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THE WALL STREET JOURNAL.
M4 | Friday, December 29, 2017
MANSION
ly .
BEHIND A MIRACLE Selby Dunham, with her husband, Curt, below left, at their home in Bighorn Golf Club in Palm Desert, Calif. Ms. Dunham started a cancer charity.
no nco Fo m rp m e er rs ci on al a us l, e on
Continued from page M1 sonalities who had moved to the Cliffs and found they had extra time on their hands,” said David Sawyer, president of the Cliffs Clubs. Ms. Bailey, who is on the board of directors of her local chapter, helps organize fundraisers and recruit local sponsors, while overseeing a grant-giving board. The real-estate industry has long used charity as a calling card, with agents often listing the groups they support on their websites. Developers also have tied transactions to philanthropy, pledging a percentage of sales to a charity. Now, some developments, including golf communities, resorts and condo buildings, are taking the concept a step further by facilitating residents’ active participation in local charitable efforts. Some approaches are relatively simple: At the RitzCarlton Residences Miami Beach, set to open early 2017, Ricardo Dunin, founding partner of Lionheart Capital, a real-estate development and investment firm, plans a “sharing room.” Residents will be able to drop off unwanted items at a location. There, other residents can view them in person or on an app before picking them up. Or the items can be sent to local charities by the staff concierge. Condos at the development cost between $2 million and $40 million. Other efforts are elaborately structured to give each resident the kind of charitable experience they desire. Peninsula Papagayo, a gated resort community in Costa Rica, has an on-site office of Creciendo Juntos (Growing Together), a nonprofit that helps homeowners and hotel guests con-
LIZ KUBALL FOR THE WALL STREET JOURNAL (3)
CHARITY BEGINS AT YOUR NEW HOME
If you are ever trapped under a ton of rubble, I promise to sniff you out. I promise to be worth every cent of the $10,000 that it took to train me. I promise to ignore all other more fascinating smells and concentrate on the scent of live humans. I promise to go about my work with a wagging tail, even if my paws get sore. I promise never to give up.
Costa Ricans and give to their community is one reason he continues to buy and build homes in the resort. At Bighorn Golf Club in Palm Desert, Calif., its umbrella nonprofit, called Bighorn Golf Club Charities, encompasses a scholarship program, a grant-giving organization and a cancer charity. The latter group, Behind a Miracle, was launched by resident Selby Dunham in 2007 after she recovered from breast-cancer treatment. In the past 10 years, BAM has raised $7.5 million, all donated to local cancer organizations. Initially Ms. Dunham, a 61-year-old retired office manager for a construction company, organized a group of volunteers who lived in the community, where homes have resold for between $1.5 million and $12 million. They helped promote a golf tournament, gathered sponsorships from local businesses and held a dinner and auction. Today, club management helps with much of the work, offering a full-time charity manager, plus the efforts of nine other members of its staff, said Theresa Maggio, marketing director for Bighorn. Developers can benefit from the marketing and community goodwill such efforts bring, as well as the
loyalty of residents who feel deeply engaged with charitable programs. One risk of orienting a community around philanthropy is that residents can grow tired of pleas for donations. Residents also should do their own due diligence, as with all such efforts, as to how their money is being spent by the charities. Their personal accountant or tax adviser can navigate IRS rules on deductions for charitable giving. In 2008, while the Baileys were living in a townhouse they bought before building their home at the Cliffs, “all the time, the more people you got to know, it was, ‘I’m having a dinner party to raise money for cancer, for MS,’ ” she said. “We decided, ‘Let’s not drive each other crazy or get to the point where you’re avoiding your neighbor.’ ” In an overhaul, Ms. Bailey became president of a group that collects a $300 donation annually from residents and stages one big Weekend of Giving, with a clothing drive, gala dinner, golf and tennis tournaments, auctions and barbecue. The developer contributes auction items such as golf packages, the facilities where the events are hosted, and discounted food and drink. This year the group raised more than $200,000.
JACK FLAME SOROKIN FOR THE WALL STREET JOURNAL
Photo by Deborah Samuel from PUP, published by Chronicle Books www.chroniclebooks.com
THE PLEDGE
nect to charitable projects in the area. Tim Braheem, a 50-yearold business and life coach in Thousand Oaks, Calif., is an active home buyer and philanthropist at the resort. He built a house in the resort, sold it and bought a townhouse, and now is building another home there, after which he plans to sell the townhouse. Condominiums start at $1.8 million, home sites at $800,000, and resale single-family homes at $3.4 million, said Manuel Ardon, chief operating officer of Peninsula Papagayo. “I also have a home in Malibu, where I’m surrounded by nothing but elites,” Mr. Braheem said. “It’s a gift to be so close to people who need my help” in Costa Rica. This year, Mr. Braheem and 19 clients who attended a retreat he hosted as a coach raised $23,000 for Creciendo. Of that sum, $15,000 went to the construction of a kindergarten classroom, which Mr. Braheem’s group helped finish and paint. In past years, he has organized a group to finance a program to feed schoolchildren with scarce access to food on weekends and holidays. The charity helps coordinate efforts. Mr. Braheem said the chance to get to know local
NATIONAL DISASTER SEARCH DOG FOUNDATION® Strengthening disaster response in America by teaming the most highly trained dogs with firefighters to save lives. To donate, call (888) 459-4376 or visit www.SearchDogFoundation.org BE PART OF THE SEARCH®
GIVING COMMUNITY The home of Donna and David Bailey in Arden, N.C.
T HE
GL OB A L
ISSUE
The World Buys Here
Top Picks for the Savvy Globetrotter
Cover Showcase
On the Cutting Edge in Park City
unique
PLACES BY CAMILLA MCLAUGHLIN
ON LOCATION
HUALALAI
Ka‘upulehu, THE BIG ISLAND OF HAWAII
An
old Hawaiian saying is, “You don’t choose the island, the island chooses you.” After a recent visit to Hualalai on the island of Hawaii, I left
grown onsite in a lake fed by a subterranean aquifer and drawn through lava wells, only one of a couple sites verified by the state for this cultivation. These oysters are
completely smitten by the magic of the place, and in my wildest dreams I tend to think maybe I am one of the chosen.
only available to residents and guests at the resort. In addition to a Four Season’s resort, Hualalai includes residences ranging from
It doesn’t take long to fall under the spell. Arrive at Hualalai and you’re greeted villas to custom homes. Outdoor shower gardens, walls that disappear to open homes with a mai tai and a lei. Check-in takes place in a comfortable open-air space with the to the tradewinds, and designs that uniquely align with today’s lifestyle preferences ocean shimmering under the moonlight in the distance. are hallmarks, as are views of distant mountains and Maui. Hualalai's individual communities In a region awash with five-star properties, Hualalai is a Almost everywhere, the ocean forms a backdrop thanks each possess unique character and standout, and what makes it so exceptional is passion — to changing elevations. Owners have extensive private
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PHOTOS COURTESY HUALALAI
ambiance, all offering spectacular passion for the property paired with a reverence for the amenities, including a clubhouse and restaurants. One vistas and cooling tradewinds. land and the Hawaiian culture that is shared by everyone of the resort’s two golf courses is private. Also reserved who works there. It permeates every aspect of the resort for residents is a beachfront restaurant, a prime place for from architecture to food to the Alaka‘ i Nalu, explorers of the waves. Very few places dinner and sunset cocktails. Chefs at all the restaurants are masters at coaxing the are able to orchestrate such a fine balance between authenticity, a connection to the best from the local bounty. land and a superlative guest experience. Rather than buildings, the most prominent feature here is the landscape — During a recent visit, anticipation of an annual food and wine celebration with miles of coastline and lava rocks, an iconic signature of the island. The grounds are visiting celebrity chefs, was full on. An herb garden was being readied for a pop-up extensive with pathways that meander past low-slung bungalows embraced by a jungle cooking academy. Chefs worked with David Choi, director of natural resources, to landscape. Locals like to say the resort sits lightly on the land, and that’s only possible gather salt from a nearby stretch of beach. Also at the ready was a stock of oysters when development is guided by a commitment to stewardship.
December 2017
MODERN TIME Bauhaus-style wristwatches
GOOD SERVE A Ping-Pong pilgrimage to China
Uma Thurman
“It’s a dream, a fantasy, to be on Broadway.”
THE SIX MOST LUXURIOUS SKI RESORTS IN EUROPE
My Second Home
Central Location
Go way south of the border at these lush, luxe Central American properties
Guanacaste, Costa Rica Rosewood Villa at Rosewood
Puerto Papagayo $3.2 million 2,000–4,250 sq. ft. 5 beds 5.5 baths
On the northern shoreline of Guanacaste province, overlooking the Gulf of Papagayo, Rosewood’s first Costa Rican property is set to open in 2020 with a 138-room hotel and 98 residences—45 of which are currently available for reservation. Designed by renowned Costa Rican architect Ronald Zürcher, this villa will capitalize on the area’s natural beauty through the use of indigenous materials and regionally inspired artworks in the open-air living room, terrace, and private pool. Homeowners will enjoy access to an on-property spa, a beach club, a tennis center, a half-mile sandy beachfront, and a farm-to-table restaurant. puertopapagayocr.com
Family Cottage at Mahogany Bay Village $775,900 1,246 sq. ft. 3 bedroom 2 bathrooms
Opening this month on Belize’s largest island, Ambergris Caye, the 60-acre Mahogany Bay Village combines the best of the country’s tropical landscape with the comforts of a modern resort. This Family Cottage features sustainably harvested Belizean mahogany sliding doors and bathroom countertops, an outdoor shower, a modern kitchen, a spacious indoor/outdoor living area, and a hammock on the covered veranda. Residents can cool off in the Bay Club’s 15,000-squarefoot pool or bask at the private !"# # December 2017
Beach Club, with its white-sand beach, restaurant, bar, fire pit, and access to watersports. mahoganybayvillage.com
Granada, Nicaragua
1 Cuadra al Parque Central $1.3 million 6,000 sq. ft. 6 beds 6.5 baths
Built in the 1750s, this historic property next to the Catedral de Granada recently underwent a two-year restoration that combines original architectural details with thoughtful modern amenities such as cedar furnishings by local design studio Simplemente Madera. Escape the hustle and bustle of pedestrian-friendly Calle La Calzada and head into the serene private courtyard, which features a 40-foot-long swimming pool. The 14-seat double-length dining table and three separate living rooms with 15-foot-high ceilings guarantee that you won’t run out of room to entertain. sothebysrealty.com Story Lauren Vespoli
Remy Alexander (Granada)
San Pedro, Belize
Clockwise from left: The Rosewood Villa at Puerto Papagayo; tree houses at the Papagayo property; a lush private courtyard in Nicaragua; an airy Mahogany Bay cottage interior
Saturday 2 September / Sunday 3 September 2017
Waterside Living Special Tribute to Tang ‘Loud, obstreperous, ooutrageous’
Follow the lei lines Hawaii’s oceanfront homes are in short supply
Tinted love Designers embrace a spectrum of colour
SSTEPHEN FRY PAGE 2
US PROPERTY PAGE 3
INTERIORS PAGE 20
The h Th home of prime property: propertylistings.ft.com
Follow us on Twitter @FTProperty
Water, water, everywhere The low-lying Netherlands has long put up defences against flooding. Now a ground-shifting plan to cover areas with sand dunes to create higher land could be the solution. By Sophie Knight
W
hen the Dutch have doubts about water, it’s time to worry. The Netherlands has been the champion of water management for centuries, battling to keep its low-lying landmass dry. But as extreme weather events — such as Houston’s catastrophic flooding in the wake of Tropical Storm Harvey — and high temperatures outstrip even the most pessimistic predictions, some argue that even the most sophisticated dikes won’t be enough. One of those raising the alarm is Rotterdam-based architectural studio ZUS, which has developed “Delta 3000”, a plan to transform the lowlands into a hilly sandy landscape. Covering the country in sand would prevent flooding, produce fresh water and create a naturally sustaining ecological system — which ZUS argues is better than the current cost and energy-intensive defence plan against the rising sea. The
The climate change debate has provoked a paradigm shift in landscape design Netherlands uses a maintenanceintensive system of seawalls, dams, dikes, sluices, pumps and locks to protect the 55 per cent of the country prone to flooding. The government plans to update this system to combat the increased risk of flooding and reduced freshwater availability that they expect to come with climate change. “[The current system is] artificial and is completely dependent on human intervention and technical adjustments,” says Kristian Koreman, one of the co-founders of ZUS along with Elma van Boxel. “Whereas with the dunes, finally you’re safe: you’re building higher ground.” The climate change debate has provoked a paradigm shift in landscape design due to the uncertainties it brings with it. Forced to abandon the notion that nature can be dominated,
Aerial view of Naarden, a fortified town in the Netherlands that embodies the traditional Dutch defensive approach to water management — Hans Blossey/Getty Images
Existing
North Sea
NETHERLANDS Sea level rise
FLEVOLAND VO VOLAND O D
Amsterd daam da m
Sea level 2070
Alm A mere mer m ere re
Current ground level Soil subsidence
1 Groundwater has been increasingly drained for years to prevent flooding, causing subsidence
The Th T he Hag H Hague aag guuuee g Rot Rotterd Rotterdam R o te terrd rdam dam GERMANY
Planned
(Delta 3000)
New ground level +~6m–10m
3 Sand layer to be added
How it works 4 Surface water filters through sand to form Europe’s largest aquifer, which would provide freshwater, as well as pushing the saltwater layer down
FT graphic: Liz Faunce
architects are now seeking to work with nature rather than against it, resurrecting ailing ecosystems or creating new ones to adapt to the future climate. “We used to assume that we could predict and control nature. That was the
Freshwater aquifer
2 A rising sea would increase pressure on the layer of saltwater deep below the soil, causing it to rise up further, worsening soil condition FT graphic: Graham Parrish Source: ZUS
basis of the big infrastructural projects in the developed world, and the Netherlands is one of the frontrunners,” says Chris Zevenbergen, who leads the Flood Resilience Chair Group at Unesco-IHE in Delft. “But when the system fails, there’s a complete disaster.” Last year, scientists from the University of Massachusetts and Pennsylvania State University published a paper in the journal Nature saying that the sea could rise 2 metres by 2100 due to ice melting in Antarctica, doubling a previous consensus figure based solely on the melting of mountain glaciers and the expansion of the sea as it warms. The Dutch government acknowledges a worst-case estimate from the Royal Netherlands Meteorological Institute of an 80cm rise by 2085. It has already Continued on page 22
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2 September/3 September 2017
3
FTWeekend
House Home Hawaii property The scarcity of oceanfront homes or undeveloped coastline plots has sent prices rising sharply. By Kevin Brass
i / B UYI N G GU ID E There is little rainfall on the west side of the Big Island, where these resorts are located, but the east side of the island has some of the highest rainfall averages in the US The Department of the Interior has divided the island into lava flow hazard zones, ranked on degree of danger. On a scale of 1 to 9, with 1 the most hazardous, the Hualalai area is ranked as a 4
H
ualalai Resort sales director Rob Kildow laughs when asked about the availability of oceanfront homes in the development, which covers 850 acres on the north-west coast of Hawaii’s Big Island. “I could sell oceanfront homes for $35m to $40m, but they never come on the market,” he says. “I have a bucketful of people ready to write a cheque.” A home on the oceanfront is a hot commodity in the gated golf course communities that have made this stretch of lava rock and palm trees one of the most expensive areas in the US. Vacant lots on the Kona coastline typically sell for $2m to $10m in the developments, where holiday homeowners include hedge fund manager Ken Griffin, Starbucks chief executive Howard Schultz and GoDaddy founder Bob Parsons. The 450-acre Kohanaiki development, the newest on the coastline, is promoted as “an invitation-only private club community”. Opened in 2013 around a Rees Jones-designed golf course, prices range from $3m to $22m and membership in the Kohanaiki’s club requires a $150,000 entrance fee and $25,000 in annual dues. Kohanaiki has a bowling alley in the club house, a cinema and a “state of the art brewing facility” — but it doesn’t have property available directly on the waterfront, says local broker Steve Hur-
The Kona International Airport has direct flights from many cities on the US west coast Property contracts often include warnings about the possibility of “VOG,” a form of volcanic pollution
What you can buy for . . . $1m Three-bedroom house with ocean views $5m Four-bedroom house, with an infinity pool, on the golf course $10m Seven bedrooms with sunset views and the “opportunity” to join a private club More homes at propertylistings.ft.com
A beach at the Four Seasons Hotel Hualalai on the Kona Kohala Coast, Hawaii — George Rose/Getty Images
A shore thing Seven-bedroom oceanfront estate, Puako, $24.5m — Jonathan Davis Real Estate Photography
witz, a principal of Mauna Kea Realty. There is simply not much coastal land available for development on the Big Island — formally known as the island of Hawaii. Most of the land is protected by local government and several sections are listed as high-risk zones from lava flows from the island’s volcanoes. “A lot of the coastline isn’t that desirable to build a house on,” says local broker Eileen Lacerte, owner of Hawaii Beach & Golf Properties. There are plenty of homes with ocean views, she says, “but it’s not toes in the water oceanfront. That’s harder to find.” There are fewer than 300 properties directly on the water in the area north of Kona airport, Hurwitz says. And only about 150 of those are in the coveted gated communities. Hurwitz’s company is marketing a 7.45-acre oceanfront estate for $24.5m. The sale includes a 10,000 sq ft, seven-
bedroom house, 1,000ft of frontage and the rights to subdivide the land into 10 separate properties. Competition for oceanfront property within the gated communities has sent prices rising sharply. A house directly on the water can sell for two or three times as much as a similar property 500ft inland. Last year, a 3.3-acre undeveloped plot with 240ft of water frontage in the Kukio Golf and Beach Club sold for $20m. A nearby 2.35-acre site with 260ft of ocean frontage, is on the market for $22m. The lofty prices are a sharp contrast to a few years ago, when prices fell more than 30 per cent in the wake of the 2008 financial crisis. Considered more remote and expensive than other islands, the Big Island has historically struggled in the competition for second home buyers.
Yet sales and pricing have been increasing rapidly. The median sales price on the north Kona coast rose to $611,000 in the first half of 2017, up from $386,000 in 2012, according to the Hawaii Information Service. When people do get into one of these PACIFIC OCEAN
Kukio Bay Hualalai Resort KONA DISTRICT Hualalai volcano
US
KailuaKona
Island of Hawaii
Hookena
20km
resorts, they tend to stay put. In the Four Seasons Hualalai, which opened in the 1990s, about a third of the current buyers already own a property there, Kildow says. Morgan Stanley executive Thomas Windler and his wife, Diane, recently moved up from a villa to a hillside 3,700 sq ft house, priced at $5.1m. “We settled on the Big Island because I’m a big golfer,” says Windler. The Big Island is a “lot less crowded” than Maui, he says. At the moment, there is no property directly on the water available in Hualalai, Kildow says. The last sale of a “true waterfront” home in the development was in the down market of 2009 for $26.25m, he says. Luxury Big Island by Harold Clarke, an estate agency, is marketing a threebedroom house off the water — but very close to it — for $15.75m. It was last sold in 2005 for $9.625m. At 3,343 sq ft, the home is “cosy” by neighbourhood standards, according to agency owner Harold Clarke, but you “can hear the ocean, smell the ocean”, he says. “We’re talking about a very wealthy crowd,” Clarke says. “They don’t want to compromise.”
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Jim!Dobson! January!2,!2017! ! ! ! ! ! ! ! ! ! ! ! ! ! !
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Landing by private jet into the sparkling clean and updated Cabo San Lucas airport is a breeze. A private VIP area is set apart from the crowds of tourists and outside the lounge awaits the SUV with cold towels, water and comfort for the easy 45-minute drive to paradise. My idea of paradise is a beach that is tranquil, secluded, private and away from the throngs of drunk tourists. A place where you can truly relax and enjoy the simple pleasures of life and marvel at the beauty of nature. I found this place, and I am truly reluctant to share it with anyone for fear I will lose the chance to return and experience this hidden gem again. But it is so special, that I hope you will someday get to experience it. The new Four Seasons Hotel and Residences in Costa Palmas is a property that will take your breath away. ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
Costa Palmas is a brand new, 1000-acre private beachfront resort community on two miles of quiet beach on the Sea of CortĂŠs, located just outside of Cabo San Lucas. Surrounded by organic orchards and farms and including a stunning 250 slip deep-water marina, the area will be home to an all-new Four Seasons Resort and Private Residences Los Cabos, a Robert Trent Jones II 18-hole golf course, and the Costa Palmas Beach & Yacht Club with space for superyachts up to 250 feet. This will ultimately become one of the more exclusive
billionaire retreats, considering the current popularity of neighboring La Paz, which hosted a dozen of the wealthiest families and their superyachts over New Year's Eve. ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
In 2018, Four Seasons in conjunction with Los Angeles-based Irongate development, headed by Jason Grosfeld, will open its very first property in Los Cabos, Mexico. Grosfeld is involved in the acquisition, financing and development of high-end commercial properties in Los Angeles and elsewhere. Among his high profile properties in Hawaii are the Watermark and The Ritz-Carlton Residences, Waikiki Beach. ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
I spoke with Jason Grosfeld in a long-range interview about his plans for the new Costa Palmas property and his thoughts for the future of the area. What first attracted you to the Costa Palmas property? “I first saw the property 10 years ago, a friend of mine owned it and I never got it out of mind. The combination of three key factors when you're a resort developer are; proximity to a major international airport, deep white sand beach with swimmable and safe water for kids, and is it unique for the area. Most areas have miles and miles of resorts stacked up, so what’s particularly unique about this part of Baja is that our beach faces north up into the Sea of Cortes, so it’s incredibly protected. What that affords us is still water like a lake for most of the time. It’s kind of Caribbean style, magical clear water with a sand bottom. There is no algae, no coral, and its pure sand on the bottom of a shallow, easy sand bar shelf for 50 meters."
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Ron!Johnson!and!his!wife,!Susan,!had!been!vacationing!in!Hawaii!for!years,!first!at!the!Four!Seasons!and!then!in!a!home! they!purchased!in!the!Kona!district!of!the!Big!Island.!Four!years!ago,!they!purchased!a!series!of!plots!in!the!Hualalai! Resort,!a!gated!community,!club,!and!resort!on!the!northwest!side!of!the!island!with!the!aim!of!developing!them!and! flipping!them!for!a!profit.! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! After!a!year!or!two!of!sitting!on!one!property!without!developing!it,!the!couple!decided!that!they'd!rather!build!a!house! there!for!themselves.!"Something!more!grand!that!really!captured!the!essence!of!Hawaii,"!said!Johnson,!who's!the! president!and!chief!executive!officer!of!Central!Bancorp,!a!group!of!financial!companies!based!in!Colorado!Springs.! "Stone,!fire,!water—those!are!the!interesting!elements!here!in!Hawaii,!so!we!tried!to!emphasize!those!in!the!house.!
After!14!months!of!construction!("everything!has!to!come!here!on!a!boat,"!Johnson!said.!"There's!very!little!on!the! island!other!than!lava"),!the!couple!moved!in,!in!October!2015.!They've!been!able!to!enjoy!the!house!for!a!year,!but!now! financial!considerations,!said!Johnson,!have!made!it!necessary!to!sell.!"Life!sometimes!takes!turns,!and!I!find!myself! needing!to!stay!more!engaged!in!our!group!of!businesses,"!he!said.!"This!isn't!the!right!time."! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! He's!placed!the!home!on!the!market!for!$14.95!million.!Buyers!will!find!a!pristine!home!with!7,000!square!feet!of!indoor! space!and!another!2,400!square!feet!of!"Lanai"!area,!a!term!that!denotes!a!covered!(albeit!outdoor)!living!space.! Including!the!house's!garage,!the!home!covers!a!total!of!10,540!square!feet.! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! The!house!was!built!with!mahogany!trim,!marble!floors,!and!cedar!beams,!and!the!light!fixtures,!Johnson!said,!are! customXdesigned!for!the!house.!(Its!interior!was!designed!by!Gina!Willman,!a!HawaiiXbased!interior!decorator.)!There! are!five!bedrooms,!five!bathrooms,!and!two!halfXbaths.!In!addition,!there's!also!a!large!home!office,!a!media!room!with! soundproofing!("I!have!a!stereo!habit,"!said!Johnson),!and!a!large,!central!living!area!with!a!kitchen,!living!room,!and! dining!room.! !
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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
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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