GLOBAL MARKET GUIDE TOP TIPS FOR LUXURY BUYERS ELEVATED LIVING IN KUALA LUMPUR ARTISAN: TURMERIC
GARY E. RICHARDSON STRAND HILL | 310.480.7694 | email@example.com | theartofbeachrealestate.com
FROM GARY E. RICHARDSON | STRAND HILL
WELCOME TO LUXURY PORTFOLIO INTERNATIONAL ®
Luxury Portfolio International ® is a highly-regarded, global network of premier locally branded companies dominated by many of the world’s most powerful independent luxury brokerages. As the luxury face of Leading Real Estate Companies of the World, ® this unique and exclusive program provides me with a global platform to market my significant listings to affluent consumers. I am proud to have been selected for membership to Luxury Portfolio International. ® Today I am gifting you a copy of my personalized edition of the Luxury Portfolio International ® Magazine. This latest issue reflects, not only on the physical aspects of a home, but also on the lives lived among its walls. Whether preparing an indulgent meal or taking time to unwind in a cozy living area, the pastimes we entertain in our most intimate spaces are as much a part of the home as the foundation on which it stands. I hope you will use the following pages of this magazine to inspire your personal pursuits and enhance your in-home experience. In this issue, we tour the contemporary Zephyr Point estate set in “The Beverly Hills of Kuala Lumpur,” explore the latest technology trends and take you on an “art spotting” journey around the world. You’ll discover new dining styles to impress and enchant guests at your next dinner party and learn more about turmeric, the popular golden-colored spice found in fine global cuisine and beauty treatments. And last, hear from industry expert and LeadingRE chief economist Marci Rossell on what to consider before buying your next home and view insights from the latest Luxury Portfolio International ® whitepaper, The Rise of The New Aristocracy , which highlights the preferences of future luxury buyers. I hope you enjoy this edition of the Luxury Portfolio Magazine, and if I can help you meet your real estate objectives, please feel free to contact me. It would be my pleasure to work for you.
GARY E. RICHARDSON STRAND HILL
STEPHANIE ANTON || Editor-in-Chief || Publisher CAMILLE SMITH || Managing Editor
WESLEY GROVER || Contributing Editor ANNE COLVIN || Director, Member Services MICHELLE COX || Senior Manager, Marketing Services STEPHANIE MULKA || Senior Global Member Services Specialist EBONY GREVIOUS || Luxury Advertising Manager
KELLEY FOGG || Web Support Manager ASHLEIGH ADAMS || Luxury Coordinator ASHANTI WILSON || Technical Coordinator THOMAS WAHL || Data Analyst LYNDA VAN DUERM || Creative Director ABBY REDFIELD || Graphic Designer LISA WESTRICK || Graphic Designer
PAUL BOOMSMA || President/CEO ALAN CAZZATO || Vice President, Finance/CFO
CHRIS DIETZ || Executive Vice President, Global Operations LIZ NUNAN || Executive Vice President, Member Services JESSICA EDGERTON || Executive Vice President, Operations
ROBIN LASURE || Vice President, Corporate Marketing DAN NELSON || Vice President, Performance Excellence
JANA COLEMAN || Vice President, Business Solutions/North America STACI COWELL || Vice President, Business Solutions/North America PAM CHUTE || Vice President, Business Solutions/North America ERIN KOOPS || Vice President, Business Solutions/North America PAT POOLE || Vice President, Business Solutions/North America SUE SPARKS || Vice President, Business Solutions/North America
SUZI MADONIA || Executive Director, Events SHEILA BARR || Director, Business Development
PARIKSHAT CHAWLA || Director, Business Development APAC ÇIG˘ DEM ERCÜMENT || Director, Global Membership Services
JOHN GRELYAK || Director, Digital Technology ANNIE WEINER || Director, Human Resources
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THE EXPERIENCE IS YOURS ALONE. Luxury real estate is far more than a transaction. It’s about living the life you deserve. We know a commitment at this level requires a rock-solid relationship with experts who truly understand worldwide markets and with our established leaders in more than 60 countries, you can rest assured. As a global network with 50 years of proven results, our members are more than comfortable representing the most
important people and the best luxury real estate around the globe. Because anything is possible when you know the right people. Visit luxuryportfolio.com to be connected.
FROM THE MOST LAVISH TO THE MOST PRACTICAL, WE LOOK INSIDE HOMES WITH NOTABLE OWNERS FROM AROUND THE WORLD. Whether it’s an iconic musician or a familiar television personality, a notable owner adds a sense of intrigue and interest to a property. From a quaint lakefront property in Nashville to a majestic castle on the shores of Italy, each of these spaces reflect the unique tastes and disposition of these prominent and renowned figures. HOMES WITH NOTABLE OWNERS
DAVID ROCKEFELLER’S ELEGANT NEW YORK ESTATE This magnificent estate was home to renowned business tycoon and philanthropist David Rockefeller. As the last surviving grandchild of Standard Oil founder John D. Rockefeller and former head of Chase Manhattan, David Rockefeller lived in the home until his death in 2016. Situated in Pocantico Hills in Westchester, this traditional property is rich in history and grandeur. Originally designed by architect Mott Schmidt in 1938 for Abby Rockefeller Milton (David’s sister), and purchased by David Rockefeller and his wife in 1946, the residence sits on 75 acres with views of the Hudson Bay. Timeless elegance can be found throughout the 12-bedroom home. The estate also hosts three greenhouses with gardens and orchards, a carriage house and barn, a round pool and a playhouse for all ages. Web ID: BDWD88
KATIE COURIC’S FORMER PARK AVENUE APARTMENT This beautiful apartment was once resided by renowned American journalist, talk show host and author Katie Couric. Couric has had a long-standing career as a journalist and has been an on-air personality on all Big Three television networks in the United States, which include ABC, CBS and NBC. The 5-bedroom home features a semi-private elevator landing and a magnificent entryway. Upon entering, guests are invited to lounge in the main living area and peer out of the prominent windows, which offer views of Park Avenue’s famous tulip gardens. Large windows continue throughout the dining area and invite natural light into the home. The chef’s eat-in kitchen area also has a breakfast room and a butler’s pantry. Additional features in this home include a library, a windowed laundry area and a double staff room with a separate bath. Web ID: RYEV88
JOHNNY CARSON’S FORMER MALIBU BEACH HOME American icon, Emmy award-winning comedian and host of the Tonight Show for 30 years, Johnny Carson last resided in this magnificent Malibu home. Sitting on 4 acres, this home opens to breathtaking Pacific Ocean views from a bluff terrace. Sunbursts of natural light pierce through the 30-foot glass ceiling, illuminating the original stone floors. The luxurious master suite envelops the second floor and boasts two bathrooms with deep wooded tones, onyx surfaces, stone and artisan tile. Two, private his/ her walk-ins with dual offices complete the master floor. The outside grounds feature, a championship tennis court and pavilion, manicured rose gardens and a saltwater pool with waterfall and sundeck. This iconic property offers a rare combination of land, location, architecture and beauty. Web ID: HFVV88
TUCSON ESTATE OF LEE MARVIN Acclaimed star of television and film, Lee Marvin formerly resided in this beautiful Arizona estate. Known for his distinctive voice and prematurely white hair, Marvin won an Academy Award for Best Actor in 1965 for his dual roles in the acclaimed Western comedy “Cat Ballou.” Built in 1936, this magnificent residence has a full guesthouse, tennis court and a pool on the grounds. Scored cement floors and high beamed planked ceilings can be found throughout the home’s interior accompanied by wrought iron light fixtures, curtain rods and door handles designed by Lee Marvin himself. The 6-bedroom, 6-full-and 1-half bathroom home also has outdoor patios, mission tile porches and breathtaking views of the city and mountainside. Web ID: BXJZ88
FORMER LAKEFRONT PROPERTY OF JOHNNY CASH AND JUNE CARTER CASH Famous for being included in the Oscar-winning biopic “Walk the Line” and Johnny Cash’s famous video for the song “Hurt,” this 4.5-acre property overlooks Old Hickory Lake in Hendersonville, Tennessee. Cash entertained many country music icons at the property and wrote many of his most famous songs while living there. Purchased by country music royalty, Johnny Cash and June Carter Cash in 1968 shortly after they were married, the property features a luxurious 1-bedroom, 1-bathroom apartment (which was once used as June Carter Cash’s wardrobe cottage), swimming pool, covered boat dock, tennis court and a guard station. It was previously the site of Cash’s 14,000-square-foot home, which was destroyed in an accidental fire in 2007. Web ID: KLOT88
CASTLE OF FASHION DESIGNER GIANFRANCO FERRÈ This magnificent castle was formerly resided by famed fashion designer and stylist Gianfranco Ferrè. Known as “the architect of fashion,” Ferrè’s designs had artistic details and sculptural lines that revolutionized Italian fashion. In addition to creating his own artistic vision on the runways, Ferrè also served as the Stylistic Director for acclaimed French fashion house, Christian Dior from 1989–1997. The castle was originally purchased by Ferrè to create a fashion school and cultural center, but the plans were halted following his death in 2007. The property is scheduled to be completely restored and currently consists of the main villa (the castle) and two spacious guesthouses on the grounds. The 5,000+ square-foot estate also has additional service rooms and two wine cellars in the basement area. Panoramic views of the lake and surrounding greenery can be seen from the property’s two private beaches. Web ID: XGWB88
ELEVATED LIVING IN KUALA LUMPUR
IN MALAYSIA’S CAPITAL CITY,
KUALA LUMPUR, THE ENCLAVE OF DAMANSARA HEIGHTS HAS LONG BEEN SYNONYMOUS WITH EXCLUSIVITY PRIVACY AND LUXURY. Strategically located 5 kilometers from the city center and elevated to capture mountain vistas beyond the iconic skyline, it’s easy to see why the neighborhood is often referred to as “the Beverly Hills of Kuala Lumpur.” While none of this is news to those in the know around Kuala Lumpur, this vibrant area has undoubtedly been added to the globetrotter’s bucket list since being named to Lonely Planet’s 2017 list “10 of the World’s Coolest Neighborhoods to Visit Right Now.”
Thus, it’s an appropriate setting for one of the city’s most distinguished residences, set within the gated Zephyr Point community. Boasting maximum privacy and security, the three-level villa is outfitted entirely with designer finishes across 7,440 square feet plus a separate intimate home office that allows one to live, work and play all at one address. Designed by local architecture firm Garis Architects, the open floor plan allows for far-ranging southwest views that are immediately on display upon entering. On the ground floor of the residence, an open-concept kitchen is equipped with Miele appliances, exquisitely crafted cabinetry from the Italian design house Varenna, Oliveri sinks and Corian countertops that all come together for a sleek, state-of-the-art cooking space. Portioned for entertaining, the streamlined furnishings and elegant marble floors in the living room take a backseat to stunning panoramas showcased through floor-to-ceiling windows that capture brilliant sunsets. Centered around a glass staircase connecting each level, the top floor holds a lavish master suite with soaring ceilings, a private balcony and dressing room, as well as a grand bathroom with fittings from Villeroy & Boch, a Hansgrohe rain shower and large soaking tub that overlooks the surroundings. Three additional bedrooms are to be found on the top floor, all thoughtfully designed with private, en suite bathrooms perfect for hosting houseguests. On the lower ground level, a spacious retreat area opens to a spa pool and deck, offering an exclusive sanctuary where one can get away from it all, without ever leaving home. A fifth en suite bedroom on the lowest level provides accommodations for staff or guests, and a three-car parking bay ensures that every desired detail has been taken into account.
Streamlined furnishings and marble floors complement the living area. 1
Soaring ceilings and large windows give the space an indoor/ outdoor feel.
Miele appliances and Corian countertops occupy the modern kitchen area.
The home is centered around a glass staircase that connects each level.
The regal bathroom has a large soaking tub and rain shower.
Focused on a high degree of security and exclusivity, residents of the guarded Zephyr Point enclave enjoy a breathtaking infinity-edge pool, function lounge and fully equipped gym. Furthering the community’s appeal, its location was carefully chosen for easy access to leading international schools and the Kuala Lumpur International Airport. Delivering the utmost privacy and luxury to an unrivaled setting, this exquisite modern villa epitomizes elevated living in Malaysia’s capital city.
TO LEARN MORE ABOUT THIS ZEPHYR POINT VILLA , visit luxuryportfolio.com and search Web ID: VRKY88.
TAKEAWAYS PRICE | RM10,500,000 ($2,614,290 USD) SPACE | 7,440 sq. ft. ARCHITECTS | Garis Architects HIGHLIGHTS: 5 bedrooms | 5 bathrooms
THE RISE OF THE NEW ARISTOCRACY
Future luxury buyers expect to inherit a substantial amount of wealth in their lifetime which will fuel their preferences and purchasing power.
HOBOKEN, NJ | $2,375,000 WEB ID: WDXD88
THE WORLD OF WEALTH CONTINUES TO GROW AT BREAKNECK SPEEDS.
The coming year(s) also represent a unique moment in time. With phenomenal gains in the stock market, combined with new legislation and exemptions in the estate tax that favor wealthy families, we expect this is just the beginning to what could be a boom time for luxury real estate. We already see the effects today as the majority of buyers seeking $1 million-plus homes are 25–49 years old and have inherited or plan to inherit significant wealth. This buyer is a mature adult, on average, 37 years old, married and have young families. Their careers are solid and their future prospects are high. We are witnessing the rise of The New Aristocracy. How much, * if anything, do you expect to receive from inheritance from your parents, grandparents or other family members? New Aristocracy: Ages 25–49 | Luxury Loyalists: Ages 50+
While this is a global phenomenon, it is the United States that leads the charge as the world’s powerhouse in mega-wealth creation. In 2017 alone, personal wealth in the U.S. grew by $8.5 trillion, followed by China with $1.7 trillion in growth. 1 The wealthiest Americans have benefitted the most in the post-recession economy; the top 1% hold 39% of the assets.
14% 28% 24% 18% 16% $3.8
26% 28% 25% 15%
Under $1 Million
SHARE OF WEALTH: U.S. Source: U.S. Federal Reserve
$1 Million to under $5 Million
$5 Million to under $10 Million
$10 Million or More
Average Inheritance (Millions USD)
*Include amounts already received as well as future inheritance from all sources, before taxes (e.g., cash, stocks, bonds, real estate, art, business assets, other assets).
It is this consumer who has begun powering the $1 million-plus real estate market, more so than their older counterparts, the 50-and-over Luxury Loyalists , who historically have driven the high end of the real estate market. 3 While the older group is very wealthy, and is the dominant force in overall luxury spending today, their plans for real estate are for downsizing and economizing. Luxury Portfolio International ® and YouGov partnered to create a survey of real estate demands and expectations among high-net-worth consumers in America. The results of this survey explore the wants and needs of these two important buyer groups.
Along with the growth in wealth, America is enjoying a surge in the number of affluent households and, in just one year, added 745,000 households 2 to the ranks of families earning at least $250,000 in gross annual income. This represents an 18% increase, bringing the total to nearly 5 million affluent U.S. households (roughly, the top 4% of households). Bottom line: there are more affluent consumers now, and they are wealthier, than ever before.
1 Credit Suisse Global Wealth Report 2017. 2 Current Population Survey (CPS) Annual Social and Economic (ASEC) Supplement. The CPS is a joint effort between the Bureau of Labor Statistics and the Census Bureau. 3 Based on 2017 NAR, plus existing homes Census statistics of $1M+ sales, approximately 77% buyers were 24–49 years old vs 23% buyers were 50+ years old.
THE NEW ARISTOCRACY The group we refer to as The New Aristocracy are high-net-worth consumers aged 25–49, who consist of both Millennials and the younger portion of Generation X. This group will ultimately be larger in number and greater in economic power than the wealthy in the gilded age of the Rockefellers. Beyond that, they will have a lifetime of experience living a luxury lifestyle, as they are the children of the very wealthy. . Inherited Wealth Suburban Rural Urban
In which one type of location do you want your next personal residence?
The New Aristocracy is more likely to have grown up in affluent and wealthy families and stands to inherit about $4 million on average with 58% expecting to inherit more than $1 million. Interestingly, this is a largely U.S. phenomenon, as most wealth worldwide has been earned in the lifetime of the individual rather than inherited. What Does It Mean for Real Estate? Younger buyers who have grown up with wealth have greater exposure to luxury, are more educated and aware of their likes and dislikes. They know brands, they demand quality and they are familiar with real estate. Inheritance is often a financial windfall that helps with down payments or enables buyers to purchase with cash. Between 2011 and 2014, the transfer of million-dollar-plus gifts increased by a factor of 20 compared to 2007–2010 (which was in line with historical norms). As a result, half a trillion dollars — in million-dollar gifts — have been transferred already, and it is only the beginning. Trends The New Aristocracy is looking to spend at least $1 million on real estate in the next one to three years and is primarily looking to reside in an urban area. Many of these younger buyers are looking to purchase larger homes over 7,500 square feet, and a surprisingly large percentage of buyers are looking at 20,000 square feet or more. THE BOTTOM LINE The million-plus homebuyer of the future is looking for a private, secure area they can call home. In fact, they are seeking this sense of security in all parts of their life. For the Luxury Loyalists, the home is all about comfort: security, relaxation and privacy are top emotions associated with the home. A strong sense of accomplishment comes with it. The New Aristocracy feels this comfort as well, but they add feelings of intelligence, sophistication and excitement when thinking of their home. For them, it reflects who they are as people as much as it is a place to live.
These buyers favor classic styles that house modern amenities such as smart home capabilities and state of the art security systems. The exterior of the home will cater to their desire to blend in with other homes in a traditional affluent neighborhood while modern amenities will allow them to control the home with the push of a button and ensure security for themselves and their growing families. Top 5 “Essential” Next Home Features
Near Restaurants and Dining Options
3 2 4 5
Has Outdoor Space, such as a Patio or Terrace
Multiple View Surveillance Cameras
Monitored Security System/Alarm
Commercial Grade Kitchen Appliances
MILLION-DOLLAR HOME BUYERS
Ages: 25–49 Ages: 50+
Average Investable Assets
Affluent or Wealthy as a Teen
Inherit $1 Million or More
LUXURY LOYALISTS The Luxury Loyalists are high-net-worth consumers over
In which one type of location do you want your next personal residence?
50 years old who are in the market to buy a personal residence for $1 million or more within the next 3 years. These are the traditional luxury home buyers who have historically made up the bulk of luxury consumption in the world. These buyers are now at a stage where their priorities are shifting from raising a family to preparing for the next chapter in life. Transferring Assets to the Next Generation Luxury Loyalists want to see the money that they pass down to the next generation to be a source of joy for their heirs. This means heirs have a chance to live with a portion of their inheritance while the earner is still alive. These benefactors have the opportunity to teach and guide their heirs before much of the estate is passed on. More Millennials expect to inherit, compared to Gen X and the Baby Boomers, and they stand to inherit more money overall than the previous generation. What Does It Mean for Real Estate? Luxury Loyalists are thinking long term. They want to ensure their family is well protected financially and focus on adding quality to their lives for the years to come. Families have crafted a moat (primarily of cash) that protects their castles and their peace of mind. These buyers are seeking to simplify their lives, as they no longer have a need for large homes for multiple family members. Smaller homes with sustainable features are favored over large spaces that require regular maintenance. Trends Luxury Loyalists who plan to spend at least $1 million on real estate in the next one to three years, tend to be in the market for a home in the suburbs under 5,000 square feet, with fewer bedrooms and bathrooms.
28% 60% 13%
These buyers are seeking contemporary and modern homes as way to simplify their lives with less square footage and sustainable features. Mediterranean homes are also in demand as the allure of southern European design remains strong with the generation who grew up romanticizing the region through movies, food and travel. One-fifth of Luxury Loyalists are also considering moving to more compact spaces due to the efficiency, security and ample amenities offered by a large building of condominiums or apartments. Top 5 “Essential” Next Home Features
Has Outdoor Space, such as a Patio or Terrace
3 2 4 5
Construction Incorporates High-Efficiency Windows and Doors Has a Dedicated Laundry Room with High Efficiency Appliances (or space for their own)
Master Suite with Dual Closets
A Butler’s Pantry with Ample Storage
MILLION-DOLLAR HOME BUYERS IN TOTAL
Excerpted from The Rise of the New Aristocracy. Download the complete 16-page report with an expanded list of the desired amenities of the future affluent buyer at luxuryportfolio.com/whitepaper.
Average Investable Assets
Affluent or Wealthy as a Teen
Inherit $1 Million or More
SIGNIFICANT LISTINGS Luxury Portfolio International ® showcases the finest high-end properties in more than 60 countries from our global network of independent companies. Take a world tour with us and peek inside a few of these spectacular homes.
To view these properties, simply visit luxuryportfolio.com and search the Web ID.
NEW YORK, NEW YORK | $76,000,000 Web ID: TUYD88
KILAUEA, HAWAII | $70,000,000 Web ID: ZWXD88
SARDINA ITALY | PRICE UPON REQUEST Web ID: RRMU88
CORFU, GREECE | €40,000,000 Web ID: QQEY88
PARIS 7TH, FRANCE | PRICE UPON REQUEST Web ID: JKTJ88
CORAL GABLES, FLORIDA | $45,000,000 Web ID: YGKV88
AUCKLAND, NEW ZEALAND | NZ $40,000,000 Web ID: CISB88
INNISFIL, CANADA | C $15,680,000 Web ID: IYKD88
NEW ORLEANS, LOUSIANA | $10,300,000 Web ID: UKJB88
GLOBAL MARKET GUIDE
LUXURY MARKETS VARY FROM REGION TO REGION. While some markets see consistent growth, others have the challenge of recovering following financial hardships or a departure from the European Union. The following is a closer look at the luxury real estate markets of a curated list of global destinations that have seen changes in their markets in the past year. For more information or to contact a Luxury Portfolio member in these markets and beyond, visit luxuryportfolio.com.
A CLOSER LOOK AT HIGH-END MARKETS
LUXURY BUYER PROFILE
CURRENT HOUSING MARKET
Prices are up by 10% and expected to rise to 15% in the coming years.
About 80% of luxury buyers in Lisbon are foreign buyers, coming from France, Sweden, and the Americas. The remaining 20% of buyers in Lisbon are locals looking to purchase new or refurbished luxury homes.
Independent entrepreneurs or have family-owned businesses. A small percentage are working professionals 50+ years old. Hong Kong residents constitute at least 70% of the luxury buyers in the market and 90% of the non-resident buyers come from mainland China.
One of the world’s most sought- after locations has transaction volumes at a historic low, caused by high transaction costs, strict mortgage policies and low- yield returns.
60% of buyers in the U.K. are natives, however London has recently seen an influx of buyers from China and the U.S. Many of London’s luxury buyers are the children of affluent individuals, often first-generation Chinese or Middle Eastern buyers between 20 and 30 years old.
Opportunities for foreign buyers to take advantage of prices which can be 10%-20% below their peak.
Luxury buyers in Greece are mostly from Germany, France, U.K. and Russia. Greeks from the U.S. and Australia have also begun to come back to Greece. There has been an increased demand from countries like UAE, Egypt, and Turkey.
Increasing demand in tourist destinations, central Athens, and the historical center. Low transaction activity overall.
Read these complete Global Market Guides at luxuryportfolio.com/blog.
ATTRACTING LUXURY BUYERS
Condominiums, private villas with sea views, refurbished buildings with luxury amenities, balconies, open kitchens, spacious communal areas.
In high demand and typically sell very quickly once they hit the market.
Due to recent trends in the market the prices of luxury homes in Lisbon are expected to continue to increase by about 20% over the next 5 years.
Traditional affluent neighborhoods, tranquil lots, sea views, large homes within 30 minutes of downtown, ability to renovate.
Our experts predict modest growth over the next 12 months. This is primarily due to high home prices, a low level of transactions combined with low interest rates, low unemployment rates and below average new housing supply.
The transaction volume of new developments has increased and at certain times contributes about half of the total residential transaction volume.
Since Brexit, home prices have seen a consistent decline, however our experts predict that prices will stabilize over the next year followed by a gradual increase over the next 5 years.
Although political change is evident, new construction continues despite the actions of the government.
Luxury concierge services, privacy, exclusivity.
Prices are expected to rise in prime locations each year. Our experts predict there will be a yearly increase overall of about 0.6% in the area.
The first few months of 2017 showed an increase in issued building permits in premium destinations.
Beachfront properties in premium destinations, properties in bigger cities near shopping centers and the airport.
THE WELL- TRAVELED PALETTE AT HOME Travel is not just a revelation for the eyes and the mind; it’s a feast for the taste buds. Hosting a themed dinner party your guests. The delight is in creating an immersive world where not just the food but the decor, the music, and the overall mood all play a role. Planning is the key to a great time for both the hosts and the guests. Let your guests know ahead of time the theme you are planning so they can get in on the excitement. You may wish to order table linens and serving dishes to match or use items you have acquired during your travels. While many ingredients may be available locally, certain specialties can also be ordered online. allows you to bring a little bit of that magic home to
SPANISH TAPAS Hosting a tapas night is a great way to gather a lot of people in an informal and fun way. Colorful Spanish pottery pieces make perfect serving dishes and add a splash of brightness to the table. This is an excellent event to host outside or in a covered area. Many tapas can be prepared ahead of time, especially the salads and marinated dishes such as goat-cheese stuffed piquillo peppers. Large pitchers of homemade sangria help keep cocktail preparations to a minimum. Sangria can be made with any type of wine and seasonal fruit. For gourmet Spanish delicacies, including anchovy-stuffed olives and ham from the famed acorn-fed Ibérico pigs, visit tienda.com. A MEAL WITH CAJUN FLAIR Cajun-themed parties are popular around Mardi Gras, but can be fun any time of the year. The rich legacy of Louisiana has created a cuisine that combines influences from a variety of cultures. The foundation of a Cajun meal is a rich gumbo. Cajun gumbo begins with a dark roux of flour and oil stirred over a hot stove, okra, chicken, and andouille sausage or tasso. Serving Bananas Foster with its rich sauce of brown sugar and rum flambéd at the table makes for a dramatic finish. A small market in Scott, Louisiana is famous for selling andouille sausage, tasso and other local delicacies necessary for the perfect Cajun feast at beststopinscott.com. 4
FRENCH STYLE Effortless style and luxury define the French hosting style. Every detail tells a story from the greenery and flowers to the serving dishes used. Mismatched place settings can be part of the charm and create an air of relaxed elegance. For the main course, pick up Julia Child’s “Mastering the Art of French Cooking” and create an entrée that your guests will talk about for years to come. A true gem in culinary literature, this book is designed to give novice and professionals chefs alike instructions on how to make the best dishes in French cuisine. In place of a rich dessert, consider adding a cheese plate for a classic finish. To delight your guests, consider Beaufort d’Ete, a raw cow’s milk cheese made from cows who graze on grass during the summer months. This cheese and a variety of other French cheeses can be shipped around the world from fromages.com. ITALIAN DINING A traditional Italian dinner party has many courses beginning with the antipasti, a tray of meats, cheeses, and marinated vegetables. The primi piatti is often pasta or another starch like risotto or gnocchi followed by the secondi piatti, which is traditionally the meat course and is accompanied by vegetable dishes. Fresh pasta is available at many gourmet shops and can be made at home even without a machine. Consider decorating with Italian herbs. Rosemary sprigs, thyme, oregano, and lavender don’t just provide beauty, but can also complement the delicious aroma of the food. 2
erol spritz, perol, an Italian ors. The recipe for
The classic apertivo for starting the meal is an Ap a drink made with prosecco, club soda, and A apéritif with bright orange and herbal flav this and other cocktails can be found at aperol.com.
TURMERIC A golden-colored spice featured in both traditional Indian cuisine and in Ayurveda treatments, turmeric has been used for thousands of years around the world. The health benefits and unique flavor of turmeric have made this ancient spice newly fashionable, topping several top food trends lists.
Turmeric is made from the rhizome (rootstalk) of the Curcuma longa plant and is a member of the ginger family. Its health benefits come from curcumin, an antioxidant with anti-inflammatory properties. Uses of turmeric date back over 4,500 years and in ayurvedic medicine turmeric was used both externally for healing wounds and internally for helping to purify the blood and aid the circulatory system. Turmeric is also seen as auspicious and sacred within the Hindu religion and has been used to dye Buddhist robes their distinctive orange color. Most turmeric is sold as a ground powder and similar to ginger, it’s sold in root form as well. Fresh turmeric is peeled to remove the outer skin and then can be grated or sliced. Turmeric adds heat, color, and flavor to both sweet and savory dishes. It can be added to smoothies, in meat marinades and rubs, and included in dips, dressings, and sauces.
SAVORY New York City, New York | Two hot health trends, turmeric and bone broth converge at New York City’s Springbone. Their Liquid Gold drinking broth features free-range chicken broth, organic coconut milk, and turmeric. The combination is said to boost immunity. springbone.com Mauritius | The island of Mauritius in the Indian Ocean has a unique specialty that gets its kick from turmeric. Vindaye can be made either with firm white fish or octopus and fried and coated in turmeric and other exotic spices. La Terrasse at the recently refurbished One&Only Le Saint Géran is the ideal spot to enjoy this delicacy while sitting at a dining pavilion overlooking the surrounding ocean. oneandonlyresorts.com SWEET Seattle, Washington | Turmeric flavors in ice cream are very popular and they don’t have to involve dairy. At Frankie & Jo’s, a popular plant-based ice cream includes coconut milk, coconut cream, fresh turmeric root, cardamom, pepper, and both candied and fresh ginger. frankieandjos.com Beirut, Lebanon | Sfouf, a traditional Lebanese cake made with turmeric, semolina, molasses and topped with pine nuts can be found at Lebanese bakeries and restaurants around the world. Amal Bohsali, a Beirut bakery, that had its origins in 1878 when Salim Bohsali opened his first outlet, ships sfouf throughout the country. abohsali.com.lb AT THE SPA Turmeric’s healing qualities also work well externally, especially in scrubs that soothe and invigorate. Several of the Banyan Tree spas offer a Turmeric Honey Cleanser a body scrub that mixes together turmeric and honey, tamarind and sesame seeds for a scrub that exfoliates and moisturizes. banyantree.com/en At the luxurious Four Seasons Bali at Sayan, a Rice and Spice treatment combines an exfoliation using temu lawak roots with cloves, turmeric, fenugreek and ginger with a traditional gayung rice and spice wine shower followed by a back massage with aloe and ginger. fourseasons.com/sayan
For us, a favorite portal into an unknown place — its past, present, and future — is the arts. Combining this with our love of unique spaces, we trotted the globe to gather our top locales for “art spotting” around the world, from a snack factory turned modern art space in New York to a warehouse converted into contemporary art center in Ho Chi Minh City, Vietnam.
21c Museum Hotels SEVEN U.S. LOCATIONS
Dia:Beacon BEACON, NEW YORK
Founded by art collectors Laura Lee Brown and Steve Wilson, 21c Museum Hotels are an innovative union of hospitality and artistic communities, where you’ll find museum and exhibition spaces within boutique hotels. At their recently opened Oklahoma City location, a former Ford Motor Company assembly plant was converted into a contemporary interpretation of the building’s industrial heritage with 14,000 square feet of exhibition space and luxurious rooms designed by New York-based architecture firm, Deborah Berke Partners. In seven locations across the country, 21c Museum Hotels have featured installations and exhibitions from over 700 contemporary artists, including Chuck Close, Kara Walker and Elmgreen & Dragset. The fast-growing initiative now boasts over 75,000 square feet of exhibition space, with each location focused on site-specific touches that range from wallpaper to large-scale sculpture. Each hotel also places an emphasis on farm-to-table fare that celebrates the area’s culinary identity. Proof on Main, located within the Cincinnati location, was named one of Esquire magazine’s “Best New Restaurants,” while Lockbox, at 21c’s Lexington, Kentucky hotel, has been recognized by Bon Appetit on their list of “10 Best Hotels for Food Lovers.” 21cmuseumhotels.com
Set in a former Nabisco factory built along the Hudson River in 1929, Dia:Beacon presents a collection of art from the 1960s to the present. The building, which was once used to produce the packaging for snacks such as Oreos, Chips Ahoy!, and Ritz Crackers, now stands as a symbol of Beacon’s past as a major industrial and manufacturing city, located about 70 miles north of Manhattan. Working closely with installation artist Robert Irwin, the Dia Art Foundation converted the 300,000-square- foot space into a 21st-century museum that has since been placed on the National Register of Historic Places. In addition to their permanent collection, Dia:Beacon has regularly hosted internationally recognized exhibitions since opening in 2003 and galvanized the city as a sought-after arts destination drawing visitors from around the world. Past exhibitions include Andy Warhol’s Shadows and Dan Flavin’s series of fluorescent light “monuments to v. Tatlin,” while guests can expect to see works by such artists as Gerhard Richter, Louise Bourgeois, and Sol LeWitt in the permanent collection. If you find yourself in NYC, but unable to make the trip to Beacon, Dia’s Chelsea gallery is an equally impressive place to get your art fix in the city. diaart.org
The Factory Contemporary Arts Centre HO CHI MINH CITY, VIETNAM
Cwart KNOKKE-HEIST, BELGIUM
When you find yourself in Ho Chi Minh City, chances are you’re looking to indulge in the unrivaled street food on nearly every corner, but in between those delicious bánh mì sandwiches and piping hot bowls of pho, The Factory Contemporary Arts Centre is well worth a visit. While Vietnam has a well-known tradition in such artistic mediums as lacquer painting, silk production, and wood craftsmanship, The Factory serves as a multi-disciplinary platform showcasing a new generation of artists, located in the fashionable Thao Dien neighborhood. The building itself — a repurposed warehouse — is a work of art that one enters by walking under an upended shipping container that whimsically comments on the country’s rapid industrialization. Inside, the open layout maintains soaring exposed beams of the building’s past life that complement the contemporary décor. It holds a variety of spaces, from a co- working area to F Bar & Kitchen, where we highly recommend a rooftop cocktail post art viewing. factoryartscentre.com
What was once a farm located near Belgium’s border with the Netherlands now serves as an exhibition space for the town of Knokke-Heist’s vibrant creative community. This seaside resort town, set along the North Sea, is home to only 33,000 people, yet there are more than 40 art galleries and perhaps none as unique as Cwart. Dating back to 1335, the farm was recently transformed into a modern-rustic space that provides opportunities to emerging artists.The off-the- beaten path destination is centered around works that evoke a fully immersive experience, with each project focused on exploring the relationship between traditional art forms and contemporary mediums. Offering a feast for all the senses in a cozy atmosphere, after meandering through the exhibition space one can enjoy local dishes at Cwart’s restaurant or a glass of vino at the stylish wine bar. The multi-functional venue also holds events, film screenings and concerts, and for those who need a place to work, there’s also a co-working space that caters to creatives and entrepreneurs. cwart.be
INSIGHTS FOR LUXURY BUYERS IN 2018
When purchasing a significant property, buyers should be aware of several factors during the buying process. The home’s location, new tax laws and your personal portfolio are all important issues to consider, whether purchasing a new primary or secondary home. For details and additional insight into economic factors that influence the buying process, we sat down with LeadingRE Chief Economist, Marci Rossell.
MARCI ROSSELL, PH. D., CHIEF ECONOMIST FOR LEADING REAL ESTATE COMPANIES OF THE WORLD ® As a former Chief Economist for CNBC and groundbreaking financial journalist, Rossell served in this position in the months immediately following September 11th. She is known for taking complex economic issues and making them relevant to people’s lives, families, and careers. Investment Spokesperson for OppenheimerFunds, one of the nation’s largest mutual fund companies, and prior to that, as an economist with the Federal Reserve Bank of Dallas. Rossell earned a Ph.D. in economics from Southern Methodist University, where she was named one of the Young Alumni of the Year in 2002. She brings a world of experience — from Main Street to Wall Street — when discussing the U.S. economy, international events, and movements in capital markets. Prior to her career in broadcast journalism, Rossell served as Corporate Economist and
TIMES ARE TAXING Politics — rather than economics — is driving real estate across the globe. The new changes to the U.S. tax code cap the deduction for state and local taxes to $10,000. Over the next decade, Marci predicts that low-tax states will see an increase in home buyers that will potentially put upward pressure on prices in those areas. Now is the time for the affluent home buyer to keep their accountants on speed dial because laws are changing quickly. A home is often a part of a larger portfolio and changing tax laws have an impact on the taxes on your individual assets, particularly if there is a change in geography. Though it may be discouraging for high-end buyers in high- tax states in the U.S., don’t be surprised if, in the next few years, we see a financial innovation that mitigates the tax problem. In Europe, the political consequences of Brexit will impact luxury markets for the next decade, as financial centers such as Frankfort benefit from the gradual exodus of business from London.
NEW FACES, SAME CENTRAL BANKS Every region of the globe is growing right now, for the first time in over a decade. Last year, India posted the strongest growth of the large economies at 7%, China expanded at over 6%, the Euro Zone grew 1.5%, Russia emerged from a deep recession, and economies in South America and Africa benefited from the recovery in commodity prices. As a result, central banks from Asia to Europe are rolling back monetary stimulus and tightening policy. In the United States, Jerome Powell has replaced Janet Yellen as Chairman of the Federal Reserve, and there are several open seats on the Board of Governors that need to be filled in 2018. But luxury buyers should expect the same policy of slow, steady interest rate rises as the global economy continues to improve. IT’S ABOUT THE BALANCE Real estate is part of a portfolio that includes stocks, bonds and other assets. The strong gains in stocks over the last few years may mean that it’s time to rebalance that portfolio and add more real estate to the mix. S&P 500 index has tripled in value since its low in 2009, a pattern that’s been repeated in stock markets around the globe. With the strong gains in stock over the past few years, buyers are encouraged to embrace more real estate. 3
EMBRACE THE BLOCK, AND THE CHAIN Blockchain, an ever-growing list of records that are linked and secured using cryptography, has begun to influence financial services and will begin to change the way luxury buyers purchase homes in the near future. The first big real estate transaction using blockchain technology occurred in Ukraine last year. While still in its infant stages, blockchain technology promises to remake industries, just like the Internet transformed sectors from travel to finance. With real estate, blockchain technology is likely to have the greatest impact in less economically developed parts of the world where property rights are less secure, title is more difficult to establish and fraud is of greatest concern. It will make transactions cheaper and easier for the most sophisticated buyers, especially across borders. DON’T WAIT In U.S. markets, two strong forces will collide in 2018: millennial home buyers and the new tax code. The oldest millennials are now first-time home buyers. As they seek to put down roots for their new families, the most affluent millennials will be attracted to low-tax areas that will minimize their payments to Uncle Sam. Just as they drove up rents in the urban areas of their choice over the last decade, they will put upward pressure on luxury homes in their most desired neighborhoods in the years to come. Couple these forces with synchronized global growth — which puts upward pressure on real estate prices and interest rates across the world — and it makes sense to lock in that attractive luxury property as soon as possible. 5
LUXE TRENDS ®
EXPLORING CREATIVE EXPERIENCES AND DEVICES reflects the essence of luxury and staying abreast of the most interesting and exclusive innovations around the world is essential to a luxury lifestyle. We have gathered the following collection of trends that showcase some of our favorite products and pursuits that encourage and cater to a life well lived.
Tree Hotel, an experiential
lodging company based in the small town of Harads, Sweden, offers a unique experience for those seeking a hotel stay like none other. The owners of Tree Hotel have worked with some of Scandinavia’s leading architects to create “tree rooms” that are suspended 4–6 meters above ground within the nearby forest, each with its own distinctive story or theme. Guests can choose from seven tree rooms to stay in, including an extra- terrestrial themed
UFO tree room or the polished Mirrorcube, which reflects the beautiful forest scenery. treehotel.se