The latest volume of Art & Home is here! This month, Iyna Bort Caruso welcomes you through some of the most captivating home entrances from around the world. Fine design is about the creation of memorable spaces, and when it comes to entrances, architects have one shot to get it right.
BIG news for Realogics Sotheby’s International Realty listed homes in Kitsap County and beyond! Sotheby’s International Realty Affiliates LLC released website data for 2015 that indicates record breaking traffic with a 30% increase in website visitors year-over-year.
Sotheby’s International Realty Affiliates LLC, whose parent company is Realogy Holdings Corp. (NYSE: RLGY), rang the Closing Bell at the New York Stock Exchange yesterday to celebrate its 40th anniversary milestone in the luxury residential real estate brokerage business. Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC, was joined on the podium by members of theSotheby’s International Realty network for the bell ringing ceremony. “I am very proud of the journey we have taken together with our global luxury real estate network to bring the brand where it is today,” said White. “The Sotheby’s International Realty brokerage network was built to connect the finest independent residential real estate companies to the most prestigious and discerning clientele in the world,” said White. “We are honored to be celebrating this milestone by ringing the Closing Bell at the New York Stock Exchange.”
The Sotheby’s International Realty network currently has more than 18,000 independent sales associates located in approximately 825 offices in 61 countries and territories worldwide. Each office is independently owned and operated.
To mark the event, Philip White additionally appeared on CNBC’s Closing Bell to discuss the luxury real estate market.
Our Bainbridge Island Office is pleased to share a partnership with North Kitsap Fishline Christmas Child 2015, bringing joy to local children’s lives this Christmas season. Pick up a gift tag from the Bainbridge Island office that includes three wants and three needs confluent with the child’s interests, hobbies and abilities. Then purchase the items to fill the season with a little more holiday cheer. Please return all unwrapped gifts with attached tags to the Bainbridge Island Office by December, 17th. Wrapping paper rolls are greatly appreciated!
Realogics Sotheby’s International Realty’s Bainbridge Island Office is located at 271 Madison Avenue South in Bainbridge Island.
Sotheby’s International Realty Affiliates LLC today announced it has expanded its global real estate network into Finland with the launch of Snellman Sotheby’s International Realty located in Helsinki. The owners, consisting of Swedish and Finnish prominent business investors headed by Robert Charpentier, signed an exclusive 25-year franchise agreement to develop the Sotheby’s International Realty® brand throughout Finland. The company will operate under the leadership of Kenneth Katter, who brings over 20 years of relevant high-profile international sales experience to his role of chief executive officer.
“Expansion into Finland continues the brand’s commitment to providing access to theSotheby’s International Realty network’s exclusive real estate services in luxury real estate destinations around the world,” said Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC. “Finland is a country widely admired as a European hub of innovation and entrepreneurship where the luxury market continues to grow. Entry into Helsinki offers great opportunity and complements the brand’s strong existing presence throughout Sweden and the Baltic States.”
According to Charpentier, the plan is to establish the Sotheby’s International Realty brand in the capital city of Helsinki with the opening of the first Snellman Sotheby’s International Realty office. With the addition of this office, opening this year, the Sotheby’s International Realty brand will have over 180 independently owned and operated offices in the Europe, Middle East and Africa regions. Other cities in Finland will be evaluated on an ongoing basis and Charpentier anticipates a presence in the Finnish Lapland in the future to facilitate the international interest of high-end ski chalets.
Katter adds, “This company is focused on fulfilling the needs of highly discerning clients searching for extraordinary real estate and requiring a high quality of service. It is vitally important for our team to ensure that we understand our clients’ needs and to deliver efficient and personalized services with professionalism and confidentiality,” he said.
“Now with the support of the Sotheby’s International Realty brand we can bring Finland’s extraordinary and unique properties to the far-reaching corners of the world.”
The Sotheby’s International Realty network currently has over 18,000 sales associates located in approximately 825 offices in 61 countries and territories worldwide. Snellman Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and their clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.
According to a new study released by Wealth-X and the Sotheby’s International Realty® brand, more and more ultra high net worth (UHNW) individuals are buying second homes outside of their domiciles. The report revealed that there are currently more than 211,000 UHNW individuals around the world and that their purchase of international homes has risen. “Our partnership with Wealth-X has proven to be invaluable as we continue to explore the motivations of the world’s ultra high net worth,” said Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates, LLC. “The research from our latest report uncovers current trends in home purchasing behavior and chief lifestyle considerations, helping us gain insight into investment strategies of the UHNW population.”
As the report reads, “five years ago international homes accounted for 11% of non-primary UHNW residences, whereas they now account for 16%.” Further, “nearly 80% of UHNW individuals own at least 2 homes and over half own at least 3 homes.”
According to the report, “while many of these homes are being purchased in traditional UHNW centers, additional home buying is becoming a truly global enterprise.” The image below spotlights “the top 10 secondary residence countries, outside primary business country”:
Realogics Sotheby’s International Realty (RSIR) has emphasized the importance of Chinese international buyers for the last few years. Among their many initiatives, RSIR most recently announced a partnership with Tiger Oak Publications on an all-Mandarin magazine, “Seattle Luxury Living,” to target affluent Chinese consumers both locally and overseas. In addition, they launched a “Fly and Buy” luxury tourism program and are developing an exclusive We Chat App that will feature the Seattle Luxury Living content as well as other market reports, featured listings and reference resources for Mandarin-speaking homebuyers exploring investment in the Pacific Northwest. Read more about the firm’s initiatives >>
Other key findings from the report:
- The average UHNW Mult-homer is 63 years old, has a net worth of US$165 million and is married.
- The United States is the most popular location for second homes among the ultra wealthy, followed by the United Kingdom and Switzerland.
- Four types of luxury home types have emerged as favorites among the global ultra wealthy: Green Homes, Smart Homes, Private Islands, and Serviced Apartments. These types of luxury residences serve their needs, aspirations, and lifestyle considerations.
- The Caribbean and the Mediterranean remain favorites among UHNW buyers for private island homes, but Southeast Asia, Canada, Belize and the United Kingdom are gaining popularity.
- UHNW Multi-home buyers are fueling market growth in regions beyond urban hubs such as London, New York City and Hong Kong. The report profiles Miami, Florida; Geneva, Switzerland; and Long Island, New York.
Apple News is a brand new application baked into every Apple device running iOS 9 or newer, allowing our brand to potentially reach over 800 million iPhones and iPads.
You can add the Sotheby's International Realty channel within Apple News, which has content automatically fed via the Extraordinary Living blog. It can be found by searching for Sotheby's International Realty within the News app, or clicking here on your iOS device.
Proven Results: Since going live on 10/16, Apple has been the #3 overall traffic driving source to SIR.COM behind Search and Facebook. 98% of those users are NEW to SIR.COM.
We are proud to announce that the recently revamped Sotheby’s International Realty® website was recognized by the Web Marketing Association with the “2015 Outstanding Website WebAward” and by W3 with the “2015 W3 Gold Award.” With a great focus on creating the best possible user experience, the new sothebysrealty.com continues the brand’s tradition of revolutionizing Luxury Real Estate in the digital space.
The new design changes include an increased focus on full-screen, high-definition video throughout the site, from the homepage to property detail pages, to allow for a more immersive consumer experience. High-resolution photography also plays a more prominent role. The property detail pages feature: slideshows that tell a home’s story via the captions, custom video, location overviews that provide insight into the local area via video and text, and a seller or expert quote that offers a personal view of the property.
About Web Marketing Association: Since 1997, the Web Marketing Association’s annual WebAward Competition has been setting the standard of excellence for Website development. Independent expert judges from around the world review sites in 96 industries. The best are recognized with a WebAward which helps interactive professionals promote themselves, their companies, and their best work to the outside world.
Sotheby’s International Realty Affiliates LLC recently announced that New Seabury Real Estate on Cape Cod, Massachusetts, is the newest member of its real estate network and will now operate as New Seabury Sotheby’s International Realty. The firm, which is owned and operated by Christopher Burden Jr. and Amanda Prince, has three offices around the Cape and will service New Seabury, Popponesset and the greater Cape Cod area. With this addition, the Sotheby’s International Realty brand now has four member companies on Cape Cod including: Atlantic Bay Sotheby’s International Realty, oldCape Sotheby’s International Realty, Sotheby’s International Realty – Falmouth Brokerage and Sotheby’s International Realty – Osterville Brokerage.
“Christopher Burden and his team are seasoned real estate professionals who have extensive market knowledge about the community in which they serve,” said Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC. “We are proud to welcome New Seabury Sotheby’s International Realty to our network.”
The firm has served the greater Cape Cod area since 1970. “Affiliating with Sotheby’s International Realtyallows our company to have access to high caliber marketing opportunities and technology, as well as worldwide exposure,” said Burden. “We are thrilled to be a part of a globally recognized brand.”
The Sotheby’s International Realty network currently has more than 17,000 sales associates located in approximately 800 offices in 61 countries and territories worldwide. New Seabury Sotheby’s International Realty listings will be marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.
Sotheby’s International Realty Affiliates LLC today announced that Sullivan Real Estate on Block Island, Rhode Island, is the newest member of its global real estate network and will now operate as Sullivan Sotheby’s International Realty. The firm, which is owned and operated by Cynthia “Cindy” Pappas, has served the greater Block Island area since 1967. Throughout the years, the firm actively participated in local land preservation and is proud to have contributed to the efforts that led to Block Island being named one of the “Last Great Places” in the Western Hemisphere by the Nature Conservancy. With the addition of this firm, the Sotheby’s International Realty network now has three independently owned and operated member companies in Rhode Island, including: Gustave White Sotheby’s International Realty and Mott & Chace Sotheby’s International Realty.
“Block Island is an iconic New England town located 12 miles off the shores of Rhode Island. Its unique beauty and acclaimed quality of life has often attracted buyers seeking a second or third home, making it an ideal market for our brand,” said Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC. “With its established and reputable presence in the community for nearly 50 years, we are proud to welcome Sullivan Sotheby’s International Realty into our network.”
Offering residents a respite from their mainland lives, Block Island presents the opportunity to live the sought-after island lifestyle. The brokerage is committed to providing exceptional service to its clients and making the transition to island life as seamless as possible. It has also been involved in contributing to the island’s year-round vitality. “Affiliating with Sotheby’s International Realty allows us to showcase our luxury homes beyond the island shores to a world-wide market,” said Pappas. “Being a part of a globally recognized brand, we look forward to expanding our reach, learning from the experiences of our fellow brokers and gaining valuable insights on other real estate markets around the world.”
The Sotheby’s International Realty network currently has more than 17,000 sales associates located in approximately 800 offices in 61 countries and territories worldwide. Sullivan Sotheby’s International Realty listings will be marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.
Sotheby’s International Realty Affiliates LLC today announced plans for the brand’s expansion into five additional Gulf countries, complementing its existing presence in the United Arab Emirates. Within the next year, the brand’s affiliate brokerage in the region, Gulf Sotheby’s International Realty, is expected to enter the important new markets of Saudi Arabia, Qatar, Bahrain, Kuwait and Oman, greatly increasing the brand’s presence in the Middle East. “Increasing our brand presence in the Middle East is yet another example of our commitment to providing the Sotheby’s International Realty network’s exclusive real estate services in luxury property destinations around the world,” said Phillip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC. “The Middle East continues to be one of the most important sources of cross-regional capital into the global real estate market and we are proud to support Gulf Sotheby’s International Realty as the company expands its footprint and continues to provide robust regional market intelligence to its clients.”
Currently operating in Dubai and Abu Dhabi, Gulf Sotheby’s International Realty is led by Chairman George Azar. The firm intends to open seven new offices around the region including Riyadh, Jeddah and Dammam in Saudi Arabia and also in Qatar, Bahrain, Kuwait and Oman.
“We are excited to be growing our company and widening our range of services to span the Middle Eastern region,” said Azar. “Our goal is to achieve the highest sale price for our clients, but achieving this means equipping investors with sound intelligence about the property market and its potential. Our clients are sophisticated high net worth individuals and institutional investors who need to understand the underlying fundamentals of the markets in which they invest. This is why we have consistently surpassed our own sale price targets in 2015, despite the slowdown in the Dubai property market.”
The Sotheby’s International Realty network currently has approximately 17,000 sales associates located in approximately 800 offices in 61 countries and territories worldwide. Gulf Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and their clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.
The latest issue of Significant Sales features top sales from around the world beginning with soaring Central Park views in New York. Also featured is a gated enclave in Colorado, an award-winning home in Connecticut and more than twenty other properties from around the globe.
$18,500,000 USD | New York, USA | Sotheby’s International Realty – East Side Manhattan Brokerage
New York - This exceptionally rare Upper East Side duplex, pre-war Condominium offers 8 bedrooms and 8 baths over approx. 7,500 square feet. The size and scale of a sprawling townhouse with the services and security of a white-glove service building, enter through a key-lock elevator onto a private landing with marble entrance gallery and an expansive corner great room boasting Central Park views.
$17,500,000 USD | Colorado, USA | Aspen Snowmass Sotheby's International Realty
Colorado - Located in the private, gated enclave of Pyramid Point, this captivating estate is on a 5.4-acre lot with views of Aspen Highlands and Pyramid Peak. The slopes of Tiehack and the Maroon Creek Golf Course are just down the road. Features include spa area with steam room, sauna and massage, exercise room, recreation room, three bars, theater, wine room, two offices, eight fireplaces, three-car garage, large patios with fire pit, waterfall, two hot tubs, and an expansive lawn area.
$17,000,000 USD | Connecticut, USA | Sotheby's International Realty Greenwich Brokerage
Connecticut - This extraordinary stone Georgian home has been fully executed by the award-winning Judith Larson and Bill Gardiner residential design team. A pristine and prestigious property over 8.7-acres with two gated entrances includes an additional building site for the potential of an extensive family compound. Lush, level grounds are perfect for ardent lawns and formal gardens. Exquisite chef’s kitchen and catering kitchen by Smallbone of Devizes, herringbone floors, 12’ ceilings, 55’ indoor pool, sauna, squash/basketball court, exercise room, in-law/staff wing, fiber optics for trading floor, theater, wine cellar, generator, and more complete this ultimate Greenwich residence.
$15,000,000 USD | Texas, USA | Briggs Freeman Sotheby's International Realty
Texas - This estate is unmatched in grandeur and luxury, with a sprawling 5.3-acres and 14,139 square feet of living space. A picturesque drive along a tranquil creek reveals a truly breathtaking facade of classic stonework and slate roof. Inside reveals gold leaf accented ceilings, Venetian plaster corridors, rooms draped in rich textures of leather, hand-scraped herringbone and marble, a hidden stairway, a 2,200 bottle climate-controlled wine vault and a 10-car garage with six climatecontrolled spaces make this estate exceptional in every way.
$13,750,000 USD | Florida, USA | One Sotheby's International Realty
Florida - Spectacular lower penthouse exquisitely designed by Italian architect Marina Nova. This magnificent 6,557 square foot apartment features five bedrooms, five full and one half bathrooms, den, impressive and elegant living and dining rooms, state-of-the-art gourmet kitchen, Venetian walls, private elevator, fully integrated security and entertainment system, double ceilings and indirect lighting. Expansive terraces showcase amazing panoramic ocean, golf and Miami skyline views.
Nearly US$3 trillion of the world’s private wealth is held in owner-occupied residential properties, a value greater than the GDP of India, a new report by Wealth-X and the Sotheby’s International Realty® brand released yesterday showed. Meanwhile, Seattle-based affiliate Realogics Sotheby’s International Realty says a wave of foreign-direct investment and immigration has arrived to the Pacific Northwest as an alternative to traditional West Coast gateway markets.
There are 211,275 ultra-high net worth (UHNW) individuals – defined as those with US$30 million and above in net assets – in the world and 79% of them own two or more residences. Some of the main hubs for luxury residential real estate are New York City, London and Hong Kong, but niche locations – such as Lugano, the Hamptons outside New York City, and rural areas around the world – are gaining in popularity.
Below are other key findings from the inaugural report:
- The value of UHNW-owned residential real estate assets increased by 8% globally in 2014.
- On average, UHNW individuals own 2.7 owner-occupied residences.
- As of 2014, over 7% of the world’s UHNW population made their wealth through real estate, up from 5% in 2013.
- Ultra affluent women value real estate assets more than their male counterparts, holding 16% of the net worth in such assets, on average, compared to less than 10% for men.
- Luxury residential real estate is an asset class typically favored by UHNW individuals with inherited wealth: these individuals hold 17% of their net worth in such assets, compared to just under 9% for self-made UHNW individuals.
- UHNW individuals with net worth between US$30 million and US$50 million typically keep their primary residences for over 15 years and their secondary residences for over 10 years.
- Billionaires change one of their four properties, on average, once every three years.
- Secondary residences are typically 45% more valuable than primary residences; twice the square footage and have 10 acres of land.
- At 83%, Monaco has the highest density of foreign-owned UHNW residences.
- Over 6% of the world’s UHNW population have relocated their primary residence to a different country from which they were born – these individuals often keep a secondary residence in their home countries, and India is the leading country in this respect.
The Wealth-X and Sotheby’s International Realty Global Luxury Residential Real Estate Report 2015, which looks at trends in the UHNW population’s appetite for luxury residential real estate across the world, identifies specific attitudes, behaviors and locations that matter to this industry and this wealth segment.
Wealth-X President David Friedman commented: “Wealth-X is pleased to partner with the Sotheby’s International Realty brand for this inaugural report, which underscores Wealth-X’s commitment to conducting groundbreaking research on the world’s ultra-high net worth (UHNW) population. Expert commentary from the Sotheby’s International Realty team complements Wealth-X’s global intelligence on the world’s UHNW population, producing a report that demonstrates a true collaboration between the world’s leading UHNW intelligence provider and the global leader in luxury residential real estate. Luxury residential property is a core component to the anatomy of the ultra-affluent at the intersection of their lifestyle and investment.”
“We are proud to partner with Wealth-X to provide valuable insights into today’s luxury real estate market and the buying behaviors of the ultra-high net worth consumer,” says Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “We believe that a solid investment in real estate is one of the single best factors for building long-term wealth, and that many of today’s ultra-high net worth consumers would agree.”
Download the above-referenced report here.
A previous Luxury Lifestyle Report published by Sotheby’s International Realty with reference by Dean Jones on the portrait of an affluent Chinese consumer can be found here.
About Wealth-X: Wealth-X is the world’s leading ultra-high net worth (UHNW) intelligence and prospecting firm with the largest collection of curated research on UHNW individuals, defined as those with net assets of US$30 million and above. Headquartered in Singapore, it has 13 offices on five continents.