Icebreakers with…Million Dollar Listing’s James Harris

Icebreakers with…Million Dollar Listing’s James Harris

by Luxury Real Estate

James Harris sells some of Los Angeles’s most expensive homes while starring in the reality TV series, Million Dollar Listing, and prepping for the release of his upcoming real estate newsletter, The Blueprint.

For him, “The real estate comes first, the show comes second,” so we got on the phone and chatted about the real estate market, industry trends, and the bloody (he’s British btw) unbelievable amenities high net worth clients request for their not-so-humble abodes.

How is the real estate market looking?

It is absolutely fantastic. It’s been the strongest year and a half of real estate I’ve ever seen. The market right now is fueled by interest rates being as low as they are—debt is unbelievably cheap to borrow from the bank. On top of that, the home has always been the sanctuary. But when Covid hit, the home really became the sanctuary, creating a bull market. And that’s not just in California. That’s across America and really even across the world.

What are the biggest trends you’re seeing in luxury real estate lately?

Wellness. It used to be, “Oh, we’ll just put in a sauna or a steam room and we’ll be done.” Now it’s like a cold plunge, a sauna, a steam…I saw a house recently that had a bloody surgery room in it.

What’s the most requested amenity among high net worth clients?

I don’t want to repeat myself, but it is wellness right now. People also love the idea of two kitchens: Having your display kitchen that’s galleried in the main living area, and then having a chef’s kitchen, which is separated from the main area of the home so that you don’t have to make a big mess in your house and you can keep it tucked away from everything else.

In the LA luxury market, what are the biggest deal breakers for your clients?

If you can believe it, no elevator. Also, not having privacy. Everybody wants privacy.

What is the next up-and-coming real estate market besides Austin?

Well, everyone’s saying Austin right now. But also, all the secondary markets have gone through the roof: Nantucket, Palm Springs, Santa Barbara, any secondary market right now is booming.

Do you have a go-to celebration when you close a big deal?

I don’t have a go-to celebration, but I do love to go away for the weekend with my family. And I love to just enjoy time by the beach and actually enjoy the win because a lot of people don’t actually enjoy the win. They just go, go, go. And that’s what I did for many, many years.

This interview has been edited and condensed for clarity.

Sarasota’s Luxury Real Estate Market Is Booming

Sarasota’s Luxury Real Estate Market Is Booming

by Luxury Real Estate
Large, waterfront luxury home



It might be a chapter from the book of the obvious: Sarasota, with its luxury cars and mansions, has for years been known for its affluence. This year, however, that affluence has exploded and with it the demand for luxury housing.

The annual “A Look at Wealth 2021: Real Estate’s New Power Players” report, recently published by international real estate company Coldwell Banker, points to new standouts in the market and significant growth in real estate wealth from 2019 to 2021. Led largely by baby boomers, (ages 57 to 75), Sarasota was called out as one of its top three “Power Player” markets.

Due in part to the pandemic, affluent boomers gravitated toward locations that offer a balance of outdoor activities, luxury property inventory, a strong community of retirees and low tax burden. Sarasota, with its year-round sunny weather, thriving arts scene and relaxed, beachy charm, fit the bill. 

As affluent Gen Xers battle it out for large, single-family homes in the suburbs, many boomers have cashed in on the equity of their primary residence and relocated to rural spaces and resort towns.   

Nationally, the $1-million to $5-million range saw the highest number of properties sold. Today, nearly three times as many individuals with a $5-million-plus net worth own in that $1-million to $5-million real estate bucket, compared to 2019 – a 180 percent increase in luxury property ownership.

Sarasota numbers tell a similar story. More than half–60.6 percent–of properties in that price range are owned by baby boomers.

“In the last 12 months, 112 houses with more than a $5-million price tag in Sarasota and Manatee sold. The year before that it was just 23,” says longtime real estate agent Roger Pettingell of Coldwell Banker Realty in Sarasota, who specializes in luxury home sales.

In Sarasota County, houses in the $1-million to $5-million range saw a big uptick in demand: 2019 saw 466 properties in that price range sell, in 2020 that number grew to 735 and year to date, there have been 1,107. And those increases are expected to stay their course. It’s projected that by the end of 2021 there will be a 171 percent increase of sales in the $1 million-$5 million range (based on the rate of sales that occurred between January and August 2021). 

The report also highlights trends in the luxury market, among them that of skipping out on the downsizing phase as a result of the pandemic.

Pettingell says the “less is more” movement has faded out. “Bigger and better” is the preference among his affluent clients. 

“The memory of a pandemic is fresh, and people want office space, workout rooms and media rooms. They want home entertainment spaces and as much outdoor space as they can afford,” he says. “They also want room to host family. Many kids stayed with parents while colleges were shut down, and they want to be able to do that again. They’re also adding anything that makes the home your castle again, so items like resort-style pools are huge.”

Other than the weather and the low tax burden,” people are looking for family health and safety,” Pettingell says. 

That’s why gated communities are popular and all the latest security monitor systems are a must. Many of his clients also want to be near a hospital and doctors’ offices in case of emergency.

There are more expensive homes to choose from these days, but that wouldn’t exist without demand. “We didn’t have that inventory before. Within the last five years, we just started having the product people want, like the Ritz Residences and The Epoch,” he says. “That’s why we’re seeing a lot of high-end building going up.”

Other top “Power Player” luxury real estate markets in the report include South Carolina Lowcountry; Scottsdale, Arizona; and Coeur D’Alene, Idaho. As the pandemic subsides, bigger cities like Chicago and San Francisco are also roaring back to life.

Four tips for investing in real estate from four leading global luxury

Four tips for investing in real estate from four leading global luxury

by Luxury Real Estate

U.S. wealth is on the rise: the population of individuals with a net worth of more than $5 million grew by 17{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} from 2019–21, according to Coldwell Banker Global Luxury’s “A Look at Wealth” report. At the same time, wealth allocated to real estate surged to $3.6 trillion in 2021. With so many turning to real estate to diversify their investment portfolio, how does one cash in?

Thousands of Coldwell Banker Global Luxury specialists around the world are trusted advisors to clients looking to boost their real estate portfolio. I recently connected with four of them to find out their secrets. Jill Eber and Nathan Zeder are part of the renowned Jills Zeder Group in Miami who have far surpassed $1 billion in sales this year alone. Beverly Hills-based agent to the stars Joyce Rey caters to billionaires from around the world, having started the first U.S. company to specialize exclusively in multimillion-dollar homes in 1979, and Ed Feijo serves the titans of biotech, medicine, and universities in Cambridge, Massachusetts.

1. The Basics: Know Your Investment Goals

When first entering the investment market, Zeder encourages starting small: “Real estate is expensive, so make sure it’s something you’re comfortable doing.”

L-R: Nathan Zeder and Jill Eber

Eber says, before you get into the game, “know your ultimate objective when you choose to invest.” Consider what type of investment you want to make and prepare accordingly. Are you buying to flip, rent, or hold?

If your goal is to buy and rent out, be prepared to manage the property. Zeder and Eber emphasize that being a property owner is very different from flipping and selling; you must be prepared to deal with issues such as rental market changes, repairs, and breakdowns. Properties require maintenance, and if you’re not handy yourself, have a team of people there to help.

If you’re looking to flip, start small because expenses add up quickly. You may not be as concerned about inspections if the place is going to be torn down, but be aware of the potential costs.

If you plan to purchase a secondary home to hold and later sell, know that these purchases require more due diligence on the front end of the transaction, and an inspection is more vital. This is just one of the many areas where having an agent as a trusted advisor during the transaction is key.

2. Location, Location…Return on Investment

Feijo suggests prioritizing location if you plan to invest in a rental property; ensure it is always saleable and located where tenants will want to live.

L-R: Ed Feijo and Joyce Rey

Often, buying a property comes down to ROI. “Never give up a good opportunity, because you’ll never regret a good purchase,” Feijo advises.

Rey notes that the most sophisticated investors she’s worked with look for prime locations and quality construction, which makes her market exceptionally strong.

Eber concurs that desirable locations, waterfront views, and the feel of a home are most important to buyers. Proximity to schools, if that is desired, and walkability are also key factors. The investor looks at all of those elements, but the bottom line on the investment is most important, and location will always affect the ROI.

3. Prepare for the Luxury Migration

This has been the year of movement, so experts suggest being flexible when considering where to invest.

In California, Rey has seen a huge migration to the suburbs as people look for more land. Although she’s seen movement to other states, people have kept their California homes and added secondary homes in other states to their portfolios for tax reasons. As for where people are coming from, the market continues to be largely domestic, but Rey has started to see global buyers again. On an annual basis, the luxury market is composed of 20–25{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} foreign money.

Like most cities across the U.S., Cambridge is experiencing tight inventory. It’s a great secondary city, outside of Boston, where people feel they get more for their money. Feijo notes that he’s seen a lot of younger families moving to the area with buyers being mostly domestic. He sees the occasional international buyers whose children attend nearby universities such as Harvard or MIT.

Miami has always been a hotspot for investors for its multicultural, welcoming nature; unmatched location; and international stature. Zeder says there’s been a monumental uptick in movement from other parts of the country, including California and the Northeast, perhaps the most they’ve seen. He believes that as travel restrictions lift, there will be an influx of international buyers.

We’re seeing a wave of those choosing to invest in real estate rather than in the stock market, due to decreased volatility and overall stability. Additionally, Zeder’s international clients often invest in U.S. real estate because they see it as potentially a “safer bet” in the short and long term.

4. Find a Great Partner

Navigating the nuances of real estate investments can be difficult, so finding the right real estate expert to help guide you through the process is the final must.

With our expansive network of more than 90,000 knowledgeable agents, it’s easy. “Pick a great broker at Coldwell Banker,” Rey says. “Get professional advice and guidance from a knowledgeable real estate agent that you trust implicitly.”

If you’re ready to start investing, visit https://www.coldwellbanker.com/about.

Those named here are not licensed financial advisors. Seek the guidance of a licensed financial advisor when making personal finance decisions.

—

Michael Altneu is the vice president of luxury for Coldwell Banker Global Luxury.

Luxury real estate booming on Upper East Side in NYC

Luxury real estate booming on Upper East Side in NYC

by Luxury Real Estate

The once sedate Upper East Side is suddenly sizzling as luxe home sales are surging after being cratered by the pandemic.

More contracts for homes priced at $4 million and up were signed on the Upper East Side than in any other Manhattan neighborhood during the first week of November, according to a report compiled by Donna Olshan of Olshan Realty.

Among the eye-popping deals were two penthouse units combined into one with an asking price of $66.5 million. The apartments are in The Bellemont, a condo building at 1165 Madison Ave. designed by famed architect Robert A.M. Stern.

An undisclosed buyer snatched up what will become the 13,011-square-foot home off of floor plans, according to Olshan’s report. The building’s amenities include a roof terrace, screening room and squash court.

A deal on another penthouse with a $27 million asking price, and also designed by Stern, was inked at 200 East 83rd St. It has a 41-foot great room and a 40-foot loggia with “glimpses” of Central Park. The building includes a swimming pool and movie theater.

A penthouse at 1010 Park Ave. with a $35 million asking price went to contract during the second week of November, which saw 60 luxury deals in Manhattan, the most of any week during the year, according to Olshan.

An aerial general view shows Central Park and Upper East Side of New York City on August 5, 2021.
Real estate prices are resurging in the Upper East Side after a severe decline in 2020.
AFP via Getty Images

Olshan told The Post that there was lots of pent up demand after the market stalled last year and that new buyers in the neighborhood were moving away from glass towers toward more traditional buildings.

“This is classic architecture, not pushing the design edge. Beautifully crafted and it’s found a big audience,” Olshan said.

The big sales were in condos which skirt the “tyranny” of getting co-op board approval and in large units, likely so families had room to spread out while working from home.

The Upper East Side still doest have “the cool factor” of a Williamsburg, but nonetheless is “very, very livable,” Olshan said.

“Maybe people are leaning to the more practical,” she said. “The pandemic has created a more practical buyer.”

Susan Hess, 42, moved uptown from the East Village six years ago to be close to her workplace and agreed that newcomers will notice an ease of living in the neighborhood.

“After I moved here, I noticed how much quieter it is here than the East Village. You can actually get your sleep here,” Hess said.

Luxury Real Estate Agent Daniel Tzinker Joins The Agency South Florida

Luxury Real Estate Agent Daniel Tzinker Joins The Agency South Florida

by Luxury Real Estate
News Image

“I am thrilled to join The Agency family and harness the unique resources and unparalleled marketing tools of this truly global brand,” said Tzinker.


LOS ANGELES (PRWEB)

Global real estate brokerage, The Agency is pleased to announce that seasoned luxury real estate agent, Daniel Tzinker has joined the brokerage’s South Florida office. With more than a decade of industry experience, Tzinker is one of the most accomplished real estate brokers in Miami, achieving a quarter billion in combined sales throughout his career including record-breaking transactions at iconic residential properties including the W South Beach, Indian Creek’s “Billionaire’s Bunker,” Faena, The Miami Beach EDITION, Icon South Beach, and Armani Casa.

“I am thrilled to join The Agency family and harness the unique resources and unparalleled marketing tools of this truly global brand,” said Tzinker. “I look forward to continuing to service buyers and sellers in the Miami area while showcasing the power of The Agency, with its collaborative culture and elevated, white-glove service.”

Recognized as one of Miami Beach’s top real estate advisors, Tzinker specializes in residential sales throughout the area’s luxury neighborhoods and serves a broad client base both nationally and internationally with new development, condominium and penthouse purchases. He also acts as a trusted advisor to local sellers looking to gain top value for their homes. Through the cultivation of meaningful relationships over the years, he’s become a well-regarded real estate consultant with deep connections throughout the Miami market.

Fifteen years ago, Tzinker came to the United States to pursue a career in hospitality. It was then that he honed a unique ability to service high-end clientele. To further his understanding of the industry, he obtained a bachelor’s degree in hospitality and marketing from Johnson and Wales University. His schooling helped him establish a trusted system that meets and identifies the needs of his clients utilizing superior customer service and innovative marketing strategies.

Prior to launching his career in real estate, he attended the Navy Officer Academy and served in the Israeli Navy. There, he developed impeccable organizational and disciplinary skills, which he now applies to his real estate business. Tzinker strives to deliver a premier experience to his clients, ensuring that every transaction is done with integrity, excellence, innovation, and class.

He supports many charitable organizations and is proud to be on the host committee of United Hatzalah, an organization that helps save lives.

About The Agency

The Agency is a full-service, luxury real estate brokerage and lifestyle company representing clients in a spectrum of classes, including residential, new development, resort real estate, residential leasing, and luxury vacation rentals. Since its inception in 2011, The Agency has modernized and advanced the real estate industry by fostering a culture of partnership in which all clients and listings are represented in a collaborative environment. Shunning the traditional brokerage model, agents share knowledge, spheres of influence, contacts, and expertise, ensuring clients better representation and a true competitive edge. The Agency has closed more than $37 billion in real estate transactions since its inception and has 850 agents in more than 48 offices in the U.S., Canada, Mexico, and the Caribbean.

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Metaverse universe: Realty and luxury brands wait for you to splash crypto cash

Metaverse universe: Realty and luxury brands wait for you to splash crypto cash

by Luxury Real Estate

It is not real yet but things are moving along at a feverish pace. Metaverse, a dream sold to us most vocally by Mark Zuckerberg of Meta (formerly Facebook) and followed up by the world of tech and beyond, is at best described as a hypothetical evolution of the internet in its current form, and it may or may not happen, however, the number of believers is significantly higher.

If you thought only tech companies have ambitions for the metaverse future, that wouldn’t be true. Real estate, fashion, entertainment, and gaming companies are making a beeline for the next big upgrade to the internet, sending the digital real estate prices soaring

Real estate boom (or decline, depending on your luck) is something we are well versed with in the physical world around us. But the metaverse? Turns out, a plot of digital land has sold for $2.43 million. This is on the Decentraland Marketplace platform which sells digital/virtual land and collectibles for your metaverse life’s preparations.In fact, the metaverse is so much in vogue that the above piece of land sold for more than twice the previous high of $913,000 in June this year.

This purchase was made using cryptocurrency by the Metaverse Group, a subsidiary of Tokens.com. They paid 618,000 MANA, an Ethereum based token, for this real estate deal, in the heart of what is believed to be the fashion district of the Decentraland metaverse world. For the rest of us to get an idea of the space involved here, in real world that would translate into 6,090 square feet of land.

Also Read: Can you, and should you, make NFTs from artwork, collectibles and tweets?

“Fashion is the next massive area for growth in the metaverse. So it’s timely, and very exciting that Metaverse Group has made such a decisive commitment with this land purchase in the heart of Decentraland’s fashion precinct,” points out Sam Hamilton, head of content at the Decentraland Foundation.

That’s more money than the price tags slapped on most homes in San Francisco or New York City.

A quick browse through in the marketplace lead us to land listings such as the “Largest Metaverse Estate for Sale near Genesis Plaza” with a price tag of 277,777 Ethereum. The listing to bid for the “Virtual Reality Shopping District” even bid for buying land in District X, which is described as “Decentraland’s premier land, content, and service company providing land rentals/leases, prefab and custom content, and in-world services”. It is all getting very real world in the metaverse. With similar real estate prices too. Most require Ethereum coin payments.

Also Read: Should you fear the metaverse?

Metaversereit, which calls itself the world’s first virtual real estate firm, says, “Digital scarcity is a tenant of all virtual World’s. There is a limited amount of virtual real estate in these Metaverses and just like the physical realm, only a subset of that available real estate is considered desirable.”

High street comes to the metaverse universe

Nike has firm plans for a virtual space called NIKELAND. The company has partnered with Roblox, an online gaming platform that offers more than 24 million virtual experiences with focus on immersive content. NIKELAND will be inspired by the company’s global headquarters in the real world, interspersed with games and sports activities (Nike says these will take advantage of the accelerometers on your phones) and of course, a digital showroom.

“Nike created this bespoke world with the backdrop of its world headquarters and inside Roblox’s immersive 3D space, building on its goal to turn sport and play into a lifestyle,” the company says, in an official statement.

NFTs, or non-fungible tokens, are the route fashion labels are taking to enter the metaverse. It is all a big opportunity for dressing up avatars in the metaverse, with research suggesting that one in five metaverse gamers on Roblox change their avatars daily. Gucci sold a digital version of its Dionysus bag on Roblox for about $4,100. In fact, that’s more expensive than the real-life bag, which has a price tag of around $3,400.

Also Read | Facebook to Meta: The Metaverse contours go beyond just rebranding

Another luxury brand Dolce & Gabbana sold a nice-piece NFT collection last month for $5.7 million. This digital collection called Collezione Genesi was sold on UNXD, a digital luxury marketplace. One of the NFTs, called, The Dress From A Dream in gold colour, sold for $820,000. That’s 225.5 Ether coins, thank you very much.

Analysts at Morgan Stanley say that the virtual luxury market could be as large as $57 billion by the year 2030. That is a massive opportunity for the luxury brands, and NFTs are the easiest way forward.