San Francisco’s Jasper community raises the bar for rentals

image005San Francisco, Cali. – Jasper, a Crescent Heights Inspired Community crowning San Francisco’s historic Rincon Hill, represents the pinnacle of urban luxury living, bringing a unique, progressive approach to the art of hospitality.  Jasper, currently under construction and set to open in October 2015, employs a dream team of hospitality experts – ranging from “fixers” and concierge to experienced valet attendants and leasing agents – who have announced plans to reset the bar for five-star service, delivering a level of personalized attention that’s typically only found in five-star resort settings.

Jasper’s sleek, paperless leasing office opened in mid-June, creatively welcoming prospective renters with a firsthand experience of the warm hospitality, countless luxurious amenities, and modern, sophisticated design that defines the building.  Jasper rises 40 dynamic stories into the city’s skyline, creating an iconic structure that houses 320 apartments, a high-design lobby, carefully planned communal spaces, and an entire amenity floor that leaves nothing to be desired.

The Jasper team’s unique hospitality approach centers on predictive service – anticipating needs, wants, and desires before a resident has even asked for anything.  The detail-obsessed, meticulously trained staff has taken key learnings from its sister Crescent Heights® Inspired Community, NEMA, an ultra-modern property that is considered one of San Francisco’s most dramatically successful real estate stories in recent time, and which reached 100 percent occupancy in a record-setting seven-month period just last year.

“We’re turning the preconceived notion of rental buildings entirely on its head,” said Roman Speron, regional manager of Crescent Heights®.  “Our vision is to provide the absolute highest level of service, comfort and accessibility in a fun, vibrant, lively environment – all while never taking ourselves too seriously.  As beautiful and meticulously designed as Jasper will be, it will never feel pretentious or stuffy and always feel like “home” for our residents and even their guests.  The unique offering that is Jasper comprises what we believe San Franciscans truly want in five-star luxury service, which is far different from the desires and expectations in other major cities.  It will be incredible to see it all come to life when first residents move in this October.”


New condo prices down in San Francisco and Seattle this month

sanfranciscovictoriansSan Francisco, Cali. – New condominium prices decreased in San Francisco and Seattle in July, while remaining flat in Downtown Los Angeles compared to the previous month.  All three markets maintained year-over-year price increases, according to The Mark Company, a leading urban residential marketing and sales firm.

In San Francisco, The Mark Company Condominium Pricing Index for July was $1,284 per square foot, a decrease of 1 percent from last month, and 16 percent higher than the same month last year. With the addition of 22 units at 6 Mint, the newest for-sale offering at Mint Plaza, there are now approximately 761 new condominium units available in San Francisco.While this total is 75% higher than the number of units available at this time last year, it represents a 9% decrease compared to the previous month.

The Downtown Los Angeles Condominium Pricing Index for July was $757 per square foot, which was unchanged from the previous month, and 9 percent higher than one year ago. The condominium prices in Downtown Los Angeles for July are noteworthy for several reasons. First, there is an unusually large gap between the Condominium Pricing Index of $757 per square foot and the average resale price of $544 of per square foot. This differential of nearly 40% is much larger than San Francisco with 26% and Downtown Seattle with 20%. Additionally, Downtown Los Angeles prices are not following the typical pattern of strong increases during the first half of the year, followed by stagnant prices during the second half of the year.

The Downtown Seattle Condominium Pricing Index for July was $757 per square foot, a decrease of 2 percent from the previous month, but 4 percent increase from one year ago. New construction inventory, which consists almost entirely of units at Insignia and Luma, decreased to approximately 376 units last month. This marks a decrease of 6% compared to the previous month, remaining 81% higher compared to one year ago. The year-over-year increase is due to the addition of 168 new units at Luma, which began pre-selling in April of this year.

“We saw a slight decrease in July over last month for resale condominium pricing in San Francisco, falling 1 percent to $1,028 per square foot, and in Downtown Seattle, declining 2 percent to $631 per square foot. Downtown Los Angeles remained unchanged at $544 per square foot.” said Erin Kennelly, senior director of research, The Mark Company. “Resale inventory remained low in all three markets, with less than one month of inventory in San Francisco, 1.4 months in Downtown Seattle and 3.6 months in Downtown Los Angeles. Six months inventory represents the balance between a buyer’s and seller’s market.”


Developers break ground on 800-foot, flared-glass condominium

CaptureNew York, N.Y. – Development partners Fisher Brothers, Witkoff and New Valley broke ground on 111 Murray Street, the beautifully designed 800-foot flared-glass condominium in Tribeca. The developers simultaneously announced that over 40 percent of its 157 residences are under contract since launching sales on June 17th.

“This groundbreaking ceremony represents 30 years of friendship between three families whose mutual respect and admiration set the course for what will be downtown’s most iconic address,” said Winston Fisher, a partner with Fisher Brothers. “We are especially thrilled to be breaking ground with more than 40 percent of our residences in contract – a truly remarkable feat by any measure.”

Completion of the Kohn, Pedersen Fox-designed building is expected in early 2018. Situated on the northeast corner of Murray and West Streets on a 31,000 square foot site, 111 Murray Street represents over 300,000 square feet of salable residences. Its 157 residences will be comprised of one-bedrooms to five-bedrooms priced between $2 million and over $17.5 million. Pricing for the two full-floor penthouses has not yet been released.

“We are extremely pleased to announce the 40 percent mark in connection to sales at 111 Murray Street,” said Douglas Elliman Development Marketing president and CEO Susan de França. “Such high-performance sales velocity is indeed a testament to the level of design and architecture, amenity offerings and pricing 111 Murray Street is providing the marketplace. It is truly a unique property in Tribeca and we are very optimistic for continued success through sell-out.”

Conceived in collaboration with four of the most forward-thinking and highly acclaimed design talents today, Kohn Pedersen Fox‘s 111 Murray Street will house 157 residences designed by David Mann of MR Architecture + Décor with amenity spaces and lobby by Rockwell Group. Both firms are members of the AD100, Architectural Digest’s list of the most preeminent architects and designers in the world. Edmund Hollander is creating the exterior landscape designs including a water fountain, and sculptural art.

“I have been developing luxury real estate for quite some time and rarely are buildings met with such an overwhelmingly positive response,” said Steve Witkoff, chairman and chief executive officer of the privately held, global real estate development and investment firm Witkoff. “Both buyers and brokers alike have been extremely receptive to 111 Murray Street, and I could not be more proud of this beautiful new addition to the Manhattan skyline.”


International Ethics Coalition, FIABCI, take a major step forward

fall-house_p10-652x300A growing Coalition of almost 50 professional bodies from around the world, launched at the United Nations in October 2014, has completed the first stage of its work. This week they announced the selection of a committee of independent global experts to write the first International Ethics Standards for real estate professionals. The intention is to reassert the role of ethics in property markets across the world.

With a trillion dollars of commercial real estate capital flowing around the world*, it is increasingly important that professionals manage that huge capital flow responsibly.  The creation of one set of consistent global ethics principles will directly underpin this.

The 50 real estate professional bodies, including FIABCI, the International Real Estate Federation, which make up the International Ethics Standards Coalition represent many thousands of practitioners working in real estate sectors across the world. The Coalition is united by the belief that business ethics plays a valuable and prominent role in the global property profession. The new Standards Setting Committee will make a significant contribution to its reputation and status.

Included in the group who will be writing the International Ethics Standards are prominent real estate representatives from Russia, China, France, the USA, Germany, Brazil, Japan, Malaysia, Canada and the UK. They have been asked by the Coalition, to review the many existing ethical codes, identify common themes and bring greater consistency and clarity to how ethics are used across real estate. They plan to publish a consultation document later this year.

The Coalition Trustees invited nominations for the independent Standards Setting Committee from professionals with a background in real estate and business ethics who have experience of working in different sectors and markets.

Peter Bolton King, Chair of the International Ethics Standards Coalition, said: “Although many firms and professional bodies might have ethics codes and different ways to implement those, there is not one universal ethics standard to which all professional real estate and trade organisations subscribe. The Standards Setting Committee has a very exciting task ahead of them and once the new International Ethics Standard is created, we expect to have a consistent and clear code which will enable us to improve the visibility and role that ethics plays in real estate.”

Danielle Grossenbacher, FIABCI World President commented: “This is a very exciting project which comes at a time when many professions and sectors are looking closely at the role ethics plays in developing trust, transparency and greater confidence in how we conduct business.”


‘Skilled team’ paves way for Atlanta’s Mandarin Oriental

atlanta-14-hotel-lobby-01Atlanta, Ga. – Due to an aggressive push by the sales team and high demand for luxury condos in Atlanta, iStar Inc., is pleased to announce the sale of 10 units, totaling $22.1 million, this year at The Residences at the Mandarin Oriental, Atlanta. The skilled team, led by exclusive listing broker Karen Rodriguez, has completed $38.2 million in sales at the property since taking over the project in January 2014.

“The momentum at The Residences is impressive with our year-to-date sales already surpassing sales for the entire year last year,” said John Kubicko, senior vice president for iStar Inc. “We’re particularly excited about selling the first full-floor residence and building out our second full-floor home, Residence 52. After selling 10 units so far this year, the next phase of finished units should sell rapidly.”

The build-out process is underway for the second full-floor condo, Residence 52, a stunning penthouse-style home priced at $4.2 million that includes four bedrooms, four and half baths, a Carrera marble entry, Waterworks fixtures, and nearly 800 square feet of outdoor terrace space. The luxury home is designed with entertaining in mind, including a formal dining room with seating for up to 12 guests, a floor-to-ceiling wine wall, a catering kitchen designed using the expertise of Mandarin Oriental, Atlanta’s food and beverage executive team, and 360-degree views of the Atlanta skyline. The first full-floor unit, Residence 51, is under contract for nearly $4 million.

For homeowners who desire a fully customizable residence, The Residences are offering two full floors as unfinished homes. Currently, there are four finished units available, with an additional six units under construction.

“We’re designing condos with modern luxury in mind, focusing on high-tech amenities, open floor plans, and clean lines,” said Rodriguez. “We continue to pride ourselves on being one of the most sought-after addresses in Buckhead.”


Santa Monica experiences highest sales increase in luxury sector

CaptureLos Angeles, Ca. – Sotheby’s International Realty today released its July 2015 Greater Los Angeles Market Update that revealed Santa Monica, up 107 percent from 2014, had the highest single-family home sales increase in the luxury sector ($3M and higher) in 2015 across the leading 33 markets. The report also showed that despite being down six percent from 2014, Pacific Palisades remained the top market for the most single-family luxury home sales in 2015.

“Santa Monica has received great interest during the summer months from our clients with its relaxing beach culture as well as the expansion of the Metro line, making it even more accessible from anywhere in the city,” said Frank Symons, executive vice president and chief operating officer of Sotheby’s International Realty’s Western Region. “All of this factored into the curb appeal of the Santa Monica market.”

Released monthly with rolling three-month data, the Sotheby’s International Realty’s Greater Los Angeles Market Report is a comprehensive analysis of real estate market activity in the area across the top 33 markets to keep audiences up-to-date on trends at the macro and micro level for single-family homes and condominiums.

The English country house in Santa Monica, CA pictured above was one of the many in the area to contribute to the increase in luxury home sales through July 2015 compared to the previous year. Equipped with four bedrooms, three full baths and two partial baths, this 4,829 square foot home in Santa Monica is listed at $6,250,000. 

 


Two penthouses sold for $58.635 million, set pricing records

wmt_92173_102911New York, N.Y. – Bluerock Real Estate together with TOWN New Development proudly announce the closing of its two penthouse residences at The Charles, the company’s luxury Upper East Side tower, for a record-breaking $58.635 million, combined. Located at 1355 First Avenue off 72nd Street, The Charles broke ground in 2012, with a private, full-floor only layout that set a new standard in luxury design.

Penthouse One, a quadruplex, closed for $37.94 million, shattering records as the highest price ever achieved for a residence east of Third Avenue on the Upper East Side. Penthouse Two, a duplex, closed for $20.695 million. Prices per square foot on both units were also among the highest ever recorded in the neighborhood east of Third Avenue.

Ginger Brokaw and Jason Karadus of TOWN New Development are the building’s exclusive sales agents.

To date, more than 70% of The Charles’ 27 units have been sold and the building, which is nearly complete, has already welcomed its first residents.

“The Charles has attracted buyers with a truly exceptional mix of full floor-only residences, light-filled great rooms, sweeping views and superb construction,” Karadus said of building, which features designer interiors crafted by David Collins Studio and architect Ismael Levya. “Buyers are also drawn to The Charles’ high-touch, white glove service. The ratio of staff to residents is very high, which affords residents a level of service reminiscent of another era.”

The multi-floor penthouses boast 360 degree views that extend from river to river and beyond, with dazzling cityscape views to the north and south.

The 12-bedroom, 12-and-a-half bathroom Penthouse One quadruplex, a spacious and substantial combination of three units, also features generous terraces on two levels, providing the new homeowners with more than 1,300 square feet of exterior space. Plans for the residence include ample, separate spaces for living and entertaining, 12-foot ceilings, as well as a custom-built interior private elevator.

Penthouse Two is an elegant eight-bedroom, eight-bathroom duplex with a streamlined and modern interior circular staircase, a custom built 1,200-square-foot dressing room, 11.5-foot ceilings, and the same wide-open vistas and expansive city views.

Bluerock Real Estate has been working with TOWN New Development to market the project. “The Charles introduced a new level of luxury into the neighborhood east of Third Avenue. There’s a terrific renaissance happening in the neighborhood, with the pending completion of the Second Avenue subway and the continued beautification of the cityscapes adjacent to the river. Prices in the neighborhood are still favorable, though rising, with the influx of luxury buyers and retailers,” said Ms. Brokaw.


Disney begins sales for Four Seasons residences at Walt Disney

CaptureLake Buena Vista, Fla. – This week, Disney began sales of Four Seasons Private Residences Orlando at Walt Disney World Resort, the most recent phase of development in the luxury resort-residential community of Golden Oak. Nestled within Golden Oak and offering private entry to Four Seasons Resort Orlando, these single-family custom homes will feel like an extension of the Resort with amenities just steps away.

New to the Central Florida market, these unique residences will offer a luxury lifestyle featuring personalized service delivered by Four Seasons. In addition to the benefits and amenities that come from living at Golden Oak, owners of Four Seasons Private Residences will also have a private entry and access to the amenities and services at the neighboring Four Seasons Resort Orlando, which includes a full-service spa, five pool areas, tennis courts and six onsite restaurants.

The Resort will also offer these homeowners in-home á la carte services such as spa treatments, residential cleaning and in residence dining and catering for parties. Residents will also have á la carte access to the Kids for All Seasons program for an additional fee. All services and amenities available through Four Seasons Resort Orlando will be overseen by a dedicated Residence Manager.

“Homeowners at Golden Oak have the rare opportunity to create unforgettable memories with family and friends for generations to come,” said Page Pierce, vice president of Disney Resort Real Estate Development. “Located within the community of Golden Oak, Four Seasons Private Residences Orlando at Walt Disney World Resort combines two brands renowned for impeccable service, outstanding amenities and exceptional experiences: Walt Disney World Resort and Four Seasons Hotels and Resorts.”

Four Seasons Private Residences Orlando will include three collections of approximately one-half acre homesites. These custom residences, ranging in size from 6,000 to over 10,000 square feet, will feature three European-inspired styles embodying Venetian, Italianate and Spanish Revival architectural precedents. Homeowners will also have the option to include a Four Seasons butler pantry allowing in-home deliveries of everything from groceries to linens, while not permitting staff access to the primary residence.

The Edgewood collection features four European-style homes placed among a wooded preserve, while Starview will boast six grand residences with serene privacy situated on homesites with terraced backyards. With the options of golf course views, water views or the natural Florida surroundings, Starview homes will allow residents to savor the finest in indoor-outdoor living. The balance of the homesites, known as Gardenside, will feature lush landscapes. The majority of the homes will include views of natural preserves and green spaces, while two unique corner homesites will be placed for residences with private interior courtyards, blending Old World style with outdoor living.

Like all Golden Oak residents, owners of Four Seasons Private Residences will be members of the Golden Oak Club. As members of the Club owners will have access to other amenities including Summerhouse, the private community clubhouse featuring the full-service Markham’s dining room and Tyler’s Lounge and concierge-style Resident Services which organizes a variety of engaging activities and events throughout the year, including seasonal parties and private theme park events, as well as, park transportation, golf services, and more.


50 West, part of NYC’s ‘New Downtown,’ officially tops out

image002Time Equities Inc., joined by Hunter Roberts Construction Group and the Albanese Organization, today officially announce the topping out of 50 West, one of New York City’s most highly anticipated residential developments rising in the ‘New Downtown.’ The development and construction teams celebrated the noteworthy construction milestone by hosting an honorary pour of the last concrete slab during a luncheon event on Wednesday, Aug. 12. The event was attended by Francis Greenburger, Founder and CEO of TEI, who addressed the audience in thanks of the rapid progression and the delivery of such a significant project.

“The topping out milestone at 50 West not only marks an important and significant time for our construction, development and design teams, it also marks a significant milestone for the Lower Manhattan skyline,” said Greenburger. “The success of 50 West’s construction progress comes on the heels of other highly anticipated projects Downtown. The transformation taking place in this neighborhood is unmatched and we expect 50 West to serve as an iconic element of the evolving skyline.”

Rising more than 700 feet in the air, 50 West will bring 191 residences to market. The tower is expected to be fully clad with glass by the end of 2015, with the first deliveries planned for the autumn of 2016. Designed by internationally-renowned architect Helmut Jahn, the project is most known for its actual curved glass façade that will offer panoramic views of the New York Harbor, Hudson and East Rivers. Noted Danish interior designer, Thomas Juul-Hansen, designed residential layouts and hand-selected the finish materials. 50 West’s homes will range in size from a 1,045-square-foot, one-bedroom home to a 9,000-square-foot, five-bedroom duplex penthouse. The tower also boasts four full floors of professionally-programmed amenities.


Victoria + Albert ges international with bathroom competition

A2719_VA_Design-Awards-Web-Image_OVERFLOW_600px_En-600x600North Charleston, S.C. – Based on the success of their previous Canadian design competition, Victoria + Albert has decided to go international with this years’ competition. The brand is looking for designers to create a concept bathroom that captures the spirit of the Victoria + Albert brand in their first International Design Awards. The winning designer will receive an all expense paid trip to the Salone del Mobile 2016 Trade Fair in Milan, Italy – one of the top destinations for global design!

The competition is open to all architects, designers and students and the entry is free. The only prerequisite is that the design is bathroom space of 7′ x 10′ and achieved using Victoria + Albert’s exceptional collection of products including bathtubs, basins, faucets and tub fillers. All of Victoria + Albert’s baths and basins are crafted of ENGLISHCAST® – a composite material rich in finely ground Volcanic LimestoneTM that is cast in one seamless piece. The winning design will be built into the brand’s trade show booth at the Salone del Mobile exhibition for all attendees to see. The Salone del Mobile Exhibition will be held April 12-17, 2016 in Milan, Italy. This is an incredible opportunity for the design community and immediate exposure for the winner at one of the most significant furnishing events in the world.

Next year will be Victoria + Albert’s 20th Anniversary and the brand looks forward to engaging with the international design community to uncover their bath vision of their products. For more information visit vandabaths.com or email competition@vandabaths.com.

PRIZE: An all-expenses paid trip to Salone del Mobile in Milan, Italy in April 2016 (flights, transfers, 2 nights in a hotel, entry to the exhibition)

EXPOSURE: The winning bath design will be incorporated into the Victoria + Albert Booth at Salone del Mobile providing immediate

exposure to the international design community and the winner will receive exposure following the event.

COMPETITION DEADLINE: 20th December 2015

REQUIREMENTS: Create a Concept bathroom space of 7’ x 10’ using the Victoria + Albert products. The entry must include a 150 word

description, at least 2 project views including a rendering or sketch, and a floor plan, using the 2D or 3D downloads from the website.

HOW TO ENTER: Interested participants should visit www.vandabaths.com/us/americas/victoria-albert-international-design-awards/