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for CHRISTINA HENDRICKS GENERATIONS XX! MEET OUR WOMEN OF THE YEAR // COURTSIDE WITH THE LAKERS’ JEANIE BUSS PLUS: DONATELLA VERSACE, GAME OF THRONES’ ALFIE ALLEN, BETHANY MOTA, AND DISNEYLAND DELUXE!
HAUTE PROPERTY Realty Check
Surf & Turf THIS SUMMER’S PRIMO OCEANFRONT PROPERTIES? CATCH THE WAVE FROM MALIBU TO MAUI TO MIAMI! BY KATHY A. MCDONALD
Who isn’t entranced by sea breezes and ocean views? Beachfront digs can be full-time residences, second homes, or investment properties—but no matter their use, the bottom line is they’re expensive. In Malibu, current pricing can top $4,250 per square foot depending on the swath of sand (Billionaire’s Beach earned its moniker due to its high-net-worth residents). Preferred out-of-town options for Los Angeles’ high-end buyers—Maui for the sporty set, Miami Beach for art lovers—combine ease of access, beachfront living, and exotic coastal cultures. “Malibu is now a destination,” says Jennifer Chrisman, founding partner of Partners Trust Malibu (themalibu life.com). No longer a sleepy beach town, the city has evolved into a buzzing entertainment industry hangout that attracts international buyers. (The area’s unconfirmed highest-priced deal to date was an un-MLS-listed $75-million sale of a 9.5-acre Encinal Bluffs compound to an anonymous Russian buyer.) New restaurants (Nobu Malibu and Mastro’s) and improved shopping (Malibu Beach House, Lanvin, and Intermix) have energized the city’s entertainment options. As a second or vacation- home market, Malibu’s appeal is global. “We have a very strong summer rental market,” notes Chrisman. Monthly oceanside rentals range from $45,000 to $200,000 in the peak summer season; investors are attracted to the almost-guaranteed income. Chrisman is repping Farrah Fawcett’s former beach house on Malibu Road, ideally situated on the deepest section of the beach, leasing for $150,000 per month in July and August. Malibu’s luxury residential real estate inventory is so limited and building restrictions so omnipresent, most amenities (pool, tennis court) can’t be replicated under current restrictions:
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hence the upward-trending prices. “Malibu’s prices are always high,” says real estate agent Jennice Ann Tronciale of Sotheby’s (sothebys.com). Her $12.995 million listing is a bit of rarity: a complete makeover (down to the studs) of an oceanfront multilevel on La Costa Beach (21660pch.com). It’s now thoroughly contemporary, with 3,000 square feet of sleek interiors and glass walls facing the sea. The turnkey property suggests buyers need only bring their swimsuits. The effortless beachy lifestyle is most sought after in cities where downtime is so precious. On the western coast of Maui, Hawaii, the Montage Residences Kapalua Bay are proving an ideal getaway for Southern California buyers. “The residences incorporate the really unique natural environment and are oriented towards the outdoors, maximizing views,” explains Tina Necrason, vice president of residential for Montage Hotels & Resorts (montageresidences kapaluabay.com). Overlooking the emerald-green waters of scenic Kapalua Bay, the 54 Montage residences can be purchased fully furnished; they range from 2,700 to 4,000 square feet, and pricing tops out at just over $8 million. The four-bedroom option is proving most popular, notes Necrason, reflecting the trend towards extended multigenerational families vacationing together. The resort’s diversions are almost endless, from hiking West Maui’s mountains to spa visits to virtually every water sport. “When it comes to second homes, people have their spot they are very loyal to,” says Erika Alm, principal at the real estate firm PowerPlay Destination Properties, which oversees sales of the Makai Collection at Kaanapali Beach, Maui’s Honua Kai Resort & Spa (makaicollection.com). “They develop a strong affinity to a
FROM TOP:
The late Farrah Fawcett’s Malibu Road beach house (ABOVE, CENTER), situated on an expansive stretch of sand, is leasable for July and August for a breathtaking $150,000 per month; an open-air living/ dining room at the Montage Residences Kapalua Bay on West Maui; the LA art crowd is grabbing up high-end digs, like those at the Shore Club (MIDDLE BUILDING), in hotter than ever Miami.
place over time.” For LA visitors (and buyers), Maui is an easy step into a tropical climate. Priced from $3 to $3.8 million, the Makai Collection is the quintessential beachfront option, with see-through glass balcony walls, smart home automation (unusual for Maui), and open-plan kitchens with designer finishes. What holds true for Maui—no change of currency is required for a journey yielding a vibrant multicultural beach destination—is doubled down in Miami Beach, where prime oceanfront properties are selling like mad. (Art maestro Larry Gagosian reportedly bought into the high-profile, 18-story Faena House, an almost immediate sellout, despite its north-of-
$3,000-per-square-foot price.) “The high-end submarket of Miami Beach is [suddenly] attracting Angelenos and other high-net-worth buyers because Miami has become a global destination,” explains Horacio LeDon, president of Douglas Elliman development marketing, Florida and California. These luxury plays are in high demand, adds LeDon, whose firm is repping the 75 tony residences at South Beach’s Shore Club (thenew shoreclub.com), which will have expansive ocean-facing terraces when they’re completed in 2017. He adds, “These buyers will snap up good properties as quickly as we can roll them out.” Surf’s up and checkbooks are out. LAC
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MONTAGE RESIDENCES KAPALUA BAY SALES TOP $42 MILLION IN FOUR MONTHS 8th$December$2014$ $
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The!spacious,!ocean.front!homes!at!Montage!Residences!Kapalua!Bay!on!Maui!have! been!met!with!enthusiastic!demand!with!phase!one!real!estate!transactions!in!this! iconic!locale!totaling!over!$42.5!million!in!just!four!months.!Currently,!there!are!a! limited!number!of!homes!still!available,!(starting!at!$3.4!million)!with!only!three,! four.bedroom!residences!remaining.! ! Nestled!within!24.acres!of!a!tropical!and!cultural!paradise,!and!steps!away!from!the! pristine!alcove!of!Kapalua!Bay,!these!exceptional!retreats!offer!the!space!and! comfort!of!a!private!home!with!all!of!the!service!and!amenities!of!Montage!Kapalua! Bay!at!their!doorstep.!Montage!Residences!homeowners!may!enjoy!the!diversity!of! activities!that!the!destination!offers,!from!pure!relaxation!at!Spa!Montage,!to!private! chef!experiences!in.residence.!An!array!of!active!pursuits!are!also!available,! including!the!best!snorkeling!in!Maui!just!steps!from!the!Residences,!paddle! boarding,!hiking!and!playing!the!world.famous!golf!courses!in!the!area.! ! “As!discerning!buyers!consider!the!vacation!home!opportunities!available!in!the! Hawaiian!Islands,!they!are!drawn!to!Montage!Residences,�!said!Lisa!Hatem,!Director! of!Sales.! !
“Our!buyers!were!initially!guests!at!the!resort!and!were!able!to!experience!first. hand!the!personalized!service!and!the!access!they!will!have!to!countless!area! experiences.!They!never!want!to!leave,!so!we!help!make!that!a!reality!for!them.”! !
! ! The!Hawaiian!culture!resonates!through!the!genuine!service!at!the!resort!and! residences,!and!through!interior!design!elements.!Inspirational!details!were! carefully!crafted!throughout,!filling!spaces!with!neutral!color!palettes!and!touches!of! vivacious!floral!tapestries!reminiscent!of!the!natural!beauty!and!history!of!Maui.!The! spacious!layouts!create!the!perfect!setting!for!entertaining!or!spending!valuable! time!with!family!against!the!backdrop!of!splendid!Maui!sunsets.! ! “Our!buyers!are!looking!for!special!gathering!places!and!the!open!entertaining!and! cooking!areas!and!expansive!lanais!create!exactly!that.!As!families!grow!or!visit,!our! homeowners!love!having!the!flexibility!of!access!to!the!resort!for!times!when!they! need!additional!accommodations,”!said!Hatem.! ! To!learn!more!about!residential!ownership!opportunities!at!Montage!Residences! Kapalua!Bay!visit!www.montageresidenceskapaluabay.com!or!call!(808)!662.6551.! ! Montage$Residences$Kapalua$Bay$are$not$owned,$developed$or$sold$by$Montage$Hotels$ &$Resorts,$LLC$or$its$affiliates$(“Montage”).$Island$Acquisitions$Kapalua,$LLC$and$ Lantern$Asset$Management$use$the$MONTAGE$brand$name$and$certain$MONTAGE$ trademarks$in$connection$with$the$sales$and$marketing$of$the$Residences$under$license$ from$Montage,$and$Montage$does$not$make$any$representations,$warranties$or$ guaranties$whatsoever$with$respect$to$the$Residences.$For$the$full$disclaimer$please$ visit:$www.montageresidenceskapaluabay.com/disclaimer!
MORNING EDITION
Maui's Montage Residences Kapalua Bay sales top $42.5M Jan 12, 2015, 2:00am HST Duane Shimogawa
The Montage Residences Kapalua Bay on Maui saw sales of more than $42.5 million in four months during the first phase, with only a limited number of homes, at prices starting at $3.4 million, still for sale. Currently, there are three four-bedroom residences remaining, said Lisa Hatem, director of sales for the project. The 24-acre, all-suite Montage Kapalua Bay, which is Montage Hotels & Resorts' first property in Hawaii, was formerly branded the Ritz-Carlton Club and Residences at Kapalua Bay. Last year, the Montage Kapalua Bay began a $15 million renovation to convert the former Residences at Kapalua Bay timeshare to 56 for-sale residences and 50-room allsuite hotel. About 130 people will be employed by the resort. The 50 luxury residential style units range in size from 1,250 square feet to 4,050 square feet in one- to four-bedroom suites. The property also includes Spa Montage on five acres, including 30,000 square feet of indoor space that has 10 treatment rooms and 15,000 square feet of outdoor space that has 10 ocean view "hales." Additionally, the Montage Kapalua Bay has two championship golf courses, The Bay Course and The Plantation Course. Hawaii-based entrepreneur Pierre Omidyar, who founded eBay Inc. (Nasdaq: EBAY), is an investor in Montage Hotels & Resorts.!
Montage Residences Kapalua Bay Sales Capture $42 Million February 13, 2015 By Maui Now Staff Writer
Maui’s oceanfront homes at Montage Residences Kapalua Bay have been in high demand, capturing $42.5 million in phaseone real estate transactions in just four months. A limited number of homes still remain (starting at $3.4 million), including three fourbedroom residences. These spacious private homes are situated to enjoy the services and amenities of Montage Kapalua Bay, as well as the activities in and around the resort including snorkeling, paddle boarding, hiking and golfing at two world-class courses nearby. Residents may also relax at the Spa Montage and experience private chef cuisines in-home. “As discerning buyers consider the vacation home opportunities available in the Hawaiian Islands, they are drawn to Montage Residences,” said Lisa Hatem, director of sales. “Our buyers were initially guests at the resort and were able to experience first-hand the personalized service and the access they will have to countless area experiences,” she said. “They never want to leave, so we help make that a reality for them.” The resort and residences are intended to embody genuine Hawaiian culture through the services and design elements. Carefully crafted details imbue each residence with neutral colors and touches of vibrant floral tapestries to convey a sense of Maui Island’s beauty and history. Each home features expansive private lanai and beautiful ocean views. Spacious layouts offer ideal spaces for entertaining guests or spending quality time with family in the presence of vivid sunsets. “Our buyers are looking for special gathering places and the open entertaining and cooking areas and expansive lanais create exactly that,” said Hatem. “As families grow or visit, our homeowners love having the flexibility of access to the resort for times when they need additional accommodations.” To learn more about opportunities for owning a home at Montage Residences Kapalua Bay, visit www.montageresidenceskapaluabay.com or call (808) 662-6551.!
Volume XXIII/#5 Dec 2014 / Jan 2015
Bowden’s
MARKET BAROMETER
™
All the trends that are fit to follow . . .
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Barometric Beat Happy New Year! Postscripts, Prognostications, and Resolutions Last year was good for some, better than expected for others, and a promise of things to come for all. Economists are going on record en masse, predicting that 2015 will exhibit the fastest economic growth in a decade, supported by the strongest job growth since 1999 and constrained inflation instigated by the Fed’s continued love affair with near zero short-term interest rates. And if/when the Fed does begin raising rates, most economists agree that gradual increases will put the short-term rate at less than 1% by the end of 2015. The latest ManpowerGroup Employment Outlook Survey shows a continuation of U.S. employers’ increased optimism with respect to the labor market, the result of which is a seasonally adjusted “Net Employment Outlook” of +16% for Q115, higher than its been in seven years. Of the more than 18,000 U.S. employers surveyed, 19% anticipate increasing staff levels during Q115 while 73% anticipated no significant change. All 50 states, the District of Columbia and Puerto Rico reported positive hiring outlooks, with Hawaii, North Dakota, Delaware, Michigan and Texas showing the strongest pro-hiring inclinations. As the Boomers enjoy an appreciating housing market and a burgeoning stock market, retirements will accelerate, and within a few short years the rhetoric will turn to labor shortages as jobs begin to chase people. The Millennial generation will experience the greatest benefit from this shift and the housing industry will rejoice as the members of this massive generation take their rightful place in the housing hierarchy as first-time homebuyers.
Inside . . . Trends In . . . Resort Real Estate Fall 2014 Kelsey & Norden Report Highlights
Golf Gallery Conditions, Achievements, Trends and Golf Industry Happenings
Bulletin Board A Compendium of Current Economic, Development, and Tourism Trends and Events
Regional Trends A Potpourri
~ “Socialism never took root in America because the poor see themselves not as an exploited proletariat, but as temporarily embarrassed millionaires.” John Steinbeck American Author (1902 – 1968)
___________________________________________________________________________________ A Newsletter Focusing on Recreational and Resort Community Development Published by Ralph Stewart Bowden, Inc., Real Estate Counselors
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Vol. XXIII/#5 | December 2014 / January 2015
Bowden’s
Market Barometer™
Bulletin Board Island Acquisitions Kapalua, LLC and Lantern Asset Management recently announced that the Montage-branded Residences Kapalua Bay on Maui have met with enthusiastic demand with phase one sales totaling more than $42.5 million in just four months. The three and fourbedroom residences start at $3.4 million and are nestled on a 24-acre site, steps from Kapalua Bay, within the well-known Kapalua Resort, home to two championship golf courses, miles of hiking trails and an array of recreational and social amenities. www.montageresidenceskapaluabay.com
Ski Scene – Vail Resorts, which recently acquired Utah’s Park City Mountain Resort, has announced plans to spend $50 million to link it with its Canyons Resort, and upgrade both properties. Both mountains will now be known as Park City Mountain Resort and recognized as the country’s largest ski resort when the improvements completed prior to the 2015/16 season. The combined ski area will have more than 7,300 skiable acres. Four southwestern ski areas have chosen to consolidate: With a combined 3,088 acres, 26 lifts, more than 200 trails and 13 terrain parks, the merger will form the largest mountain collective in the Southwest. Colorado’s Purgatory at Durango Mountain Resort and Arizona Snowbowl inked a deal to sell 100% of their respective ski areas for an undisclosed sum to James Coleman, Managing Partner, Sipapu Ski and Summer Resort and Pajarito Mountain Ski Area of New Mexico. www.sipapunm.com
Travel and Tourism – According to a survey conducted by Choice Hotels International, Americans plan to spend 8% more on leisure travel in 2015 than they did in 2014, and seniors say they will spend 33% more, while Millennials will increase spending by 5%. Europe is the largest draw, led by London. The survey further revealed that American travelers are willing to splurge for unique travel experiences including culinary tourism, which is projected to see a 30% increase. Hawaii’s tourism industry remained on a record-setting pace through November with year-overyear increases in both visitor arrivals and spending. Through the first 11 months of 2014, Hawaii welcomed more than 7.5 million travelers, up 1% y/y, and visitor expenditures grew 2.3% to more than $13.3 billion. The U.S. West continues as the Islands’ largest source market. November’s 267,000 visitors represented a 4.3% y/y increase while total visitor spending jumped 7.4% to $398.9 million.
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_________________________________________________________________________________ All the trends that are fit to follow . . . www.bowdensmarketbarometer.com
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