Pacific Business News of Honolulu

Premier Global Property News

Luxury Real Estate News and Information - Christie's International Real Estate

Tuesday, April 24, 2012

Historic Hôtel Particulier de Miramion comes on the Market


Represented by Daniel Féau—Exclusive Affiliate for Christie's International Real Estate in Paris


After an extensive consultation, the public hospital system of Paris and its suburbs, or the Assistance Publique des Hôpitaux de Paris, chose Daniel Féau to exclusively manage the sale of the Hôtel de Miramion through a call for proposals. This magnificent private house, featuring 3,820 square meters of living space, is located at 45–53  quai de Tournelle in Paris’ Vth arrondissement and includes a basement, a ground floor, and four additional levels.


In the Days of the Bernardines

The land on which the Hôtel de Miramion stands was initially part of the "Clos de Chardonnet"—an area stretching from the Seine to the wooded plateau of Saint-Etienne du Mont, and bordered by the Bièvre. It was only after the Norman invasion that this zone was developed; consequently transforming the landscape. Monastic settlements were established, and the arrival of new parishes marked the beginning of urbanization. The first chapel Saint-Nicolas-du-Chardonnet was constructed around 1230 to accommodate the Seine’s boatmen. The Cisterian monk and Clairvaux abbot, Etienne de Lexington, was at the time convinced that the revival of the Church could only be achieved with adequate education; consequently, the idea arose to create a Parisian establishment for the religious men of his abbey. This vast complex was built in 1247 and comprised a college with an immense refectory on the ground floor, a parish church, and monastic buildings. The high-maintenance cost of the establishment led the monks to sell part of their plot in the late 15th Century. Eventually, development increased on the land throughout the 16th and 17th Centuries, with influential families taking opportunities to build private homes. Subsequently, the Hôtel de Nesmond, the Hôtel de Selve— housing the first president of the Parlement de Paris — and the Hôtel de Christophe Martin emerged.

In the Days of Christophe Martin

During the 17th Century, residents of the Quai de la Tournelle worked most often in finance and as managers of the King’s stables, where they controlled the market of cars, harnesses, and horses. These activities represented a substantial source of income. Christophe Martin, a cousin of the owners of the Hôtel de Selve and a renowned notable in the area, fully belonged to this social environment. In 1630, at the time state counselor, intendant, and general manager of the King’s stables,  Martin acquired a house built in the 16th Century. Upon purchase, he enlarged the home and ultimately transformed it into an aristocratic property. In order to expand his estate, Martin purchased and rented shares of the Bernardines land until obtaining close to one hectare. He transformed the quay’s dwelling, expanded the 16th-Century wing, and enlarged the Courtyard of Honor. At the back of the courtyard, he built a main dwelling, whose façade integrated round dormers and cow’s eyes. On the garden side, which is twice as large as the courtyard, the façade conveys a sense of monumentality. The order and décor of the buildings demonstrated the quest for style and resembled the Hôtel d’Aumont, which was built around the same epoch. This house is in fact, like the latter, attributed to François Mansart.

In 1675, a few years after the passing of Christophe Martin, Madame de Miramion acquired the Hôtel. Nicknamed "Mother of the Church" by Madame de Sévigné, and having experienced an early widowhood, the pious Madame de Miramion decided to dedicate herself to God, the poor, and to girls' education. In 1662, she established the community of the Sainte Famille, which was eventually merged with the Girls of Sainte Geneviève—founded 30 years earlier by Miss de Blosset. Madame de Miramion housed this new enlarged community in her recently acquired hôtel.

After the French Revolution

While initially spared by the secularization of Church property in 1789–1790, the community was eventually dissolved in 1794. The premises were gradually transformed into weaponry workshops, leaving space for workers' housing. In 1812, the General Council of Hospitals decided to transfer the Central Pharmacy of Hospitals—lodged since 1796 in the former "Hôpital des Enfants Trouvés"—to the Ile de la Cité. For approximately 150 years, the Central Pharmacy occupied the Hôtel de Miramion.
In 1926, the Miramion Hôtel was registered on the French Supplementary Historic Monument list with the Order of February 22, 1926. With the support of the Beaux-Arts Minister of the Daladier government, the façades on the courtyard and on the garden, as well as the painted beamed ceilings and the woodwork, received protection under the law for the preservation of Historic Monuments. The installation of the AP-HP Museum in 1934 was an important step for the promotion of this architectural ensemble.

Thursday, April 19, 2012

Christie’s Appoints Landscope Realty Limited as the First Real Estate Affiliate in Southeast Asia


Hong Kong–based Landscope joins Christie’s Network of Luxury Real Estate Specialists Offering Unparalleled International Exposure in 41 Countries
Hong Kong—Christie’s has announced today further growth and expansion in the Asia Pacific region, having entered into a Franchise Affiliate agreement with Landscope Realty Limited and Landscope Surveyors Limited. The company is the leading Hong Kong brokerage dedicated exclusively to the luxury residential markets. In operation since 1995, Landscope is renowned in the region for its high standards of professionalism, integrity and discretion, resulting in its long-term involvement in Hong Kong’s leading luxury residential transactions.
These qualifications make Landscope the Hong Kong brokerage of choice to join the Christie’s International Real Estate network of luxury specialists worldwide. The agreement was fully executed after 12 months of research, negotiations and due diligence.
“It is vitally important that we partner with a firm that fully appreciates the ultimate standards of professionalism and client care required in this high-performing region of the globe,” says Neil Palmer, Chief Executive Officer for Christie’s International Real Estate and a 16-year veteran of the Hong Kong real estate market. “The team at Landscope is well positioned to serve our ultra-high-net-worth clients as they seek advice and transactional expertise in a fast-moving environment. The breadth of Landscope’s professionalism is further enhanced by Landscope Surveyors, leading advisors on land planning and valuation within Hong Kong."
Landscope's arrival to the Christie’s International Real Estate network caps a remarkable period of growth for the company, with 13 new Affiliates—in the United States, Europe, Africa, Canada, the Caribbean, and now Hong Kong—signing in the past six months alone. Having accomplished the record-setting sale of a house on The Peak for US$93 million, Landscope joins such companies as Brown Harris Stevens in New York City, Hilton & Hyland Real Estate in Beverly Hills, and Belles demeures de France Fine Residences in Paris.
Whilst the network’s sales achievements set it apart, the synergy between Christie’s, the world’s leading art business, and its wholly owned real estate subsidiary, is a relationship no other network can offer. “There has always been a significant overlap between the art world and fine real estate. In the United States and Europe, Christie's has been assisting collectors with their property needs as part of our comprehensive approach to our services. With the launch of Landscope, this facility will now be available in Hong Kong as well, where our team looks forward to offering professional and discreet advice on luxury residential properties, in Asia and all over the world,” says François Curiel, President of Christie's Asia. 
“We are honored to have been chosen to join the Christie’s International Real Estate network,” says K.S. Koh, Managing Director of Landscope. “Our existing prime position in the Hong Kong market is further strengthened by the ability to offer a pre-qualified real estate specialist service on acquisition and disposal of luxury properties worldwide from within our network. We can now also refer them to our Christie’s colleagues for art advice, as our ultra-high-net-worth clientele has diverse investment interests. Additionally, we are eager to assist international clients looking to acquire real estate in and around Hong Kong. The association with Christie’s is an endorsement of our core values which include integrity, professionalism and discretion.
Mitch Lewis, Managing Director for Asia Pacific and responsible for this transaction, adds: "This announcement speaks to our strategic approach of not only establishing a corporate headquarters in Hong Kong to better service our Asia Pacific network, but also granting these rights to the most qualified companies, in this case Landscope in Hong Kong. This is a powerful combination that will create significant momentum for more affiliations in Asia Pacific. Landscope has been a ‘hold-out’ of sorts for many years, waiting for the right international network to brand its already impressive book of business in one of the most high-performing markets in the world.  We view it as a compliment that just as we appreciate the value of Landscope’s brand and reputation in Hong Kong, it fully values the sterling 240-year reputation that our brand has garnered worldwide.”

ABOUT LANDSCOPE
Established in 1995, Landscope is the market leader in the marketing and sale of luxury real estate in Hong Kong, having achieved record sales throughout its history. In 1997, the company closed on Hong Kong’s highest residential sale with the HK$728.88 million Black’s Link, The Peak. In 2000, the company made global headlines in establishing a world mark for an apartment transaction, brokering the sale of the largest purpose-built apartment for HK$162 million, The Penthouse, Aigburth, Mid-levels. The next year, Landscope brokered the lease of the second largest purpose-built apartment (The Penthouse, Tregunter III, Mid-levels). The professional services arm of Landscope, Landscope Surveyors, is the recognized expert in business disturbance and statutory compensation claims. It has been engaged in numerous claims representing the private sector and the government, with its expert opinions and methodology adopted by the courts in various precedent-setting legal cases.

Stacumny House in Ireland Celbridge, Co Kildare is a Six-acre Estate Ideal for Royalty and Entertaining Guests


This exceptional residence is offered for sale by Sherry FitzGerald, exclusive Affiliate in Ireland for Christie’s International Real Estate



The long history of the estate goes back to the 1700s and the property was later the seat of the Bradstreet Baronetcy in the 19th century. More recently the property has provided an ideal gem for entertaining friends and guests, with an authentic traditional Irish pub and a state-of-the-art 90-seat theater The Old Barn Playhouse, which has been staging one-off annual productions for charity.

The granddaughter of the late Tony Ryan, founder of Ryanair, has brought to the market Stacumny house, a six-acre Georgian estate, which enjoys a rural setting in Celbridge, Co Kildare, only 18 kilometers from the center of Dublin and three kilometers from a private airport.
The layout of the estate resembles that of a mini village, the main residence includes eight exquisite bedrooms and eight bathrooms. On the top floor of the house, there are three quaint double guest bedrooms with William Morris-style wallpaper; the main bedroom has a double-height walk-in wardrobe and an enormous en suite bathroom. On the other side of the property, a more recently-renovated wing offers more bedrooms and a playroom.

The property has been recently meticulously restored with detailed renovations taking place in 1995 and 2011, adding geothermal and under-floor heating throughout the property. The interiors of the house can only be described as fit for royalty, with a number of imposing reception rooms on the ground floor including a 940-square-meter reception room. Adjoining the grand entrance hall is a bow-fronted morning room, a richly appointed drawing room, and a mahogany-panelled dining room with fabric-lined walls, a library, a rustic kitchen, and an impressive wine cellar.
Tancred Lidbury - Associate Director for Europe at Christie's International Real Estate says, “This is an extremely rare opportunity to purchase an exceptional Georgian house and estate with such a rich history of Ireland. The principal house has been beautifully and meticulously restored and equipped for modern living. The estate also includes the flexibility of accommodation allowing numerous guests and staff.”
“Stacumny House is just superb and exemplifies meticulous restoration in great style according to the period of the house. It is as equally a Gentleman’s Residence as it is a family home and the owners have successfully mingled both seamlessly – every inch of the house, lodges, and landscaped feature gardens are hospitable and welcoming, ideal for daily life, leisure, entertaining, and running your business from. Stacumny is a must-see property that will take your breath away,” says Philip Sherry from Sherry FitzGerald.
Outside in the courtyard, there is a Moroccan-themed entertainment room with wraparound seating and an original lantern shipped from Marrakech. The 20-meter swimming pool is further complemented by a sauna, a wet room and a massage room, a kitchen, and a gym. Further buildings include an office building and three houses for staff accommodation with a fully equipped catering kitchen.

Wednesday, April 11, 2012

Switzerland: Lake Geneva Real Estate – A Liquid Luxury Market


By René Murmann

Lake Geneva real estate concentrates especially around the city of Lausanne where regularly lakefront properties are on the market. The demand of wealthy foreigners has heated up the market with luxury properties in Switzerland.
In Pully, a municipality neighbor of Lausanne lies the "Avenue Général Guisan". Here lives who has a reputation and more and more also the super wealthy.Click here to read more about the city of Lausanne
Stunning views at Lake Geneva Stunning views over Lake Geneva
Besides Pully, there are also the neighboring towns of Paudex, Lutry, Villette and Cully located to the east (driving in the direction of Vevey and Montreux) and St. Sulpice to the west (driving in the direction of Geneva) very respectable.
If you live and own in Lausanne, the world capital of the Olympic Committee, you are most likely well set financially. Of course, not all real estate in that area is worth 3 million Swiss francs and up. There are properties that are less, sometimes substantially less.
The preferential suburbs of Lausanne are Rumine, Verneil and Ouchy. The first two are higher up overlooking the city and the lake. Ouchy on the other hand is located directly on the lake. These are prime Lake Geneva real estate locations.
Lausanne itself offers practically no individual lakefront property anymore. Two thirds are covered by public facilities, docks and a gravel assortment facility. One third involves the prominent quay by the Olympic museum with its avenue until to the town border. For this reason, you will discover the best lakefront locations begin beyond the border in the mentioned "Avenue Général Guisan".
You notice right away that this is a prestige-laden environment and very much in request.
However, prestige does not mean shine and glory. When you walk along this avenue, you will be surprised how strong the normal still is and the rural almost dominates. Here, you find also historical chalets as well as small country houses with skew walls and sometimes even rusted gutters.
Lake Geneva... a place to discover high-end Swiss real estate
Perfect views from high-end Lake Geneva Real Estate
In these gardens mature quinces for jam and carrots, lettuce and other vegetables wait for the harvest.
They testify from a generation of inhabitants who relocated here before the Second World War and the optimized management of real estate portfolio still has no meaning to them.
Along the residential zone on the lake in Pully, there really is a substantial developing potential waiting. Here, the average Lake Geneva real estate market price is a moderate 1,750 Swiss francs a square meter. This is reasonable in compare to other locations close by. Nowhere is the crossing of private and public interests more visible than here. Most properties dispose over the rights of a landing stage, buoy or a boat house.
For this reason, some Lake Geneva real estate locations have private bridges which lead directly to the water and don’t hinder the public. The local people here are very active and enjoy walking, running or biking on shore of Lake Geneva. We go there quite often during the summer, but closer to the city of Montreux. It is a good place to have coffee and maybe lunch in one of the many restaurants on the lake.

The cost of owning real estate on the Swiss Riviera
Determining for the demand and therefore the price is the micro location. An actual offer in the town of Cully for a property of 1,300 square meters amounts to about 3,7 million Swiss francs, 2,800 francs per square meter.
Newly built apartments located directly on shore in Pully and Lutry sell for 1,3 to 2,0 million Swiss francs. Here the cost per square meter hovers between 12,000 to 15,000 francs.
When looking at the Swiss property market of the past five years, it shows that Lake Geneva real estate prices increased partly more than 55 percent. In some municipalities like Cologny and Bellerive close to Geneva, prices climbed more than 70 percent. The front runners are definitely the municipalities located directly on the lake.
Development began in 1997 / 1998 when lakefront real estate was about 800 Swiss francs a square meter. This compared to Zurich during the seventies. Today, you pay from 1500 to 2000 Swiss francs a square meter. However, depending on market conditions, this price level may not stand for long.
Regardless of the holding term, you may see real estate as a lump risk. Maybe it is even a large, but also a not liquid part of your whole portfolio. We all know that real estate prices can change very fast through various circumstances beyond our control.
On the other hand, big trends might not change over night. Many real estate agents in Switzerland recommend still investing in the city centers like Zurich and Geneva with its suburbs. Exactly there, where the economically strongest growth parameters occur and therefore the highest growth in population takes place – that is where we should buy residential property.
Most foreigners know only Zurich and Geneva and a few Swiss ski resorts. The suction to Zurich is unbroken but at the end, the top locations are still relatively moderate in compare to London or Paris.

Lump-sum taxation is possible for those who ask for it
The dynamism of the location of Lausanne strongly depends on the demand of foreigners. Especially French nationals look increasingly for residential property. Of course, there are other foreign nationals like from England, Germany, Russia, the Far East and even China who relocate to the Lake Geneva area.
If you are European, it is a bit easier to acquire residential Swiss real estate, especially when you decide moving to Switzerland. The settlement of wealthy Non-Europeans is certainly more complicated but certainly not impossible.
An important argument might be the lump-sum taxation. The Swiss cantons grant every year a large number of agreements for the lump-sum taxation of assets. These agreements are reserved for foreign nationals only who want to relocate and live in Switzerland.
The experience shows that it is worthwhile if you possess assets above ten million Swiss francs. Below that, it is better to run with a normal taxation. 

Tuesday, April 3, 2012

Boston: Magnificent Back Bay Residence Closes for US$12.5 million


Otis & Ahearn Announces the Sale of 15 Commonwealth Avenue, One of Boston’s Most Historic Homes
Magnificent Back Bay Residence Closes for US$12.5 million, the Year’s Highest Residential Sale in Massachusetts To Date


Boston, Massachusetts—One of Boston’s most historic and architecturally important homes, 15 Commonwealth Avenue, has sold for US$12.5 million. Listed by Christie’s International Real Estate exclusive Affiliate Otis & Ahearn Real Estate, the sale marks the highest residential transaction to date this year in Massachusetts. The exquisitely designed masterpiece closed on March 30th and was represented by the firm’s Senior Vice President, Jeannemarie Conley.
With more than 15,000 square feet of living space, 15 Commonwealth Avenue features striking brickwork and a symmetrical façade measuring an impressive 50 feet in width. The home’s heritage is evident everywhere, from the built-in mirrors over the seven marble fireplaces to the burled walnut paneling with its sinewy design of carved garlands and acanthus leaves. The inlaid floors and antique fixtures have been carefully restored to their original splendor, and the ornamental plaster ceilings and elaborate decorative moldings remain intact in almost every room.


“With its rare 50 foot frontage, grand architecture, and stunning city views, this historic Boston landmark is truly one of the last of its kind,” said listing agent Jeannemarie Conley. “It has been a great honor to represent this magnificent estate.”  
15 Commonwealth Avenue boasts an exceptional provenance—many of its former owners were prominent figures in Boston’s rich history. The property’s first owner was Congressman Samuel Hooper, who bought the parcel for US$72,878 in May 1860. Seven years later, the lot was sold to ship owner William D. Pickman who enlisted highly regarded architectural firm Snell and Gregerson—who built the University Museum and Memorial Hall at Harvard University—to build the lofty five story townhouse. In 1946, new owner Frederick Bashaw converted the property from a single-family dwelling into a school and it has most been recently used to house the offices of the Boston Psychoanalytic Society and Institute.
Built in 1867, the property is situated in the heart of the prestigious Back Bay neighborhood, just one-half block West of Boston's Public Garden, the first public botanical garden in the United States, and three blocks South of the scenic Charles River Esplanade. The original constructions on Commonwealth Avenue were designed as residences for Boston’s entrepreneurial class, but over time these large structures have lent themselves to more institutional uses. 
"The new millennium has seen a return of the entrepreneurial class and their families to Boston's premier neighborhood evidenced by the recent sale of 15 Commonwealth Avenue,” said Conley. The property was sold to an undisclosed buyer and will be converted to a single family home, she added.

About Otis & Ahearn Real Estate Since its establishment in 1978, Otis & Ahearn has been a premier provider of residential brokerage services in downtown Boston. A leader in luxury residential sales and new development sales and marketing, Otis & Ahearn is the recognized source of accurate market data. The company has five offices: Back Bay, Waterfront, Seaport, Charlestown and the luxury rental office in the North End.