�elcome to the first edition of Perspectives, a quarterly news-
letter on the global luxury real estate industry straight from the source: our Sotheby’s International Realty® professionals from more than 600 offices located in 45 countries and territories worldwide. This issue takes you around the globe, with key insights on markets from the United States’ east and west coasts to France and the United Kingdom. We also showcase our network’s recent significant sales and extraordinary listings from Rome and Canada to Hawaii. For those on the sidelines, now is the time to consider investing in the future. There is perhaps no better time than the present to search for your ideal first, second or third home. The reason? In many real estate markets around the world, a palpable optimism is returning. The combination of attractive pricing and a strengthening economy have laid the foundation for making valuable investments. As you will see in this issue of Perspectives, many of our firms are proudly marketing homes that are unique and significant in their respective markets. And we are observing that to be the case in many areas across the globe.
“In many real estate markets around the world, a palpable optimism is returning.” According to a recent article in U.S. News & World Report the luxury market “has come roaring back in recent months.” In the article, Richard Smith, chairman and CEO of Realogy Corporation, parent company of Sotheby’s International Realty Affiliates LLC, said “There is very little inventory, which is driving a lot of activity…You’re getting multiple offers and quick sells.”
For those on the go, we invite you to download our iPad app so you can search at the most convenient time for you. And if you’d like special entrance into some of our most exquisite properties, please go to our YouTube channel at http://www.youtube.com/sothebysrealty to go behind the doors and tour some truly breath-taking homes.
At the Sotheby’s International Realty brand, we recognize that the perfect home is just as likely found across the world as it is in your own neighborhood, and sometimes that indefinable quality that makes a home right for you is all about the lifestyle it affords. So, whether you are looking for a penthouse in New York, a ski home in Switzerland or a hacienda in Mexico, you can browse our inventory by region, lifestyle or specialty market at sothebysrealty.com.
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de Rham Sotheby’s International Realty in Switzerland has listed this waterfront property on the shores of Lake Geneva • property ID:4000023789 • price upon request
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Sincerely, Philip White President and Chief Operating Officer Sotheby’s International Realty Affiliates LLC
from around the world
Santa Fe, New Mexico – “Sotheby’s International Realty in Santa Fe has a profound lead with average sales price per closing for residential sales reporting in at $624,403; the closest/ second place firm came in at $436,654 average sales price.”
Maine ‘Under Contract’ volume for December rallied nearly 35 percent from two years ago and 20 percent ahead of last years’ pace. This year, as of April, our firm is 70% ahead of last year in terms of sold value.
Abigail Davidson, associate broker Sotheby’s International Realty – Grant Avenue Brokerage, Santa Fe, New Mexico
Chris Lynch, president/owner Legacy Properties Sotheby’s International Realty in Maine
Maine – “We enjoyed a considerable upsurge in market activity in all price points this past winter. November, December and January are typically very quiet real estate months in Maine but improving consumer confidence and a mild winter have kept us all on our toes.
Masthead art: Roof Tops by Diana Ong © MMXII Sotheby’s International Realty® Affiliates LLC. All Rights Reserved. Roof Tops, used with permission.
Fairfield County, Connecticut – “Fairfield County, Connecticut is well poised for 2012. First quarter 2012 pending sales for single family homes were 35 percent higher than first quarter 2011.”
Paul E. Breunich, president and chief executive officer William Pitt Sotheby’s International Realty, Connecticut 1
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Nota b l e Sa le s Dawn Dresher Knief of Julia B. Fee Sotheby’s International Realty in Scarsdale, N.Y., recently closed on the most expensive property in Scarsdale (MLS) history for $10.83 million. She also closed on the most expensive property in Irvington, N.Y., at $4.45 million and in Bronxville, N.Y., for $10.5 million!
United Kingdom Sotheby’s International Realty property ID:4000024371 • price upon request
The United Kingdom – The UK market continues to be a top real estate pick. Long popular with Americans who represent the largest concentration of foreign buyers in prime Central London, investors from CIS nations, Europe, the Middle East and Far East are on the upswing, says Charles Smith of the United Kingdom Sotheby’s International Realty. The sustained performance is a consequence of several factors at play including relatively relaxed visa and residency laws, a comprehensive business infrastructure, excellent airport links and a limited inventory. FRance – Alexander Kraft, chairman, Sotheby’s International Realty France-Monaco, says 2011 was a very solid year. “The fourth quarter was one of our best ever. We sold more than 200 high-end properties with an average sale price of more than € 1.1 million, which is basically seven times the average sales price for a single family home in France,” he says. “There are a number of reasons why the French luxury property market has been so robust, the main one being that although prices have increased they still appear a good value in international comparison and a solid, long term blue chip investment for foreign buyers.” ■
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Sotheby’s International Realty Québec recently had both sides in the sale of one of the most expensive properties in Québec’s downtown core, a home that was offered for $8.5 million through Liza Kaufman. “This is yet another transaction that proves Sotheby’s International Realty Québec represents and sells some of the finest homes in our great city,” said Liza. “Furthermore, this sale only confirms that Montreal continues to grow and develop into one of Canada’s most sought after metropolises.”
Perazzo Inmobiliaria Sotheby’s International Realty in Uruguay recently sold one of the most expensive properties in Punta del Este, nearing a golf course and with a 950 square meter house and 10,000 square meters of land. Rome Sotheby’s International Realty in Italy recently sold a €35.5 million, approximately $46 million (USD) masterpiece in Sorrento (pictured below).
Jocelyne Monello of Heritage Sotheby’s International Realty in Napa, Calif., brought the buyer to the November sale of the iconic, 11,800 square foot, knoll-top home situated on 53.7 acres in the Napa Valley of renowned winemaker and philanthropist Robert Mondavi and his wife Margrit.
“This is yet another transaction that proves Sotheby’s International Realty Québec represents and sells some of the finest homes in our great city” Rome Sotheby’s International Realty – Sorrento, Italy 2
Nota ble Sales
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otheby’s International Realty, Inc. sold the Museum Tower S Penthouse (pictured below), a 20,000 square-foot condominium sited on the top two floors of the five-star St. Regis Hotel and Residences in San Francisco for $28 million. The property achieved the highest sale price for a condominium in San Francisco history, according to the San Francisco Multiple Listing Service. The property is also believed to be the highest priced bank-owned listing in the United States, according to The Wall Street Journal. ■
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Distinction
Colette Harron of William Pitt Sotheby’s International Realty in Connecticut has listed Katharine Hepburn’s former home in Old Saybrook for $30 million. In 1939, Ms. Hepburn bought a large set of building blocks from F.A.O. Schwarz and used them to construct a model of her dream home. Later that year, she and her family constructed the home (shown below). It would remain her most cherished possession over the next 65 years.
At the Eastern tip of Fenwick, the compound sits on 3.4 acres. Adjacent, more than three additional acres were designated by Ms. Hepburn to remain forever open, assuring unobstructed views in perpetuity. The original Hepburn home will be complimented by a newly constructed three-bedroom gatehouse residence to the east. A third deeded lot completes the compound. For more information, click here.
In 1939, Katherine Hepburn had her dream home constructed. It would remain her most cherished possession over the next 65 years.
Sotheby’s International Realty Inc. sold the Museum Tower Penthouse for $28 million
William Pitt Sotheby’s International Realty – Katharine Hepburn’s former home in Old Saybrook, Connecticut • property ID:4323474 • $30 million 3
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Betsy Akers of Atlanta Fine Homes Sotheby’s International Realty in Atlanta, Georgia, has listed the Sandy Springs masterpiece home of Bernie Marcus, co-founder of Home Depot (shown below) for $3.9 million. Blending a massive custom home with four wooded acres, it creates the perfect gated retreat for family and friends to enjoy the serenity of nature and the opulence of luxurious living. For more information, click here.
> PREMIER EDITION 2012
Blending a massive custom home with four wooded acres created the perfect gated retreat for family and friends Paul Kyno of Sleeping Giant Sotheby’s International Realty in Hawaii has listed the first and only LEED Platinum environmental home on the island of Kauai for $11.5 million. Located on Kauai’s famed North Shore, the three acre home site (shown below) is situated among forty coconut trees at the edge of the bluff above Kalihiwai Bay. For more information, click here.
Hong Kong Sotheby’s International Realty has listed six separate detached family houses in an exclusive new development located in the prime location of The Peak. With spectacular views of the ocean overlooking southern Hong Kong Island, the five-story homes are composed of more than 7,000 square feet of total floor area and are available for $500 million (HKD) for each house. For more information, click here
Atlanta Fine Homes Sotheby’s International Realty – Atlanta, Georgia property ID:4351220 • $3.9 million
Macarena Osorno of Portugal Sotheby’s International Realty has listed a historical property near Lisbon’s city centre and on the doorsteps of Arrábida’s National Park for $21.9 million. The Palace was built in the 16th century and is famous for its tile walls made in 1570 in the atelier of Urbino. Click here for more information. ■
Sleeping Giant Realty Sotheby’s International Realty – Kauai, Hawaii property ID:4331220 • $11.85 million
© MMXII Sotheby’s International Realty Affiliates LLC. All Rights Reserved. Sotheby’s International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office is Independently Owned and Operated. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks licensed to Sotheby’s International Realty Affiliates LLC.
Hong Kong Sotheby’s International Realty – The Peak, Hong Kong property ID:4000017143 • $400 million (HKD)
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