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How To Price A Luxury Home
Sara Clemence

As anyone who has sold a home knows, the most important thing is pricing it right. The trick is setting a price that gets the sellers what they want without scaring off the buyers.

At the top end of the market, pricing is even tougher because the most expensive properties can include intangibles like a great view, beachfront access or a historic pedigree. Nevertheless, says Nancy Allen, a broker with Pacific Union GMAC Real Estate in the San Francisco Bay area, you still need to start with the basics: "The square footage of the lot, the square footage of the house, the volume of the house. The salability such as floor plans, finishes--it can't just be average, it has to be over-the-top. Then it would be amenities, such as a view, a large flat lot, pool, tennis court and whatever."

Brokers will look at comparable homes that have been sold or are on the market, which can be a challenge at the highest price points. They will seek the advice of other real estate agents. But there is also the gut call, which especially comes into play when busting through price ceilings.

"You push the price until your stomach gets tight," says Terry Maitland of Landvest in Boston. "And when that happens you stop."

For the most part, the pricing has been pretty on the money. According to the National Association of Realtors, over the past year the average sales price of a home in the United States was about 99% of the asking price.

Inventory has been very tight across the board for high-end properties, which leads to more competitive pricing, but culture plays a big part in how aggressive valuations are. In Manhattan, for example, people expect a fight. In calmer markets, such as Washington D.C. or Atlanta, real estate brinksmanship is unusual.

A tactic often employed in places like New York or San Francisco is underpricing in order to generate a bidding war. However, that can backfire. "If you underprice it a lot, there's no assurance that people will bid up to what it should be," says Lisa Lippman, broker for The Corcoran Group, a division of Cendant (nyse: CD - news - people ), in New York. "If you price it too low and you have a feeding frenzy and it all falls apart and you jack the price up, it looks a little odd."

Some markets are less cutthroat. In St. Louis, for example, luxury properties often come with a negotiating cushion. "Most of the time when we price a house, we expect not to sell it for what we list for," says Kevin Hurley, of Edward L. Bakewell. "We can always go down but we can't go up. If we price at $1.6 million we might get 1.5. If we put it at 1.5 we might get bids at 1.4."

According to Paul Grover, broker for Kinlin Grover GMAC Real Estate in Cape Cod, you want to price it right the first time. "Home owners think you can always come down or someone will make an offer." He points that if a house is overpriced, the seller--and broker--have missed the crucial first impression of how it is seen in the marketplace.

In New York City, a $4 million house priced at $4.5 million is going to disappoint educated buyers, who know they can get more for their money down the street, says Corcoran's Lippman. "It is not meeting buyers' expectations, and that's the kiss of death," she says. Meanwhile, people who are looking for a $4 million place might not even bother to look at your listing. You can bring them in later with a lower price, but there's a certain stigma to reducing, she says.

"The rule of thumb is: You should only adjust the price once, so it has to meaningful," Maitland says. "If you adjust more than once, nobody knows where the bottom is."

"The first two or three weeks in general are the most important," Lippman says. "Nothing is more exciting than a new property on the market that is priced correctly and gets people at that price range."

If a property is priced too high, after several months on the market it may be taken off and introduced later at a more realistic price.

While unusual features such as a terrace or high ceilings may make a house more valuable, the more idiosyncratic a property it is, the harder it will be to sell. It can be very difficult persuading sellers that their homes may just not be worth the world--especially at the top end of the market, where rich owners are used to getting what they want. "Sometimes the seller will think it's very valuable because they love it," sighs Lippman. "Generally the public doesn't."

That goes for the property's condition--and its potential cost down the road. "You've got to be realistic about the condition," Hurley explains. "A slate roof or tile roof, to replace them can be really costly."

A common concern for brokers around the U.S. is that sellers can be less than realistic about their home values. "When a broker and a seller are sitting and discussing price and the marketplace, it always seems as if helium has leaked into the room," Maitland says. "The price just keeps going up and up and up."

One client recently told him that if they priced a house as he suggested, people would think they were insane. A few months later, the house is still on the market.

"Oftentimes, the marketplace is the only educator," he says.

How good are you at pricing real estate? Click on the images above, or advance to the next page to see if you can guess the actual prices for five luxury properties around the U.S. At the end, see if your choices were correct.

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Luxury Home Buyers: Are you searching for luxury homes for sale? Listings in our site meet strict guidelines that demonstrate their luxury home designation. We have some of the most prestigious properties available anywhere presented by Brokers and Owners.
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Source from: luxuryhomesandproperties.com

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Luxury home in Troon selected for new travel club

Mike Padgett
The Business Journal
A luxury Scottsdale home in Troon North is part of The Markers, a new international travel and residence equity club for golf purists with deep pockets.

Founders and entrepreneurs Mitch Brinton and Ron Wade have teamed with PGA Champions Tour professional Bruce Summerhays to select 36 luxury homes that, when possible, are in private country clubs.

The home in Troon North is one of the first four luxury homes in the United States chosen for the club's first phase. The others are in St. George, Utah; Cabo San Lucas, Mexico; and Pinehurst, N.C.

Future phases will include custom homes in key golf locations across the United States, including Hilton Head, S.C., and Pebble Beach, Calif., and in St. Andrews, Scotland, as well as Ireland and Hawaii.

The goal is to have all 36 homes ready for members by 2008. The homes will be worth an average of $1.5 million, and a 9-to-1 member-to-property ratio will be maintained to ensure membership availability.

Each residence will average 3,500 square feet and have four bedrooms and four bathrooms.

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A concierge will help book the trip and stock the homes with the members' preferred foods and beverages. The homes will be furnished in the design of their locale, and an SUV will be provided for use by the members.

The three membership levels and fee structures are: Fairway, for individuals and families, $285,000 and annual dues of $14,500; Partner, for four friends or business partners, $325,000 and dues of $16,500; and Corporate, $375,000 and dues of $18,500.

Membership will be limited to 325.

Honored Realtor moves
The new CEO/team leader at Keller Williams Southwest Realty is Randy Cooney, former director of career development for Coldwell Banker Success Realty.

Source from: rds.yahoo.com


Builder brings distinct touches to luxury homes

By Jeri Butler

Palm Beach Post Staff Columnist

Tuesday, August 02, 2005

Beauty is in the details, as Paul Kleinfeld sees it. A builder of high-end homes with museum-quality features from richly carved wood molding to imported marble bathtubs, Kleinfeld's company First Florida Development has built more than 140 single-family homes in Sailfish Point. And we're not talking cottages in this exclusive Hutchinson Island community.

"It's not just about being big," Kleinfeld said. "It's about workmanship, the bones of the house, the angles and the finish."

Clients often bring Kleinfeld "magazine tear-outs" of pieces of houses they like, such as a British West Indies house or a room in a Dutch-influenced Bermuda-style home. It's up to the architect to design the home and Kleinfeld to get it built, finding qualified subcontractors to do the fancy stuff.

"I love all styles of architecture and periods, and I get an adrenaline rush from building," he said.

Kleinfeld, a soft-spoken, modest guy, has won many awards but his company got a special nod for excellence two weeks ago when the French chateau-style home he built for the Simon family in Sailfish Point won the Golden Aurora Award from the Southeast Building Conference. The award was for the finest one-of-a-kind, single-family home over $3 million and entries included luxury homes from 12 states. Barry Sugarman of Miami was the architect for this house.

"You have to build with good engineering for a coastal environment," Kleinfeld said.

I bet at that price, it means "hurricane-proof."

First Florida Development in Stuart has 35 employees, but Kleinfeld didn't set out to be a builder. Growing up in Miami, his plan was to be a marine biologist. He majored in zoology at the University of South Florida, began graduate studies in marine biology and worked in a mariculture facility raising pompano and shrimp.

In 1971, he married Helen, and her father, a builder, invited Kleinfeld to come to work for him.

"When I was in high school, I had always worked construction, so in 1972 we moved to Stuart," he said. "There were just a few stoplights in town then, but I loved the rivers here."

Kleinfeld built his first spec house in Sailfish Point in 1982 and his is the last of the original building companies still there. For their own house, though, he and Helen chose to live in an older home. They have remodeled a 1920s riverfront house near the site of the former Bay Harbor Club in Stuart, which was torn down in 1995.

"It has that wonderful old wood, and we're still working on it," he said.

Helen is the registrar at Jensen Beach High School, where their daughter Chessa Kleinfeld teaches.

Kleinfeld builds luxury homes from Vero Beach to Palm Beach Gardens, works 14-hour days and still finds time to serve as vice president of the Florida Oceanographic Society. He is currently engrossed in the $6.5 million expansion of the society's Coastal Science Center on Hutchinson Island. When the project is finished, the center will have a 1-acre game fish lagoon, a fishing center, shark, turtle and fish pavilions and a new educational center.

Along the Coastal Science Center's nature trail to the Indian River lagoon, there is a special spot called Ryan's Point, a riverfront memorial to the Kleinfelds' son Ryan, who died in an automobile accident in 1999. If you're there in the late afternoon, it is a sweet, quiet spot to watch the sun set.

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Fun for kids at Friday Fest

Youngsters can enjoy the last few days of summer vacation at Friday Fest. Main Street Fort Pierce announced that the children's activities will return to the monthly event in downtown Fort Pierce. On Friday there will be live music by Remedy, gymnasts from the Sunrise Sports Center, karaoke with Jeff Brown of Clear Channel Radio and activities for kids by Paragon Inflatable including an obstacle course and a 19-foot slide.

Friday Fest is from 5:30 to 8:30 p.m. on Melody Lane and it's free.

Marking Martin's birthday

On Friday there is no admission for Martin County residents at the Elliott Museum and the Stuart Feed Store in celebration of the county's birthday. Both facilities will be open from 10 a.m. to 6 p.m.

Source from: palmbeachpost.com


Luxury Home Plans

Select from our unique collection of luxury home plans and luxury mansion house plans. By definition, luxury house plans are greater than 2500 square feet. Depending on specifics, a luxury home can usually be identified by the extras such as his and her walk in closets, large master bedroom suites and home theater media rooms.

Floor plans for Mediterranean house plan 92-204

The Mediterranean style is commonly found in warm climates where the clay tile roofs help keep the house cool. Mediterranean houses are generally stucco or brick, often painted white or in light pastels to contrast the brightly tiled, low-pitched roof. They often feature a side or front wall to form an arcaded entrance or porch

Floor plans for Luxury house plan 1-595

Luxury homes are defined as plans greater than 2500 square feet. A luxury home can be identified by the extras such as his and her walk-in closets, large master bedroom suites and home theater media rooms.

More info: www.houseplanguys.com


Luxury Home Plans

Luxury home plans offer the very best in space and amenities – everything the discerning homeowner looks for when building a new home. Whether your idea of luxury is a gourmet kitchen, grand entertaining spaces, or a pampering master suite, you抣l find it all in our glamorous collection of luxury home plans.

Bay Watch, Solar Eclipse (Plan # HWEPL06566)

This gorgeous luxury home plan has a Southwestern ambience. A dramatic interior plan includes a see-through fireplace in the master suite. To see more details of this luxury home plan, click the photo.

4,403 sq.ft.; 4 Bedrooms; 4 Baths

This striking luxury home plan is full of style. Columns and arches are features of the formal living and dining areas in this attractive luxury home. Click the photo to view the details of this luxury house plan.

More info: www.eplans.com


Timberview Home: A Luxury Home in a Wonderful Setting

Nestled in the trees only two miles from the entrance of Tamarack Resort, the newest four season resort in North America, you will find the Timberview home. Combining luxury and comfort, this four bedroom plus loft custom-built log home has much to offer. With 2800 square feet and all of the amenities of modern living, this home is the perfect retreat. Sleeping 10 people in four bedrooms and a loft, each bedroom with its own bathroom, there is plenty of space and privacy for a larger group. Central to the second floor is a 400 square foot game loft with a ping pong table, darts and TV, VCR and DVD player, for entertaining.

This beautiful home also qualifies for a couple of specials. Year around when you stay 7 nights you qualify for one night free. During the spring, March 1st until June 1st, the Timberview also qualifies for Promotion 66, which includes stay 2 nights and get the third free or take $10 off per night on a 2 night stay. Spring rates start at $225 per night plus tax for 2 people and for 3 to 6 people the rate is $300 per night plus tax, each additional person after 6 is a $25 charge per person per night.

Surrounded by West Central Idaho's greatest outdoor activities, the Timberview Home really is the perfect location for your next getaway.


Luxury Home Buyers Don't Necessarily Need To Live Along a Coast

Courtesy of Toll Brothers

Whether it's the increased scarcity of prime waterfront land in many areas of the U.S., including the escalating price that goes with it, or the desire for a fully "amenitized" country club lifestyle, many buyers across the nation are looking inland for the home of their dreams.

According to Toll Brothers, the nation's leading builder of luxury homes, Florida presents clear examples of this. It is one of the 21 states where the developer currently operates 205 active selling communities.

Toll Brothers Vice President Joe Pease, who overseas construction and sales at Mizner Country Club just north of Boca Raton, says that the South Florida market is driven by a continuing influx of affluent individuals and families looking to make the area their full- or part-time home.

"Furthermore, luxury living has turned into a year-round passion rather than a seasonal one," he said. "Plus, local buyers who want something new oftentimes look to 'move up' to a larger home, or one with an updated architectural design and more lavish interiors. He is referring to features such as higher and/or decorative ceilings, floor-to-ceiling expanses of glass, arches, columns, more sumptuous baths and gourmet kitchens.

"The prestige of residing in one of the area's newest communities also comes into play for some," he commented.

Pease also pointed out that many people realize that single-family homes on the ocean or Intracoastal Waterway have become cost-prohibitive, and, if they happen to be on the market, they may be in need of major renovations, adding to the already high price.

"In addition, waterfront homes are usually self-contained and don't provide the 'sense of community' or resort-style amenities sought by many of today's discerning buyers," Pease noted. "That type of lifestyle isn't likely to be found in the coastal areas, except perhaps in an ultra- luxury condominium setting. The lifestyle of a gated, country club community is very appealing to a segment of the population that desires exclusivity along with a wide array of recreational and social amenities, and the privacy provided only with a single-family home."

Along with Mizner Country Club, Toll Brothers is developing Frenchman's Reserve in eastern Palm Beach Gardens (northern Palm Beach County). Both have Arnold Palmer Signature Golf Courses, elegant and spacious Grande Clubhouses (Frenchman's is scheduled to open in the latter part of 2004), and separate tennis, swim and fitness centers. There are activities day and night and countless opportunities to interact with other members.

"Even if you were to invite family, friends or business associates to your home for cocktails, there would be a restaurant at the club awaiting your arrival, if you chose not to cook for your guests," Pease said.

Also worthy of mention is that country club communities such as those mentioned aren't a trek to major highways. "There is easy access to major roads and to all the support services needed for convenient living - shopping, professional services, restaurants, cultural facilities and more. And, driving to the beach isn't an all-day affair," Pease explained.

Before concluding, Pease said that many of the luxury home sites found in non-coastal "club" communities are apt to overlook lakes incorporated into the design of the golf course, so that one won't be entirely "land locked."

"The popularity of these communities is proof positive that country club living can be the best of all worlds," he said.


What's Involved With Marketing A Luxury Home?

by John Brian Losh

Real estate brokers specializing in multimillion-dollar homes have a keen appreciation for the specific needs of high net-worth clientele.

Commissions are substantial on a luxury home sale, but so are the costs and demands of marketing upper-end residences. Due to the small pool of prospective buyers, it typically takes well over a year to sell a premier luxury home. These homes are often highly customized; one persons dream home may have narrow appeal to the masses.

Security concerns limit an agent’s use of conveniences such as lock boxes, yard signs and open houses. Most wealthy homeowners demand that their agent attend every showing – not only for security purposes but also because high-end homes often have extensive special features that need explanation. The homeowners are very involved in selling their multi-million dollar homes. They expect a detailed follow-up report on the prospective buyer’s reaction to their property.

Standard tools for marketing luxury homes include: a pen-and-ink artist’s sketch of the house, because they appear crisper than photographs in newspaper ads; a glossy, full-color brochure with an extensive listing of the home’s special features; property listings in national publications and online; and at times, professional videos of the property for direct mailings and virtual tours.

These innovative marketing tools can be very expensive. Videos tend to cost around $1000, web sites can range from $500 to $10,000 and the pen-and-ink sketch ads can cost as much as $8,500 a week. Local print publications may charge as little as $50 for a classified line ad, to nearly $10,000 for a full-page magazine ad. Some sellers want a glossy brochure and full-color booklet, which start around $1,000 and run up to $10,000. These costs are frequently borne by the real estate agent.

Often the most innovative and elaborate marketing presentations are often not enough to reach the audience necessary for selling a luxury home.

The Internet is an increasingly important medium for luxury real estate professionals; the Web provides exposure to potential buyers anywhere in the world. The Internet also helps agents to market themselves by providing them an opportunity to list their qualifications for prospective clients.

Luxury Real Estate.com serves as the world’s only all-inclusive database of global luxury properties and receives over 20 million hits monthly. Luxury Real Estate.com also helps members set up their own Web sites to showcase their firm and its listings, with links to the international Web site.

Professional organizations, like Who’s Who in Luxury Real Estate, serve as an important tool for agents to develop a network of other agents and associates who work with wealthy clients. In luxury real estate, the right connections make a difference. Who’s Who hosts three annual networking conferences to present members with an opportunity to network with the best of the best in the real estate industry. Who’s Who in Luxury Real Estate helps real estate professions and homebuyers in regions throughout the world connect with agents who specialize in luxury listings elsewhere.

The marketing techniques utilized by real estate agents who specialize in luxury real estate are innovative and often draw on cutting edge technology to appeal to both the wealthy buyers and sellers of multi-million dollar homes. The challenges in selling luxury real estate are great, and a broker must remain creative and determined in order to stay at the top of this highly competitive industry.

Published: June 9, 2004


Global Residence Club Creates Value and Incentive with Luxury Home Living

Seattle based Global Residence Club announces a new luxury home in Acapulco, Mexico recently added to their fractional ownership program. Fractional Ownership is the fastest growing segment in the real estate industry. Global Residence Club is a Private Residence Club that provides equity investments into prestigous homes in the best resort destinations throughout the world for a fraction of the cost.

Seattle, WA (PRWEB) April 8, 2005 -- Global Residence Club, a Seattle headquartered private residence club that markets and sells fee simple fractional ownership interests in luxury homes, ranches and estates throughout the world announces its newest property, Villa Toscana, located in the 5 Star resort enclave of Punta Diamante in Acapulco, Mexico. Undivided, title insured, deeded tenant in common interests are now selling for $420,000 USD. Each share guarantees the owner 45 days of prime usage, alternating annually into perpetuity.

Villa Toscana, a 13,000 square foot luxury home built from traditional Mediterranean architecture with a modern flare is located within the gated community of Punta Real Diamante, which has become legendary for integrating an exclusive residential concept with amenities dedicated to relaxation and the total satisfaction of its residents.

Resort amenities include two swimming pools, gardens, restaurants, spa and a beach club. The nature friendly development has streets made of stones and boasts beautiful stone printings that entail images of pre-Hispanic art. The development was made with extreme responsibility and posses a unique artisan quality.

Global Residence Club properties whether located in gated resort enclaves or not include lavish resort style amenities. Every home includes a variety of recreational equipment, luxury vehicles, and where feasible, golf memberships, fully loaded sportsfishing yacht or sailboat, onsite concierge, house cleaning, maintenance personnel, private chef, masseuse, spa services and local tour guides.

President, Travis Moegling comments, “Our business model is largely based on our tagline of ‘Paradise for Life’ We’ve created an opportunity for persons of varying incomes to invest in exceptional legacy properties and capture real brick and mortar appreciation in stellar homes and usually far less than the down payment would be on a home of this caliber. Our mission is focused on building lifelong owner relationships rather than the mass-merchandising of property. Our primary strategy always has been geared towards creating direct partnerships with savvy persons and companies who understand and cherish the value associated with fractional ownership and who want to experience the lifestyle that only Global Residence Club provides. At the end of the day, it clearly is common sense ownership.”

Villa Toscana embodies the adventure of tropical living. Ownership of this home includes a new 42 foot fully loaded sportsfishing yacht, luxury vehicle, golf membership, onsite concierge services, housecleaning, availability of private chefs, masseuse, tour guides and a variety of world-class recreational equipment including, golf cart, mountain bikes, sea kayaks, surfboards, scuba gear, fishing equipment and much more.

Owners of Global Residence Club luxury homes have guaranteed annual availability that is determined from the percentage of the home they own outright. Owners are completely removed from the month to month hassle of management and maintenance duties. Through shared ownership, owners pay only for the fraction owned and pay only that fraction of the annual operating expense. Anytime – Anywhere space availability provisions are available for each owner year-round.

The Global Residence Club provides a unique opportunity for owners of luxury homes, mega-estates, yachts, jets, ranches and other luxury assets to owner finance their asset into the program and dilute their costs while retaining a fractional interest that best corresponds to their anticipated annual usage.

Global Residence Club is a Seattle based Limited Liability Company that specializes in the marketing, sales and management of fractional ownership luxury homes. The company is a subsidiary of Global Shares Inc. also headquartered in Seattle, Washington. Global Residence Club through a proprietary reservation system known as Owners First, integrates opportunities with Global Yacht Club, Global Jet Club and Clearwater Resorts, all subsidiaries of Global Shares Inc.

For more information refer online to www.globalresidenceclub.com, phone toll free 877-624-2345 or e-mail, e-mail protected from spam bots


Last update: April 2, 2005 at 8:52 AM

Builders can see what's new in products, services at show

April 2, 2005

Now that the consumer-focused Home and Garden Show and the Spring Preview are over, home builders and their associates get their own chance to schmooze and peruse the latest products and services being offered in the Twin Cities metro area.

The Builders Association of the Twin Cities is hosting its 2005 Builders Product and Service Show from 3 to 9 p.m. on Wednesday, April 13 at the Minneapolis Convention Center. The event is free, but there is a charge for the buffet and an afternoon housing market forecast presentation by Edsel Charles of MarketGraphics, a market research group that follows housing start numbers throughout the nation. To register or see a video, go to www.batc.org and look for member services or call 651-697-7563.

Grand openings

Downtown: Riverwest Condominiums recently celebrated its grand opening with a party in its newly spiffed-up lobby. The project, spearheaded by Chip Johnson of the Turnstone Group, was built in the mid-1980s as a luxury apartment building. Turnstone bought the building late last year and is converting it into more than 400 one- and two-bedroom condominiums. The building, enviably perched along the Mississippi River, offers clears views of St. Anthony Falls and downtown Minneapolis; amenities include a health club and an outdoor swimming pool. Most units have balconies, too.

Prices: One-bedroom units start at $180,000; two-bedrooms start at $300,000. All include granite counters, new appliances and laminate flooring. Upgrade packages are available. For more information about the project go to www.riverwestliving.com or call 612-436-7600.

In the Warehouse District: Chuck and Mary Leer, veterans of the downtown condo market, are hosting a grand opening on April 30 at Tower Lofts, an innovative reuse of a distinctive warehouse building along Washington Avenue N. in downtown Minneapolis.

The event celebrates the opening of the first half of the units, 138 loft-style condos that will share the use of a 5,500 square-foot rooftop deck for lounging and sunning. The building also will have retail space on the street level, live-work units on the second floor and loft-style condos on floors 3 through 6. Prices start at $195,700 for a one-bedroom unit. For more information go to www.towerlofts.com or call 612-746-0477.

Jim Buchta



Barbara Barry Introduces New Luxury Lifestyle Brand

The Grace Lounge chair epitomizes Barbara Barry’s emphasis on line, proportion and detail found in the new Barbara Barry Realized by Henredon luxury lifestyle collection. A piece with a memorable silhouette, this signature chair has softly rolled arms and a curvilinear back of Santos wood veneers. The upholstered interior adds to a warm, receptive look and is one of many exquisite pieces found in this portfolio of sophisticated furniture, lighting and accessories for the home. (PRNewsFoto)

HIGH POINT, NC USA 04/19/2005

Barbara Barry Realized by Henredon Launches at High Point

HIGH POINT, N.C., April 19 /PRNewswire/ -- Renowned American designer, Barbara Barry, brings her unique sensibility to a new lifestyle brand, Barbara Barry Realized by Henredon. The debut of the Barbara Barry brand introduces a portfolio of sophisticated furniture, lighting and accessories designed to create a setting in which a gracious life can unfold.

"I believe the importance of the home should be reflected in the quality and refinement of its furnishings," said Barbara Barry. "It is my pleasure to introduce products designed to be used and cherished, to bring elegance and ease to every room of the home."

Premiering at the International Home Furnishings Market in High Point, N.C. and available at retail Fall 2005, Barbara Barry Realized by Henredon offers furniture and accessories that combine simplicity with exquisite details -- a side table with a sparkling mirror top, a cabinet with custom silver hardware, an ivory enameled dressing table. There are curvaceous sofas and chairs that embrace the body, elegant and inviting beds and a walnut dining table scaled to encourage intimate conversation.

Among twenty-six upholstered pieces currently offered, the Grace Lounge Chair epitomizes Barbara Barry's emphasis on elegance paired with comfort. This signature chair has rolled arms and a sculpted back of Santos wood veneers that curves around an upholstered interior. The Poodle Table stands out among 163 accent pieces with a personality of its own. Inspired by classic Parisian design, the Poodle Table has a top of black honed marble held in place by lightly curved supports with an antiqued silver finish. This first edition also includes 69 beautifully crafted casegoods, such as the Oval China Cabinet, a signature piece fitted with curved glass doors with hand-cut oval tracery.

Based in Los Angeles, Barbara Barry oversees a studio of talented designers who share her passion for design excellence. Recently, it has created a sleek modern look for London's Savoy Grill, revamped the 6th floor of the Brooks Brothers Madison Avenue store, created an oasis of calm for the Avon Spa in Manhattan and designed an elegant dining room for Restaurant Michael Mina in San Francisco. Barbara Barry also has a coterie of private clients who share her desire to create a home that is above all, a backdrop for a well-lived life.

"Working together with Barbara Barry, we have created a new brand with aunique identity based on her vision of total design for the home," said Steve McKee, president and CEO of Henredon. "Barbara Barry's unerring eye, combined with the resources of Henredon, affords an opportunity to bring wonderful design to a wider audience than ever before."


High demand for luxury homes continues

Glen Creno
The Arizona Republic
Oct. 20, 2004 12:00 AM

Players in metropolitan Phoenix's luxury home market say demand for expensive houses is running high despite rising prices and scarce land in desirable neighborhoods.

Traditional luxury enclave Paradise Valley leads the pack when it comes to highest median price but values are rising faster in other expensive spots. Among them: North Scottsdale, Carefree and the Biltmore and Arcadia areas of Phoenix.

Investors, retired executives, athletes or successful business types looking for the ultimate in move-up housing are helping drive sales of new and existing luxury homes. Their willingness to pay up for a big house loaded with things such as a home theater, gourmet kitchen and wine room on a sizable lot is ratcheting up prices and changing the boundaries of the luxury market.

"It's nuts out there," said Tori Levitt, senior mortgage consultant with Optimum Financial. "I think it is a great market for both buyer and seller."

Buyers benefit with low interest rates and interest-only loans that keep payments down, she said. Sellers, she said, are enjoying multiple offers and noted that full-price offers are becoming pass?as most serious buyers are bidding above the list price to lock up the deal.

"Values are jumping by the thousands in the span of just a few months," Levitt said. "Sellers are negating appraisals out of the contracts and requesting non-refundable earnest deposits following inspection periods."

Home values in pricey neighborhoods have been on a tear in recent years. The median price in the combined new and resale markets in the Paradise Valley ZIP code 85253 has risen from $687,500 in 1999 to $938,750 in the first half of this year, a gain of more than 36 percent, according to The Arizona Republic's analysis of data from Marketon.

That market has cooled somewhat since last year but nearby luxury ZIPs are hotter than ever. North Scottsdale's 85255 ZIP, home to trendy communities such as DC Ranch and Troon, was a strong performer last year but moved into the elite class of price gainers, up more than 17 percent in the first half of this year.

The median overall price in the ZIP is $499,250, beaten only by Paradise Valley, Carefree and neighboring ZIP 85259 that covers the Shea Boulevard corridor on Scottsdale's eastern boundary.

Some Valley housing pros still define a luxury home as one that costs at least $1 million. But others say that $1 million doesn't get you in the door in the best neighborhoods and insist that luxury really starts at around $3 million.

The top house deals in metropolitan Phoenix routinely run in the $2 million range and $3 million sales aren't unusual. In a recent week this month, all of the top 10 house sales were $2 million or more, with two exceeding $6 million and one other of more than $3 million.

"The days of building a $2 million custom home in north Scottsdale or Paradise Valley are rapidly coming to a close," said Tony Calvis, a principal of Calvis Wyant Luxury Homes, a custom builder in Scottsdale.

Commercial real estate developer Russ Scaramella and his wife, Lori, looked at houses all over the Valley before settling on a DC Ranch home that was under construction. The couple figures they saved time and money by buying a speculative, or "spec," house that Calvis Wyant was working on. They still were able to pick out the features that would give the house its final look while bypassing a big chunk of the building process.

The house cost between $4 million and $5 million and covers 8,200 square feet. The couple evaluated the house for its investment potential and knew they were moving to a neighborhood that is appreciating. But they also sized it up for its proximity to schools, its views and as a place to raise their four children.

"We didn't buy it to sell it," Russ Scaramella said. "We bought it to live in it."

Rising land prices are helping drive up the price of luxury homes . The wave of teardowns, the practice of buying and destroying an old house to clear the lot for a new mansion, is moving beyond Paradise Valley and Arcadia. Calvis said it's happening more often between 64th Street and Scottsdale Road, mainly between Shea Boulevard and Cactus Road where buyers are attracted to houses sitting on acre-sized, or larger, lots. Phoenix's Central Avenue Corridor also is picking up more teardown action as buyers who work downtown try to shorten their commutes.

"The big thing is this just continues to be a great place to live," Calvis said. "Because of that, I'm very bullish on the future. . . . We don't have an ocean but it is pretty close and people in California who have an ocean don't have a problem coming here."


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