Musician Paul Simon is listing his countryside estate in New Canaan, Conn., which comes with its own recording studio, for $13.9 million, or 16% less than he paid in 2002. The pricing reflects the softness of the area’s real-estate market.
The property is on about 32 acres of landscaped grounds with a brook, meadows, woodlands, a great lawn, a pond, and waterfalls. There are also more formal walled gardens and a courtyard
“The first thing we thought when we moved from Manhattan was ‘Wow! We have our own park’,” said Mr. Simon in a statement. “It took half an hour to walk a loop of the property with the dogs.” Mr. Simon called his recording studio, where he recorded his last four albums, a “peaceful space”, and said he would miss playing baseball in the yard with his family.
Mr. Simon and his wife, singer-songwriter Edie Brickell, raised their three children in New Canaan, but the kids have since grown up and moved out, his spokeswoman confirmed.
The roughly 8,500-square-foot main house is a whitewashed red brick Colonial-style residence dating back to the 1930s, according to the listing agent. It has a sprawling living and dining area for entertaining, multiple library spaces and six bedrooms. The recording studio is located in a separate cottage which also contains two bedrooms, according to the listing agents. There is also a three-car garage.
Mr. Simon, 77, rose to fame as half of the duo that made up Simon & Garfunkel, which is known for hits like “Bridge Over Troubled Water.” Mr. Simon’s solo hits include “You Can Call Me Al.”
The relaxing of foreign real estate investment laws in Abu Dhabi will create jobs and stoke demand for property, according to one of the leading property developers in the United Arab Emirates.
“It’s game-changing,” Aldar Properties CEO Talal Al Dhiyebi told CNBC’s “Capital Connection.”
Aldar is the largest listed property developer in Abu Dhabi and one of the largest in the United Arab Emirates, with plans to hand over approximately 1,500 homes in 2019.
“We’ve always traditionally had strong interest from international buyers, but one of their key concerns was this concept of land ownership,” Al Dhiyebi said on Sunday.
Under the new laws, all foreigners will be entitled to own the freehold of land and properties they purchase in investment zones. Until now, ownership was only permitted for UAE and Gulf Cooperation Council nationals, and foreign investors were limited to 99-year leases.
“We’re extremely excited about how attractive this segment is now going to be for some of the international investors,” he added.
Property developers like Aldar hope the initiative will encourage longer-term residencies and inject more liquidity into the UAE’s real estate market, a life-blood of the national economy that has struggled in recent years due to oversupply and limited demand.
“The performance of Abu Dhabi’s real estate market remained subdued in Q1 2019,” analysts at JLL said in a recent research report.
“In the office sector, reduced business growth and corporate restructuring placed downward pressure on rents. This, in turn, impacted demand for residential space which saw both average rents and sale prices decline,” it added.
Analysts at S&P Global have previously warned that real estate prices in Dubai should not see any significant improvement until 2022.
“This is normal in the property sector, where these cycles happen every few years, which are extremely healthy, and to some degree predictable,” Al Dhiyebi said, pointing to improving fundamentals in the economy. “Oil is at quite a good price today, government spending is back, but more importantly, there have been some insightful government decisions that have come out over the last few periods. ”
The government has made major changes to visa laws, and enacted various stimulus measures and reforms to stoke demand in the property sector and drive growth in the non-oil economy.
The changes also bring regulations in the capital closer in line to Dubai, where foreigners can already buy freehold property in investment zones.
“With all of that, we’re hoping to see much more job creation in Abu Dhabi, and more demand for real estate across all of the asset classes,” Al Dhiyebi said.
Marc Jacobs is putting his Manhattan townhouse on the market for $15.995 million, following his recent marriage and his purchase of a Frank Lloyd Wright home in the wealthy New York suburb of Rye.
The designer got married earlier this month, soon after closing on the roughly 6,000-square-foot Rye home for about $9 million.
A representative for Mr. Jacobs stated that his client is selling because he plans to downsize his footprint in Manhattan. Mr. Jacobs will be splitting his time between New York City and Rye, Mr. Poore said. Mr. Jacobs declined to comment.
In the West Village, the Bethune Street townhouse is one of a handful built as part of the Robert A.M. Stern Architects-designed Superior Ink condominium project developed in the late 2000s. Mr. Jacobs paid $10.495 million for his property in 2009, public records show.
The four-story house spans about 4,346 square feet of interior space plus an additional 1,462 square feet of outdoor areas, including a garden courtyard and a rooftop terrace, according to the listing. There is an oak-paneled living room with glass doors leading out to the ivy-draped courtyard; a dining room with alabaster sconces and art lighting; and a study. The master suite spans an entire floor and includes a mahogany dressing room and a marble bathroom. There are also two guest suites.
Listing pictures show Mr. Jacobs’s art collection on display. Pieces include a sculpture by François-Xavier Lalanne. The art isn’t included in the sale.
The new owner would also have access to the amenities of the condo project, which include a gym, yoga, screening rooms, and a garage.
Forget New York City or Hong Kong. The newest hotspot for luxury real estate is Vietnam.
The Southeast Asian country has been seeing a surge in luxury real estate development, Bloomberg reported, thanks to a booming economy and laws making it easier for foreign buyers to buy property in Vietnam.
Vietnam is “where southern China was 10 or 15 years ago,” Goodwin Gaw, chairman of Hong Kong-based private-equity firm Gaw Capital Partners, told Bloomberg. Prices have been going up over the past year and a half, but investing in real estate in the country is still a good bet in the long-term, Gaw said. Prices for luxury condos in Ho Chi Minh City increased by 17% in 2018, according to Bloomberg.
A luxury apartment in the city center of Ho Chi Minh City can cost upwards of $5,000 per square meter or $465 per square foot, Sunny Hoang, associate director of International Residential Sales at Savills in Ho Chi Minh City, told Mansion Global. Compared to other cities, that’s an absolute bargain.
In Hong Kong, a similar home can easily cost four times more than that, Hoang said.
At Feliz en Vista, a four-tower luxury condominium development in Ho Chi Minh City’s District 2 developed by Singapore-based CapitaLand, buyers can choose from a mix of garden villas, duplex penthouses, and “sky mansions.” The property offers ultra-luxe amenities including a swimming pool with hot spring Jacuzzi and water slide, an outdoor movie theater, a treetop adventure walking bridge, a fitness center, sky garden, library, playground, tennis court, and parking.
The condos are currently priced between $232 and $290 per square foot. This would come out to between $400,000 and $500,000 for one of the building’s 1,722-square-foot four-bedroom units.
More than 99% of the units at Feliz en Vista were sold by the end of 2018, a representative for the developer told Business Insider.
And at the The Grand Manhattan, a 39-story development that will include apartments, a hotel, and restaurants in Ho Chi Minh City’s District 1, known as “Saigon’s Wall Street,” the New York City-inspired condos start at about $557 per square foot.
Rapper Curtis Jackson, better know as 50 Cent, has finally found a buyer for his massive compound in Farmington, Connecticut. The sprawling property sold for $2.9 million — significantly less than the initial $18.5 million ask (84% less, to be more precise).
But the sale put an end to a 12-year search for a buyer, as 50 Cent’s house was first listed back in 2007, resurfacing on the market every now and then with a fresh price. Jennifer Leahy of Douglass Elliman was the one who brokered the sale, wrapping up the property’s long run on the market.
50 Cent’s house comes with 19 (!) bedrooms
The Farmington home, located about 80 miles north of the affluent city of Greenwich, is far from your average house.
With slightly over 50,000 square feet, the massive property comes with 19 bedrooms, 25 bathrooms, an indoor pool and hot tub, an indoor court, multiple game rooms, a full gym, a conference room, a home theater, among many other exciting spaces! It is set on 17 acres and the grounds includes a pool, grotto, pond, and a basketball court.
And since this was 50 Cent’s house, it’s bound to have its own night club. Because where else would Fifty feel at home if not “in da club”? The rapper also set up his own recording studio on the property and a green screen room for filming.
From Mike Tyson to Curtis Jackson and on to new owners
50 Cent (by his real name, Curtis Jackson) bought the sprawling property for $4.1 million in 2003 from former heavyweight boxing champion Mike Tyson in a record-breaking deal for the area.
That purchase price was, and remains, an anomaly for Hartford County — where the mansion is located — as Farmington is a fairly modestly priced home market. So you can imagine the shock of an $18 million listing price when Curtis Jackson first brought the property to market.
According to media reports, the proceeds of the sale would be donated to the G-Unity Foundation — an American nonprofit public foundation established rapper 50 Cent himself along with his group, G-Unit. The foundation provides grants to nonprofit organizations that focus on improving the quality of life for low-income and under-served communities across the United States.
Scotland’s luxury housing market continues to thrive, outperforming much of the rest of the U.K. as Brexit fuels uncertainty and dampens home sales in much of England and Wales, according to a report from real estate firm Knight Frank on Monday.
Average prime prices in Edinburgh rose 7.4% in the first quarter compared to the same period last year. That robust price growth makes the Scottish capital one of the fastest growing high-end real estate markets in Europe—let alone the U.K., according to the brokerage, which tracks luxury markets around the globe.
Single-family homes have been particularly strong, with prices increasing 9% in the first quarter compared to a year ago as demand for standalone dwellings continues to outstrip supply, according to Knight Frank.
Scotland has not been entirely immune to the cooling effects of a drawn-out and politically divisive exit from the European Union. The pall of uncertainty has scared off a portion of discretionary buyers, such as landlords and those looking for pieds-a-terre, in Edinburgh.
“A lack of clarity surrounding Brexit has increased caution among some buyers and sellers,” wrote senior analyst Oliver Knight in the report.
The price segment from £1.5 million-£2 million (US$2 million-US$2.6 million) posted the biggest annual price gains, rising nearly 13% in the first quarter compared to a year ago.
Meanwhile, in the countryside, luxury Scottish homes and properties logged a more modest 2.3% annual price growth. Scottish country homes have outperformed the rest of the U.K., where prices have fallen over the past year.
Overall, homes in a commutable distance of major cities have fared better than those in more remote areas, according to Knight Frank’s index.
“With Brexit leading the headlines and impacting on housing market sentiment, the prime market is driven primarily by needs-based purchasers who are moving for work, schooling or because they require more space,” Mr. Knight said.
“Birdbox” star Sandra Bullockis ready to fly away from her Georgia getaway. The “Ocean’s Eight” actress is listing her oceanfront beach house on Tybee Islandfor $6.5 million, TMZ has reported. In addition to being an Oscar-winning actress, Bullock also has a keen eye for real estate. The A-lister purchased the vacation home in 2001 for just under $1.5 million. But Bullock has already been reaping financial rewards from her investment.
She’s been renting the home out for the last two years, at a whopping $1,400 a night, according to a report in Variety in 2017. Even so, we hope she’s not in a rush to sell. The asking price dwarfs other local homes on the market, with a median listing going for $499,900. With 279 active listings on the market, there are plenty of options to choose from at lower price points. To view the full listing, Click here!
Pop country music star, Carrie Underwood, has listed her mansion, which is located in a guard-gated golf course development in the affluent suburban community of Brentwood, Tenn., about 20 miles south of downtown Nashville, for $1.45 million. At the end of a manicured cul-de-sac that backs up to the rolling greens of the tony Governors Club, and described as an “Italian Style Villa,” the 7,083-square-foot, stone accented beige brick home, has four bedrooms and four full and two half bathrooms over three opulently outfitted floors.
The home features soaring ceilings, large open floor plan in kitchen that features stainless steel appliances, sub-zero fridge, and a wine fridge.
Master suite has beautiful gas fireplace, with his and her vanity, and a walk-through shower.
Other bonus touches include a finished basement with heated marble floors, wet bar in den, in-home gym, and extra storage in basement.
Investing in real estate isn’t always a glamorous business, but luxury homes can add some bling to your portfolio. According to a survey of 81 international luxury markets, luxury home sales increased by 11 percent annually in 2017. In some markets, limited supply and heightened demand allowed luxury housing to outpace non-luxury home sales. In the U.S., a stable economy has helped drive luxury home sales, despite rising interest rates and questions over how tax reform might impact wealthier investors.
2250 Indian River Crescent, North Vancouver, BC. $36.2 million.
Experts say that the equity bull market is in the longest stretch in American history and as a result, there’s an increasing activity among high net-worth individuals. This should continue to boost portfolios and create a wealth effect, increasing confidence and funds to invest in luxury real estate. Investing in high-end properties isn’t limited to the elite, however. Newly created net worth is driving a new buyer, including millennials, say realty network executives. If you’re ready to invest like the rich, here’s what you need to know about moving up the property ladder with luxury real estate. Adjust your perspective.Luxury real estate isn’t your run-of-the-mill property investment. The luxury market is a global market; the buyer pool is international. As a result, it appeals to a larger audience and thus can command higher prices.
40275 Highway 141, Gateway, CO. $149 million.
That can translate to elevated returns for investors–– as the evidence demonstrates, luxury real estate investments provide higher yields than the stock market without as much volatility. Real estate investors in top-performing markets are enjoying a windfall, and find comfort in the fact that luxury real estate values in the U.S. will always increase over time. High-end real estate also holds up better when traditional real estate or stocks flag. Luxury real estate investments tend to rebound better when markets soften because they’re considered desirable, are generally unique and tend to have strong intrinsic value that surpasses the cost of replacement. One significant benefit of owning real estate is that it will never be at zero value, even in a dismal market, while stocks can plummet to such a level.
10210 Strait Lane, Dallas, TX. Philip Johnson masterpiece. $27.5 million.
Luxury markets aren’t created equally, however.In general, luxury real estate can be lucrative, but some markets may be hotter than others, both domestically and internationally.
781 Fifth Avenue, New York, NY. Entire 18th floor, white glove service. $68 million.
For example, in New York City, there now exists supply saturation and that’s putting constraints on price. Yet, luxury properties saw tremendous appreciation in value from 2013 to 2016 as a new generation of luxury condos entered the market.In 2017, Seattle lead the way with the most robust year over year luxury sales growth, followed by Dallas and San Diego (as well as several cities in Colorado). All of the aforementioned regions proved to be among the hottest luxury second-home markets, with sales volumes of million-dollar-plus homes reaching levels not seen since the pre-housing crisis era. Internationally, Vancouver has emerged luxury housing markets. Studying market trends is crucial when choosing where to invest in luxury properties.
99 Union St Unit 1202, Seattle, WA. $12.5 million.
Unfazed by associations with cell blocks and parking garages, more homeowners are discovering that concrete is the chameleon of construction. It can take on the texture of wood or glass, an artist’s palette of color beyond drab gray and, with the addition of structural fibers and plasticizers, is less prone to cracking.
Gorgeous Concrete Villa Christina Budapest
Concrete has been around since ancient times, when Roman builders mixed lime, sand and rubble with volcanic ash to create the Pantheon dome. Modern concrete swaps out the volcanic ash for portland cement. Concrete homes can be poured in place into forms made of plywood or steel plate and lined with everything from pine boards to mirror-smooth plastic laminate. Or they can be erected using precast concrete walls or blocks. The sturdiest concrete homes are reinforced with steel, making them strong enough to withstand fires, floods and hurricanes.
Textured Concrete in Auckland
Concrete homes are typically more expensive to build than conventional homes, but they’re less expensive to maintain and more durable over time. Concrete affects the bottom line in other ways, lowering heating and cooling costs and even insurance premiums. “Reinforced-concrete building systems are more disaster resistant, more insect resistant, more mold resistant—also one of the most energy-efficient systems available,” said Ed Hudson, director of marketing research for Home Innovation Research Labs, a subsidiary of the National Association of Home Builders, a trade group.
Functional Concrete Living Room in Sydney
According to surveys, poured and precast concrete is most popular in the luxury sector—accounting for 4.1% of high-end homes built last year. That marks a steady increase in the demand for luxury concrete since the recession low in 2012, when such homes accounted for just 1.9% of new construction.Investing in concrete construction with high-end finishes may pay off in resale value–– Realtors now recognize that polished concrete floors are a very popular design element. Also, concrete, when imprinted with a pattern, can create an aesthetically pleasing dramatic effect.Although renowned for its durability, not all concrete is built to last. In the Los Altos Hills, Calif., a designer constructed a wall that has been engineered to partially erode over time; the concrete, which was mixed with soil and organic matter to encourage the growth of lichen and moss, is also embedded with hidden objects, such as stones, machine parts and a doll belonging to a female client. “Some are starting to show up now,” she said. “Some of the things won’t show up even in my lifetime.”