Luxury Institute News

May 29, 2015

All this $500 million “house” needs is a buyer

CBSMoneyWatch

By: Jonathan Berr

May 28, 2015,

 

Although media reports have called the $500 million property that real estate investor and film producer Nile Niami is developing a “home,” that doesn’t really do it justice.

While it does have a 74,000-square-foot main residence, it also includes three smaller residences on the four-acre property in Los Angeles’ exclusive Bel Air neighborhood. The property features sweeping views of the Pacific Ocean along with 5,000-square foot master bedroom, a “Monaco-style casino” and four swimming pools. Bloomberg News, which first reported this story, calls it “one of the biggest homes in U.S. history.”

In an interview with CBSMoneyWatch, Niami argued that the asking price on a square-foot basis is competitive with smaller luxury homes in the area. He purchased the hilltop property two years ago and doesn’t have a buyer lined up yet, though “we do have a couple of people who have been circling,” he said.

He added that he thinks the Southern California real estate market is undervalued. “There is a demand,” he said, “These guys need the space for their staff.”

As Gawker noted, the property has almost twice the square footage of the White House and is 100 times the size of the average Brooklyn apartment. Jonathan Miller, president of appraiser Miller Samuel, told Bloomberg that he broke out laughing when he heard Niami’s asking price.

“I am skeptical,” he told the news service. “But we’re in this perpetual state of surprise as new thresholds are broken.”

 MCCLEAN DESIGN

It’s more than double the second-highest priced property on the market, the $195 million Beverly Hill estate being offered by billionaire real estate investor Jeff Greene.

Niami’s timing could be auspicious. The luxury real estate market is hot, with prices in 33 cities now about 33 percent higher than they were in 2009, more than doubling the 14 percent increase seen in the rest of the market.

Although a $500 million home may strike some as overly pricey, it might be a good investment for someone who lives outside the U.S. and is looking for a safe haven for their cash, according to Milton Pedraza, the head of the Luxury Institute, which analyzes the spending habits of the well-to-do. He figures about 1,000 people in the world can afford Niami’s property and probably 10 of them would be willing to write the big check needed to buy it.

“Stocks are overvalued by any measure. Bonds aren’t yielding much,” he told CBS MoneyWatch. “Real estate is an asset that may lose value, but the downside to it is limited.”

In a nod to California’s severe drought and other environmental problems, Niami noted that the lush green grass on the property will be artificial and that he’ll use energy-efficient LED lighting.

source: http://www.cbsnews.com/news/all-this-500-million-house-needs-is-a-buyer/

April 22, 2015

In $10 million home sales, Miami Beach a leader

Miami Today
By: Susan Danseyar
April 22, 2015

Miami Beach is in impressive company among the nation’s top cities for luxury home sales, third highest for sales of $10 million and over.

Miami and the Beach have high rankings in The Previews Luxury Market Report for 2015, released by Coldwell Banker on Tuesday, which lists the top 20 US cities’ property listings and sales in three price points: beginning at $1 million, $5 million and over and $10 million.

In 2014, Miami had 967 closed sales for properties $1 million and over, ninth on the list just behind San Diego (976 sales) and above cities including Santa Barbara (673 sales), Newport Beach (611 sales) and Honolulu (591 sales). Miami Beach, number 14 in this category, had 704 sales.

For properties $5 million and over, Miami Beach was fourth with 89 sales compared to New York City (182 sales) at the top of the list and and above San Francisco (64 sales) and Malibu (48 sales).

There were 26 sales in Miami Beach for properties $10 million and over, behind Beverly Hills (35 sales) and New York (56 sales). Miami Beach, third on the list, had more sales in this category than Los Angeles (26), Malibu (14) and San Francisco (7).

North Miami Beach, in zip code 33169, had the third highest number of active home listings for $1 million and over (460), behind New York’s zip code 10022 (465) and Park City’s zip code 84060 (611). Miami Beach’s zip code 33139 was fifth in this category with 355 listings.

For properties $5 million and over, Miami Beach’s zip code 33139 had 115 compared with 143 in Park City’s 84060, top of the list, and above Vail’s 81657 (69) and Beverly Hills’ 90210 (68).

In the highest category of $10 million and over, Miami Beach in zip code 33139 was ninth on the list (44 listings) compared with New York’s zip code 10023 at 84, top of the list, and Malibu’s zip code 90265 at 26, bottom of the list.

According to the report, the demographics are changing in the luxury housing market. “Many wealthy homebuyers have historically looked to leisure-rich spots like Hawaii, Florida and Arizona for second homes, or waited until they were finished working to make a move,” the report states.”That’s changing, with recent trends suggesting that younger homebuyers are not waiting until they retire to put down roots in places where they would love to live.”

Technology and ease of travel are rapidly transforming the workplace for wealthy professionals, the report states, creating flexibility in terms of work locations and the ability to choose where they want to live. “Millennials have come of age in this kind of environment and are accustomed to the idea of striking a work-life balance that meets their personal needs. As they achieve more wealth, their live-anywhere attitudes are likely to become more of a force in luxury real estate.”

According to the Previews Luxury Institute millionaire survey, 73% of those under 35 say that they expect to buy a home in the next 12 months, compared to 49% of 35- to 44-year-olds and 26% of 45- to 64-year-olds. Just 11% of millionaires 65 and over say that they’re planning a purchase.

The report cites homebuyer surveys and the accounts of local realtors, stating they confirm ultra high-net worth individuals are highly mobile and flocking in growing numbers to areas once pegged as resort or second-home markets, as advances in technology, transportation and communication enable a “live anywhere” working-age population.

Florida, the report states, has a favorable tax environment that’s attracting live-anywhere high net-worth homebuyers, particularly those coming from the Northeast.

“The taxes on inheritance and estates are very high in some states, like New Jersey,” said Clark Toole, president of Coldwell Banker Residential Real Estate in Florida. “Florida is one of the most attractive places to live from a tax perspective, so we get quite a few people who decide to live here for at least six months and a day each year. People are saying ‘I want this money to go to my kids instead of to pay taxes.’”

Source: http://www.miamitodaynews.com/2015/04/22/in-10-million-home-sales-miami-beach-a-leader/

October 6, 2014

La Jolla among tops in US for luxury home sales

San Diego Source
Daily Transcript Staff Report
October 6, 2014

San Diego is among the top 10 cities with the highest number of luxury home sales, according to a report by Coldwell Banker, with La Jolla high on the list.

San Diego saw the sale of 927 homes valued at $1 million-plus from July 1, 2013, to June 30, 2014. The Luxury Market Report was prepared by the Coldwell Banker Previews International marketing program.

Topping the list was San Francisco with 2,485 luxury homes sold — up nearly 57 percent from the previous year — followed by Los Angeles with 2,170 and New York with 2,145.

The report included three price points: $1 million, $5 million and $10 million.

Two of San Diego’s ZIP codes saw high sales of luxury homes.

La Jolla’s 92037 ZIP code had closings on 348 homes valued at $1 million or more, the third highest of all ZIP codes in the country at that price tier; 269 homes sold in Carmel Valley and Torrey Pines in the 92130 ZIP code.

Four homes valued over $10 million closed in La Jolla, which ranked 16th, the report said. The most $10 million homes, 58, sold in New York.

The U.S. high-end residential real estate market remains strong, with 48 percent of all wealthy consumers indicating they plan to buy a luxury home within the next 12 months, according to the companion survey of wealthy U.S. consumers with a net worth of at least $5 million, conducted by the Coldwell Banker Previews International program and the Luxury Institute.

Younger buyers are the most motivated to buy; an overwhelming 81 percent of affluent people younger than 35 plan to buy a luxury home in the next year.

Source: http://www.sddt.com/News/article.cfm?SourceCode=20141006cze&_t=La+Jolla+among+tops+in+US+for+luxury+home+sales#.VDQEJSldXDQ

October 3, 2014

Luxury market report reveaks newcomers on list of hottest U.S. citie

New Jersey Hills Media Group
October 3, 2014

Quiet, unassuming areas adjacent to traditional luxury markets have rapidly transformed into hotbeds of luxury real estate in the 12-month period from July 1, 2013 through June 30, 2014. Leading the way and making its debut in the top 5 U.S. luxury markets for homes valued at $1 million+ is San Jose, where high-end home sales are up a staggering 76 percent from this time last year, according to the Luxury Market Report prepared by the Coldwell Banker Previews International® marketing program.

With Silicon Valley luxury real estate on fire, the affluent enclave of Atherton doubled its sales in the $10 million+ range from 2013. Burlingame, located approximately a mile from tony Hillsborough in Northern California emerged in the $10 million+ list for sold homes for the first time, most likely as the result of low inventory in the Bay Area’s most sought-after ZIP codes.

Adjacency is a powerful trend playing out in high-demand luxury cities well beyond Silicon Valley and the Bay Area, notably in Miami. North Miami Beach made its debut among the top 20 cities for $10 million+ homes sold —signaling that luxury buyers are expanding their horizons beyond the typical hotspots of Miami Beach, South Beach and the private communities of Star and Fisher Islands.

Overall, San Francisco led the nation with the highest number of sales in the $1 million+ category—up nearly 57 percent from this time last year.

The U.S. high-end residential real estate market remains strong, with nearly half (48 percent) of all wealthy consumers indicating that they plan to purchase a luxury home within the next 12 months, according to the companion survey of wealthy U.S. consumers with a net worth of at least $5 million (penta-millionaires) conducted by the Coldwell Banker Previews International® program and the Luxury Institute. Younger buyers are by far the most highly motivated to purchase: An overwhelming 81 percent of affluent individuals under 35 plan to buy a luxury home in the next year.

The survey reveals dramatic generational differences:

Penta-millionaires 35 and under reported the highest average purchase price of all age groups – $7.8 million — and have the largest percentage (80 percent) of all age groups paying all-cash.

By stark contrast, wealthy buyers 45-64 paid an average of $2.7 million for their most recent home purchase while buyers 65 and older spent just $1 million.

The report brought to light strong gender gaps:

Seventy percent of women reported paying all-cash for their most recent property vs. 57 percent of men.

Women reported buying more expensive homes than men:

Twenty-two percent of women spent $10 million or more for their most recent property vs. 13 percent of men in the same wealth bracket.

Forty-six percent of women have plans to buy another home in the coming year, up from 31 percent in 2013.

Location, location, location may no longer be the golden rule of real estate:

With the ability to work remotely now a reality for many, only 25 percent of the under-35 age group indicate that location dominates their search criteria.

Instead, 75 percent say that lifestyle considerations are the No. 1 factor driving their choice of which home to buy.

As evidence of this powerful generational shift, 86 percent of buyers 65 and older say that location remains their top priority.

Hottest In-Demand Amenities:

Nearly one-third of all wealthy buyers under the age of 45 count a “green” or “LEED certified” home as more important than it was 3 years ago.

The trend is also catching on among wealthy buyers of all ages, with 21% saying that they want to buy an eco-friendly home, up from a mere 7 percent in 2013.

As homes become increasingly high-tech, 25 percent now consider a fully automated home a priority.

Thirty-seven percent of respondents under age 35 and 30% of those with a net worth exceeding $10 million will prioritize safe rooms in their next homes.

The full list of the Top 20 Best Performing U.S. Cities in Luxury Real Estate by price points of $1 million+, $5 million+ and $10 million+, and the high-net-worth consumer survey results can be viewed here www.previewslmr.com.

Source: http://newjerseyhills.com/luxury-market-report-reveaks-newcomers-on-list-of-hottest-u/article_44f41eb2-e012-5472-a2fc-1047ab4a0690.html

October 1, 2014

Exclusive: Wealthy Consumer Survey 2014

Previews Inside Out
Coldwell Banker
October 1, 2014

You may picture wealthy Gen Y and Millenials as iPad-toting jetsetters who aren’t anxious to tie up their cash in a home. But they are among the most active players in luxury real estate, according to a new survey of ultra-wealthy consumers by Coldwell Banker Previews International® and the Luxury Institute.

“Young affluents recognize the value of real estate,” said Ginette Wright, vice president of marketing for Previews®/ NRT.  “And they are often bullish when it comes to real estate—they own more properties and tend to spend more on average. Their outlook on long-term appreciation is also more positive.”

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The survey found that 73% of wealthy consumers under the age of 35—the most out of any age group—are considering a purchase of additional residential real estate in the next 12 months for personal use. These buyers also expect their home to appreciate by an average of 16% in the next five years, compared to 13% for buyers ages 45-64 and 11% for buyers 65 and older. Additionally, they are among the biggest spenders, as they paid $7.8 million on average for their last home, compared to $6.8 million for buyers between 35 and 44 years of age, $2.7 million for those between 45 and 64, and $1 million for buyers 65 and older. One reason for the price difference could be due to the kinds of homes they desire. Nearly three-fourths (72%) of respondents younger than 35 said that buying a move-in-ready home is important.

“Our agents in cities like Los Angeles and Miami tell us the same thing: new construction is king right now,” added Wright. “Younger luxury buyers are not looking for a project—they want everything turn-key, right down to the décor and furnishings. All of which, of course, adds to the home’s overall price tag.”

While location and price remain the most important elements in the decision making process for the majority of ultra-wealthy buyers, younger affluents are less inclined to choose a property based on geography. Thanks to convenient travel options and the ability to work from anywhere becoming more widespread, just 25% of the under-35 group reports that location dominates their search criteria, but 75% say that lifestyle considerations drive their choice of which home to buy. At the other extreme, 88% of buyers 65 and older say that location is the most potent driver of their next property search.

Younger affluents are also interested in different home amenities than their seasoned counterparts. Safe rooms (37%), home theaters (36%), pool (34%), outdoor kitchens (33%) and “green” or “eco-friendly” amenities (29%) remain at the top of the wish list for buyers under the age of 35. Compared to the 65+ demographic, those same features ranked far lower: 7% wanted safe rooms, 12% wanted home theaters, 16% wanted a pool, 17% wanted a pool and 10% wanted a “green” home.

To find more interesting comparisons between the age groups, download the complete Wealthy Consumer Survey: http://www.previewsinsideout.com/2014/10/exclusive-wealthy-consumer-survey-2014/

Coldwell Banker Previews International Luxury Market Report Reveals Newcomers On List Of Hottest U.S. Cities For Luxury Home Sales

PR Newswire
October 1, 2014
High Net-Worth Consumer Survey Reveals Dramatic Gender Gaps
MADISON, N.J.Oct. 1, 2014 /PRNewswire/ – Quiet, unassuming areas adjacent to traditional luxury markets have rapidly transformed into hotbeds of luxury real estate in the 12-month period from July 1, 2013 through June 30, 2014.  Leading the way and making its debut in the top 5 U.S. luxury markets for homes valued at $1 million+ is San Jose, where high-end home sales are up a staggering 76% from this time last year, according to the Luxury Market Report prepared by the Coldwell Banker Previews International® marketing program. With Silicon Valley luxury real estate on fire, the affluent enclave of Atherton doubled its sales in the $10 million+ range from 2013. Burlingame, located approximately a mile from Hillsborough in Northern California emerged in the $10 million+ list for sold homes for the first time, most likely as the result of low inventory in the Bay Area’s most sought-after ZIP codes. Adjacency is a powerful trend playing out in high-demand luxury cities well beyond Silicon Valley and the Bay Area, notably in Miami.North Miami Beach made its debut among the top 20 cities for $10 million+ homes sold —signaling that luxury buyers are expanding their horizons beyond the typical hotspots of Miami Beach, South Beach and the private communities of Star and Fisher Islands. Overall, San Francisco led the nation with the highest number of sales in the $1 million+ category—up nearly 57% from this time last year. During the last 12 months through June 2014, the top five U.S. cities with the highest number of luxury home sales valued at $1 million+ are:

Coldwell Banker Previews International Luxury Market Report

Ranking

City

State

Number of Home Sales Valued at $1 million+

1

San Francisco

Calif.

2,485

2

Los Angeles

Calif.

2,170

3

New York

N.Y.

2,145

4

San Jose

Calif.

1,119

5

Houston

Texas

981

6

Chicago

Ill.

972

7

Naples

Fla.

964

8

Miami

Fla.

933

9

San Diego

Calif.

927

10

Washington

DC

878

The number of sales for four out of five of these top cities is up by at least 36%. Extending the range up to the $10 million+ category, Miami Beach and Aspen have another strong showing against long standing luxury real estate epicenters New York and Beverly Hills.

Coldwell Banker Previews International Luxury Market Report

Ranking

City

State

Number of Home Sales Valued at $10 million+

1

New York

N.Y.

58

2

Beverly Hills

Calif.

28

3

Los Angeles

Calif.

25

4

Miami Beach

Fla.

17

5

Aspen

Colo.

16

6 (tie)

Greenwich

Conn.

14

6 (tie)

Atherton

Calif.

14

7

Santa Barbara

Calif.

10

8

Malibu

Calif.

8

9

Palm Beach

Fla.

7

10 (tie)

Laguna Beach

Calif.

6

10 (tie)

Kailua Kona

Hawaii

6

10 (tie)

Naples

Fla.

6

10 (tie)

San Francisco

Calif.

6

HIGH-NET-WORTH CONSUMER SURVEY The U.S. high-end residential real estate market remains strong, with nearly half (48%) of all wealthy consumers indicating that they plan to purchase a luxury home within the next 12 months, according to the companion survey of wealthy U.S. consumers with a net worth of at least $5 million (penta-millionaires) conducted by the Coldwell Banker Previews International® program and the Luxury Institute.  Younger buyers are by far the most highly motivated to purchase:  An overwhelming 81% of affluent individuals under 35 plan to buy a luxury home in the next year. The survey reveals dramatic generational differences:

  • Penta-millionaires 35 and under reported the highest average purchase price of all age groups - $7.8 million – and have the largest percentage (80%) of all age groups paying all-cash.
  • By stark contrast, wealthy buyers 45-64 paid an average of $2.7 million for their most recent home purchase while buyers 65 and older spent just $1 million.

The report brought to light strong gender gaps:

  • 70% of women reported paying all-cash for their most recent property vs. 57% of men.
  • Women reported buying more expensive homes than men:
    • 22% of women spent $10 million or more for their most recent property vs. 13% of men in the same wealth bracket.
  • 46% of women have plans to buy another home in the coming year, up from 31% in 2013.

Location, location, location may no longer be the golden rule of real estate:

  • With the ability to work remotely now a reality for many, only 25% of the under-35 age group indicate that location dominates their search criteria.
  • Instead, 75% say that lifestyle considerations are the No. 1 factor driving their choice of which home to buy.
  • As evidence of this powerful generational shift, 86% of buyers 65 and older say that location remains their top priority.  

Hottest In-Demand Amenities:

  • Nearly one-third of all wealthy buyers under the age of 45 count a “green” or “LEED certified” home as more important than it was 3 years ago.
  • The trend is also catching on among wealthy buyers of all ages, with 21% saying that they want to buy an eco-friendly home, up from a mere 7% in 2013.
  • As homes become increasingly high-tech, 25% now consider a fully automated home a priority.
  • 37% of respondents under age 35 and 30% of those with a net worth exceeding $10 million will prioritize safe rooms in their next homes.

The full list of the Top 20 Best Performing U.S. Cities in Luxury Real Estate by price points of $1 million+, $5 million+ and $10 million+, and the high-net-worth consumer survey results can be viewed here www.previewslmr.com. About Coldwell Banker Previews International® The Coldwell Banker Previews International program has been a world leader in the marketing of luxury homes since 1933. The Previews® program was acquired by Coldwell Banker Real Estate LLC in 1980 and re-launched as Coldwell Banker Previews International, the brand’s luxury homes program.  The exclusive group of certified Previews Property Specialists make up approximately 8.5 percent of the Coldwell Banker sales associates worldwide.  Coldwell Banker Previews International participated in more than 20,000 transaction sides of homes priced at $1 million or more in 2013. On average, Previews handles $102.7 million in luxury homes sales every day. Coldwell Banker, Previews and Coldwell Banker Previews International are registered marks licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated. Sales associates affiliated with Coldwell Banker offices are independent contractors. About Coldwell Banker® Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of approximately 84,200 independent sales associates affiliated with more than 3,100 offices in 48 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand with an iPad app, the first to augment its website www.coldwellbanker.com for smart phones, the first to create a iPhone application with international listings and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSMYouTube channel.  The Coldwell Banker System is a leader in niche markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program.  Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.  Each office is independently owned and operated. Coldwell Banker is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. Methodology Manhattan area active listing data has been gathered from the Real Estate Board of New York (REBNY). Not all Manhattan area real estate brokerage firms make Information about their property listings available to any cooperative resource, including REBNY.  Manhattan area sales data has been gathered from REBNY and from StreetEasy.com, an online consumer and private industry portal that reports closed real estate transactions from REBNY as well as other reporting brokerage resources. Not all Manhattan area real estate brokerage firms report their closed sales to any cooperative resource, including StreetEasy.com and / or REBNY. All other data has been gathered from the Multiple Listing Service (MLS) databases known or believed to be the primary real estate broker cooperative resources for each market referenced in the report. All closed sales activity reported is for the annual period July 1, 2013 through June 30, 2014. Closed sales reported to the MLS significantly later than this analysis period will not be included. All active status listing records were downloaded and processed to the same standards, and on various dates, during the months of July and August, 2014. Property specific listing and sales records were standardized to USPS address city and ZIP Code, inaccurate list and sale prices were corrected when necessary, and all duplicate records were manually excluded. As a result, statistics available via the source data providers may not correlate to this analysis. While all results are believed to be highly accurate, MLS systems do not report all real estate activity in their primary marketplace, and there may have been property transfers not included in this analysis. Copyright © 2014, Real Data Strategies, Inc. All rights reserved. Licensed for the exclusive use of Coldwell Banker Real Estate LLC. The Luxury Institute, in partnership with the Coldwell Banker Previews International® program, conducted research on the topic of real estate during Quarter 2, 2014. This in-depth survey includes responses from 506 ultra-wealthy male and female consumers in the United States. Respondents were recruited and screened to only include those age 21 or older with a minimum gross annual household income of $200,000 and a minimum net worth of $5 million.

SOURCE Coldwell Banker Real Estate LLC

Media Inquiries:

Athena Snow

Coldwell Banker Real Estate LLC

973.407.5590

Athena.Snow@coldwellbanker.com

Holly Taylor

Rogers and Cowan for Coldwell Banker Real Estate LLC

310.854.8115

hetaylor@rogersandcowan.com

SOURCE Coldwell Banker Real Estate LLC RELATED LINKS http://www.coldwellbanker.com http://www.prnewswire.com/news-releases/coldwell-banker-previews-international-luxury-market-report-reveals-newcomers-on-list-of-hottest-us-cities-for-luxury-home-sales-277723761.html

June 20, 2014

Real Estate In a Global Consumer Landscape

By: Ginette WrightHomes & Estates
Luxury Living Worldwide Edition 2
A Special Supplement for the Wall Street Journal
June 20, 2014

It is no secret that fine property today trades among an increasingly international circle of clients who appreciate the multi-faceted value of real estate. These world citizens have a truly global perspective and see country boundaries as less meaningful in the search for their desired home experience. After all, one can just as easily enjoy an evening sunset from a balcony in Paris or Miami.

What this means is that clients demand that the reach in the marketing of their home be international in scope. One could argue that all borders are crossed in connecting to buyers online; to an extent that is true. Yet there is an important distinction: trust. Am I more likely to click on a property associated with a company I recognize, whether I consciously acknowledge it or not? Milton Pedraza, CEO of the Luxury Institute, notes: “Luxury brands that offer both expertise and trust and are also recognized for delivering the ultimate in global reach in an extremely relevant and personal category such as real estate have a definite advantage in today’s marketplace.” With a heritage that spans over a century and locations in 48 countries and territories, the Coldwell Banker® brand and the Coldwell Banker Previews International® luxury marketing program are familiar to a vast audience that is interested and engaged in acquiring real estate. Our international marketing, whether online or off, enjoys the halo of our global reputation. In the United States alone, we close over $100 million dollars in luxury real estate each day.*

We also believe in the strength of partnerships with brands that have longevity and heritage similar to our own. To that end, the Wall Street journal is a world-class organization with sophisticated readership in all corners of the world. The Homes & estates publication you are holding will land in the hands of Wall Street journal subscribers in major cities on three continents. It’s an investment we make because we want our clients to have access to every potential buyer anywhere in the world.

There is so much more I’d like to share about the value of the Previews® program and the expertise of our fine associates, but I am limited by the space on this page. Instead, I invite you to enjoy a fine read on Robert A.M. Stern Architects (buying his firm’s new book “designs for living” is also a must) and consider the housing possibilities we’ve included in this magazine. do you see a property that fits your view of living? Since summer is upon many of us throughout the world, we chose to look at the luxury lifestyle from the view of the coastline. After all, few moments are more prized in luxury real estate than the moment when you catch that first glimpse of water from your residence and feel a sense of serenity, knowing that you own this experience—the experience of home.

March 17, 2014

Wall Street Shares Wealth, for Better or Worse

By: Martha C. White
NBC News
March 15, 2014

The $26.7 billion in bonuses that Wall Street hauled in last year will help fill city and state tax coffers, and certainly boost retailers when bankers sport Patek Phillipe wristwatches and slip into Maseratis. But all that green is a double-edged sword for New York City.

Wall Street bonuses grew by 15 percent in 2013, to an average of $164,530, according to the New York State Comptroller’s office. Milton Pedraza, CEO of research firm the Luxury Institute, estimated that Wall Streeters spend between half and three-quarters of their bonuses, then save or invest the rest, and about half the amount they spend is funneled into the local economy.

Because they spend an incredible amount of money in their jobs, “I think that spills over in their personal life,” said David Friedman, president of research and consulting company Wealth-X.

Click the link to read the entire article: http://www.nbcnews.com/business/economy/wall-street-shares-wealth-better-or-worse-n53071

September 30, 2013

Wealthy homeowners want open floor plans, automation

By Lauren Beale
Los Angeles Times
September 28, 2013

Flexible spaces, tech-savvy features and outdoor-oriented living are popular with well-to-do U.S. homeowners, a pair of recent surveys show.

Among the 300 wealthy consumers polled, open floor plans, full automation/wiring and swimming pools topped the list of important amenities, a study by Coldwell Banker Previews International and the Luxury Institute found. Lower priorities for households earning at least $250,000 annually were staff quarters, tennis/sports courts and catering kitchens.

Architects also are seeing high interest in wireless and energy-efficient systems, results of an American Institute of Architects second-quarter survey show. And homeowners are still seeking outdoor living rooms and home offices.

http://www.latimes.com/business/money/la-fi-mo-home-amenities-20130928,0,6355914.story

September 24, 2013

Younger Buyers to Dominate Luxury Market

Realtor Mag
September 23, 2013

A new survey by Coldwell Banker Previews International and the Luxury Institute finds that wealthy younger buyers are driving the luxury real estate market, and they are willing to pay more than similar wealthy buyers age 55 and older.

The survey looked at Americans age 21 or older with a minimum gross annual household income of $250,000. It found that 43 percent of younger wealthy consumers are considering purchasing residential property in the next 12 months, compared to 21 percent of those age 55 and older. These younger, wealthy buyers spent an average of $2.1 million on their most recent purchase of residential property, approximately twice the average amount spent by older and similarly wealthy buyers.

“Luxury homes are for more than successful and retired empty nesters,” says Milton Pedraza, CEO of the Luxury Institute. “Today’s luxury buyer is both dynamic and diverse, and it’s reflected in the homes and products they’re buying.”

So what are these younger buyers looking for? The survey found they are significantly more likely than wealthy buyers age 55 and older to want homes with amenities such as a pool, outdoor kitchen, home gym, home theater, wine cellar, and four or more garages. They are also more than twice as likely to value green or LEED-certified properties.

“This trend toward younger luxury buyers is leading a change in desired home amenities,” says Betty Graham, president of Coldwell Banker Previews International NRT. “Whether these younger buyers have young families or are single without children, they are looking for homes that fit their active and unique lifestyle.”

For most luxury buyers, location is the most important factor when considering the purchase of residential property. And though they may travel internationally, only 6 percent of wealthy homeowners surveyed own residential property located outside the U.S.

http://realtormag.realtor.org/daily-news/2013/09/23/younger-buyers-dominate-luxury-market

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