.  The principals of Concierge Auctions have been involved in the transfer of more than $2 billion in luxury real estate sales over the past 10 years.  For more information, call 888-966-4759 or visit ConciergeAuctions.com.

http://www.conciergeauctions.com

Big Step Farm, a picturesque, 115-acre estate bordering the Willis River, located just minutes from downtown Farmville and an hour from both Richmond and Charlottesville, will sell to the highest bidder without reserve during a live auction on September 16th, Concierge Auctions has announced. Originally listed for $5,500,000, an opening bid is in place for $1,275,000. The sale is being conducted in cooperation with listing agent Angel McQuade of Sheeran Sotheby’s International Realty.

“The sellers’ decision to auction without a reserve creates a tremendous opportunity to own Big Step Farm for a great value,” McQuade stated. “The commitment to sell to the highest bidder means that the property will transfer either to the opening bidder at $1,275,000 – less than 25% of the original list price – or to anyone who bids higher on September 16th. This is a rare chance to own a spectacular Virginia Gentleman’s Farm at your bid price.”

Completed in 2007, Big Step Farm’s main residence is a 7,000+ square foot smart home with five bedrooms, and five full and one half bathrooms. A large eat-in kitchen provides custom cabinetry, stainless Viking and Subzero appliances and a wet bar. The formal dining room has a stunning Swarovski crystal chandelier and flows nicely into the large living room with an oversized wood-burning fireplace and custom bookshelves. One of the first floor bedrooms could be used as a guest or in-law suite as it affords a full bathroom, sitting room and separate entrance.

Just outside you will find a professionally equipped gym and a half bath, which also duals as a pool bath as it has a separate entrance leading to the outdoor patio. A carriage house boasts a heated and cooled six-bay garage, an elevator and a second floor manager’s apartment that consists of a great room, a bedroom, mini-kitchen, full bath and a balcony that overlooks the pool area, riding ring, pastures and gorgeous sunsets.

Outdoor enjoyment includes a screened-in porch, backyard terrace, saltwater self-chlorinating gunite pool, and covered outdoor kitchen. The grounds include a garden shed, outdoor arena, wooden six stall barn offering a wash and tack room, hay loft and a half bath.  There is also a huge equipment storage shed and separate heated shop with professional lift, work tables, and half bath.  The grounds afford riding trails for horses or 4 wheelers, hiking, and fishing in the Willis River or the fully stocked pond.  In addition, 66,000 loblolly trees have been planted for future timber harvesting.

Big Step Farm is located in Cannon Farms, only minutes from downtown Farmville, 45 minutes from Lynchburg and one hour from both Richmond and Charlottesville. There is a private airport less than 10 miles away, and golfers can enjoy two quality courses nearby – the Manor Golf Club, chosen as one of the “Best New Golf Courses of 2007” by Golf Digest Magazine, and Farmville Municipal Golf Course, only 10 minutes from Big Step. Holiday State Park is also mere minutes away and the property is in close proximity to several universities including Longwood University (11 miles), Hampden Sydney College (16 miles) and an accredited prep school.

The auction of Big Step Farm will be conducted “live” on September 16th. Bidders can participate in person or proxy via the telephone or Internet. See Auction Terms and Conditions for full details. The property will be available for preview daily from 1 to 4 pm beginning September 1st and by appointment. For more information call 866-818-6986 or visit BigStepAuction.com.

About Concierge Auctions: Concierge Auctions is the preeminent luxury real estate auction firm serving high net worth sellers nationwide. Through an accelerated marketing process Concierge has a track record of obtaining fair market value in as little as a 60-day timeframe. As a preferred auction partner to Sotheby’s International Realty® the company has executed auctions from New York to Hawaii and hosts a database that includes more than 100,000 luxury real estate buyers and cooperating agents from all 50 states and 38 countries. The principals of Concierge Auctions have been involved in the transfer of more than $2 billion in luxury real estate sales over the past 10 years.  For more information, call 888-966-4759 or visit ConciergeAuctions.com

http://www.conciergeauctions.com

Waterfront Estate to Sell at Absolute Auction

– Elegant French Norman-style Waterfront Residence near New York City will Sell to the Highest Bidder at a High-end Auction on June 25

The impeccable “Cove House” (http://www.darienauction.com), a French Norman-style estate on 2.03 private acres abutting Scott’s Cove in Darien, Conn., with access to the Long Island Sound and less than an hour from New York City, will be sold at a live, on-site auction on June 25, Concierge Auctions (http://www.conciergeauctions.com) announced today. Previously listed for $12.5 million, the property will be auctioned Absolute, meaning it will sell to the highest bidder regardless of price. Incentives are offered for opening bids from $6 million to $10 million. The sale is being conducted in cooperation with listing broker Doug Milne of Kelly Associates (http://www.kellyrealestate.com).

“Concierge Auctions has a proven reputation as the leading firm for auctioning the most premier residences nationwide. I’m excited to work alongside their team to find a new owner for this extraordinary home,” stated Milne. “Darien is located on Connecticut’s ‘Gold Coast’ in Fairfield County, one of the wealthiest and most coveted areas in the tri-state region. This estate is a testament to its prestige. My client realizes he is taking a risk by selling Absolute and purely allowing the bidders to name the price. However, now is the time – time to sell the estate, congratulate a new owner and move on.”

Designed to capture the stunning beauty of its surroundings, Cove House, located at 17 Tokeneke Trail, is a five bedroom, seven bathroom residence designed in an elegant French Norman style. Situated on 2.03 beautifully landscaped, private acres on Scott’s Cove, the property features a manor home, guest cottage and private dock with access to the Long Island Sound and beyond. Four gorgeous fireplaces punctuate the beautifully appointed living spaces, all of which open to the deck and pool and reflect sophistication and attention to detail. Upstairs quarters include a master suite with a sunken stone bath and custom closets, and four suite bedrooms. In addition to an attached two-car garage, there is also a detached garage with room for three more cars.

Darien, Connecticut is one of the most affluent towns in the United States and was rated one of the best places to live in the country by CNN. Situated between the small cities of Norwalk and Stamford, the town is a bedroom community with relatively few office buildings. Many residents work in New York City and commute via two Metro North railroad stations – Noroton Heights and Darien – to Grand Central Terminal in less than an hour. The town includes four parks, two beaches on Long Island Sound, three country clubs, a hunt club and two yacht clubs.

“Our firm has represented breathtaking estates across the nation, and this is one of the most impressive properties we have had the pleasure to work with. The design is impeccable, the construction superb, and the location ideal,” stated Laura Brady, Vice President of Marketing for Concierge Auctions. “This Absolute auction is not only the most extravagant opportunity in the tri-state area, but arguably in the country. Buyers and their representing financial advisers and real estate brokers should take notice of this rare occasion.”

The live, Absolute auction of 17 Tokeneke Trail will be held on June 25. Phone and Internet bidding will be available. See Auction Terms and Conditions for full details. The property is open for preview daily from 1-4pm and by appointment. For more information, visit http://www.DarienAuction.com or call 800-436-0972.

About Concierge Auctions: Concierge Auctions is the preeminent luxury real estate auction firm serving high-end sellers nationwide through an accelerated marketing process that obtains fair market value for high-end properties in a 60-day timeframe. As a preferred auction partner to Sotheby’s International Realty(R) and other luxury brokerage firms nationwide, the company has executed auctions from New York to Hawaii and hosts a database that includes more than 100,000 luxury real estate buyers and agents from all 50 states and 38 countries and territories. The principals of Concierge Auctions have been involved in the transfer of more than $2 billion in luxury real estate sales over the past 10 years. For more information, call 888-966-4759 or visit http://www.ConciergeAuctions.com

Source: Concierge Auctions

Joshua Greenwald, Rubenstein Public Relations, +1-212-843-8037, jgreenwald@rubensteinpr.com

Grand, Tudor-style residence located near Princeton University will sell to the highest bidder on February 17

A stunning, Colonial Tudor-style estate located within walking distance of Princeton University, only a 60-minute train ride into New York City, will be sold at a live, on-site auction on February 17, Concierge Auctions announced today. Originally listed for $4,200,000, the property will be auctioned without reserve, meaning it will sell to the highest bidder regardless of price. The sale is being conducted in cooperation with listing broker Judson Henderson of Henderson Sotheby’s International Realty.

“Having known about Concierge Auctions for years, and having watched their success closely, I’ve been searching for just the right opportunity to work alongside their team. I am happy to say this is the perfect property for our initial partnership,” Henderson stated. “My client has committed to sell to the highest bidder, so he can move on with other opportunities. This is the first luxury home auction in Princeton and is a tremendous prospect for buyers in our market.”

Designed in the grand Tudor-style in 1927 by Princeton’s renowned architect Rolf Bauhan, 17 Hibben Road blends gracefully into the historic fabric of the town – a detail common to many of Bauhan’s estates which are known for reinforcing the character of Princeton’s rich and important history. The estate features five bedrooms (one above the garage – also ideal for use as an office or study), seven and a half bathrooms and elegant interior details throughout with masterful renovations that innovatively meld it into the 21st century. Four fireplaces, a library with built-in bookshelves, garden study, circular conservatory and a gourmet chef’s kitchen beautify the interior space, while a pool, exquisitely-manicured grounds and a beautiful brick-walled terrace round out the outdoor space. A stone-inlayed walkway makes way to a detached studio/guest house that boasts a large game or party room, walk-in sauna, exercise room and kitchenette.

Today Princeton is world-renowned as the home of Princeton University. The picturesque campus – one of eight universities of the Ivy League – features architecturally significant buildings and spires that form the streetscape of historic Nassau Street, a notable area filled with shops and restaurants that is walking distance from the property. Princeton is roughly equidistant between New York and Philadelphia. The Amtrak ride time is similar to each city, but the commuter train ride to New York via New Jersey Transit’s Northeast Corridor Line is generally much shorter, about 60 minutes or less into Penn Station. The community is close to many major highways that can take residents to both cities.

“Following our recent successful auction of Fawn Hill Farm in Morristown, we’re excited for this next assignment in New Jersey,” stated George Graham, CEO of Concierge Auctions. “We’re thrilled not only to work in such a prestigious community as Princeton, but also to continue our growth as a preferred auction provider for the Sotheby’s International Realty brand nationwide.”

The live, on-site auction of 17 Hibben Road will be held on February 17. The property will sell to the highest bidder, regardless of price. A 2.5% commission is offered to the buyer’s representing agent. See Auction Terms and Conditions for full details. The property is open for preview daily from 1 to 4 pm and by appointment. To schedule a preview, call 800-211-1785. For more information, visit www.PrincetonAuction.com.

About Concierge Auctions: Concierge Auctions is the preeminent luxury real estate auction firm serving high-end sellers nationwide through an accelerated marketing process that obtains fair market value for high-end properties in a 60-day timeframe. As a preferred auction partner to Sotheby’s International Realty® and other luxury brokerage firms nationwide, the company has executed auctions from New York to Hawaii and hosts a database that includes more than 100,000 luxury real estate buyers and agents from all 50 states and 38 countries and territories.  The principals of Concierge Auctions have been involved in the transfer of more than $2 billion in luxury real estate sales over the past 10 years.  For more information, call 888-966-4759 or visit www.ConciergeAuctions.com.

RELATED LINKS
http://www.ConciergeAuctions.com