March 7, 2012
deLuxe LUXURY LIVING IN WASHINGTON
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A Luxurious Mountain Escape A West Virginia sporting club is home to a variety of mountain and valley homesites spread across 6,750 acres of natural beauty.
deLuxe 3
NO.
1
TOP SELLING CONDO IN THE DC AREA 2010 & 2011 85% SOLD HURRY FOR BEST SELECTION. PRIME TOWER RESIDENCES AVAILABLE.
TURNBERRYTOWER.COM | 703.243.3000 1881 NORTH NASH STREET, ARLINGTON, VA 22209 SALES OFFICE ON 21ST FLOOR | OPEN 7 DAYS, 9 TO 6
COME VIEW OUR SIX NEW DESIGNER FURNISHED MODEL RESIDENCES. MAGNIFICENT TOWER RESIDENCES FROM THE $700,000’s. Obtain the Property Report required by federal law before signing anything. Oral representations cannot be relied upon as correctly stating the representations of the developer. Prices, plans and specs subject to change without notice. Exclusive Representation by The Mayhood Company. Located within close proximity to Rosslyn Metro Station. Void where prohibited by law. Equal Housing Opportunity.
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NEW OPTIONS FOR LUXURY FINANCING Customized underwriting can address unique wealth management scenarios
Real estate is arguably as complex as it has ever been in history. Even traditional buying and selling scenarios— once considered an average real estate transaction—have become increasingly complex and sometimes cumbersome. The conditions of today’s economy are exacerbated for luxury consumers dealing with specialized scenarios in their real estate and financing goals. Given that real estate is considered by many to be a wise and valuable component of their complete wealth management strategy, working with market experts who know how to manage unique real estate scenarios is more important than ever.
UNIQUE FINANCING CONDITIONS With mortgage rates at historic lows and home pricing that has moderated throughout the Mid-Atlantic region, there are opportunities in today’s real estate market unlike any we’ve seen in generations. Some affluent buyers are taking advantage of the chance to acquire their dream properties, while others are seeing the potential value that investment properties, if managed well, can add to their financial portfolios. Still, affluent buyers often bring to the table more complex scenarios when it comes to financing. Business owners may face hurdles in documenting complex self-employment income and wealthy consumers who are retired may look to meet income requirements based on their assets. These and other non-conforming financing scenarios are likely to require the skills of a loan officer or private banker with experience in this realm, but the good news is that products are available in today’s market to address the needs of affluent consumers.
HURDLES CAN BE OVERCOME While every financing situation is different, there are some notable examples of non-conforming loan scenarios that highlight the ways in which luxury buyers can accomplish their financing goals while staying on track with their overall investment and wealth management strategies. Some common examples of hurdles we see for high-end buyers in the mortgage industry include: Asset Qualification There are many reasons why a high-net-worth individual may not have income reflected on last year’s income tax returns. Perhaps a person with substantial assets is no longer working, or has started a new business in the last year that is not yet showing a profit. Income requirements can often be addressed with a program that will allow qualification based on assets. Guaranteed Bonus Income In traditional loan programs, first-year guaranteed bonuses for new jobs—a signing bonus for a lawyer, for example—may not aid in qualifying buyers. But these types of bonuses can be sizeable and they are often used, in whole or in part, for the purchase of a residence. Business Owners Owning a business, even if it is successful, can create some challenges when it comes to obtaining financing in today’s environment. With the right mortgage program, however, buyers can look at
alternative ways to guarantee a loan, including the possibility of using business funds for down payment and reserves, and increased opportunities for LLC-vested and 1030 exchange transactions. Departure Residence Policy For executives who transfer or other affluent clients who move and have not yet sold their previous homes, a more flexible departure residence policy may provide exemptions to obtain a new home before the other property has sold. Jumbo Financing Needs For those who are seeking financing in excess of $2 million, traditional loan programs may not be dealing with the specific needs of clients in this realm. Lenders who specialize in loans above $2 million—and who reach, in our case, as high as $20 million—are often better-equipped to manage the complexities of financing products to suit these requirements.
TAILORED FINANCING SOLUTIONS Mortgage professionals who are trained and experienced in the luxury market are likely to be able to help affluent consumers reach their homeownership goals—regardless of the often-cited requirements of conforming loans. For example, Prosperity Mortgage Company, The Long & Foster Companies’ joint venture with Wells Fargo, has recently introduced new financing programs customized to affluent clients. With innovative financing solutions such as its Renovation Revolution program targeted to distressed properties in need of significant renovation, Prosperity has remained agile and proactive in order to cater to the needs of today’s luxury home buyers. Prosperity has also launched a new program catering to affluent customers and some of these complicated financing considerations that can sometimes come with luxury home purchases. Through this luxury purchase program, qualified clients benefit from the experience of highly-trained Private Mortgage Bankers who are experts at complicated and complex financing arrangements.
BUILDING RELATIONSHIPS While many specialized mortgage needs can be addressed with non-conforming loan programs, even more complex scenarios can be addressed with relationship-based programs, in which customized solutions can be developed. If a luxury buyer is willing to partner with a single firm for services such as private banking, investment management, trust and estate planning, and life insurance needs, a lender is likely to develop creative portfolio lending opportunities. At Prosperity Mortgage, our expert Private Mortgage Bankers can partner with Wells Fargo’s Private Bank to offer even more options through portfolio lending solutions. This program allows our Private Mortgage Bankers to originate loans with relationship-based pricing, which can be a significant benefit to luxury clients in terms of flexibility and value.
CHOOSE YOUR PARTNERS WISELY With swiftly-moving housing market dynamics, it’s more important than ever to partner with the right team of real estate and financing professionals. Working with the right mortgage company is no longer about simply getting approved with the right interest rate. Today, partnering for success will not only provide you with the financing solutions you require, but it will also bring to the table the flexibility you need to help you reach your long-term homeownership and investment goals.
About the author Jeffrey S. Detwiler is president and chief operating officer of The Long & Foster Companies, parent company to Long & Foster Real Estate, Inc., the largest independent real estate company in the U.S., and Prosperity Mortgage Company, a joint venture with Wells Fargo. From extensive, neighborhood-level market information to Long & Foster’s core services companies—providing mortgage, settlement, insurance and property management in a streamlined manner—Long & Foster offers the services necessary to make today’s real estate transactions manageable for owners and investors.
Extraordinary Service Equals Extraordinary Results #1 in Bringing Together Luxury Home Buyers and Sellers The choice is obvious; we outsell the nearest competitors nearly three to one Global Reach to Qualified Buyers Online exposure to 7 million+ luxury real estate buyers in 200 countries Exclusive Affiliation with Christie’s International Real Estate* Global exposure—Sophisticated marketing—Exclusive client referrals— A unique synergy with Christie’s auction and clients Affiliation with Luxury Portfolio International The luxury arm of Leading Real Estate Companies of the World, Long & Foster is a founding member of this network of over 600 of the best-known real estate firms in over 40 countries The Best-Trained, Best-Equipped Agents With all the tools needed to promote your luxury listing, our luxury agents have proven time and time again that they are the experts in selling your home.
The Numbers Speak for Themselves
30
#1 in the Mid-Atlantic Region for Luxury homes
25.7%
Percent of homes Bought & Sold
25
®
20
15
12.8% 9.9%
10
5.7% 3.1%
5
0
Long & Foster®
Washington Fine Properties
Coldwell Banker Res/NRT
Sotheby’s International Tutt Taylor & Rankin
Weichert Realtors
Source: Information included in this report is based on data supplied by MRIS and its member Association(s) of REALTORS who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Data from January 1, 2011 – December 31, 2011 on number of units bought and sold $1 million and above. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate, Inc. * In select areas.
F E AT U R E D P R O P E R T I E S
F E AT U R E D P R O P E R T I E S
F E AT U R E D P
MCLEAN, VA Call For Information LILIAN JORGENSON 703-790-1990
MCLEAN, VA FOUAD TALOUT
$12,900,000 703-873-3500
MCLEAN, VA FOUAD TALOUT
$12,500,000 703-873-3500
WAShINGTON, DC SAMU QUREShI
$12,000,000 301-229-4000
MCLEAN, VA FOUAD TALOUT
$9,200,000 703-873-3500
MCLEAN, VA JAN & DAN LAyThAM
$6,950,000 703-759-9190
POTOMAC, MD MARC FLEIShER
$6,900,000 202-364-5200
POTOMAC, MD MARC FLEIShER
$6,850,000 202-364-5200
WAShINGTON, DC MARC FLEIShER
$6,750,000 202-364-5200
BEThESDA, MD MARC FLEIShER
$6,395,000 202-364-5200
$5,500,000 202-363-1800
MCLEAN, VA JOhN SPAhR JR.
$5,495,000 703-873-3500
WAShINGTON, DC MARC FLEIShER
$4,995,000 202-364-5200
POTOMAC, MD $4,795,000 BARBARA MALAChOWSkI 301-983-0060
ALExANDRIA, VA LILIAN JORGENSON
$4,550,000 703-790-1990
PhILOMONT, VA NANCy ITTEILAG
#1 seller of lu MCLEAN, VA STEVE WyDLER
$3,395,000 703-873-5020
POTOMAC, MD MARC FLEIShER
$3,300,000 202-364-5200
POTOMAC, MD CINDy SOUzA
$3,279,800 240-497-1700
Follow us on:
www.ExtraordinaryProperties.com
NORTh POTOMAC, MD MARC FLEIShER
$3,250,000 202-364-5200
When you list your home with Long & Foster, your property’s exposure is enhanced with the New Look of Luxury, a full-scale marketing initiative offered by Long & Foster Real Estate Extraordinary Properties® that co-brands each listing with Christie’s International Real Estate. The New Look of Luxury co-branding program combines the extensive local reach that Long & Foster provides as the #1 brand in the Mid-Atlantic region with the unparalleled global reach provided by our exclusive affiliation with Christie’s International Real Estate and our affiliation with Luxury Portfolio International™— reaching buyers through the combined power of our websites and an impressive network of real estate companies around the world. With the New Look of Luxury co-branded yard signs and marketing strategy, potential buyers will know at a glance that your property is a unique luxury offering that demands a closer look.
True Emphasis on Luxury Properties Christie’s vs Sotheby’s: Percentage of Online Properties above US$1 Million
90%1
80% 60%
Christie’s International Real Estate Sotheby’s
40%
41%
2
20% 1. Christie’s International Real Estate (Q4 2011) 2. sothebysrealty.com (Q4 2011)
0%
Percentage of Online Properties above US$3 Million
32%
32%1
24%
Christie’s International Real Estate
16%
Sotheby’s
13%2
8%
1. Christie’s International Real Estate (Q4 2011)
0%
2. sothebysrealty.com (Q4 2011)
PROPERTIES
F E AT U R E D P R O P E R T I E S
POTOMAC, MD $8,500,000 BARBARA CARNEMARk NALLS 240-497-1700
BEThESDA’ MD MAxINE SChWARTzMAN
WAShINGTON, DC $6,300,000 TERRI ROBINSON & DENISE WARNER 202-944-8400
GREAT FALLS, VA FOUAD TALOUT
$4,290,000 703-873-3500
$6,999,999 240-497-1700
WAShINGTON’ DC hANS WyDLER
$6,995,000 301-986-6405
MCLEAN, VA
ARLINGTON, VA
$6,000,000
$6,000,000
JOhN SPAhR JR.
JOhN SPAhR JR.
703-873-3500
703-873-3500
MCLEAN, VA $3,950,000 JAMIE COLEy & LEIGh REED 240-497-1700
CLIFTON, VA LILIAN JORGENSON
$3,900,000 703-790-1990
POTOMAC, MD SAMU QUREShI
MCLEAN, VA $3,200,000 MARIANNE PRENDERGAST 703-873-3500
F E AT U R E D P R O P E R T I E S
ChEVy ChASE, MD MARC FLEIShER
$6,995,000 202-364-5200
MCLEAN, VA FOUAD TALOUT
$6,950,000 703-873-3500
GREAT FALLS, VA TERRI ROBINSON & WILSON 703-790-1990
$5,950,000 ALExANDRA
UPPERVILLE, VA ANDy STEVENS
$5,300,000 540-687-8530
VIENNA, VA LILIAN JORGENSON
$3,500,000 703-790-1990
WAShINGTON, DC MARC FLEIShER
$3,175,000 202-364-5200
GREAT FALLS, VA JAN & DAN LAyThAM
$3,250,000 703-759-9190
uxury homes! $3,250,000 301-229-4000
BEThESDA, MD WENDy BANNER
$3,188,000 301-907-7600
All Properties Offered Internationally
www.LongandFoster.com
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6 deLuxe
No.1 Turnberry tower The past 20 months have been nothing
themselves, are enormous … from 250
short of sensational for Turnberry Tower.
to 900 square feet. •
The 27-story luxury high-rise has registered more than $200 million in sales, propelling
into 90 percent of all residence types. •
it into the number one position among all condos in the greater DC area.
•
A media room and social room.
•
The largest European marble baths in the metro area.
•
product with an exceptional in-city location overlooking the Potomac, the Key Bridge and
A health and fitness center and heated indoor pool and spa, open year-round.
When you stop and think about it, the reasons are fairly obvious: It is an exceptional
Private elevator entries that open directly
Nine-to-11 foot ceilings throughout, with energy-efficient floor-to-ceiling windows.
•
charming, sophisticated Georgetown.
Large
covered
porte
cochere
and
complimentary 24-hour valet parking. •
This puts all government and business centers at Turnberry’s doorstep, served by a
Full-time, on-site concierge and 24-hour professional security personnel.
•
Metro station a block away.
State-of-the-art kitchens with Snaidero Italian cabinetry, granite countertops, Miele appliances and Sub-Zero refrigeration.
Setting new standards for luxury and comfort, Turnberry Tower offers much: •
•
In short, everything anyone could desire in a premier D.C. residence.
Five different residential types, ranging
We invite you to call for an appointment to tour
from spacious one-bedrooms (up to 1,400
Turnberry’s six furnished model residences.
square feet) and one-bedroom-dens to
Tower residences are immediately available,
magnificent, four-bedroom penthouses of
starting in the $700s.
more than 5,000 square feet. •
Prime
view
awesome
locations
vistas
the
feature
21st floor at 1881 North Nash Street in
surrounding Northern Virginia from
Arlington, and is open daily from 9 a.m. to
private
6 p.m. 703-243-3000. turnberrytower.com
terraces
city
Turnberry’s Sales Office is located on the
and
covered
of
that
which,
de Luxe was produced by The Washington Post Custom Content department and did not involve the news or editorial departments of The Washington Post.
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deLuxe 7
A Luxurious Mountain Escape Is Closer Than You May Think. Welcome to The Greenbrier Sporting Club Tucked into the verdant folds of the
for fly fishing and our 72-par, award-winning
Allegheny Mountains, and less than a
course designed by Tom Fazio—The Snead.
spectacular views over the mountains. At 3,300 feet, Greenbrier Summit Village is
half-day’s drive from our nation’s capital, Greenbrier.
“We are long time Greenbrier resort fans,” says
home to “Treetops,” exemplifying the finest
Synonymous with luxury for over 230 years,
Audrey Shebby, a member from McLean, Va.
in home design and construction at The
The Greenbrier now welcomes families
“We were even engaged at The Greenbrier,
Sporting Club. This nearly 7,000 squarefoot
to its member-only residential enclave,
so we were intrigued about the opportunity
residence will accommodate up to 20 guests
The Greenbrier Sporting Club, comprised
to purchase real estate there that featured
and features a grand double sitting room with
of
valley
separate, incredible club amenities. It is the
retractable gallery walls that reveal inspiring
homesites spread across 6,750 acres of
perfect blend of historic south meeting a sort
20-mile ridge views.
natural beauty.
of Jackson Hole feeling. The added bonus
lies
America’s
a
variety
Resort—The
of
mountain
and
The Greenbrier Sporting Club combines a
is it’s only a 3.5 hour drive from our home
Living at The Greenbrier has never been
outside D.C.”
more attractive considering the development of
love of family and sport that has become a
the
103,000-squarefoot
gaming
new tradition for more than 380 members
The
14
and entertainment complex dubbed The
representing over 32 states and Canada.
neighborhoods, each with their own character
Casino Club, as well The Greenbrier Classic.
Members enjoy complete access to more
and style. Neighborhoods like Copeland Hill
than 50 amenities at the resort plus private
and Howard’s Creek enjoy close proximity
Homesites at The Greenbrier Sporting Club
club amenities, including two members’
to the main hotel, while The Ridges on
start at $300,000 while homes begin at
lodges, two infinity pools, an eastern-inspired
Greenbrier Mountain and Greenbrier Summit
$1 million. For more information on purchasing real
spa, two restaurants, miles of private streams
Village feature large, estate-sized lots with
estate at America’s Resort, call 888-853-6574.
private
community
features
How are we doing? For questions, comments and suggestions regarding this section, please send an email to customcontent@washpost.com.
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