Then we’d steer you in the direction of Detroit’s most palatial pad. Namely, 97 Winder St., the city’s most expensive listing at $2.99 million.
The towering 11,000-square-foot Victorian has been renovated with care by the current homeowners. According to listing agent Dan Mullan, the house was taken down to the studs after the owners purchased it in 2000, rescuing the residence from further disrepair. However, this wasn’t just any old renovation. “An insane level of detail” went into the project, he says.
“They tried to save everything they could. And the things they couldn’t, they had the new materials—for example some wooden molding—milled exactly the way it used to be. Everything that’s not original has been duplicated,” says Mullan.
Built by architect John V. Smith in 1887,the house is a towering Queen Anne Victorian with gables, bay windows, a mansard roof, and an octagonal turret. Eight marble fireplaces, a ballroom, a banquet room, and a wooden three-story staircase are just a few features inside the 11-bedroom home that’s been furnished to look like it emerged straight out of the Victorian era.
And if you like that look, Mullan says, the home’s furnishings can be purchased separately. “DuMouchelles
[auction house] inventoried it at half a million. If a buyer wants it, they can have it.”
The house took four years to renovate with a full-time contractor working for the owners, who later turned the mansion into an inn. Aspiring innkeepers can pick up right where the business left off. Bonus: You’ll get some foot traffic from a burgeoning city sector.
“It’s in the heart of the entertainment district,” Mullan says. The house is walking distance to the home fields of the Detroit Tigers (Comerica Park) and the Detroit Lions (Ford Field) and is around the corner from restaurants, theater, and night life.
“The immediate area around it is just exploding,” he says. “The area around it is being built up by developers with retail and high-end living areas going for around $300 a square foot.”
If the house pops off the market and comes back, don’t be surprised. Even with most of the renovations complete, Mullan says, they’re restoring some more exterior details (those columns need to be lathed down to every historic curve) and will be finished within a week with an updated price to reflect the extra work. The agent says the price will be set at $2,999,000, up from its current listed price of $2.5 million.
For the fifth consecutive quarter, luxury home prices are growing faster in Vancouver, British Columbia, Canada than anywhere else.
According to Knight Frank, in the 12-month period ending June 2016, Vancouver’s average prime real estate surged 36.4 percent, considerably more than second-place Shanghai’s 22.5 percent growth. Globally, the price index increased 4.4 percent, the most in two years, even as traditional players have faltered.
“If we omit Vancouver, the index increased by 3.4 percent in the year to June 2016. Our mainstream equivalent index, the Global House Price Index which tracks prices in 55 countries globally, increased by 3.4% in the year to March (latest data available) suggesting there is some correlation between prime and mainstream residential markets globally.
The Prime Global Cities Index, which tracks real estate prices across cities worldwide, expanded for Q2 2016 with the inclusion of Toronto and San Francisco to bring the total to 37 cities. Prime real estate is defined as property priced in the top 5 percent of each city’s housing market.
Foreign investments New players Toronto and San Francisco recorded annual growth of 12.6 percent and 4.9 percent, respectively, accounting for a portion of the index’s holistic growth. San Francisco, ranked 14th overall, also represents the U.S.’s fastest growing city, just edging out Miami.
Overall, Australasia’s 11 percent growth and North America’s 10 percent are the leading regions.
San Francisco home
Following Vancouver and Shanghai are Cape Town, Toronto, Melbourne and Sydney. While Melbourne and Sydney have ranked highly in recent indices, there is indication that the market is slowing at the hand of local governments.
Interest rate hikes, fees for foreign buyers and stamp duty or other governances surrounding second-home purchases are being implemented to help temper price inflation and make property more attractive to local residents.
Real estate advisors believe that foreign buyers purchase at least a quarter of Canadian luxury properties.
When asked about changes in the market, two-thirds of Royal LePage advisors said foreign buyer activity has increased, with 24 percent saying foreign buyers account for at least 25 percent of properties. Canada’s culture, laws and currency suggest that the trend will continue throughout the year.
Preventative measures are also being taken in Singapore, which ranked ninth with 7.9 percent growth, and Hong Kong, dead last in the rankings with 8.4 percent contraction.
The protectionist measures of these cities – seen further in New York, Miami and Los Angeles in new regulations to curb cash buying – will likely result in future indices.
“In the event of a new tax or regulation, non-residents will usually either adopt a wait-and-see approach to judge the impact on the market or for those foreign buyers looking for a safe haven investment, keen to find transparent, politically stable markets which offer a high degree of liquidity they may look elsewhere,” Mr. said.
“It’s not just foreign investors being targeted,” he said. “Governments have also used similar regulatory measures to control domestic demand to reduce speculative investment often by setting limits on the number of second homes residents can buy or setting rules regarding LTV ratios (e.g. some Chinese cities).”
Furthermore, even with prices up slightly, the added inclusion of two high performers inflates numbers, and the global economy is still uncertain. The full impact of the U.K.’s Brexit decision, the impending U.S. presidential election and weak GDP growth, low oil prices, the European Union’s financial crisis, a slowing China and a destabilized Middle East all have tempered global economic growth.
Singapore home via Knight Frank
Favorable growth trends in Beijing, Seoul, South Korea, Singapore, Tokyo and Guangzhou, China reflect Asia’s relative strength in the economy. On the other hand, Hong Kong, Taipei, Taiwan, Delhi and Kuala Lumpur are at or near the bottom, and the continent records just 4 percent growth overall.
Prices in flux While markets facing severe price increases are enacting countermeasures, depressed economies have shown signs of life due to foreign money.
For example, despite high unemployment and political conflict, Spain’s prime real estate market is showing signs of life, according to a recent Knight Frank report.
Forecasts for Spain’s GDP growth show it outperforming the United Kingdom and Germany next year, and sales and prices are increasing noticeably in several high-end markets. The growth of non-European foreign buyers and developments intended to foster a luxury community has been instrumental in local recoveries.
While North America’s prime cities amass to strong positive growth, the U.S. alone is stilted on a national level.
Second-quarter luxury home prices have increased slightly on the year, up 0.8 percent to $1.66 million, according to Redfin’s quarterly report.
While overall growth is slight, it is a measurable improvement on the first quarter’s 1.1 percent, and quarter-on-quarter growth is a more respectable 4.4 percent. Stabilizing global markets are instilling confidence in some buyers, but volatility still persists as western economies slow, driving down confidence and prices.
“The global economic outlook is uncertain, and while prime property has been known to perform well in a downturn (post Lehman prime prices in London increased by 20.7% in the year to April 2010), we don’t expect any seismic global event to provoke a sudden upturn in safe haven flows,” Mr. said. “The outlook is likely to be one of muted, sustainable growth, particularly if regulatory measures increase in number.”
Showcasing the height of new luxury construction in some of the world’s most sought after locations, let’s explore an exclusive new development from our worldwide network.
The W Tel Aviv – The Residences | Tel Aviv, Israel | Israel Sotheby’s International Realty
An icon of style and sophistication makes a dazzling debut with the W Tel Aviv- Jaffa Hotel & Private Luxurious Residences, set to open in February 2017. Perched between city and the sea in Tel Aviv’s most exciting neighborhood, The Residences is set to become one of the world’s most desirable destinations.
Aby Rosen and RFR, the developers, seamlessly blend the W Hotel’s signature global lifestyle brand with sleek and historical architectural features, some dating back to the 15th century.
Adjacent to the W Hotel, 32 residences and one Penthouse adorn the newly developed six story Residences.
Mix and mingle, or escape from the world in your private poolside cabana. Enjoy 24/7 luxury facilities that include; a spa, state-0f-the-art fitness center, an outdoor WET Pool deck, valet car service, a full service 24-hour wired business center, in-room dining service from the hotel’s signature restaurant, W Destination bar and W Living Room, the W’s take on the traditional hotel lobby.
These are exciting times for the largest mountain resort in the country. Since Park City Resort and Canyons Village were unified by Vail Resorts, a host of new recreational, four-season amenities and services have been added, raising the bar for mountain leisure in the United States. The latest news from Park City opens the door for new residential development that will kick-start the transformation of the lively Canyons Village base area into a top-tier international destination.
Developer Columbus Pacific Properties, LLC has just announced the acquisition of a ten-acre land parcel at the highest elevation in Canyons Village for its next luxury community: Apex Residences Park City. Offering direct ski-to-door access to and from every home, Apex will introduce a new level of contemporary mountain luxury to Park City with a collection of 63 exquisitely crafted residences. Three to five-bedroom homes range in size from 2,080 to 3,800-square-feet, featuring open, airy interiors and generous windows that capture dramatic mountain and canyons views.
A four-season retreat, Apex Residences features private, slope side amenities, including a stunning contemporary clubhouse with outdoor heated pool, hot tub, spa and fitness center. As a Vail Resorts managed property, Apex Residences also provides personalized turnkey residential services with a dedicated concierge to offer a memorable and effortless homeowner experience. The ski-through community is perfectly situated within the resort to provide seamless access to 7,300 acres of skiable terrain and 400 miles of scenic hiking and mountain biking trails.
“As construction is about to begin at Apex Residences, we’re excited to announce that the first homes will be completed in time for the 2017-2018 ski season,” says Tony Tyler, Senior Project Manager at Columbus Pacific. “With 26 homes already under contract, this new community is answering the growing demand in Park City for a more modern, sophisticated residential offering for both a ski and snowboard experience.”
In addition to the Apex Residences announcement, Columbus Pacific recently unveiled its second residential community at Canyons Village: Viridian. Situated along the 11th fairway of the new Canyons Golf Course, Viridian features 21 contemporary one to four-bedroom residences that capture stunning golf course and mountain views. Private amenities include a heated outdoor pool, spa and putting green while steps away, the Frostwood Gondola provides easy access to Park City Resort.
“Apex Residences and Viridian are designed to enhance the long-term vision or Canyons Village,” says Tyler. “Columbus Pacific is thrilled to be part of the Park City community and help define the future of Canyons Village, one spectacular development at a time.”
Park City Resort has become an internationally acclaimed destination boasting a host of year-round attractions, from its world-class skiing to adventure-fueled summers. In addition to being the largest mountain resort in the nation, it is also the most accessible, located just 32 minutes from the Salt Lake City International Airport, a less than two-hour direct flight from Los Angeles.
Illusionist David Copperfield has paid $17.55 million for a Las Vegas home complete with a movie theater and nightclub—and made an old price record disappear in the process.
The sale, which closed in late June, represents the highest price ever paid for a Las Vegas home, according to the Greater Las Vegas Association of Realtors.
Ivan Sher of Berkshire Hathaway HomeServices Nevada Properties represented both Mr. Copperfield and the seller, health-care executive Kevin Hooks.
Mr. Hooks bought the land for $2.575 million in 2005 and built the house, completing it around 2011. The contemporary home wasn’t officially on the market, and Mr. Hooks said he hadn’t planned on selling it for another few years when he was approached by Berkshire Hathaway. Mr. Sher, who was working with Mr. Copperfield and his fiancée, Chloe Gosselin, had heard that the property might be available and asked if he could show it to them. “David and Chloe had been looking for years,” Mr. Sher said in an email. “Nothing really spoke to them,” he said, until they saw this property.
The eight-bedroom estate is located in a gated community in the Summerlin neighborhood. The main house has four stories, including a roof deck and a subterranean garage with a detailing room. The house also includes a nightclub with a bar and dance floor, a gym, a wine cellar and a movie theater.
The roughly 1.58-acre property also includes guest quarters, a golf simulator and an infinity swimming pool.
Mr. Copperfield, 59, is known for illusions such as “vanishing” the Statue of Liberty and escaping from Alcatraz prison. He is currently in residence in Las Vegas at the MGM Grand Hotel & Casino David Copperfield Theater.
His other homes include a Manhattan penthouse and an archipelago of 11 islands in the Bahamas.
The hand-built village has a dizzying array of carved Adobe-style homes and buildings busting at the seams with ornate ironwork, mosaic tile, and Spanish influence. But it’s so much more than that. Built in 1997 and listed for $15 million, this functioning bed-and-breakfast has a number of cool features. Here are our five favorites:
Over 30 bedrooms
In total, there are more than 30 bedrooms, many in private buildings and all with Spanish charm. From exposed wood beams to ornate lion’s head door knockers, if you can dream it, this property probably has it.
There’s an in-ground pool, but also an amazing grotto. Designed to resemble a water-filled cave, the grotto even has stalagmites dropping down from the ceiling. Now that’s authentic!
The wine cellar
Featuring handcarved stairs, the wine cellar has room for bottles and more bottles. And with angel statues standing guard and glowing backlights, some folks might mistake this space for wine heaven. We’ll drink to that.
A private church
The estate includes an Adobe-style church complete with a cast iron bell. Let us pray.
An unbelievable view
Of course, there’s also the view. From the roof, you’ll get an unencumbered view of the Texas landscape for miles and miles. Wide open spaces never looked so good.
Structure Home is a builder of fine custom homes that was organized in 1996. Headquartered in Warner Center, Structure Home builds in areas throughout the Los Angeles basin. Our approach to design begins with looking at a building as a complete operating system, the products and technology it contains and how it will perform over time. To accomplish this objective the entire design and construction team must work collaboratively, in a well-organized process.
We call this approach “Whole Lot Living” and we believe that the thoughtful consideration of the entire structure, as well as its’ relationship to the natural environment, is the only way we can be responsible stewards of our client’s most valuable asset. For more information about VISION House Los Angeles,