Manhattan's White Hot Market

The Manhattan property market continues as a top performer, a destination of choice for international buyers of luxury homes. Drawn to electric city living in a secure investment environment, cash-flush Brazilians, Chinese billionaires, Saudi royalty, a Russian composer, and just last week, the Prime Minister of Qatar are some of the newest residents to the 212 area code.

“In last year’s State of the Market Report, Christie’s International Real Estate was the first to observe that High Net Worth Buyers were increasing exposure to luxury residential real estate as an investment strategy to protect and preserve wealth,” says Neil Palmer, Chief Executive Office. “That global trend has accelerated over the course of the past nine months, resulting inbreathtaking sales—some above asking price—in international cities like New York.”

Manhattan’s trophy real estate continues to post breathtaking sale prices and attract international buyers much like pieces of fine art. As an example, look at the similarity in record-setting price points achieved just this year by Christie’s and Brown Harris Stevens, the exclusive Affiliate of Christie’s International Real Estate in Manhattan: 

• Mark Rothko’s Orange, Red, Yellow (1961), set a world mark for contemporary art sold at auction with a sale price of US$86,882,500 in May.
• CitiGroup Chairman Sanford Weill’s penthouse at 15 Central Park West, an all-cash sale with proceeds donated to charity, smashed New York records by commanding US$88 million in February. Brown Harris Stevens represented both sides with Kyle Blackmon representing the seller and Maria Torresy, the buyer. 

A New York institution older than the city itself, Brown Harris Stevens is one of the city’s most successful luxury real estate brokerages, having recorded most of the top residential transactions this year. Other highlights include:

Other highlights include:

Central Park South Penthouse List Price: US$70 million
Listed by Kyle Blackmon 

Candela Masterpiece at 940 Park Avenue List Price: US$60 million
Listed by Kathy Sloane with international marketing services by Christie’s International Real Estate. 

Stanford White’s Mansion on Fifth Avenue
List Price: US$49 million
Listed by Paula Del Nunzio, the architectural marvel sold in June in conjunction with Christie’s International Real Estate. The contents of the Italian Renaissance palazzo-style residence were sold through Christie’s.East 70th Street Residence List Price: US36,000 million
Harris Stevens' Dominic Poolilo represented the buyer

Jackson Hole Real Estate Market Continues to Recover

Buyers continue to focus on the US$1 million and below market reports Jackson Hole Real Estate & Associates

The market data from the first half of 2012 indicates that the Jackson Hole real estate market is continuing the recovery that began in January 2010, reports Jackson Hole Real Estate Associates in their semi-annual The Hole Report. The firm is the Christie's International Real Estate exclusive Affiliate in Jackson, Wyoming.

The report notes that mid-year numbers from 2009 compared to the mid-year numbers from 2012 show that the overall number of sales since that time is up 283 percent. While the market continues to gain strength, it is still a far cry from the height in 2005 where an incredible 509 sales took place in the first six months. One fact is clear; the local market continues to gain momentum.

The number of sales is up 19 percent and dollar volume is up eight percent, when compared to this time last year. The focal price point continues to be the under US$1,000,000 range, where the number of sales is up 19 percent from last year, and made up 69 percent of the overall sales. 

To read the complete report, visit The Hole Report.

Group unveils plans for new harbor near Mala Wharf

LOUISE ROCKETT

August 2, 2012
Lahaina News


LAHAINA - The principals of Harbor Quest LLC are on a mission to build another harbor in Lahaina at the north end of town at Mala.

Al Pelayo, Drake Thomas and Lance Thomas shared their daring plans with the community and the Maui County Council at a General Plan Committee meeting held on July 23 in Wailuku.

Their testimony before the council described the details: "A channel approximately 650 feet long and 125 (feet) in width would be constructed through what is now Mala Wharf access road. The channel would transect Front Street, opening into a harbor basin with a surface area approximately three times the size of Lahaina Small Board Harbor."

The vision is for a mixed-use, inland harbor village situated on 24-plus acres of land on the south side of Kahoma Stream between the ocean and Honoapiilani Highway.

Their lofty goal is "to create for West Maui a harbor unlike any that exists in the State of Hawaii."

The proposed plans for the private venture are still on the drawing board but include 143 fifty-foot slips, three anchor restaurants, 160 retail establishments, 16 residential condominiums, haul-out facility and a four-story parking garage.

Slips are being offered at $25 per foot per month.

The crown of the development at the entrance is the Celestial Navigation Institute and Polynesian Voyaging Canoe Visitor Center with adjacent 120 feet of dock space for Maui's two voyaging canoes.

"This would finally be home for the Mo'olele and Mo'okiha O Pi'ilani," Drake commented.

In an interview with the Lahaina News, the partners were enthusiastic about the benefits of the estimated $200 million project.

Lance listed some of the amenities: "There would be state-of-the-art docks with sewage pump out, cable TV, Internet, electrical, laundry."

"It would offer safe refuge for vessels during Kona storms and in hurricane conditions," Drake added.

According to Drake, "nightmare, congested conditions at the Lahaina Small Boat Harbor would be alleviated," with the addition of a ferry terminal and loading dock for cruise ship tenders at the new West Maui Harbor and an electronic tram to transport passengers to and from downtown Lahaina.

The preliminary blueprints reflect the construction of an additional public boat launching ramp at Mala Wharf and the removal of the deteriorating old pier, "considered by some to be a hazard to navigation," Drake remarked.

The fiscal advantages are far-reaching.

"The harbor will become an economic engine for Maui," Lance predicted, generating a variety of supportive revenue streams associated with ancillary byproducts, like marine electronics, engine repair, ship chandlery, haul-out services, fishing supplies and fuel.

"The boating industry is such a big industry in West Maui. It would be an immense employer and keep the money on Maui," he said, estimating 900 jobs would be added to the market.

"Jobs, that is what I am looking at," Pelayo stressed, confirming one of the chief reasons for his support. "All these homes coming up here in West Maui - where are all the people gonna be working?"

The tax implications are immense.

"It provides a very sound property tax base for the County of Maui and a tremendous amount of General Excise Tax for the state," Lance said.

Challenges confronting the trio may be crippling.

The property is owned by the Harry & Jeanette Weinberg Foundation, with a bid to build a low-income single- and multifamily housing project currently on the books by another developer.

Although a periphery access road is intended that would "only add two minutes for someone wishing to travel between the corner of Front Street/Ala Moana Street and reconnect with Front Street at the Kahoma Stream bridge," the "severing of Front Street" could be a deal-breaker.

Harbor Quest LLC, however, is not daunted. Read more...

One of the Most Historic and Architecturally Significant Homes in Ridgefield, Connecticut Hits the Market

High Ridge Manor is offered for sale by Christie's exclusive Affiliate Neumann Real Estate

Fortunately, a select legacy of rare homes remain, with addresses unparalleled. Local historians consider High Ridge Manor—now offered for sale by Christie's International REal Estate exclusive Affiliate Neumann Real Estate—to be one of the finest homes of its era and incomparable in terms of unrivaled construction and architectural significance.When the New York elite came to Ridgefield, Connecticut to build their summer cottages they chose the most desirable locations available. They commissioned architectural representations of the finest of homes and selected highly skilled craftsmen to enrich their surroundings. Trees that were planted a century ago continue to shade the lawns and anchor the grounds. A presence of place exists that is difficult to duplicate today.

High Ridge Manor was originally built as the grand summer cottage for publishing magnate E.P. Dutton, circa 1890, and has been meticulously preserved for today’s lifestyle. Exceptional detailing includes extensive white oak and mahogany hand tooled millwork and wainscoting throughout; nine stunning, finely detailed fireplaces; numerous built-in window seats; exquisite Tiffany windows; 10 foot ceilings; special custom finished coffered ceilings; solid oak three inch thick doors throughout;and many original details that cannot be duplicated today. 

The setting is perfect. This 3.4 acre estate sits high on the ridge on one of Ridgefield’s most coveted village locations.This picturesque stretch of High Ridge Avenue was considered “Publishers Row” back in the late 1800s. It is now referred to as “Mansion Row” since many of Ridgefield’s most prominent properties line this exceptional location. 

Overlooking impressive landscaped grounds is a swimming pool with expansive patio, fully equipped year-round pool house with hot tub and Har Tru tennis court. Just a short walk to Ridgefield’s vibrant downtown where you can enjoy several restaurants, shopping, library, numerous parks, Aldrich Contemporary Art Museum, Ridgefield Playhouse, and many amenities that contribute to Ridgefield rating as the Number One Town to Live in Connecticut, according toConnecticut Magazine.

Built in a Queen Anne Style, this three-story residence was recently featured on NBC Television -  “Open House “ NYC. High Ridge Manor is represented for sale by Karla Murtaugh of Neumann Real Estate and is offered at US$3,700,000.