Spring 2013 RESIDE® Magazine

The Spring 2013 issues of RESIDE® magazine have arrived.  In this season’s editions, we explore the changing role of a kitchen in today’s luxury home. No longer just a place to cook and serve a meal—the kitchen has become a home’s focal point. To provide with insight into what makes a kitchen truly exceptional, we look to celebrated chef Jonathan Waxman to offer his expertise.

Click the cover images below to read the digital versions of the magazines.

RESIDE Magazine Sotheby's International Realty

Asia-cover

RESIDE® Spring 2013 Asia Edition

California Luxury Real Estate RESIDE Magazine Spring 2013

RESIDE® Spring 2013 California Edition

Europe-cover

RESIDE® Spring 2013 Europe Edition

Northeast-cover

RESIDE® Spring 2013 Northeast US Edition

Click here to read past issues of RESIDE®.

Central Oregon: Create Your Own Epic Western Adventure

Central Oregon: Create Your Own Epic Western Adventure

From the pages of RESIDE®: Luxury Homes and Lifestyles Around the World, Winter 2013 Mountain Edition

If you were to make or remake a classic American western, where would you choose to film it? Certainly you’d search for a vast, open frontier that captured not only the enormous physical space of the West but also the genre’s mythic, existential intimations. For color you’d need dry summers and snowy winters, yet neither in the extreme. And for action pieces involving your Clint Eastwood or John Wayne you’d want vivid contrasts of rolling meadows, tracts of dense wood (Ponderosa pine and juniper would work nicely), gullies cut by streams and rivers, undulating terrain, wildlife, and occasional rocky outcroppings. It would need to be, in short, a stunning and dynamic landscape.

The search for perfect land and atmosphere would lead you eventually to Central Oregon, where the climate and geographic diversity create an ideal template for Western adventure, from cattle raising to hunting, large-scale farming to equestrian breeding and training and, yes, westerns (Paint Your Wagon, Rooster Cogburn and even The Apple Dumpling Gang were shot here). For these reasons Central Oregon, anchored by the resort town of Bend, has become one of the most desirable locations for buyers pursuing a luxury ranch lifestyle.

While many may associate Oregon with hipsters, coastal rain forests and drizzle, savvy buyers in the ranch market know that the section of the state east of the Cascade Mountains is the opposite: a high, arid cowboy country of prairies, conifer forests and rich volcanic soils.

The year-round weather is the primary draw. Averaging over 4,000 feet of elevation with more than 300 days of sunshine a year, the Central Oregon region surrounding Bend and into the southeast is classified as a high desert. “The climate is incredibly mild,” says Deb Tebbs, owner of Cascade Sotheby’s International Realty in Bend. “We don’t have such long winters, where there’s always two feet of snow on the ground.”

“A lot of buyers who come to Central Oregon have explored other areas and love the ease with which they can get in and out of the airport (Redmond Municipal) and the proximity to West Coast activities,” she adds. “They can fly into the airport, shop in Bend and be out at their trophy ranch in under an hour.”

Though known historically for grazing land—many of the largest properties, in fact, border public Bureau of Land Management and U.S. Forest Reserves, exponentially expanding available cattle acreage—most of Tebbs’ new clientele aren’t seeking active ranches.

“Our typical buyers are not your typical cattle rancher of the past, per se, but rather investors,” she says. These clients tend to be affluent people from cities like San Francisco and Seattle seeking a tangible asset, a legacy property to pass to their children and grandchildren and an opportunity to diversify their portfolio through long-term real estate holdings. The region’s virtues and value are evident.

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Content provided by Derek Duncan exclusively for Sotheby’s International Realty®.

Living the Good Life

Living the Good Life

From the pages of RESIDE®: Luxury Homes and Lifestyles Around the World, Fall 2012 Master Edition

Patrick and Theresa Macri’s dream of coastal living was a distant retirement plan. Until they decided to accelerate their timetable by a decade and turn “someday” into today.

The couple bought a five-bedroom summer home in the resort destination of Fire Island, NY, and remodeled it into a full-time residence. While the summer population swells into the tens of thousands, year-rounders number 250 or so. The Macris are among the fewer still who make the daily commute from the barrier island to the mainland. Despite the concessions–no grocery, no dry cleaner, no movie theater and just a single restaurant–the Macris are living the life they longed for.

“All the tension washes away when you see the water and when you fall asleep at night listening to the ocean,” Patrick says. More than a beach house, it’s a place to “remove yourself from the hectic day-to-day.”

Like the Macris, luxury home buyers are looking for a lot more than a change of address these days. They’re looking for a change of lifestyle. Square footage and number of bedrooms are no longer the de facto starting points of their home searches. In some cases, even price is being muscled out by passion. Lifestyle is king. In fact, more than 2.2 million homes were searched by specialty categories like Waterfront and Skiing on the Sotheby’s International Realty® site last year.

Affluent buyers know what they want and have the means to own their passion.

For most people, an aspirational lifestyle “is something exceptional, something that is just a pause in their lives. One goes to the beach, one goes to the mountain, one goes to the countryside, one visits a capital city,” explains Marc Göhring of de Rham Sotheby’s International Realty in Lausanne, Switzerland. “It becomes a luxury lifestyle when it is an asset in your life. You own the beach, you own the mountain.”

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Content provided by Iyna Bort Caruso exclusively for Sotheby’s International Realty®.

San Diego: A Diverse Junction of Land and Sea

San Diego: A Diverse Junction of Land and Sea

From the pages of RESIDE®: Luxury Homes and Lifestyles Around the World, Fall 2012 California Edition

On any given morning the San Diego County beaches from Point Loma all the way north to the Trestles at San Onofre State Beach are lined with surfers. Seen from the shore the figures look the same, paddling out toward the breakers and gliding home over rolling swells in an early light that gives the scene an almost iridescent clarity. What separates this choreography from those that play out up and down California’s southern coast is not just San Diego’s particularly diverse junction of land and sea but also a subtext that isn’t evident from land.

“We think we have some of the wealthiest surfers in the world,” says Steve Games, Chairman of the Board at Pacific Sotheby’s International Realty. “You’d be amazed at the active business people in San Diego that surf every day. Every day. They get up way in advance and instead of going to the gym they go to the water.”

Accordingly, some of the most prestigious addresses in Southern California sit above the beaches, coves, harbors and bluffs of San Diego County’s 70-mile coastline. Just as residents of New York or Miami instinctively adopt the pace and rhythms of their cities, those who live in these coastal communities naturally arrange their lifestyles around year-round outdoor activities such as sailing, fishing, cycling, surfing and golf.

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Content provided by Derek Duncan exclusively for Sotheby’s International Realty®.

Tantalizing Taipei: Financial and Cultural Avatar

Tantalizing Taipei: Financial and Cultural Avatar

From the pages of RESIDE®: Luxury Homes and Lifestyles Around the World, Fall 2012 Asia Edition

If you were an investor and could travel back in time to buy property in pre-emerging markets, where would you go? The Upper East Side in the 1950’s, or the West Village in the ‘60’s? Aspen or Santa Barbara, or St. Moritz in the ‘70’s? Malaysia and Singapore 10 years ago?

While purely hypothetical—and tantalizing to think about for all the possibilities—the question is also a reminder that in real estate there are always yet-to-be-discovered markets and opportunities hidden in plain sight. Today’s Tirana or Tacna could be tomorrow’s Taipei.

Serious investors are in fact turning to Taipei, lately surging as one of Asia’s most visible financial and cultural avatars. The capital of Taiwan with a metropolitan population of nearly 7 million, Taipei strikes newcomers as a vibrant and diverse city bisected by six scenic rivers and bordered by mountains and the stunning Yangmingshan National Park. An influx of capital, low interest and estate tax rates, rapid development in the tech sector and proximity to vital Asian markets has encouraged governments and corporations around the world to bring business here, and increasing numbers of international travelers are newly exploring the city’s historic sites, museums, restaurants and famed street-side delicacies. Moreover, luxury property and apartments remain priced far less than in places like Hong Kong and Singapore.

Since the 1960’s, Taiwan’s economy has been driven by robust textile and manufacturing operations based primarily in and around Taipei. Recently, however, Taipei has transitioned strongly into banking and technology. According to David Tran, Founder of Taiwan Sotheby’s International Realty, white-collar workers account for 72-percent of Taipei’s current labor force, the highest such proportion in Taiwan. Nearly 10-percent of the workforce is now in the financial sector, and nearly 7-percent find employment in high-tech, information and communications industries. Powered by production from Taipei, Taiwan’s economy is one of the four strongest in Asia and ranks among the top 20 in the world by GDP.

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Content provided by Derek Duncan exclusively for Sotheby’s International Realty®.

Washington DC: A Unique Energy

Washington DC: A Unique Energy

From the pages of RESIDE®: Luxury Homes and Lifestyles Around the World, Fall 2012 Northeast Edition

If power is an aphrodisiac for politicians, then election years have a way of stimulating Washington D.C. with a certain kind of, shall we say, contact buzz. In less animated times a cool awareness of the widespread striving and shifts of persuasion wafts over the city; in even-numbered years that sense can amplify into a high-frequency pitch.

“One of the really interesting parts of being in this city is the political power and influence that is here,” says Michael Rankin, Founder and Managing Partner for TTR Sotheby’s International Realty in Washington D.C. “What happens in Washington often decides the direction of the country, and as a result of that there’s a really unique energy to the city.”

In another city that energy might turn dark, the motivations behind it seem more craven. But Washington masters it, and the energy is buoyant and carried off with élan and a sense of sport. That’s possible partly because of the city itself, but also because of a sincere sense of conscience and giving.

Compared to other major East Coast metropolises where skyscrapers and monoliths dwarf pedestrian life, Washington D.C. feels like a city built on a human scale. An ordinance first passed in 1899 capped the maximum height of new residential and commercial buildings, which today stands at roughly 12 stories. This ensures nothing impedes views of the downtown monuments while at the same time bringing nearly all the city’s structures down to a more intimate level on the street. And with its civic plan of wide avenues, open spaces and roundabouts—designed by Frenchman Pierre Charles L’Enfant—and its best known buildings modeled on Greek and Roman architectural styles, Washington feels in many ways more European than American.

Rankin also points out another humanizing element to Washington, the city’s sense of generosity. “The Chronicle of Philanthropy just released figures that rank Washington as the 4th most generous community in America for giving,” he says. “In the metro area, over $4.3 billion was donated to philanthropic causes. This level of giving demonstrates that Washingtonians are committed to reinvesting in the community.”

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Content provided by Derek Duncan exclusively for Sotheby’s International Realty®.

The Russian Buyer: Valuing the Unity of Form and Substance

The Russian Buyer: Valuing the Unity of Form and Substance

From the pages of RESIDE®: Luxury Homes and Lifestyles Around the World, Fall 2012 European Edition

In recent years Russian buyers have developed into some of the most savvy, discerning and dependable investors in international real estate. As reported in the New York Times earlier this year, because they’re among the most active global figures in high-end acquisitions, real estate brokers and attorneys in places like Manhattan and Florida are crafting strategies specifically catered to wealthy Russian businessmen and entrepreneurs. According to the Times, approximately $84 billion in Russian wealth was spent outside the country in 2011, most of it in real estate, while the number of billionaires in Russia and Ukraine has risen to 109, triple what it was in 2009.

Since the dissolution of the former Soviet Union over 20 years ago, high net-worth Russians have regularly sought to diversify their holdings in safe, non-Russian commodities, including luxury property. But despite what some may believe, simply dangling extravagant homes and apartments, lavishly designed interiors and elite addresses will not alone make premium investors bite.

“Russians today are smarter, faster and family oriented,” says Anvar Kalimov, Partner and CEO for Moscow Sotheby’s International Realty. “The time when they were coming to Paris to buy a luxury flat with a view of the Eiffel Tower for no matter what price are over.”

“These are people who have developed an exquisite individual taste, having traveled all over the world and owned various properties both in Moscow and abroad,” he continues. “Above all they value the unity of form and substance – obviously for an adequate price.”

Russians buyers, in addition to diversification opportunities, are placing more importance on attributes like value and lifestyle orientation. Considerations like private schools, resale potential, market timing and price per square meter are driving transactions to the same degree that size, status and lavish fixtures once did.

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Content provided by Derek Duncan exclusively for Sotheby’s International Realty®.

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