Unique Homes Blog

In honor of our 40th anniversary, Unique Homes looks at  where the ‘jetsetters’ are going now.

When the first issues of Unique Homes arrived at newsstands 40 years ago, “jetsetter” was often used to describe a peripatetic group of ultra-wealthy individuals who supposedly circled the globe for the social event du jour. Jetsetter has been relegated to the lexicon’s antiquities but the penchant to travel the globe in pursuit of ultimate experiences has grown at supersonic speed and extends well beyond high-net-worth individuals. Second, third and fourth homes in far-flung locations are not uncommon.

To celebrate Unique Homes’ fortieth, we’re profiling 40 global markets. Some have already come into their own while others are just beginning their ascent. Today those who buy high-end real estate are astute shoppers on the prowl for bargains and good values, so it’s no surprise that this list includes more U.S. locations than it would have in the past.

Atlanta One of the top 10 in the U.S. for corporate headquarters, Atlanta has a growing global reputation as a great place to live and work. The city is ranked as the most affordable in international surveys and offers wonderful properties, both commercial and residential. Another draw is a huge number of direct flights to global destinations and gateways.

Australia Significant price adjustments have overseas buyers in the market here for both commercial and residential properties. Interest is coming from Singapore, Hong Kong, Tokyo and the UK.

Bahamas Legendary white powder sand beaches, idyllic weather and crystal clear turquoise waters are only part of the appeal. Varied island settings; a diverse selection of properties; a tax-neutral, stable country; and value pricing make this island chain very appealing to buyers from the U.S., Canada, the U.K. and Europe.

Barcelona Visit Barcelona and there’s a good chance you’ll fall in love. One of Europe’s leading design centers, its Mediterranean location gives easy access to some of Spain’s best beaches, the Catalan Pyrenees and the wine regions just to the south. The new super-yacht marina, Vilanova Grand Marina, one of Europe’s most advanced mega-yacht marinas, will amp up international interest.

Brazil NASA says Northeast Brazil has the cleanest air on earth. It also has shorter flights from Europe than anywhere else in Latin America, but that’s only a small part of why this region is on the road to be one the luxury’s hottest destinations. By global standards, prices are reasonable and foreign ownership is encouraged. Brazil is expected to be the world’s fifth largest economy by 2050.

British Virgin Islands The world’s ultra-wealthy will have another reason to visit these waters with the addition of a mega-yacht marina, Yacht Club Costa Smeralda, on Virgin Gorda. Already a super-yacht regatta is on the calendar for March 2011 followed by a transatlantic regatta at the end of November.

Costa Rica Prices as much as 20- to 30-percent off the peak mean excellent buying opportunities here. International buyers, the leading driver for luxury, are more diverse than even a few years ago, when U.S. purchasers dominated. Today, large corporate and personal investments are coming from Canada, Mexico, Venezuela, China, Spain, Israel and Dubai.

Dallas All signs point to a surge in global interest in the Big D, which is reinventing itself as a regional and national cultural hub. The new arts district will be one of the largest in the world. A number of new luxury residential buildings are also underway. Real estate here is definitely in recovery mode with ranches and properties with acreage getting renewed attention.

Hawaii, Oahu More than tropical ambiance brings buyers to Oahu, which is a melting pot for international elite. The overall lifestyle, ease of living with access to shopping, culture, medical service and excellent schools add to the allure, particularly for those coming from the Pacific Rim and Japan. Australians and New Zealanders are also looking here.

Hong Kong — China’s appetite for luxury has only recently awakened, but already Chinese buyers are making an impression in many global property markets. Further testimony can be seen in the ongoing run-up in prices in Hong Kong, where sales of homes priced at more than HK$10 million rose by more than 45 percent in 2009. Government efforts slowed price growth in 2010.

Houston Texas ranks fourth among U.S. states for foreign buyers. Wealthy Mexicans increasingly look to cities such as Houston and San Antonio as places to invest and live. But Houston holds its own internationally. Only New York has more Fortune 500 corporate headquarters. The city is recognized as a global center for energy as well as for biomedical research and aeronautics.

Italy — Along with Rome, Milan, Capri and Portofino, luxury buyers are taking a second look at properties in the countryside and lake regions. Tuscany and Umbria offer a high quality of life in a stunning setting. Umbria in particular offers excellent values on estates.

Las Vegas International bargain hunters have their eye on Las Vegas and they are looking at properties on the strip as well as single-family homes. Gated communities, often in golf-course settings, are also popular. Las Vegas attracts buyers worldwide and many foreign nationals already own property here. Lately, countries of origin seen most frequently are China and Canada.

London With the 2012 Olympics and an upcoming royal wedding, London should capture more than its usually large share of the international spotlight. It vies with New York as the top global city. More languages are spoken here than any other city. Record sales to foreign nationals in 2010 might only be the beginning of a wave of international transactions.

Miami Being selected as the sister site to Art Basel Switzerland solidified Miami Beach’s status as an international art center. People from all over the world visit Miami and a good number also buy real estate. Strong buying by foreign nationals is helping drive the recovery in sales. The super high end is seeing more buyers from Brazil, Russia and Mexico.

Mumbai Mumbai’s standing as a global city continues to rise. With the number of high-net-worth individuals growing by 20 percent a year, India rivals Singapore in wealth creation. Reportedly, Donald Trump’s sights are set on Mumbai as the site for his newest venture.

Naples, Fla. — The presence of two Ritz-Carltons speaks to the luxury cachet of this pristine community. Miles of beaches, vibrant arts and culture (including a philharmonic) and diverse property types all speak to an excellence that has more international buyers in Florida looking west.

New York Real estate in very few locales is as international as it is in Manhattan, which perennially ranks as one or two on lists of global cities. Don’t expect the Big Apple’s luster to dim this year. Along with the usual mix of Russian, European and Asian buyers, brokers also are seeing more South Americans.

New Zealand — Although homes and condos elicit interest from foreign nationals, the rush is on for farm properties. A group of German investors recently bought 11 farms and other German and Chinese interests are bidding to purchase other farms.

Oakville Oakville is to Toronto as Connecticut is to New York. Excellent private schools, miles of waterfront and the proximity to Toronto make Oakville attractive to buyers from India, China and Dubai,who view Canadian real estate as a safe place to put their money.

Orlando More foreign buyers purchase homes in Orlando than any other U.S. city. More than Disney makes this an international mecca. Waterfront properties, gated communities, luxury condos and golf communities are the reason why foreign nationals buy here.

Palm Beach Florida’s Gold Coast remains a platinum destination and is the site for some of the highest U.S. sales in 2010. The adjustment in U.S. prices and the value of the dollar creates exceptional buying opportunities compared to similar European resorts. Fort Lauderdale is also becoming increasingly cosmopolitan.

Panama From cool mountain golf communities to sizzling beach settings, Panama has a little bit of everything. Although the pace of development has slowed, new properties are still coming online. Foreign buyers, including Americans, Venezuelans, Columbians, Canadians and Europeans are back here.

Phuket Last year was one of the strongest for high-end sales here with branded five-star resorts such as Amanpuri, Trisara, Andara and Sri Panwa taking the lead. Luxury is again expected to be the big story in 2011, with strong buying from Russians as well as Asians. Newcomers to the real estate market here include British, Germans, Dutch and Scandinavians.

Puerto Vallarta — At once quaint and cosmopolitan, this city set against the turquoise backdrop of the Bay of Banderos appears on many “best of” lists. More than just a baby boomer haven, Puerto Vallarta draws buyers from New York, California and Chicago as well as Canadians. Recent buyers hail from as far as Australia.

San Francisco Foreign buyers and the recovery in equities have boosted the market through the $2.5 million level here. With a strong Chinese cultural base already in place, this is a popular location for Chinese buyers. Indian buyers, already working in Silicon Valley, account for about 14 to 20 percent of the upscale market. Excellent schools are key for residents and newcomers alike.

San Miguel de Allende Nestled in the mountains north of Mexico City, San Miguel is a place where people come to reinvent themselves; more than 10 percent of the population is expats with a majority coming from North America. Once a haven for artists, the community has a rich cultural life and excellent restaurants. Luxury’s newest digs can be found at the Rosewood.

Scottsdale Arizona, especially areas surrounding Phoenix, has become a second-home haven for Canadians, particularly those hailing from western provinces. According to the National Association of Realtors, Arizona is one of the top four states for international buyers.

Seattle We don’t often think of Seattle as a mecca of international buying, but increasingly buyers from the Pacific Rim, especially China, are looking here.

South Africa Outside interest in South Africa, especially Cape Town, declined in 2010. Ironically, foreign investor interest may be to blame, as this caused the rand to strengthen, and housing prices (relative to the dollar and euro) to rise dramatically. But fourth-quarter growth slowed and prices now may be on the decline, so this bears watching.

St. Barths Considered the Beverly Hills of the Caribbean, this small island is a happening place from December to March, when it becomes a preferred refuge for the rich and famous.

St. Maarten — Perceived as a safe haven, this small island with a big city vibe has no restrictions on foreign ownership. It also has escaped real estate’s wild ride. New gated communities offer investment opportunities. A short flight means a winter respite for North Americans, who make up the majority of second-home owners here. Fluctuating currencies often bring an influx of Europeans.

Tahiti Nothing appeals more than an island paradise. If interest in owning real estate here and the number of upscale residential offerings are any proof, the world may be getting smaller. Increasingly, high-net-worth individuals and celebs are opting for Bora Bora.

Telluride This historic mountain town surrounded by 12,000-foot peaks offers Colorado’s most singular luxury experience. The dramatic box canyon setting brings a level of privacy few other Colorado locales can match. Superb skiing and properties ranging from quaint walk-to-everything homes to ranches and mountain hideaways bring buyers from the Pacific Rim, the U.S. and South America.

USVI, St. John Three-quarters of St. John is a national park, making the island a garden paradise. Some of the best beaches in the world, easy access from the U.S. and full deeded ownership make this a haven for residents of America’s East Coast. Buyers come from the U.S. and Canada, including Vancouver.

Vancouver Noted as the city with the highest quality of life in North America, Vancouver is also one of the most diverse multicultural cities in the world. A temperate climate, huge range of outdoor activities and the city’s cosmopolitan culture add to its international luster. Residential sales are expected to climb 6 percent in 2011. Vancouver is a prime market for a growing number of buyers from China.

Vietnam China Beach, considered one of the most beautiful beaches in the world, is emerging as a new upscale resort locale. A number of luxury developments under construction or nearing completion include the Hyatt Regency Deanne Residences and the Nam Hai, developed by Ammanresorts founder Adrian Zecha. The Nam Hai includes 40 beachfront pool villas with spectacular views.

Washington, D.C. Few cities can equal the international presence of the U.S. capitol. Embassy personnel account for only a small percentage of international residents in this city, which always has a vibrant mix of luxury properties, ranging from Georgetown townhouses to acreage in Virginia or Maryland.

Westside LA Bel Air, Beverly Hills, Holmby Hills — few locations connote luxury more than LA’s prime Westside neighborhoods. Anyone who wants to make a statement looks for residential properties here. Wonderful buying opportunities thanks to the recession opened the door to even more potential buyers worldwide, especially from Europe, Russia, Saudi Arabia and China.

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