I am thrilled to bring you this week’s event calendar! Your comprehensive guide, take a peek at what’s going on! From Christmas Jazz at Seattle’s Town Hall and an Outdoor Skating Rink at Redmond Town Center to the opportunity to Meet the Artist at the Bainbridge Island Art Museum, here’s what’s happening around the sound:
Market Update: November 2015
November's numbers are in and the Bainbridge Island real estate market inventory continues to wane, as the number of active listings was down nearly 20% month-over-month. Sales also decreased, as the number of units sold was down nearly 30% compared to October's numbers. Given the anemic inventory, however, the median listing price increased $90K from the previous year to $875K. And buyers made their presence felt as the median sale price of $690K was up over $175K compared to last year. Along with increased prices, homes sold in an average of just 23 days on the market, down 62% from the previous year.
Watch November's Market Videos >>
RSIR Bainbridge Island Gives Back: Pick Up a Gift Tag & Fulfill a Holiday Wish
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 Expands Luxury Brand Presence into Finland
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.
What's Next: Event Calendar Update
Your comprehensive guide, take a peek at what’s going on! From this weekend’s Swing and Gypsy Jazz Concert at the Museum of Art to next week’s Turkey Trot at Battle Point Park, here’s what’s happening around Bainbridge Island!
Select Links Below to View Full Calendar of Events in Each Community
Bainbridge Island Events >> ♦ Seattle Events >> ♦ Eastside Events >>
Wealth-X and Sotheby's International Realty Release UHNW Luxury Real Estate: Multi-Homers Report
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.
Read the Full Wealth-X & Sotheby’s International Realty Report >>
What's Next: Your Monthly Event Calendar
I am thrilled to bring you this week’s event calendar! Your comprehensive guide, take a peek at what’s going on! From this weekend’s Oyster New Year in Seattle and Field to Table Dinner on Bainbridge Island, to the Gilman Village Wine Walk next week, here’s what’s happening around the sound:
Select Links Below to View Full Calendar of Events in Each Community
Bainbridge Island Events>> ♦ Seattle Events >> ♦ Eastside Events >>
The Local Dish: Halls Hill Lookout
I recently visited a fabulous park on Bainbridge Island called Halls Hill Lookout. If you have not been here, I suggest adding it to your weekend plans immediately. It is the perfect place to meditate on the island, complete with a beautifully designed stone labyrinth. According to a recent article on Inside Bainbridge, it is estimated that the builders "collected some 25,000 pounds of rocks for the labyrinth from Bainbridge Island beaches, poring over shorelines for the rights shapes, sizes, and colors, mindful not to disturb beach creatures in the process."
The benefactors wish for it to remain a place of peace primarily for locals, not a tourist attraction. When you visit it, which I hope you will, you will see why.
Have I Recently Mentioned How Much I LOVE My Office?
This fabulous spread is a regular occurrence at our bi-weekly office meetings. Lots of LOVE and ENTHUSIASM for all the hard working agents at Realogics Sotheby's International Realty. What a great team to work with!
What's Next: Your Monthly Event Calendar
I am thrilled to bring you this month's event calendar! Your comprehensive guide, take a peek at what’s going on! From this weekend’s Cemetary Walk at Fort Lawton to a Super Squash Scavenger Hunt on Bainbridge Island, here’s what’s happening around the sound.
Select Links Below to View Full Calendar of Events in Each Community
Bainbridge Island Events>>> ♦ Seattle Events >>> ♦ Eastside Events >>>
Introducing: An Exclusive Apple News Partnership
I am excited to share that Sotheby’s International Realty is now 1 of 20 exclusive advertising partners on the Apple News app now through the end of December and the only real estate company.
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.
SIR.COM Wins WebAwards
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.
Explore SIR.COM >>
Sotheby's International Realty Brand Welcomes Cape Cod Firm
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 Brand Welcomes Block Island Firm
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.
Volunteer Sunday, September 27th at the Harvest Fair
On Sunday, September 27, come celebrate our local food producers and the community that supports them at the 29th annual Harvest Fair on Bainbridge Island. This community oriented, family friendly event includes great local music, locally sourced foods, exhilarating rides, agricultural-educational lectures, freshly pressed cider and a pie making contest.
To make this day a success for the 3,000 expected guests, Friends of the Farms invites you to volunteer and experience and celebrate the day first hand.
Volunteer roles include:
· Set-up and tear down
· Helping with rides and kids activities
· Selling pie
· Welcoming guests
· Shuttle drivingWe are looking for volunteers to fill in shifts from:
· 10:30am - 1pm
· 1pm - 3:30pm
· 3:30pm - 5pm
Friends of the Farms provides volunteers with an experience of a life-time, a free Harvest Fair shirt designed by Howard Block from Bay, Hay and Feed, and the opportunity to celebrate our farming heritage.
If you would like to volunteer, contact Kevin Haggerty, Program Coordinator at Friends of the Farms
Sotheby’s International Realty Brand to Expand Luxury Presence within the Middle East
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.
Evergreen Dreaming: Californians Flock to Washington State
According to recent Census data, California sends more new residents to King County than any other state in the US, as noted in a recent Seattle Times article. The trend makes a lot of sense considering that the two states share a time zone, a love for the ocean and a propensity for employing high-tech workers, as recently highlighted by The Wall Street Journal and the Puget Sound Business Journal,which described that the average home costs nearly $600,000 less in Seattle compared to Silicon Valley. A delegation of RSIR brokers and owners recently visited the Bay Area to explore these trends firsthand.
Thousands of Californians moving from the Golden State to the Evergreen State. For the year ending July 2015, nearly 22-percent of the 16,999 new residents in Washington came from California, according to State of Washington Department of Licensing:
“Many inbound Californians recognize that Washington offers a bounty of opportunity with a much lower cost of living,” said Dean Jones, President & CEO of RSIR. “I joke that we’re the Evergreen State not just because of the lush forest and landscapes but because we have no state income tax. Washington’s a good place to get wealthy and stay wealthy, whereas California has the highest combined tax rates in the US and top earners can pay up to 13-percent state income.”
Jones says one of the trends is for affluent Californians to buy a principal residence in Washington State and keep their current home in California as a second home. By becoming a Washington resident and living in the Puget Sound region for the majority of the year, passive income earners can avoid paying state income tax in California and invest those savings in building equity in two homes instead of paying the government.
Californians remain a targeted consumer group for RSIR, as have immigrating Asian home buyers, who comprise the second largest relocating demographic in Washington.
What's Next: Your Weekly Event Calendar
I am thrilled to bring you this week’s event calendar! Your comprehensive guide, take a peek at what’s going on! From TONIGHT'S Homebuyer Symposium in Kirkland, to this weekend’s Tomato Battle at Pyramid Alehouse and the Cedar Suede concert on Bainbridge, here’s what’s happening around the sound:
Select Links Below to View Full Calendar of Events in Each Community
Bainbridge Island Events>>> ♦ Seattle Events >>> ♦ Eastside Events >>>
Signs of a Housing Bubble? Not According to the Daily Journal of Commerce
In an article released by the Daily Journal of Commerce, Matthew Gardner describes his confidence that we are not currently in a housing bubble, ten years after Alan Greenspan first said he had no concerns regarding the housing market just before the recession hit.
Where does Gardner's confidence come from? He breaks down his top four reasons why there is no "national bubble on the horizon":
- The flippers have left the building - "Data supplied by RealtyTrac suggests that the percentage of homes that were bought with the intent to 'flip' has dropped from a peak of 6.7 percent at the beginning of 2014 to 4 percent today . . . signifying a more normalized market."
- Lending standards remain very stringent - "there are several components of the Dodd-Frank Wall Street Reform and Consumer Protection Act that provide substantial safeguards when it comes to irresponsible lending practices, such as requiring lenders - through the qualified mortgage rule - to ensure a borrower's ability to repay."
- Home prices are up, but not to pre-bubble levels - at the national level, the bursting of the housing bubble led to a 27 percent drop in the index. The index has risen but is still 9 percent below the prior peak."
- Interest rates are (eventually) going to rise and cool the market - "the growth in employment, and the subsequent drop in the unemployment rate, will lead to wage growth, and increasing incomes will take some of the sting out of any rate increase."
Open August 15th & 16th: Manzanita Bay Waterfront Home
This Saturday & Sunday, August 15th & 16th, you are invited to tour our GORGEOUS Manzanita Bay Waterfront Home from 1-3PM.
Sunny & casual west-facing waterfront home with coveted deep water dock in sheltered Manzanita Bay. Spectacular views & French doors to decks from every room. Airy & bright with cathedral ceilings, open layout and wide plank pine floors. Level entry & romantic main floor master with fireplace. An entertaining sized kitchen with new steam oven & high end appliances. Extra room upstairs with endless possibilities. Indulge yourself in an accessible waterfront lifestyle – sandy beach & 253′ dock suitable for 50′ sailboat.