PERSPECTIVES

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PERSPECTIVES N E W S & I N F O R M AT I O N O N T H E G LO B A L R E A L E S TAT E M A R K E T F R O M S OT H E BY ’ S I N T E R N AT I O N A L R E A LT Y ® P R O F E S S I O N A L S WO R L DW I D E

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issue of Perspectives highlights extraordinary property from around the world to recently come to market: from a private island beachfront estate on Parrot Cay for $48 million to the historic Magna Carta Island in England and two spectacular properties in California.

Sotheby’s Auction House. The luxury segment continues to perform solidly with inventory levels starting to adjust to more normal levels and price appreciation showing signs of stabilizing, which is resulting in an increase in sales activity in the higher price ranges where we primarily operate.

Also in this issue, our professionals working in Belize; Austin, Texas; and Connecticut and Westchester County, New York, give us an insider’s view of current market conditions, and we are proud to spotlight some recent significant sales from the Hamptons in New York; Washington, D.C.; Lake Tahoe, Nevada; and Dubai.

This issue’s lifestyle comparison celebrates a broad spectrum of property types: island, wine country and desert living. But whatever lifestyle suits your needs, you can search for the ideal property at sothebysrealty.com.

Our network continues to grow in new and exciting places in the United States and internationally. With this growth we have seen a significant increase in referrals among our affiliates as well as opportunities provided by our strong, strategic alliance with

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Julia B. Fee Sotheby´s International Realt | Purchase, New York | $8,495,000 | Property ID: L7Z3J5

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“...from a private island beachfront estate on Parrot Cay for $48 million to the historic Magna Carta Island in England and two spectacular properties in California.”

Enjoy this issue of Perspectives! Sincerely, Philip White President and Chief Executive Officer Sotheby’s International Realty Affiliates LLC CONNECTICUT AND WESTCHESTER COUNTY, N.Y. — “In Connecticut and Westchester County, New York, our markets have experienced promising activity in recent months, particularly with the significant uptick in pending sales, and I am bullish on the market remaining strong through the fall and into next year. The second quarter saw a slower pace of gains than we have been accustomed to after two years of consistent growth and quarter-to-quarter sales increases often reaching double digits, yet this finding is not altogether unexpected as we move into a more normalized housing market. Activity leveled off in the second quarter so that we are approximately even with where the market was at the same time last year, yet this was largely due to the delayed spring selling season that resulted from the overlong winter. The fundamentals of the market are still very strong, with high consumer confidence, stable prices, the improved employment picture, and historically low interest rates all pointing to a strong finish to the year. Our market areas in Connecticut and Westchester County remain highly sought after for the quality of schools, miles of Long Island Sound shoreline, easy access to Manhattan, cultural and recreational opportunities, property taxes compared to neighboring states, and the highest per capita income in the country.” – Paul Breunich, president and chief executive officer, William Pitt and Julia B. Fee Sotheby’s International Realty

Masthead art: Haystack At Giverny 1886 by Claude Monet © MMXIV Sotheby’s International Realty® Affiliates LLC. All Rights Reserved. Haystack At Giverny 1886 used with permission.

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AUSTIN, TEXAS — “The Austin market has seen exceptional growth over the last year thanks in part to a host of events that have placed our small Texas city firmly onto the worlds’ stage. Events like the Formula 1 US Grand Prix and the X Games have now made Austin their home bringing with them a flood of new buyers to the high-end market and putting inventory of $1million+ properties into a sharp decline. Tower cranes are a common sight in the city’s core as several new luxury residential condo projects are being built to provide a product that has not been in demand before. The technology and film sectors continue to grow with the addition of Google Fiber to the greater Austin area. With the addition of new international flights at the airport along with new and exciting events, entertainment and development on the horizon, Austin will continue to increase in its appeal to national and international clients alike. – J. Kuper, principal broker and owner, Kuper Sotheby’s International Realty and Capital City Sotheby’s International Realty

Belize Sotheby´s International Realty | Ambergris Caye, Belize | $1,595,000 USD | Property ID: 6969QX

BELIZE — “Belize is an incredible market with so much opportunity, both in investment benefits as well as in the variety of landscapes offered. Belize is an Englishspeaking country that offers foreigners the opportunity to hold title with a very affordable property tax system. There is also a very attractive system in place known as the Qualified Retired Persons Program. This allows for US and Canadian citizens who are over 45 to apply for many benefits including exemption from importation duties on personal effects for the first year in the country as well as exemption from importation duty on a personal vehicle every five years. Belize also offers lifestyles ranging from island living, rain forest and eco-living, to farm and ranch. The value obtained in this market is incredible. The Sotheby’s International Realty brand has already had an amazing effect here and will continue to do so. This brand is a vehicle which will push quality development forward in Belize. Our team in combination with the brand is taking the real estate market to the next level in regards to service and professionalism.” – Brittany McCann, owner, Belize Sotheby’s International Realty

Kuper Sotheby’s International Realty | Magnolia, Texas | $24,500,000 | Property ID: TXS73G





Notable Sales Harald Grant and Ed Petrie of Sotheby’s International Realty brokerages in the Hamptons, New York recently sold Wooldon Manor, an iconic oceanfront estate in Southampton for $50 million. Multiple adjacent parcels are also in contract, which will result in a combined sale in excess of $80 million. Built in the 1920s as a summer retreat, this important residence offers panoramic views of the Atlantic Ocean and Lake Agawam. The classic English Tudor style home shares a pedigreed past with owners such as the Woolworth Family and Edmund Lynch, founding partner of Merrill Lynch.

Johnathan Taylor, Christopher Ritzert, and Christie Weiss of TTR Sotheby’s International Realty in Washington, D.C., have sold the 112-year-old Patterson Mansion for $20 million. This sale represents the highest residential transaction in Washington, D.C., in 2014, and is also the highest sale since 2011. The home was built for Chicago Tribune editor Robert Patterson in 1901. In 1927, his daughter Eleanor Patterson opened up the home to United States President Coolidge and his family while the White House underwent renovations. This historic home has also housed The Washington Club, the first women’s club in the capital, since 1951. This important sale has also been recognized by The Wall Street Journal.

Wooldon Manor, an iconic oceanfront estate in Southampton, recently sold for $50 million

The historic Patterson Mansion in Washington, D.C., recently sold for $20 million.





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Lexi Cerretti, Ryan Mitchell and Claudia Thompson of Sierra Sotheby’s International Realty in Nevada recently sold 93 Shoreline Circle, a beautiful waterfront home on Lake Tahoe, for $10.5 million. This extraordinary property went into contract seven days after it was listed, and the sale was complete in 30 days. This 6,000 square foot log home was built in 2007 and every room including the five bedrooms and bathrooms, are custom designed with a mountain theme. The front patio and upstairs deck wrap around the back of the house and lead to an outdoor spa, shower and beach.

Dubai Sotheby’s International Realty in the United Arab Emirates has sold a waterfront condominium in the new Palazzo Versace development for $5.445 million (USD), 20,000,000 (AED). The condominium is 5,120 square feet and the building is surrounded by manicured gardens and finished with beautiful mosaic swimming pools. This four-bedroom property has access to seven-star services from the adjoining hotel including personal chefs, drivers and housekeeping. The condominium also contains custom Versace-designed cutlery, crockery, towels and linens.

This lakefront home in Nevada sold for $10.5 million in one month

Dubai Sotheby’s International Realty sold a condominium in the new Palazzo Versace development for $5.5 million (USD)





Listings

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Distinction

Nina Siegenthaler and Joe Zahm of Turks & Caicos Sotheby’s International Realty in Turks and Caicos Islands have listed Oliver’s Cove, a private island beachfront estate on Parrot Cay for $48 million. The estate sits on 6.54 acres with 800 feet of beach frontage serviced by the award winning Parrot Cay resort and spa. This property features a four bedroom, fiveand-a-half bathroom main house, along with a three bedroom, three bathroom guest house. Additional amenities include an infinity-edge pool directly on one of the finest beaches in the world. The island of Parrot Cay is home to only 12 private homes owned by some of the world’s most renowned personalities. Click here for more information on Oliver’s Cove.

Turks & Caicos Sotheby’s International Realty | Parrot Cay, Turks and Caicos Islands | $48,000,000 (USD) Property ID: 49TWQX

David Rolt of United Kingdom Sotheby’s International Realty in England has listed Magna Carta Island, which is believed to be the location of the Magna Carta signing by King John in 1215, for $6.7 million. The home has a Charter Room, which contains the crest of King John and his 25 rebellious barons. This 3,275 acre island formed part of the Manor of Wraysbury, site of the 2,000 year old yew, which is rumored to be where Henry VIII conducted his first meetings with Anne Boleyn in the 1530s. The expansive lawn contains a tree planted by Queen Elizabeth II when she visited this historic site in 1974. A little road bridge connects the island to the mainland from where road links lead to Windsor, Heathrow and London. Click here for more information.

United Kingdom Sotheby's International Realty | Wraysbury, England | $6,553,841 £3,950,000 | Property ID: R2EN44





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Harry Kolb of Sotheby’s International Realty – Montecito-Coast Village Road in California has listed Prima Luce, a 2.3 acre Tuscan-style villa offering panoramic ocean and Montecito Valley views, for $23.5 million. The main residence is approximately 8,425 square feet with five bedrooms, six full baths, two powder rooms and five fireplaces. At every turn, large windows capture spectacular vistas in this grand home tempered by comfort and livability. The property also contains a one bedroom guest house, large outdoor pool and pool house, rose gardens, two three-car garages, a seven-hole putting green and a “Kids’ World” with a twostory cottage. Click here for more information.

Sotheby’s International Realty – Montecito – Coast Village Road | Montecito, California | $23,500,000 Property ID:VG4ZDR

“At every turn, large windows capture spectacular vistas in this grand home tempered by comfort and livability.”

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Patricia Kramer, Eric Iantorno, Margaret Anne McIntosh and Cathleen Shera of Pacific Sotheby’s International Realty in California have listed 2938 Sandy Lane, a beachfront home in the exclusive and gated Sandy Lane enclave in Del Mar, for $20 million. This home was originally built in 1950, but renovations in 1957, 1970 and 1980 make the home still relevant for today’s beachfront living. Amenities include a large beachside patio, three bedroom main residence, pool, cabana/guest house, private green courtyards and ample guest parking all from just a few steps to the sand. Click here for more information.

Pacific Sotheby's International Realty | Del Mar, California | $20,000,000 | Property ID: MG4WBD





Lifestyle Comparison ISLAND

Property ID: W76TV7

Property ID: 4J8S8E

IDOLWOOD LAGOON ESTATE, ST. GEORGES PARISH, BERMUDA REGO SOTHEBY’S INTERNATIONAL REALTY $38.25 million (USD) This waterfront gem is set on 4.27 acres and comprises a beautiful main house of approximately 10,350 square feet and three separate cottages together offering an additional 4,000 square feet. It overlooks a secluded tranquil lagoon with turquoise waters and a sandy beach. Click here for more information.

OCEANFRONT ESTATE, PALM BEACH, FLORIDA SOTHEBY’S INTERNATIONAL REALTY – PALM BEACH BROKERAGE $32 million (USD) This property has numerous amenities including a tennis court, outdoor pool, gardens and a guest house. It sits on 1.4 acres of land with amazing views of the Atlantic Ocean. Click here for more information.





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WINE COUNTRY

Property ID: EXCGCG

Property ID: SN8ZXF

SUNRISE RIDGE GARDENS, SEBASTOPOL, CALIFORNIA ARTISAN SOTHEBY’S INTERNATIONAL REALTY $3.4 million (USD) Sweeping views of vineyards and redwood forests lead the eye across the Sonoma Plain and towards Napa. This property is a seven-acre garden sanctuary for heirloom fruit, berries and lavender. Click here for more information.

AMBRIDGEFELD ESTATE, KELOWNA, BRITISH COLUMBIA, CANADA SOTHEBY’S INTERNATIONAL REALTY CANADA $3.5 million (USD) This property sits on more than 23 plush acres with incredible views in the heart of the Okanagan’s wine country. Outdoors you will encounter a variety of luxuries from an enormous self-sustaining pond, gorgeous waterfall, fruit gardens as well as views of Lake Okanagan. Click here for more information.





Lifestyle Comparison c o nt inued

DESERT LIVING

Property ID: 3BYJGD

Property ID: 2BR2QQ

PUEBLO-STYLE HOME, SCOTTSDALE, ARIZONA RUSS LYON SOTHEBY’S INTERNATIONAL REALTY $7.349 million (USD) This organic pueblo-style home has panoramic golf course, sunset, mountain and city light views. The outdoor space is accessed through pocketing doors that seamlessly blend interior and exterior living. Click here for more information.

TEN MILE CREEK RANCH, LEWISTON, IDAHO TOMLINSON SOTHEBY’S INTERNATIONAL REALTY $7.9 million (USD) This world-class property has 2,919 secluded acres on five miles of the renowned Snake River. Amazing salmon and steel head fishing can be accessed from this property. Click here for more information.

Writer: Kelly Fischer © 2014 Sotheby’s International Realty Affiliates LLC. All Rights Reserved. Sotheby’s International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office is Independently Owned and Operated. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks licensed to Sotheby’s International Realty Affiliates LLC. This newsletter is provided for informational purposes only and is not intended, nor shall it be deemed, to provide or offer legal, financial or tax advice or guidance. The views and opinions set forth in this newsletter are not necessarily the views and opinions of Sotheby’s International Realty Affiliates LLC.You should always consult with your own advisor when dealing with any of the issues visited herein.

