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Sotheby’s International Realty Expands In Alabama
Photo by Bham Now
Sotheby’s International Realty has announced that LAH Real Estate, Inc. has joined the network and will now operate as LAH Sotheby’s International Realty. The addition marks the brand’s continued growth in Alabama and its seventh office in the state.
The firm, co-owned by Maurice Humphries, Tom Carruthers, Charles Robinson, Mike Graham, and Coke Williams, will serve the city of Birmingham and the surrounding area, with offices in Homewood, Mountain Brook, and Hoover.
“The luxury market in Birmingham has seen tremendous growth, according to local records,” said Philip White, president and CEO, Sotheby’s International Realty. “The area is known for its medical and research community and growing tech presence with notable companies such as, Shipt, making Birmingham their home. We are thrilled to welcome LAH Sotheby’s International Realty and the entire team to our global network and we look forward to putting the strength of the Sotheby’s International Realty brand behind their business.”
“Our mission is to be a company where clients and our associates always come first,” said Humphries. “Our vision has always been to be the leading team of real estate professionals committed to quality service and results. Our affiliation with Sotheby’s International Realty offers our firm unprecedented levels of support, as well as the opportunity for global exposure and recognition. We look forward to continuing to provide our clients with the highest level of service and expertise as a part of the Sotheby’s International Realty family.”
Leading Texas Real Estate Team Forms New Company Under Sotheby’s International Realty Brand
Sotheby’s International Realty has announced that Southern District Properties Group has joined the network and will now operate as Southern District Sotheby’s International Realty. The addition marks the brand’s continued growth in Texas and its 28th office in the state.
In 2022, the team achieved more than US$71 million in sales volume and has consistently been recognized in RealTrends’ rankings by volume and by transactions in Texas, achieving a Top 10 sales ranking for the last three years for Washington, Austin, and Fayette Counties. Southern District Sotheby’s International Realty is owned and operated by Cari Goeke who brings more than 20 years of experience to the firm.
“I am thrilled to welcome Cari and her powerhouse team to our network,” said Philip White, president and CEO, Sotheby’s International Realty. “Their expertise and industry recognition enables us to effectively target a growing market, which was recently described as ‘the Hamptons of Texas.’ The area has become popular for second homes, farms, and ranches, exemplifying the growing trend of buyers expanding their searches, and we look forward to supporting Southern District Sotheby’s International Realty.”
“Sotheby’s International Realty is the real deal,” said Goeke. “They are leaders in luxury and possess a phenomenal network around the globe, something we have been longing for in a company. Our clients come back to us time and time again because we work with integrity, and they trust that we always have their best interest in mind. Our affiliation with Sotheby’s International Realty allows us to build on our local knowledge and expertise that will further benefit our agents and clients.”
The company has two offices, one in Brenham, and another in Bellville, Texas. They also plan to open a third location in College Station. The company will service the South-Central Texas region, consisting of the greater Brazos Valley, Bryan-College Station and popular towns such as Brenham, Bellville, LaGrange, and beyond.
Sotheby’s International Realty Announces 2023 Luxury Outlook Report
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
Elevated Living on the Peninsula: A Look Inside the Future of Banyan Gasparilla Sound
Appeared Originally in the Gasparilla Island Magazine
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.
Sotheby’s Expands into Egypt and Australia
Sotheby’s International Realty today announced the opening of Egypt Sotheby’s International Realty, signifying the brand’s second office in Northern Africa and its 206th office in the EMEIA region.
Egypt Sotheby’s International Realty is co-founded and operated by Marwan Gebril who brings 15 years of real estate experience to the company. The company is headquartered in the city of Cairo and will service the entire country, including the city of Sheikh Zayed, a top development area, and Arkan, the country’s up-and-coming retail landmark.
“Luxury real estate has been on the rise in Egypt, with hidden gems being uncovered across the country’s expansive and varied terrains,” said Philip White, president and CEO of Sotheby’s International Realty. “Major public investment, including infrastructure upgrades in Cairo, have further primed the country for growth in the sector. I am proud of our continued expansion in the region, and I look forward to supporting Marwan and the entire Egypt Sotheby’s International Realty team.”
“Over the past decade, we’ve seen the rise and demand for branded serviced residences, signature projects, and boutique complexes in Egypt,” said Gebril. “It is clear that Egypt will play a much bigger role in the region as a key luxury real estate destination and investment hub. Our firm is primed for such industry growth as the only luxury real estate firm in the country, and our affiliation with Sotheby’s International Realty enables us to capitalize on this growing demand on a global level.”
The office currently has 30 sales associates with plans for continued expansion. Egyptian properties offer proximity to some of the world’s oldest monuments, artifacts, and historic towns, in addition to lifestyle interests, such as world-class diving and golf.
Sotheby’s International Realty today announced its expanding presence in Australia with the opening of the Byron Bay office in New South Wales. The addition marks the Sotheby’s International Realty brand’s 11th affiliated office in Australia.
The office is owned by Michael Pallier who is also managing director for Sydney Sotheby’s International Realty. The new location will be led by James McCowan and will operate as Byron Bay Sotheby’s International Realty.
“With its stunning natural attractions and eclectic community, Byron Bay has become one of the world’s most famous coastal towns,” said Philip White, president and CEO, Sotheby’s International Realty. “Due to its popularity, we are seeing increased interest from ex-pats and high-net-worth individuals from New Zealand, Australia, and the Asia-Pacific region, and the prices of homes have risen by more than 20%, according to local records. The addition of the Byron Bay office enables the company to further service their clients in New South Wales, and I am thrilled to support their growth.”
“We saw an opportunity to break into the rural and lifestyle real estate sector of Byron Bay and its surrounds,” said Pallier. “While the real estate market is highly competitive, we understand our clients’ properties were once livelihoods or dream homes, and we want to represent that as best as we can. Our company provides solid real estate knowledge, a tailored level of service, and global marketing opportunities through our affiliation with Sotheby’s International Realty.”
Prior to the opening of the Byron Bay office, Michael and James have had a 25-year history of working together, where they launched Sydney Sotheby’s International Realty 10 years ago and have consistently broken sales records for many significant luxury homes and rural properties.
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. Byron Bay 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.
2021 Highlights of Significant Sales Across the Sotheby’s International Realty Network
Originally Appeared on SothebysHomes.com
From a USD $99 million dollar sale in Florida to a HKD $375,046,000 sale in Hong Kong, here are 10 highlighted sales represented by Sotheby’s International Realty in 2021.
Introducing…LUXURY OUTLOOK 2021
Sotheby’s International Realty is pleased to announce the release of its inaugural 2021 Luxury Outlook report which examines high-end residential markets across the globe in the wake of the Covid-19 pandemic. The comprehensive report provides insight into the world’s top primary and secondary markets and the anticipated wealth trends that will drive discretionary investment in the coming months. The report reveals that global wealth is forecasted to grow and pandemic trends are expected to persist in the year ahead. With priorities shifting toward larger homes with special amenities, including “Zoom rooms,” multiple offices and workspaces, and an increased interest in sustainable homes with wellness and technology features, the Luxury Outlook highlights new spending habits and homebuying trends.
“As a leader in luxury real estate, it was important for us to analyze trends emerging from the most unparalleled year in modern history,” said Bradley Nelson, chief marketing officer for Sotheby’s International Realty. “The pandemic recalibrated interest in larger, greener properties, secondary cities, and geographies with favorable tax and emigration policies. These preferences are likely here to stay for the foreseeable future, and it was important for us to provide a resource to those looking to navigate the months ahead.”
Join us as we explore these market-shaping forces and more on luxuryoutlook.com.
Millennials are Changing the Luxury Real Estate Market
By Jacqueline Davalos
February 1, 2021
February 1, 2021
In sharp contrast to the “slacker” stereotype that has defined their generation, millennials aren’t living in parents’ basements. They’re buying multimillion-dollar homes.
At 38%, millennials—adults born from 1981 to 1996—represent the largest share of home buyers in the U.S., according to a survey by the National Association of Realtors released last year. “They’re just as interested in owning a home. They just waited longer to buy their first one,” says Bradley Nelson, chief marketing officer of Sotheby’s International Realty.
Breaking from the notion of a “starter home” that older generations embraced, wealthy millennials, Nelson says, are going big.
This $17.5 million, six-bedroom home is on the market in Austin, Texas.
Photographer: JP Morales for Kuper Sotheby’s International Realty
“In the past, people bought a modest property, lived in it until starting a family, and then traded up to a larger property,” he says. “Millennials are finally coming out of the gate, and it’s not uncommon for the first purchase as a first time homebuyer to be a multimillion-dollar luxury home in the U.S. or internationally.”
As a result, millennials are quickly becoming a dominant force in high-end real estate.
This $46 million house for sale in Aspen, set on 115 acres, contains 17 bedrooms.
Photographer: Michael Brands for Aspen Snowmass Sotheby’s International Realty
Millennials are the most educated generation in history, have higher earnings, and are set to inherit more than any prior generation, according to a May 2020 report by the Brookings Institute.
Characterized by their tech savvy and environmentally conscious values, millennial preferences are poised to dramatically shape the market, a dynamic that has been on display during the Covid-19 pandemic. Beginning almost immediately after the coronavirus hit, for instance, buyers began to flock to areas that offered walkability, nature, and a well-rounded quality of life. (Think food and an art scene.)
Total sales volume in Aspen hit a record high of more than $1.5 billion in the third quarter, while in some neighborhoods of Park City, Utah, median sales prices spiked by more than 50% during the summer, according to Sotheby’s 2021 Luxury Outlook.
Outside the U.S., the Mornington Peninsula outside Melbourne on Australia’s southeastern coast has also seen a similar influx, the report states.
Permanent Changes
A $5.7 million home for sale in Koh Samui, Thailand.
Source: Kaya Estate for List Sotheby’s International Realty
Going forward, developers are likely to integrate touchless, high-tech features into more homes and focus on bolstering sustainability credentials in new buildings, Nelson says.
From energy-saving geothermal systems and solar panels to green roofs, “these are the features that are most attractive,” he adds. “If a home is move-in ready and environmentally conscious and has a Tesla charger installed in the garage, those homes are generating a premium, because you have so many buyers interested in competing for them.”
Overall, the luxury real estate market is ripe for growth.
According to a December Sotheby’s International Realty survey, 63% of affiliates polled said they expected luxury home prices to rise over the next three years in their respective markets. More than 70% of respondents reported heightened demand at the end of 2020.
Luxury Headwinds
A mansion in Montecito, Calif., that’s on sale for almost $17 million sits on just over 4 acres.
Photographer: Matt Wier for Sotheby’s International Realty
In the short term, however, disjointed vaccine distribution and renewed quarantine restrictions could hamper foreign buyer interest. Only one-third of Sotheby’s affiliates expect to see an uptick in demand in the first half of 2021, according to the report.
Additionally, amid indiscriminate declines in overall tax revenues caused by the pandemic, governments globally are reassessing property and wealth taxes as a means of filling budget gaps.
“Across all buyers, tax implications are going to be larger part of their home-purchase consideration,” Nelson says.
For the fast-growing cohort of young, affluent buyers eager to snag their dream homes, millennials face slim pickings for options that meet their unique tastes. “Inventories are at near-record lows in general, and especially for the homes with the features they’re looking for,” he says.
Still, Nelson adds that with “wealth creation growing and cost of capital declining, it’s a promising storm for the high-end housing market.”
SIGNIFICANT SALES | 2020 Highlights
From the sale of the highest-priced home in the history of Vail, Colorado, to that of an architectural masterpiece in Las Lomas, Mexico, highlighted here are 10 Significant Sales from 2020 represented by the Sotheby’s International Realty® global network.
Vail, Colorado
Sold for $57,250,000 | Tye Stockton, LIV Sotheby’s International Realty
East Hampton, New York
Sold for $45,000,000 | Frank Newbold and Valerie Smith, Sotheby’s International Realty – East Hampton Brokerage
McLean, Virginia
Sold for $45,000,000 | Russell Firestone and Mark Lowham, TTR Sotheby’s International Realty
East Flanders, Belgium
Sold for €18,000,000 | Dirk Hoebrechts, Belgium Sotheby’s International Realty
Lake Tahoe, Nevada
Sold for $38,00,000 | Lexi Cerretti, Sierra Sotheby’s International Realty
New York, New York
Sold for $35,140,000 | Stan Ponte, Sotheby’s International Realty – East Side Manhattan Brokerage
Sydney, South Australia
Sold for $24,600,000 AUD | Michael Pallier, Sydney Sotheby’s International Realty
Montecito, California
Sold for $32,250,000 | Dusty Baker, Eric Lavey, Sotheby’s International Realty – Montecito – Coast Village Road Brokerage, and Michael Dreyfus, Golden Gate Sotheby’s International Realty
Aspen, Colorado
Sold for $32,000,000 | Craig Morris, Aspen Snowmass Sotheby’s International Realty
Las Lomas, Mexico
Sold for $4,750,000 | Jessica Potts and Laura de la Torre, Mexico Sotheby’s International Realty