An ambitious exploration into high-end residential markets across the globe.
Sotheby’s International Realty is pleased to announce the release of the 2023 Luxury Outlook report, an in-depth exploration into high-end real estate markets across the globe. Following two years of residential real estate frenzy and historically low interest rates as a result of the Covid-19 pandemic, the report reveals that many luxury agents are continuing to see interest in high-end properties among the affluent, despite record interest rate hikes. Global wealth creation is expected to increase over the next several years, translating to a potential influx of luxury buyers and an increase in price points in high-end property markets around the world.
The Sotheby’s International Realty 2023 Luxury Outlook report was compiled by surveying Sotheby’s International Realty agents around the world who transact in the US$10M+ price category. This information was complemented by gathering supporting data from other leading industry experts, including Morgan Stanley; the Federal Reserve; Credit Suisse; Wells Fargo Wealth & Investment Management, the National Association of Realtors; in addition to art and luxury experts at Sotheby’s, the famed auction house, to round out luxury trends in the year to come.
Key findings featured in the report include :
Sellers are choosing not to sell and take on new mortgages, which could end up being two to three percentage points higher than the ones they have now, protecting home prices from falling
More than 60% of leading Sotheby’s International Realty agents said inventory is low or very low in their regions
Now that interest rates have more than doubled over the past year, buyers are turning back to cash
Credit Suisse, global investment bank and financial services firm, expects global wealth to increase by US$169 trillion, a cumulative rise of 36%, by 2026
The U.S. dollar reached a decades-long high, resulting in U.S. buyers flexing their buying power abroad
Real estate sales across major metaverse platforms totaled US$501 million in 2021, according to MetaMetric Solutions
The most important amenities for today’s luxury buyers are a salt-water swimming pool, water purification systems, electric car charging stations, and floor-to-ceiling windows
Exploring those unique day trip destinations in Florida that you stumble across by accident is always fun. Boca Grande, Florida, is one of those places. This small residential community on Gasparilla Island in southwest Florida is small, to say the least, but it is the perfect place to kick back for a weekend away. Bring your flip-flops, your swimsuits, and your beach chairs – this day trip is going to feel like paradise.
Sotheby’s International Realty announced its expanding presence in the state of Georgia with the opening of Mountain Sotheby’s International Realty in Blue Ridge. The addition marks the Sotheby’s International Realty brand’s eighth affiliated office in the state.
The office is owned by David Boehmig, president and CEO, and Jenny Pruitt, executive chairman, of Atlanta Fine Homes Sotheby’s International Realty. The new location will be led by Lisa Johnson, executive vice president and managing broker, and will service the entire North Georgia mountain market. Johnson possesses 25 years of experience in residential real estate and maintains numerous leadership roles within the state of Georgia’s leading real estate association.
“Blue Ridge is considered the jewel of North Georgia,” said Philip White, president and CEO, Sotheby’s International Realty. “The market began developing years ago among retirees and second homeowners but became more popular for buyers looking for large outdoor space. The area also offers affordability compared to the surrounding areas and is within driving distance to Atlanta. The addition of the Blue Ridge office allows the company to further service their clients and I am thrilled to support their continued growth.”
“Given the demand we are seeing for homes in the North Georgia area, it made sense for us to expand to better support this growing market,” said Boehmig. “While the availability of mountain and lakefront homes are highly competitive, our company is able to provide on-the-ground knowledge, a white-glove level of service, and international marketing opportunities through our affiliation with Sotheby’s International Realty.”
Mountain Sotheby’s International Realty will have several agents supporting the new office who bring an extensive familiarity of the North Georgian market.
Sotheby’s International Realty also announced the opening of Great Lakes Sotheby’s International Realty, signifying the brand’s continued growth in the state of Michigan. The addition marks the brand’s seventh office in the state.
Great Lakes Sotheby’s International Realty is owned and operated by Dean Groulx and Wendy Groulx, who bring more than 60 years of collective experience to the company. Headquartered in the city of Elk Rapids, the office will serve the greater Traverse City area in Michigan including Alden, Bellaire, Elk Rapids, Elk Lake, Lake Leelanau, North Port, Suttons Bay, Torch Lake, and Traverse City.
“Greater Traverse City has a robust luxury home market,” said Philip White, president and CEO of Sotheby’s International Realty. “It’s become attractive for high-net-worth individuals and entrepreneurs and we’re seeing both U.S. and international buyers purchasing primary and secondary homes in the area. Our continued growth in the state enables our brand to service this growing market and I look forward to supporting Dean, Wendy, and the entire Great Lakes Sotheby’s International Realty team.”
“The Traverse City area boasts a lifestyle and culture that few other places can match,” said Groulx. “Our area has access to some of the largest and most pristine freshwater lakes and access to world-class entertainment and fine dining. Few real estate companies can match the background and experience of our brokers and sales associates, and our affiliation with Sotheby’s International Realty will offer sellers and buyers in the greater Traverse City area an experience like no other thanks to its prestige, global presence, and marketing capabilities.”
The company has plans for future growth in Alden, Bellaire, Traverse City, Northport, and Leelanau. Great Lakes Sotheby’s International Realty was launched in partnership with Russ Post, owner/broker of Ocean Sotheby’s International Realty.
The Sotheby’s International Realty® network currently has nearly 26,000 affiliated independent sales associates located in over 1,000 offices in 81 countries and territories worldwide. Mountain Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.
For those without power and access to food preparation spaces, please consider these options for meals at this time.
Free meal sites in Southwest Florida
#ChefsForFlorida is offering free food from lunch until sunset in:
Cape Coral at 2016 Kismet Parkway E.;
Port Charlotte at Walmart, 19100 Murdock Court;
Fort Myers Beach at 33 Tropical Shore Way;
Fort Myers at Broadway Palm Dinner Theater, 1380 Colonial Boulevard;
Englewood at Ann & Chuck Dever Park, 6941 San Casa Drive;
Englewood at Elks Lodge, 401 N. Indiana Ave;
Port Charlotte at The Home Depot, 12621 S. McCall Road.
Harry Chapin Food Bank, Lee County
Visit the Harry Chapin Food Bank website harrychapinfoodbank.org The Fort Myers location, for those who want to donate food items 8 a.m.-4:30 p.m., is at the Fort Myers Distribution Center, 3760 Fowler St., Fort Myers, FL 33901. 239-334-7007
The food bank is expanding its locations to help get food to more people. It will be distributing water and food from 10 a.m. to noon on Thursday, Oct. 6, at the following locations:
Cape Coral Elementary: 4519 Vincennes Blvd, Cape Coral, FL 33904. CanoHealth Group will be on-site with a medical mobile unit offering free services, including measuring blood pressure, heart rate and glucose checks, wound care, and some lab services depending on the case.
Sacred Heart: 211 W Charlotte Ave, Punta Gorda, FL 33950. It will also be holding normal distributions from 10 to 11:30 a.m. at the following locations:
Faith Assembly of God: 7101 Bayshore Rd, North Fort Myers, FL 33917
Human Services of Charlotte County: 21500 Gibralter Dr, Port Charlotte, FL 33952
The organization will update its distribution schedule on a daily basis. Visit harrychapinfoodbank.org for more information.
This information is from the following article:
Give, get help: Where to offer time, money, food and other supplies for Hurricane Ian victims
A large and destructive Category 4 Atlantic hurricane, Hurricane Ian caused widespread damage across western Cuba and the southeast United States, especially the states of Florida and South Carolina.
As many homeowners will be impacted through the clean up and rebuilding efforts we have compiled a list of resources for those in need.
How to Apply for FEMA Help
Florida homeowners and renters in Charlotte, Collier, DeSoto, Hardee, Hillsborough, Lee, Manatee, Orange, Osceola, Pinellas, Polk, Sarasota and Seminole counties counties (the list might be expanded) affected by Hurricane Ian may apply for FEMA disaster assistance:
Contact your property and casualty insurer if they service your National Flood Insurance Program policy. If you are unsure of which company services your policy, call the National Flood Insurance Program at 877-336-2627. The following companies also sell NFIP policies and excess flood policies:
Florida’s Disaster Contractors Network (DCN) has been activated to provide support to homeowners in need of post-Hurricane Ian home repairs. This is a free service founded in part by the state agency that regulates Florida’s construction industry, the Florida Department of Business and Professional Regulation. Its mission is simple – connect homeowners needing emergency repairs with licensed contractors and construction suppliers
In our Take Ten series, we highlight different partners from the Banyan Gasparilla Sound project to learn the role they are playing to create the leading wellness community on the Gulf Coast of Florida and what reservation holders can look forward to as soon-to-be residents.
How do you explain the work you do to potential buyers in a project like Banyan Gasparilla Sound? TLEE Spas specializes in development and strategic advisory within the spa and wellness space – from initial ideation and facility planning, soft programming, pre-opening services to onsite implementation and launch support. We see ourselves as experience architects: defining the concept and vision and translating that into the end-user experience.
When you started the ideation process, what surprised you about the area where the project is located? With so much of Southern Florida undergoing massive change, we love the timeless aspect of Gasparilla Island and the community’s commitment to retaining it’s ‘old Florida’ attitude and attributes, while still evolving.
How did that evolve into the plan your firm proposed to Integra? The spa plan has emerged from a diligent discovery process: based on the positioning of the project as a luxury wellness-focused resort community, the overall site plan and the goal to be a vibrant hub of wellness for both the property and the broader community.
What are some of the therapies and services the spa will provide? The spa will have a mix of traditional spa treatments, such as massage and integrated body therapies; a robust skincare program combining manual techniques, best-in-class products and leading-edge technology; nail services and a broad array of wellness offerings including, contrast bathing, hydrotherapy, mind/body classes and fitness activities.
Are there any treatments inspired by local ingredients or historical practices of the people in the area? We’re excited to dig deep into the history and local culture – to discover and distill what’s unique and relevant and translate that into contemporary wellness offering. We have our eyes on the past, present and future to develop a menu that is timeless, on-trend and trend setting.
Reservation holders were treated to a sample of some products that will be featured at the Sea Salt Spa, with so many brands, what process do you use to select what is stocked on the shelves of your clients? We are passionate about brands and spend lots of time researching and partnering with brands that have a unique point of view or story to tell. We also ensure that they align with the spa’s market positioning, provide depth and diversity, and most importantly, have a proven success factor both in terms of quality, efficacy and expert training.
The Juice Bar is a fun amenity for residents and guests, we were wondering what you would put in a spa-inspired smoothie or juice? Florida is a mecca for year-round produce, so we want to feature ingredients that are as fresh, seasonal and organic when possible. Thinking about the tropical climate and active lifestyle culture that will permeate the property, the day might start with a smoothie of coconut water, mango, fresh mint and high-quality plant protein. A perfect pre- or post-workout boost.
If you are what you eat, what Florida delicacies are you most interested in trying when you visit the area? Fresh-caught seafood and seasonal fruits & veggies are always top of the list – but that certainly doesn’t preclude sampling locally-inspired deserts or craft cocktails made with a healthy twist!
With so much technology coming to esthetic arts, which therapies are you most excited to bring to BGS residents and guests who are coming to the spa for the first time? Technology has definitely changed the game, and we will bring different modalities to the spa to amplify the benefits of high-touch services: LED, microcurrent and Jet Peel for skincare; LED, infrared and cryotherapy for recovery and performance. But we’re equally excited about the traditional yet timeless offerings: contrast-bathing (alternating between hot and cold temperatures) to kickstart the body’s natural healing power and master bodywork to remedy aches, pain and stress; improve posture and body alignment or enhance active pursuits: such as golf, watersports or tennis.
What skincare advice and recommendations do you have for the residents of this area who will be making BGS their home? Effective skincare is highly personal and dependent upon lifestyle factors and personal preferences. Women typically are more committed to their regimes, so we’re especially excited to get our male contingent on track. That typically means keeping it simple and straightforward: deep cleansing to prep the skin (especially at night), Vitamin C to build collagen and correct sun damage and consistent use of high-quality sunblock (mineral-based) to protect from UV and environmental damage.
While construction on the newest feature of the Cape Haze Peninsula is in the beginning stages, so much planning has already been done on Banyan Gasparilla Sound. The original vision behind the project was to bring the things that people love about Boca Grande –and that includes the style– to a new location off the island that is just minutes away.
Envisioned to be an extension of Boca Grande, the community will reflect eh unique elegance the island is known for. Residents of this wellness-driven enclave will have access to modern essentials and bespoke amenities like a signature restaurant and bar, state-of-the-art spa & fitness center direct access marina, white glove concierge service and more.
Driving over the Boca Grande Bridge brings back 30 years of memories vacationing on Gasparilla Island with my children, relatives and family friends. It still has the same homes, the same shops, the same restaurants and the same ambiance from those bygone days. Rather than a been-there, done-that vacation, it’s a so-glad-to-be-back respite.
In our Take Ten series, we connect with different partners on the Banyan Gasparilla Sound project to discuss their perspective on what makes this wellness community the jewel of Florida’s Gulf Coast. Our first Q and A is from Matt Greene, Executive Vice President of Operations, of Evolution Hospitality.
1. What is the scope of your involvement with the overall hospitality operations for Banyan Gasparilla Sound?
I will work with Integra on all things Banyan: Programming to develop a unique resort experience based on our geographic location taking advantage of the marina, the ocean and all that goes with it like water activities, State of the art Spa and wellness program, etc. We will develop a sensory experience at the resort, activate key “Touch Points”, create unexpected delights and cater to the unique & individual needs of our guests. I will work with our Taste & Theory team to develop unique F&B offerings throughout the resort that will have unique seasonal menu offerings that take advantage of our geographic location.
2. What projects have you supported that is your inspiration for BGS?
I think of early W Hotels, I was Senior Director of W Hotels new builds and acquisitions, bringing something entirely new to travelers. New York City set expectations for something special, energizing and creative. The bar was set high and we delivered. . I worked with Owners/Developers, their Architecture & ID Teams in W’s growth period. I had 43 W Hotel Developments Globally.
3. How do you define a ‘lifestyle experience’?
A lifestyle experience considers a multitude of factors: Experience for all of the senses, unique offerings based on geography, Activation of the resort at key “Touch Points”, personalizing stays for our repeat guests and VIPs by knowing what their personal preferences are. Having a maniacal focus driving unique experiences. Having best in class offerings like our Spa & Wellness facility, F&B outlets, luxury pool and grounds, as well as our first-class marina.
4. How does that translate for a resident at a project like BGS?
Because we have the opportunity to truly get to know our residents and personalize their offerings and know their preferences when they dine with us, go to our spa and join us at the pool. Because we are driving experience, we will garner a significant premium for those that have their units in our rental pool.
5. We’ve heard the term ‘wellness community’ used to describe BGS, what does that mean?
We have curated a variety of amenities designed to help residents live their best lives through stress and relaxation treatments in our spa, a Mediterranean inspired on-site dining concept, lushly landscaped grounds to help residents and guests connect with nature as they traverse the property, and the developer is looking for well-centric building materials and features to enhance the hotel and living quarters.
6. How does that impact everyday life for someone that calls BGS home?
The residents will have our highly skilled team cater to their every needs. Those residents that stay often, we will get to know their preferences in F&B, favorite spot at the pool, special occasions to provide “unexpected delights”. And treat them as an extension of our families. With frequency of stays we get to truly understand how to cater to each resident’s specific needs.
7. Why does having a strong hospitality partner matter when it comes to a new construction community?
The great news is that we are starting the project together from the very start which enables us to ensure we are focused on both “Form as well as Function”. We see too many resorts that look beautiful but don’t function properly and that is a turn off for residents, guests and owners alike. One example is a beautiful bed that sits on a pedestal that isn’t flush with the mattress. This creates a safety issue as well as a wear & tear issue where the bed gets beaten up and its useful life is dramatically shorter.
8. What are some other projects you manage that potential buyers might be familiar with?
Hard Rock San Diego, L’Auberge de Sedona, The Landing Lake Tahoe, Carneros Resort & Spa…
9. How do you keep abreast of trends with lifestyle and technology?
I travel extensively on a weekly basis. I am passionate about keeping up with trends and maniacal about focusing on how to differentiate upscale hotels & resorts. I have traveled the world and am always on the lookout for unique offerings and technology advancements. We often are called upon to Beta Test State of the Art technology because of our scale & influence on the industry & our owners/developers.
10. What are the words that you’d like visitors to BGS use to describe the experience?
I am ready to go back, I feel relaxed, pampered and disconnected from the outside world when I am at BGS.
This summer you can have the best getaway with clear water beaches that stretch for miles on islands in Florida. If you didn’t think the Sunshine State could offer any more gorgeous land, you’re in for a treat.
Some of these destinations are well-known, while others aren’t as popular. We compiled a thorough list so you can dip your toes in the waters of these blissful island getaways for the ultimate summer vacay.