Million-dollar values. Multi-million-dollar views.
O
nly in Beverly Hills could “a facelift that looks like a million
bucks” describe a $990,000 studio
condominium in a restored building
south of Wilshire. In only 5.7 square miles of rarified real estate, $2 million buys a twobedroom, 2,200-sq.-ft. single-family fixer-upper. “Today’s hottest market segment in
Beverly Hills is $2.5 to five million,” said Rose Borne, director of Fine Homes for the John Aaroe Division of Prudential California Realty. “In this price range you can buy a tear-down on a nice size lot in a really good
What you’ll see from coast to coast.
location.” Estates in the Hills with views today start at about $7.5 million, and the market for $10-million trophies “is still going strong,” according to Borne. Charting a course east of Los Angeles, the opposite coast gives more latitude in what a million or two can buy in Hilton Head, SC. While captains of industry sail into town to buy refreshing waterfront views, well-heeled golfers prefer living on courses rich with plantation greens. “Now is a great time to buy in Hilton Head,” said Wayne McDonald, co-owner of Prudential Premier Island Properties. “A million could buy a golf course condo. It could also buy a 3,000-sq.-ft. (single-family) home with three or four bedrooms and three or four baths that will need to be updated.”
B Y
L U C Y
E R D E L A C
T
oday, the most important decision luxury home sellers or buyers can make is their selection of a real estate professional.
selection of a real estate professional,” Lee said. They need to work with Fine Homes Specialists because their market experience, familiarity with available inventory, negotiation skills and expert-
“At two million you’ll start seeing
level knowledge are the factors that will
views. Oceanfronts, depending on the
help consumers get the most satisfaction
view, can start at $2.5 million. Here,
from their real estate transaction.”
view is just as important as location,”
An example of this kind of expertise is
noted McDonald. “Do you want some-
Honolulu’s Kelly Mitchell of Prudential
thing secluded? An oceanfront? On
Locations LLC. A Minnesotan by birth,
one of the best courses? If you can
Kelly understands exactly what informa-
afford it, we have it.”
tion malihini homebuyers from the
“As the real estate market contin-
mainland want when buying homes in
ues to normalize, homebuyers are
Hawaii. She shares 30 years of
finding greater price stability and
kamaaina perspective as easily as her
more choice properties in highly
knowledge about the island’s fine homes
desirable communities,” said Earl Lee,
market. “Oahu is the most diverse island
president of Prudential Real Estate
in Hawaii,” said Mitchell. “It has little
Affiliates, Inc.
micro communities and each one has
The more relaxed housing market
very different characteristics in terms of
has allowed homebuyers to pause
lifestyle and even weather. While one
and assess a selection of properties
community may be known for being dry
before they purchase. “Today, the
and warm, another (community) less than
most important decision luxury home
a half mile away might be known for
sellers or buyers can make is their
breezes that range from cool to blustery.”
[LEFT} With 125 linear feet of Kailuana beach oceanfront views, this 5,860-sq.-ft., six-bedroom home is priced at $6.9 million. PHOTO COURTESY OF PATTI TAKAYAMA, PRUDENTIAL LOCATIONS LLC. [BELOW} Oceanfront home and condo views from Kahala, Oahu, showcase Koko Head Crater located in Hawaii Kai. PHOTO COURTESY OF KELLY MITCHELL, PRUDENTIAL LOCATIONS LLC.
Back on the mainland, the island of Manhattan today offers remarkable value in some of the toniest parts of town. “Today the best buys are on the Upper East Side, east of Park Avenue,” said Jacky Teplitzky, Fine Homes Specialist with Prudential Douglas Elliman Real Estate’s Madison Avenue office. “Buyers have a lot of inventory to choose from and that’s keeping prices a little more in check,” said Teplitzky. As examples, she cites that “$1 million gives a buyer the choice of properties east of Park Avenue, like a two-bedroom, two-bath cooperative; a large one-bedroom condo (900 sq. ft.); or a junior one-bedroom condo (1,000 sq. ft.).” She explained the latter as “a one-bedroom apartment with a dining area that possibly could be converted into a second bedroom.” Similar types of properties and pricing can be found on the Upper West Side, where inventories are similar to those found on the Oahu’s answer to Beverly Hills is Kahala, according to Mitchell. Near Diamond Head and the Waialae Golf Course
Upper East Side. According to Teplitzky, downtown Manhattan has
(of Sony Open fame), Kahala offers oceanfront property well-
less available inventory and current pricing reflects
priced but rising steadily, mostly due to a large influx of
this. “Anywhere below 25th Street, $1 million will buy
Californian and Floridian buyers. At press time, the lowest
you a regular one-bedroom, 700-sq.-ft. condo, $2
priced single-family home priced at $1.3 million, is sited on
million will buy a 1,300-sq.-ft. two-bedroom, a nice
an unusually large lot (7,700 sq. ft.), but is described by
three-bedroom co-op, or a 1,500-sq.-ft. loft.”
Mitchell as “an 1,800-sq.-ft. fixer-upper.” Newer homes in Kahala start at $3 million and put buyers
But what about the views? Depending on the property’s milieu, expect to
within walking distance of the beach. For those who prefer
add to its price a minimum of 25 percent for water
luxury living with views, start at $4 million and keep looking
views, and 50 percent for a view of Central Park.
up. So where’s the top of the Oahu market? “Cameron Diaz and Justin Timberlake just bought it — a home with the most incredible views for $24 million,” said Mitchell.
Of course in New York City, the price of luxe locals with views means that the sky is the limit.
W
e have a very diverse real estate offering. It all depends on the lifestyle you’re looking for.
Sited on 20 acres with breathtaking views of the Bridger Mountains, this 8,000sq.-ft. Bozeman home is offered at $4,150,000. PHOTO COURTESY OF PEG POTTER, PRUDENTIAL MONTANA REAL ESTATE.
Way out west
cabin on a wooded lot, adjacent to a
in the Big Sky
stream, in the heart of the Mountain
state, views of
Village.
mountains,
“We have a very diverse real
valleys, lakes, and pastoral settings
estate offering,” said Basile. “It all
are standard stock in trade.
depends on the lifestyle you’re
Montana’s natural beauty and casual
looking for. One to two million buys
lifestyle attract a growing constella-
a very wide range of properties, from
tion of stars and business celebrities,
condos to homes on acreage to land
and its popularity among frequent-
for custom building.”
flyer lifestyle collectors has soared in recent years. In southwestern Montana,
Two million dollars buys a fourbedroom, 4,000-sq.-ft. home with outbuildings on 20 acres in the heart
Bozeman and Big Sky are synony-
of Bozeman’s horse country. In Big
mous with four-season sports and
Sky, it buys a ski-in/ski-out condo
resort lifestyle destinations. Mike
with three bedrooms and 3,400 sq. ft.
Basile, president of Prudential
of living space within walking
Montana Real Estate, describes these
distance to the Mountain Village.
markets as “strong and growing.”
According to Basile, increasing this
In Bozeman, $1 million buys a
investment by an additional
four-bedroom, 4,400-sq.-ft. home on
$500,000 “can mean a very big
nine acres. It also can buy a down-
difference in what you can buy in
town loft: a 2,700-sq.-ft. unfinished
terms of property type, location and
shell with a 600-sq.-ft. rooftop terrace
view.” And that, it seems, is becoming
and “fabulous views.” In Big Sky, $1
the watchword no matter where in
million buys a 3,400-sq.-ft. classic log
the country you are looking.