Branded Residences Remain In Demand As Developers Bring New Inventory To The Market

Branded residences remain a big draw in today's luxury market, underscoring a shift towards secure, ... [+] amenitized living.

The age of the branded residence is upon us as the once-niche sector

Branded Residences Remain In Demand As Developers Bring New Inventory To The Market

Branded residences remain a big draw in today's luxury market, underscoring a shift towards secure, ... [+] amenitized living.

The age of the branded residence is upon us as the once-niche sector has grown into a global phenomenon. In major cities across the globe, residential offerings from luxury hotel chains like the Ritz-Carlton, Six Senses and Viceroy as well as high-end brands not often associated with housing like Lamborghini, Armani and Bulgari are arriving on the market every week.

In Dubai alone, there are more than 40 branded residences currently under construction, adding to the 71 already present in the capital city. Other hotspots include London, New York City and coastal Mexico.

Take a look at three upcoming branded residences from distinct markets around the world.

The Ritz-Carlton Residences Portland is the latest offering from the Ritz-Carlton. The company now ... [+] has luxury residences in 18 countries.

Ritz-Carlton in Portland, Oregon

As one of the world’s premier hospitality brands, Ritz-Carlton has built an impressive portfolio of residential products that spans 18 countries across four continents. Now the luxury hotel chain has set its sights on the growing market of Portland with the forthcoming completion of the Ritz-Carlton Residences Portland. Set to open in July 2023, the Ritz-Carlton Residences Portland will be the first residential building to be branded by a major hospitality company in the city.

Owner of Portland-based boutique brokerage LUXE, Terry Sprague, says that the new residences will serve as the watermark for upcoming growth in the luxury real estate market for the Pacific Northwest state. “This Ritz-Carlton development is going to set the standard for luxury residential hotel living not just in Oregon but the entire West Coast.”

The newly built Portland high-rise features 138 private residences and amenities such as ... [+] in-residence dining, housekeeping and access to the owner’s lounge.

Consisting of 138 condominiums, the newly built, landmark structure is situated in the heart of downtown. Views encompass the city skyline, the Cascade Mountain Range and the Willamette River as well as sights of Mount Hood. Owners will have access to a number of amenities, including in-residence dining, housekeeping and valet service as well as entrance to the owner’s lounge, fitness center and hotel facilities, such as the indoor pool, spa and bar.

The Six Senses Residences on Palm Jumeirah is slated for completion in the second half of 2024.

Six Senses Residences The Palm in Dubai

There is no city in the world with more luxury branded housing than Dubai, and with the addition of new developments like Six Senses Residences The Palm, that reputation will only continue to grow. Located waterside on the iconic Palm Jumeirah, the project is set to be completed in the second half of 2024, according to Dubai-based brokerage Driven Properties. The property will be the first for Six Senses in the United Arab Emirates.

The Palm Jumeirah project will be the first for Six Senses brand in the United Arab Emirates.

Following the footsteps of many of Dubai’s most notable structures, the resort will feature ambitious architecture with undulating rooflines, silhouettes and cellular facades. Although 60 rooms will be designated for hotel stays, the majority of Six Senses The Palm will be for housing, with 162 residences. Available listings come in a variety of layouts, including beachfront Signature Villas, duplex Sky Villas and Penthouses.

Amenities at the Six Senses Residences include a 60,000-square-foot wellness center, massage circuit ... [+] pool and squash and tennis courts.

Regardless of design type, all residences will have access to the same array of world-class resort amenities offered at Six Senses, including a 60,000-square-foot wellness center, massage circuit pool and squash and tennis courts. Also located on the grounds are various communal spaces like central gardens, an indoor cinema and a kids’ club.

The upcoming Cirque Residences x Viceroy in Snowmass Village, Colorado, outside of Aspen is nearly ... [+] sold out.

Cirque Residences x Viceroy in Snowmass Village, Colorado

After just five days of accepting contracts, 40 of the 46 available homes at the upcoming Cirque Residences x Viceroy in Snowmass Village outside of Aspen are already under contract. The speedy success of the much-anticipated sequel to the original Viceroy Residences puts it on track to be the latest in a string of sold-out luxury residential developments in the Snowmass area.

The Cirque x Viceroy features 46 unites, each with a sleek modern design that emphasizes natural ... [+] materials.

Affiliation with a luxury hotel and the available amenities offered thanks to that affiliation were a key part of the appeal for buyers, says Taylor Burstyn of leading Colorado brokerage Slifer, Smith & Frampton Real Estate. “The services were a big seller. They add to the lifestyle that so many buyers are identifying with.” Such amenities include room service, a spa and fitness center and three on-site restaurants.

New construction is filling the demand for vacation homes along Colorado ski slopes.

Currently in construction, the luxury tower addition is situated slope-side on the northeast corner of Snowmass Base Village, allowing for ski-in, and ski-out access. The remaining inventory consists of some of the property’s most prestigious and expensive units, including select fully furnished, penthouse residences covering upward of 2,300 square feet.

Driven Properties, LUXE and Slifer Smith & Frampton Real Estate exclusive members of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.

Several New Studies Show Shifting Homeownership Trends For Black Homeowners

Several studies show shifts in homeownership trends for Blacks.

Home ownership has seen a mostly upward trend over the past five years, rising again in 2022 to 65.9%, which is the highest it has been since 2011. Several new studies have been released mapping

Several New Studies Show Shifting Homeownership Trends For Black Homeowners

Several studies show shifts in homeownership trends for Blacks.

Home ownership has seen a mostly upward trend over the past five years, rising again in 2022 to 65.9%, which is the highest it has been since 2011. Several new studies have been released mapping out the gains and losses in homeownership and related wealth with regards to the U.S. Black population. Zillow, for example, estimates Black-owned households saw a greater appreciation in home values since the start of the pandemic. Yet while price appreciation may have taken place, rates of homeownership are showing early signs of a decreasing trend for Black homeowners.

A report by Pew Charitable Trusts shows that between 2010 and 2021 homeownership declined by several percentage points for Blacks in several states (Mississippi, Ohio, Tennessee and Texas and D.C.). The gap in ownership rates between Black and White households has even widened slightly compared to the 1960s, with a 2022 homeownership rate of 45.3% for Blacks and 74.6% for Whites (a 29 percent gap). Census data from the 1960s show the gap was only 27 points.

Homeownership rates increased by several points in New York, Delaware, South Carolina and Illinois.

An analysis by Lending Tree looked at the 50 largest metro areas using data from the U.S. Census (American Community Surveys) to track the differential between population demographics and homeownership. Memphis, TN had the widest spread, with 46.70% of the population identifying as Black but only 34.99% of homes are owned by Black people. Salt Lake City had the smallest spread, though the numbers are very small for comparison. Only 1.68% of the population is Black, while they own only .57% of the homes.

On national level across the 50 metro areas studied in the Lending Tree report, 14.88% of the population is Black but they only own 10.02% of the owner-occupied homes.

HUD Awards $5.6 Billion In Annual Grants For Affordable Housing, Community Development And Homeless Assistance

Denver Urban Land Conservancy joined the developers, government, residents

HUD Awards $5.6 Billion In Annual Grants For Affordable Housing, Community Development And Homeless Assistance

Denver Urban Land Conservancy joined the developers, government, residents and community partners to ... [+] celebrate the grand opening of Viña, a 150-unit affordable housing development, on May 4, 2022.

The U.S. Department of Housing and Urban Development (HUD) today announced $5.6 billion in funding will go to 1,200 communities through more than 2,400 grants to states, urban counties, insular areas, Washington, DC; Puerto Rico and local organizations across the country. These annual formula grants provide critical funding for a wide range of activities including affordable housing, community development and homeless assistance.

“Viable communities must promote integrated approaches to develop decent housing, suitable living environments and expand economic opportunities to the most vulnerable,” said HUD Secretary Marcia Fudge. “These funds allow communities to address their unique needs by prioritizing what matters most to their residents and letting them own their investments in community development through these important federal resources.”

“This funding allows communities to address their most pressing local needs, providing flexible resources to build homes, support renters and homeowners, provide life-saving assistance to people experiencing homelessness, and improve public facilities, community resilience, and local economies,” said Marion McFadden, principal deputy assistant secretary for community planning and development. “HUD’s annual formula block grants allow states and localities to invest in the success of neighborhoods and allow people of modest means to thrive.”

The grants announced today are provided through the following HUD programs:

Combined the programs will provide critically needed funding to thousands of local programs in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Hawaii, Guam, American Samoa and Northern Mariana Islands.

Homes Owned By Black Families Appreciated The Fastest During The Pandemic

Black homeownership increased 2 percentage points from 2019 to 2021, compared to 1.3% for the nation ... [+] at large.

Homes owned by Black families appreciated more than any others since the start of the pandemic,

Homes Owned By Black Families Appreciated The Fastest During The Pandemic

Black homeownership increased 2 percentage points from 2019 to 2021, compared to 1.3% for the nation ... [+] at large.

Homes owned by Black families appreciated more than any others since the start of the pandemic, with the typical Black homeowner gaining nearly $84,000 in equity. Black Americans also made slight gains in homeownership rates, despite disproportionate job and income loss.

The gap between the typical Black home owners’ value and the value of the typical U.S. home is now the smallest it’s been in more than two decades, according to a new analysis of data from Zillow and the Home Mortgage Disclosure Act.

“These gains are extremely important in terms of increasing wealth among the Black community, as homeowners of color are more likely to have the bulk of their household wealth tied up in their homes,” said Nicole Bachaud, senior economist at Zillow. “Due to years of redlining and other forms of systemic discrimination, housing disparities between Black and white families persist. Policies and interventions like expanding access to credit, building more affordable homes and finding new approaches to mitigate appraisal bias are keys to achieving housing equity.”

From February 2020 to January 2023, Black homeowners saw their home values increase 42.5%, compared to 38.5% for U.S. home values overall, and 37.8% for white-owned home values. Hispanic and Asian-owned home values increased by 38.3% and 37%, respectively.

Home value appreciation among Black homeowners has outpaced all other races since 2014, and that trend accelerated at the start of the pandemic, further shrinking the home value gap. In February 2020, the typical Black-owned home was worth 17.3% less than the typical home overall. By January 2023, that gap closed to 14.8%, which is the closest Black-owned home values have been to overall values since at least the year 2000.

Among the 50 largest metros in the country, that home value gap has shrunk the most in Detroit — by 9 percentage points — since February 2020. Kansas City, Chicago, Cleveland, Milwaukee and Louisville, among other markets, also saw large improvements, with the gap closing by more than 5 percentage points in that time.

In 2021, the latest available data from the Census Bureau, 44% of Black households owned their homes, compared with 73.3% of white households — a gap of more than 29 points.

According to the most recent Census Bureau data, Black homeownership increased 2 percentage points from 2019 to 2021, compared to 1.3% for the nation at large. Black women ages 45 to 54 and 75 and older saw the largest increase among Black homeowners during the pandemic, with 2.9 percentage points of growth. Black men ages 35 to 44 saw a 2.5 percentage-point jump in homeownership rate over that period, the second-largest increase in the group.

Still, for many Black Americans, barriers to accessing homeownership abound. Many markets with the highest appreciation in Black home values also have the highest mortgage denial rates for Black applicants, meaning the markets where Black homeowners have the best chance of improving their household wealth and gaining equity with homeowners overall are markets where it’s most difficult for Black mortgage applicants to actually become homeowners.

Select NYC Buildings Proving Extra Popular With Foreign Arrivals

The view from the rooftop of Douglaston Development's 3Eleven in West Chelsea, which has welcomed ... [+] many foreign-born New York residents.

A huge part of New York City’s

Select NYC Buildings Proving Extra Popular With Foreign Arrivals

The view from the rooftop of Douglaston Development's 3Eleven in West Chelsea, which has welcomed ... [+] many foreign-born New York residents.

A huge part of New York City’s appeal is and always has been its attractiveness to newcomers from foreign lands. Were this melting pot a dish rather than a city, its sheer number of spicy ingredients would handcuff even the most agile of chefs.

Some studies undertaken within the last several years have indicated more than 150 countries of origin are represented among those who call the city home, and that among major U.S. cities, only Miami has a greater percentage of immigrants.

The international flavor contributes immeasurably to New York’s vitality, in every aspect from its culinary scene to its arts, music, entertainment, variegated neighborhoods and enormously diverse accents and dialects.

According to the American Immigration Council, almost a quarter of New York City residents are immigrants. In 2018, the AIC reported, 4.4 million foreign-born individuals made up 23 percent of the city’s population.

3Eleven

Within this multicultural mélange are readily identifiable residential structures with a disproportionate share of foreign-born renters and buyers. A prime example: 3Eleven in West Chelsea, from Douglaston Development. About one-sixth (15%) of those leasing units within the building’s 60 stories in the first three months of leasing have come from lands outside the U.S.: the U.K., UAE, Morocco and Switzerland.

“Since we launched our leasing efforts at 3Eleven in August, the trend of prospective residents hailing form international destinations has exceeded our expectations,” says Steven Charno, Douglaston Development president, citing as a factor “the building’s close proximity to all the technology and finance businesses” nearby at Hudson Yards. “We are thrilled to have so many international residents wanting to call 3Eleven home,” he adds.

Broad Exchange Building

Meanwhile, the Broad Exchange Building, developed by LCOR in the Financial District, is also proving appealing to a broad spectrum of foreign-born prospects.

Touring the building have been prospective residents from Brazil, Canada, China, France, India, Italy, Japan, Korea, Mexico, the Netherlands, Russia, Singapore, Taiwan, Turkey, UAE and UK. Both prospects and buyers appreciate the access to mass transit afforded by the Financial District, where 13 subway lines, 20 ferries, a PATH train and airport connections all seem to crisscross.

Also appealing to this mini-United Nations of prospects and residents are the neighborhood’s dining and shopping venues, as well as the fact other enclaves, among them Seaport, BPC, Tribeca and Soho, are proximate. Since 2020, when the building’s rental-to-condominium conversion was declared effective, interest in the property has been keen, and witnessed among purchasers and prospects from New York City, New York State, the U.S. as a whole and nations around the globe.

“The property’s favorable price points and landmarked architecture not commonly seen elsewhere, the ability to walk to work being located beside some of the largest financial institutions in the world, and the ever-evolving neighborhood offerings that FiDi encapsulates have and will continue to be the driving forces behind this over the years to come,” says Anthony Tortora, senior vice president for LCOR.

Sky

The Moinian Group and Moinian Living are brands recognized around the globe for development of luxe buildings and residences.

So it probably will not come as a shock that Sky, the firm’s 71-story, Rockwell Group-designed Midtown West luxury skyscraper in Hell’s Kitchen, has lured residents from across planet Earth. The building, which for periods has surpassed 30% international tenancy, has welcomed a robust inflow of residents from both Asia and Europe.

A location within blocks of the Hudson Yards enclave, Hudson River Park, the High Line and also near the art galleries of West Chelsea, New York City eateries and local job hubs helps explain the appeal to international arrivals. So too does the high-rise property’s suite of amenities, including an on-site Life Time Fitness center.

Estate Of Billionaire T. Boone Pickens Sells For 70% Of Asking Price

The main house is designed to match the surroundings

Five years after being listed for sale the 100-square mile estate belonging to the late T. Boone Pickens has sold for about $60 million less than its original asking price of $250 million. Pickens, whose estate Forbes’

Estate Of Billionaire T. Boone Pickens Sells For 70% Of Asking Price

The main house is designed to match the surroundings

Five years after being listed for sale the 100-square mile estate belonging to the late T. Boone Pickens has sold for about $60 million less than its original asking price of $250 million. Pickens, whose estate Forbes’ estimates to be valued at $1.3 billion, died in 2019 at the age of 91. His property was divided into two parcels for the sale. Bill Kent, convenience store magnate and oil-and-gas investor, purchased 64,000-acres of the estate and Travis Chester, cattle rancher, purchased the remaining portion. The total sales price came with 10% of the most recent asking price of $170 million, according to Jay Rosser a longtime rep for Pickens.

Pickens purchased an initial parcel fifty years ago and began a long process of accumulating more acreage and restoring the land at an estimated cost of $140 million. He imported many metric tons of soil to create a diverse topography and had about 20 man-made lakes installed to support the wildlife. The sale included multiple outbuildings such as a guest lodge, an airline hangar large enough to fit 12 aircraft (with FAA-approved runway), a private church, and the large dog kennel where Pickens housed the bird dogs he used for quail hunting. The sports amenities on the property include tennis courts, golf fairways and a skeet shooting range.

One of the entertaining areas

A living room shows the hunting lodge feel of the home.

A living room with a hunting lodge feel

The vaulted ceilings of a larger living room adds space and grandeur to the space.

Living Room

An example of one of the water management features used on the property.

One of the water management features on the premises

Here’s a look at the back of the property and the expansive loggia on the rear of the house.

The main house from the back

The sale was handled by Sam Middleton and Monte Lyons of Hall & Hall.

Life On The Water Is A Breeze At Canal-Front Home In Vero Beach

Neighborhood canals lead straight to the Intracostal Waterway.

A home along a canal comes with certain advantages, particularly when that waterfront is in an upscale community such as Vero Beach, Florida.

From a privacy standpoint there are no neighbors

Life On The Water Is A Breeze At Canal-Front Home In Vero Beach

Neighborhood canals lead straight to the Intracostal Waterway.

A home along a canal comes with certain advantages, particularly when that waterfront is in an upscale community such as Vero Beach, Florida.

From a privacy standpoint there are no neighbors sharing a backyard border. Instead, a tranquil waterway acts as a natural buffer.

Living spaces open to a swimming pool and the canal front, which has a new seawall.

From an investment angle, homes on the water are always in limited supply—a fact that keeps values high.

From a recreational viewpoint, consider the fun factor. Access to water right outside the backdoor opens up endless possibilities for kayaking, boating, fishing or just watching the rising tide.

The 4,650-square-foot home is on a single level.

This brand-new Barrier Island home has canal access to the Intracoastal Waterway. Set at 649 Tulip Lane, it’s close to 17th Street Bridge, which connects to the mainland.

Shopping and restaurants are only minutes away, says Matilde Sorensen of Dale Sorensen Real Estate, who is representing the property.

High ceilings, an open plan and expanses of windows add to the light and airy vibe.

“The neighborhood is very quiet and family friendly, with lots of professionals,” Sorensen says. As for the nearest beach? “It takes about less than 5 minutes to get there via golf cart.”

The open-concept dwelling features coffered ceilings. Large windows bring in ample natural light. Long plank engineered white oak flooring enhances the airy ambiance throughout.

A trio of lights hang over the quartz-topped center island.

High ceilings in the great room give way to a barrel ceiling in the dining room that is 15 feet at its tallest point. A lanai adjoins the living space.

The island kitchen is outfitted with top-of-the-line appliances, quartz counters, custom Shaker-style cabinetry and a walk-in pantry.

The lanai creates a spot of shade for lounging out back.

The 4,650 square feet of living space contains four bedrooms, five full bathrooms and two powder rooms.

The primary suite, which accounts for two of the full bathrooms, has two air-conditioned walk-in closets. Also air-conditioned are the two-car garage and golf cart garage.

There's plenty of room to add a boat dock.

A resort-style swimming pool and spa with a pool deck occupy the backyard. There’s a new seawall, and a dock could be added.

Integrated smart home features include programmable thermostats, smoke and carbon monoxide detectors, air conditioning with return air circulation, prewired data room for cameras and house and pool area speakers.

The asking price is US $5.35 million.

Dale Sorensen Real Estate is an exclusive member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.

See Inside A $2.4 Million Treehouse-Style Home In The Wild Heart Of Montana

The Swan River flows into Flathead Lake at Bigfork, Montana.

There’s a lot that’s big about the northwestern Montana town of Bigfork, starting with its wild waterways. The 95-mile Swan River churns through the town and empties into Flathead Lake,

See Inside A $2.4 Million Treehouse-Style Home In The Wild Heart Of Montana

The Swan River flows into Flathead Lake at Bigfork, Montana.

There’s a lot that’s big about the northwestern Montana town of Bigfork, starting with its wild waterways. The 95-mile Swan River churns through the town and empties into Flathead Lake, one of the largest freshwater lakes in the West.

It’s an outdoor lover’s paradise, without being too remote. The same is true of the 3,040-square-foot house built in 2008 at 214 River St. On one side, you thrill to the rush of the Swan River’s “wild mile”; on the other, you are steps away from restaurants and art galleries in downtown Bigfork. By the way, the wild mile nickname refers to the frenetic and challenging Class IV stretch of the Swan River that’s the star of the town’s annual whitewater festival in May.

Vertical board cladding and shingled upper stories add to the exterior charm of the residence.

The house comes with a rare amenity: a boat slip (No. 32) on Flathead Lake, which is almost 28 miles long and 15 miles wide in places. You can boat out to hike around Wild Horse Island State Park, which hosts feral horses on its 2,100 acres.

The property also has room to add an additional home or outdoor living space on a buildable front lot.

The stairs comes with a payoff: scenic views.

The trilevel home with three bedrooms and 3.5 bathrooms is treehouse-style, meaning you see the river and trees as you climb up the winding wooden staircase (or take the elevator). The perfect buyer? Someone looking for “an easy escape, a come-and-go property for every season but especially in summertime,” says listing agent Bret Richmond of National Parks Realty.

Exposed brick on the walls and floor at the entry level lead to an informal den and bedroom. Sleek wooden floors and big windows at the next level follow an open-plan design. The kitchen flows seamlessly to the living room, anchored by a stone fireplace, and dining area.

Wood and stone lend the interiors a rustic contemporary vibe.

The spacious outside deck overlooks the river, with plenty of room for lounging and entertaining. The primary bedroom comes with a bathroom that features a stand-alone soaking tub. Rise another floor to find a media room plus a bedroom outfitted with bunk beds. The house also has heated floors and a full laundry room.

In summer, opportunities abound to hike in Jewel Basin about 15 miles away or Glacier National Park, just 40 miles north of Bigfork. Fly fishing during prime levels on the Swan River, whitewater rafting, kayaking, mountain biking and paddleboarding on the lake are also popular. In winter, you’ll find places to snowshoe, cross-country ski and dog sled in Bigfork.

Heavy ceiling beams and an alcove create visual interest in one of the home's three bedrooms.

The property is listed for $2.4 million, including most furnishings. Bret Richmond of National Parks Realty is the listing agent.

National Parks Realty is an exclusive member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.

Newly Built Contemporary Hits The Market At $19 Million In Bel Air

Light from glass walls on the second story floods the two-story main entryway.

Bel Air was built to be exclusive. The gated Los Angeles neighborhood known for its large lot sizes and plush landscaped yards in the foothills of the Santa Monica

Newly Built Contemporary Hits The Market At $19 Million In Bel Air

Light from glass walls on the second story floods the two-story main entryway.

Bel Air was built to be exclusive. The gated Los Angeles neighborhood known for its large lot sizes and plush landscaped yards in the foothills of the Santa Monica Mountains remained true to the vision of developer Alphonzo Bell.

As the community flourished and expanded, the 1920s tracts became known as “Old” Bel Air; lower elevation lots that were sold later were called “New” Bel Air. The home for sale at 10901 Chalon Road sits on the cusp of old and new.

The high drama of the architecture is evident from the front of the house.

“Bel Air and, more particularly, Chalon Road, is preeminent in exclusivity,” says listing agent Christina Collins of Hilton & Hyland. “We’ve sold a lot of exceptional homes here. But this one has been developed with such precision and care, it's really a meticulous execution of brilliant design, functionality and luxury.”

The home, with six bedrooms and eight bathrooms, was designed with indoor-outdoor entertaining in mind. The exterior’s contemporary design mixes strong dark wood lines with an arc-shaped wing on the second floor. It was finished in 2023 and sits on almost an acre of land.

A curved wall of windows opens to a deck above the swimming pool.

Bespoke details inside using wood, glass, natural stone and organic textures underscore the contemporary feel. “The architecture creates a sense of volume and grandeur, while the curated interiors make it a home you actually want to live in,” Collins says.

The main entrance opens to casual dining and lounging areas and then to the heart of the 9,000-square-foot home. The living room, with vaulted ceilings and floor-to-ceiling windows, capitalizes on natural light. Sliding doors meld the room seamlessly with the outdoor patio. The living room also has a wall-sized marble fireplace and built-in bar.

The open plan layout connects the living spaces.

Oak floors throughout keep the feel airy and light. Other rooms on the main level include a formal dining room with a walk-in wine closet, and the kitchen, which has a marble center island and bar chairs for casual meals. It also has a walk-in pantry and a small prep kitchen in the back.

A living room on the second floor leads to bedrooms that each have their own outdoor space. The main bedroom comes with a lounge area and fireplace, and a private balcony that leads to a workout area below. From the room, you can take in views of Bel Air. The primary bathroom has a soaking tub, dual vanities and rain shower head.

The kitchen features an eat-at island with a sink and prep space.

Other features in the home include a steam room and sauna in a wellness suite, an elevator, an outdoor barbecue and rooftop terraces.

It’s the kind of luxury home Bell would have appreciated. The community he started has grown to more than 2,000 properties bordered by Mulholland Drive on the north, Sunset Boulevard on the south, Beverly Glen Boulevard to the east and Sepulveda Boulevard on the west.

Vanishing walls contribute to the ease of indoor-outdoor living.

One interesting remnant of Bell’s vision: The estate-planning office he built on Stone Canyon Road still stands today. It’s now the luxury Hotel Bel-Air.

The house costs $18,995,000. Christina Collins of Hilton & Hyland is the listing agent.

Hilton & Hyland is an exclusive member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.

One Year Into The War Today, Ukraine Is Winning Battles There And American Designer Budgets Here

When the Russians invaded Ukraine a year ago, no one expected that the Ukrainian flag as shown here ... [+] would still be waving today.

While politicians and pundits

One Year Into The War Today, Ukraine Is Winning Battles There And American Designer Budgets Here

When the Russians invaded Ukraine a year ago, no one expected that the Ukrainian flag as shown here ... [+] would still be waving today.

While politicians and pundits around the world commemorate the one year anniversary of Russia’s latest, most brutal invasion of Ukraine today, no one expected the country to still be standing even a month later when tanks and planes advanced on Kyiv in the early hours of February 24, 2022. We’ve watched the war from afar in horror, especially the punishing attacks on civilians and their water, gas and electricity infrastructure.

Separated by an ocean and frequently less focused on European matters, many Americans have been surprised (and inspired) by the Ukrainians’ grit, ingenuity, military strength, unity and resilience. They might also be surprised by another aspect of Ukraine, as I was, despite writing about interior design for 17 years.

The country has a thriving, impressive interior design industry. While its troops fiercely battle the Russian military, Ukraine’s cabinetry, textile, furniture and other building products manufacturers are in a friendly battle for American builders’ and designers’ purchasing power. They are getting American support on this front too.

U.S. Presence

USAID brought Ukrainian furniture and cabinetry companies to Las Vegas Market to sell to American ... [+] designers, builders and retailers.

One of the latest forays in their commercial campaign was establishing a Ukrainian Pavilion at Las Vegas Market, where specifiers from around the United States gather to see the latest interior design offerings twice a year. The Las Vegas pavilion participants, 15 small and medium-sized design products manufacturers, were selected by the Competitive Economy Program (CEP) for Ukraine within the United States Agency for International Development (USAID), an independent federal agency, in cooperation with Ukraine’s Export Promotion Office (EPO).

Iryna Mykulych, EPO’s representative to the pavilion, was bullish on her first visit to the event. “In comparison with European markets, the U.S. shows stronger resistance to recession,” she shared in a follow up note. She also saw strong potential in the residential market’s existing interest in European style adapted to American preferences. “Ukrainian manufacturers have European designs and heritage at more affordable prices,” she pointed out. Buyers at market were quite interested in that proposition.

This was a return engagement for Ukraine. The launch at Las Vegas Market took place in the summer of 2022 and a prior pavilion was organized with 50 exhibitors at the massive High Point Market in October 2022.

“The furniture industry is facing challenges caused by war, such as decreased demand on the domestic market. Thus, USAID CEP in Ukraine encourages manufacturers to enter international markets and scale up globally,” stated Olesya Zaluska, USAID CEP Chief of Party, in a written response to questions. (Those challenges also include recurring blackouts and ongoing labor shortages.) “These initiatives also contribute to the recovery of Ukraine,” she added.

“It was the first opportunity for many of our participating Ukrainian furniture manufacturers to showcase their beautiful pieces and craftsmanship for the North American market,” explained Jeff Michels, a Pavilion guide and Sonora, California hotelier about last summer’s experience, in our post-February meeting email exchange.

Michels was contracted by USAID CEP because of his understanding of building products specifier considerations, his familiarity with the Ukrainian design industry from his own hospitality projects, and from his first-hand knowledge of the country and culture having lived there from 2019 to 2021. His enthusiasm for the country’s design culture came through as he guided press attendees like me and prospective buyers through the winter pavilion. “We are in talks now with builders who are increasingly furnishing entire condominiums and looking for contemporary designs, but not willing to compromise quality over price,” he wrote to me.

The hotelier added that many of the visitors have placed orders in the last couple of weeks. (Official USAID CEP numbers report 18 contracts, 56 hot leads, 1000 visits and 120 meetings, with more deals expected soon.) These have included linens, home furniture, commercial grade chairs and tables, and cabinetry.

Strategic Support

Keeping Ukrainians employed in the furniture and cabinetry industry has helped families and the ... [+] country.

According to Zaluska, the Ukrainian furniture industry (representing more than 10,000 small businesses and 100,000 employees), has generated nearly $32 million in sales, and was growing at an annual rate of 14% before the war. USAID CEP Assistance has covered a range of manufacturing and export training and participation support at international trade shows. “Each exposition offers additional insights into the respective marketplace and the ability to meet relevant buyers,” she commented.

Here and There

Ukrainian furniture and cabinetry manufacturers like Garant produce modern European designs at more ... [+] affordable price points.

Garant, one of the manufacturers I met with in Las Vegas on the last afternoon of market, and whose catalogue I flipped through at their table, (since bringing full displays of cabinetry was too costly), makes side panels for IKEA, as well as complete kitchen, bathroom and closet storage collections for the European market. The two young women representatives came to market hoping to expand their employer’s sales to the American market. Despite the war and port blockades, the company’s lead times are comparable to American manufacturers’ schedules.

This is possible, Michels pointed out, because many of the manufacturers are located in the Lviv region near the Polish border. “Their factories are fully operational with quick production lead times and delivery to the U.S. in roughly three months from the time of an order taking place,” he wrote. Thus far, Lviv has been spared much of the bombardment of Eastern and Southern Ukraine, though they haven’t escaped completely unscathed. They’ve just played their part in keeping things going.

As Mykulych wrote, “It seems the wartime challenges made the entrepreneurs stronger in their wish to work as never before. For example, Tivoli, in the first days of the war didn’t stop production, but tried to get as many new customers and contracts as possible. While they can work, the business will have a lifeline to continue to produce and export. This belief and confidence play a great role in how businesses support the country.”

Last Words

Hotelier Jeff Michels has specified Ukrainian furniture, textiles and design services for his rooms.

Michels also observed this resilience and pledged his continued help, both as an extension of USAID and as a specifier. “I will continue to give my full support to the Ukrainian people by supporting them, their businesses and reminding buyers that they have a choice in where they spend their money – so why not support democracy and purchase from Ukraine, which is so closely aligned with Western democratic values?” the hotelier posited.

The Evolution Of Designer Caitlin Wilson

Interior and product designer Caitlin Wilson

There is no interior or furniture designer quite like Caitlin Wilson. Known for her use of color, she has put her own bold spin on traditional design like no one else has. In addition to designing homes, she also operates an online store as well as a brick-and-mortar

The Evolution Of Designer Caitlin Wilson

Interior and product designer Caitlin Wilson

There is no interior or furniture designer quite like Caitlin Wilson. Known for her use of color, she has put her own bold spin on traditional design like no one else has. In addition to designing homes, she also operates an online store as well as a brick-and-mortar boutique in Dallas, Texas. From sofas to dressers and lots of decor, Wilson’s look is fun and feminine, yet undeniably sophisticated. With more than 331000 followers on Instagram, it’s easy to understand why so many people are drawn to her unique aesthetic.

The designer recently announced her book, Return To Pretty would be available on April 18th, 2023. It features lots of gorgeous photos, decorating ideas, and inspiration. This book is guaranteed to get looked through and not just sit there on the coffee table.

In February 2023, she announced a paint collection with Jolie Home featuring her signature pastels for both walls and trim, along with a range of new furniture and decor—a floral lover’s dream.

I recently spoke with Wilson to learn how she become an interior designer, what it's like to have such a defined style and so much more.

Amanda Lauren: What was your road to becoming an interior designer?

Caitlin Wilson: I went to college, studied abroad in Paris, and worked at a floral shop boutique. I just was so passionate about it. I loved working and so I just kind of got creative with my time outside of school. I worked a lot of different creative jobs and I always had in my mind that I wanted to actually have some type of store or, something in retail.

I worked for a few interior designers, but always really knew I had a passion for textiles. I continue to design but I also really liked the finishing touches.

Color and sophistication

Lauren: How did you end up opening up your store?

Wilson: We opened our first storefront in 2016 in San Francisco, but we actually opened our online store in 2011. It started as an online e-commerce business. My husband was actually in business school, and I was running the operation out of our little apartment in Philadelphia. It grew pretty quickly and took off, within the first few months, I was realizing that this was probably going to be more than I bargained for, but also more lucrative than I thought.

Lauren: How would you describe your signature aesthetic?

Wilson: Color has always been the foundation of my designs. And so I would say fearlessly feminine and traditional but with a twist. I think that most people recognize my work maybe because of my use of color. I think that's really how I usually start the design process. And it's definitely what drives my product line as well.

Lauren: What are some of the best ways to incorporate color into your space if you’re hesitant to go bold with it?

Wilson: I'm not afraid to commit to color personally. And I always say, “Well, if you're going to do this project and hire me—why have something that everyone else is going to have?”

I think people are afraid to commit to something because it may be overwhelming for them. I think it's just giving them the confidence that they can do it. And yes, they can repaint walls or switch out wallpaper. I tell people to live in the moment and bring that joie de vivre. Seize the day and live, live in the moment, and have fun with it.

An example of Wilson's signature look

Lauren: What do you think is the difference between the way French women decorate their homes versus the way American women do?

Wilson: I think that the French tend to be fearless when decorating, and Americans sometimes prefer to see someone else do something first to prove the concept. Or they think they can’t do it because of [certain] rules.

There are foundational principles when it comes to scale, but when it comes to decor, I think rules were meant to be broken. French women embody that spirit. Whether it's combining different patterns into an outfit or combining an antique with something really bold and colorful in their homes. It's not being too serious, but maintaining a certain sophistication.

A dreamy kitchen designed by Wilson

Lauren: What are the best ways for the average person to discover their own style as opposed to copying what they see on social media?

Wilson: I definitely encourage people to find their own inspiration. And whether that's something as simple as a flower that they love in the garden, or a fabric that they've picked. I think people struggle to find a theme or a concept without a designer or influencer. Finding your own style is about taking the time to go through and look at a lot of different things. And whether that means experimenting with them and trying it out, or, making mistake by buying a really horrible silhouette. I think it's about not being impulsive, and not choosing those things on Amazon that for example are instant purchases.

We’re so used to this instantly accessible fashion. It's unfortunate that this is becoming the way in the home space as well. I'd love to be able to give my customers great pieces in a flash, and we're getting better at that.

Pops of color everywhere

Lauren: Are you saying you can’t rush the process?

Wilson: I think that the best thing you can do is just to give yourself that time to get to know yourself and to get to know your house. The best way you can find your style is by giving it time and investing in good quality, foundational pieces, but taking the time to really get inspired and to live with things.

Lauren: From a professional standpoint, what do you think are the biggest challenges of having such as specific aesthetic?

Wilson: There's always the challenge of trying to convince someone that they're gonna love a pink sofa in ten years. But at the end of the day, in this fast-fashion world that we live in, I highly doubt that someone's going to have the same sofa for ten years. But I think, I think that really [well-designed] pieces will last, and you can always keep the silhouette and re-upholster it.

It's a challenge to either commit to it or convince your customer to commit to it.

Judge this book by its cover

Lauren: Tell me about your book, Return To Pretty.

Wilson: I might be a millennial, technically, but I'm kind of an old soul or a purist in the sense that I've always loved magazines and print. And so the ultimate for a designer would be to have a book. So I've just always aspired to create one, to shoot one, and to write one.

It's really a story kind of, of my journey and my process. And it's a lot of just pretty photography, and pretty everything, because obviously, the name is Return To Pretty.

We go back to what is traditionally beautiful, what's classical, what's lovely, and what really feels warm, and inviting. There's also the instructional side of it, where I offer a lot of very helpful, but simple, straightforward tools and tips and ideas for how to put things together and all the pretty elements of a home.

The conversation has been edited and condensed for clarity.

10 Housing Markets Where Rent Is Less Than $1,300

Oklahoma City offered the lowest monthly rental price in January.

The financial pain of shelling out sky-high rent is a reality for many, with median prices in some U.S. metro areas at nearly $3,000 a month. Yet, in certain metros among the country’s 50 largest markets, renters can

10 Housing Markets Where Rent Is Less Than $1,300

Oklahoma City offered the lowest monthly rental price in January.

The financial pain of shelling out sky-high rent is a reality for many, with median prices in some U.S. metro areas at nearly $3,000 a month. Yet, in certain metros among the country’s 50 largest markets, renters can still find relative affordability, according to a Realtor.com Monthly Rental Report.

Oklahoma City is the only metro among the 50 largest in the nation where renters can find a median-priced apartment for less than $1,000 a month. The area offered the lowest monthly rental price in January, at $982, according to the Monthly Rental Report.

There are 10 markets where median monthly rents are lower than $1,300, according to the recent report. Half are in the Midwest, four are in the South and one is in the Northeast. None are in the West. The least expensive markets are:

1. Oklahoma City - $982

2. Louisville, Kentucky - $1,167

3. Birmingham, Alabama - $1,178

4. Rochester, New York - $1,235

5. Columbus, Ohio - $1,242

6. Indianapolis - $1,266

7. Memphis - $1,274

8. St. Louis, Missouri - $1,279

9. Cleveland - $1,290

10. Kansas City, Mississippi/Kentucky - $1,298

Renters looking to take advantage of the best possible prices should move quickly. While the rents in these metros are the lowest among the 50 largest, for many of them, prices are increasing at a faster rate than in the rest of the country.

“With high rents across the country, places that offer relative affordability tend to be in high demand, which means more competition and that these lower prices might not last,” said Realtor.com chief economist Danielle Hale. “Many of these metros have fewer available rental homes than previous months, and fewer apartments to choose from means prices are likely to go up. Cities including Indianapolis, Birmingham, Columbus, Kansas City, Cleveland, and Rochester are among the more affordable metros that experienced the fastest year-over-year price increases in January 2023, leaving few metros that are maintaining their current level of affordability.”

Many of these areas also have less rental availability than in past years, suggesting that affordable metros are increasing in popularity. For example, in the fourth quarter of 2022, the average rental vacancy rate across these least expensive markets was 7.6% — a significant drop from the 9.7% vacancy rate in the fourth quarter 2017. However, seven of the most-affordable areas still had greater vacancy rates than the country’s average, which was last tracked at 5.8% nationwide.

Nationwide, rent growth for studio to two-bedroom properties continued to slow. Median rent was down 2.9% year-over-year, the lowest growth rate in 22 months. In comparison, January 2022 rent was up 16.2% from the year prior.

Last month was the 12th month of cooling rent growth and the sixth month in a row with a single-digit rate increase. The median asking rent in the 50 largest metros declined to $1,726, down by $7 from last month and $80 less than the August 2022 peak of $1,806. Yet, rental prices are still up 20.6% ($295 higher) from pre-pandemic January 2020.

$6.5 Million Penthouse Is A Gem In Portland’s Pearl District

In Portland's Pearl District, there's no greater jewel than the corner penthouse residence at The ... [+] Casey high-rise.

$6.5 Million Penthouse Is A Gem In Portland’s Pearl District

In Portland's Pearl District, there's no greater jewel than the corner penthouse residence at The ... [+] Casey high-rise.

Forbes Global Properties

Portland’s Pearl District has much to offer. Set in the heart of Oregon’s largest city, its warehouses and rail yards have given way over the years to restaurants, breweries and boutiques. The lively urban neighborhood is home to several art galleries and a theater. Housing is made up of a mix of lofts, apartments and condos, including luxury dwellings.

Priced at $6.5 million, the 4,500-square-foot residence features a chef's kitchen and endless views ... [+] of the surrounding area.

Among current offerings is a corner penthouse on top of The Casey, a 16-floor condominium tower designed to be 50% more energy-efficient than comparable buildings. Developed in 2007 and 2008 by Gerding Edlen and designed by GBD Architects, the Leadership in Energy and Environmental Design (LEED)-certified Platinum structure has solar roof panels that supply electricity to the common areas, among other fuel-efficient features.

Glossy white and wood cabinetry, tile backsplashes and marble countertops are among details in the ... [+] kitchen.

But energy is not the only savings to come with the penthouse. Designer-decorated in high-quality finishes, the turnkey unit will enable a buyer to conserve time and move right in.

The penthouse was originally built as the personal residence of one of the building’s developers.

The penthouse, one of two on the top floor, was originally built as the personal residence of one of the building’s developers. Full walls of windows bring natural light into the 4,500 square feet of interiors as well as views of the cityscape, Mount St. Helens and Mount Hood.

Full walls of windows bring natural light into the various living spaces.

The open-concept living room has a granite-faced fireplace and adjoins the chandelier-topped dining room. A French door on one side of the fireplace leads to a home office with built-ins and storage. A door on the other side accesses the powder room, a hall and the primary suite, which has a private entrance from the elevator lobby. There are a total of four bedrooms and four full bathrooms.

Views of the cityscape, Mount St. Helens and Mount Hood abound.

A combination of glossy white and wood cabinetry, tile backsplashes and marble countertops adorn the center island kitchen equipped with a six-burner plus range, dual ovens, warming drawer, microwave, two dishwashers, glass-door refrigerator and two glass-door wine refrigerators. A coffee station is in the walk-in pantry.

A rooftop patio and several balconies create additional living space outdoors.

Outdoor space off the kitchen allows for easy entertaining. The deck has dining and lounging areas and is equipped with water and natural gas hookups.

The platinium LEED-certified building contains only 60 units and has a low rental rate (10%) ... [+] compared to the area average (35%).

A family room that could be converted into a secondary office and a laundry room complete the floorplan.

Nearby structures include The Ritz-Carlton, Portland.

Brad Golik of LUXE is the listing agent for 311 NW 12th Avenue #1601 in Portland. The asking price is US $6.5 million.

LUXE is an exclusive member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.

Rockstar Energy Drink Founder Asks $50 Million For His Mansion In Park City, Utah

The home has been designed to be the finest expression of mountain living anywhere.

Billionaire Russell Weiner, the creator of Rockstar Energy Drink, has listed his Park City, Utah home, Monitor’s Rest, with Engel

Rockstar Energy Drink Founder Asks $50 Million For His Mansion In Park City, Utah

The home has been designed to be the finest expression of mountain living anywhere.

Billionaire Russell Weiner, the creator of Rockstar Energy Drink, has listed his Park City, Utah home, Monitor’s Rest, with Engel & Völkers Park City for $50 million. Situated on 5 acres, the property is the most expensive home in Utah.

From a Darwin Home Wellness Intelligence Network that regulates circadian rhythm lighting, monitors and calibrates indoor air quality, filters pollutants and removes pathogens from the air, including viruses, to a Himalayan salt room, the extravagant 17,000 square foot, ski-in/ski-out home features a multitude of amenities.

A 60-foot indoor/outdoor stainless steel pool

The family room is a welcoming retreat.

The property also includes a 60-foot indoor/outdoor stainless steel pool, wellness spa with gym, cold plunge pool, hot tub, Turkish bath, infrared sauna, massage room, an indoor sports court for volleyball, basketball, pickle ball, a climbing wall, golf simulator, bowling alley, a versatile living/media room with Steinway-Lyngdorf audio and 200-inch Barco 4k digital cinema laser projection system and a panoramic tower situated above the trees to take in the breathtaking views.

Dream big with this contemporary bedroom.

Who's ready to have some fun?

For anyone serious about cooking, this industrial style kitchen meets the challenge.

Monitor’s Rest was named winner of the distinguished Robb Report Best of the Best award for best amenities. Nestled mountainside at the base of Monitor Bowl on Park City Mountain Resort, the home has been designed to be the finest expression of mountain living anywhere.

The legacy-quality modern compound on five ski-in/ski-out acres is within the exclusive gated enclave of The Colony at White Pine Canyon and provides stunning views of Monitor Bowl and the ski resort. The timeless architecture offers world-class amenities paired with the finest materials and craftsmanship, including Italian steel windows, Croatian limestone, shou sugi ban charred cypress and a full copper roof combined with an innovative and cohesive layout for a seamless flow throughout almost 18,000 square feet of living space.

According to Mansion Global, Weiner said he originally planned on keeping the home but plans changed. “It’s never been slept in,” he said. “It’s better than new.”

The New Safe Haven: Brooklyn As A Magnet For Big Money

View of the Manhattan bridge from Dumbo, Brooklyn, New York City, USA

For the past two decades Brooklyn has developed and emerged as a super borough; an alternative for institutional capital in New York City, and in some metrics, topping the undefeated borough

The New Safe Haven: Brooklyn As A Magnet For Big Money

View of the Manhattan bridge from Dumbo, Brooklyn, New York City, USA

For the past two decades Brooklyn has developed and emerged as a super borough; an alternative for institutional capital in New York City, and in some metrics, topping the undefeated borough of Manhattan.

The following major factors have contributed to this trend:

In 2022, Brooklyn saw 1,226 transactions totaling just over $10 billion, which represents a 20% and ... [+] 28% increase year over year respectively.

Brooklyn Saw Record Dollar Volume and Nearly Half of NYC’s Transactions in 2022

The desirability of Brooklyn as a destination for capital was evident in last year’s numbers when total investment sales exceeded $10 billion for the first time ever, surpassing the previous record of $9.19 billion from 2015, which is a remarkable milestone, highlighted in Ariel’s 2022 Brooklyn Year-End Commercial Real Estate Trends. The borough also accounted for 45% of New York City’s 2,716 transactions, and 25% of the city’s $38.4 billion in dollar volume.

Last year marked the first time ever that the Brooklyn market cracked the $10 billion mark in gross ... [+] dollar volume, surpassing the previous record of $9.19 billion from 2015.

My partner Sean Kelly noted that Brooklyn “finished the year with 16 transactions of $100+ million, nearly doubling the nine from 2021. Building off 2021, which saw rents and vacancy rates return to pre-pandemic levels, many investors reemerged from the sidelines and helped Brooklyn achieve its best year to date.”

The significant $100+ million transactions included:

Multifamily Market Recorded the Most Transactions Ever

These large deals contributed to Brooklyn’s multifamily market having its strongest year to date in 2022, finishing with 807 transactions, the most ever recorded in the borough. This represents a 29% increase from 2021’s 624 transactions. Dollar volume ended the year at $5.3 billion, also an all-time high, and up 10% from 2021. Excluding the Starrett City Portfolio partial interest sale in August 2021 for $1.3 billion, the year-over-year dollar volume would have increased by 33%. The average price per square foot for multifamily reached $459, a 23% increase compared to 2021 and the highest average ever recorded in the borough.

However, like the rest of the city, the Housing Stability and Tenant Protection Act (HSTPA) of 2019 changed investor behavior last year, prompting institutional investors and other buyers to bypass rent stabilized buildings in favor of free market multifamily assets, including smaller buildings.

“Although the borough saw many sizable deals, small multifamily buildings with fewer than six units actually accounted for over 50% of the multifamily transactions in the borough last year, and 93% of the multifamily sales traded for $10 million or less,” said Director Stephen Vorvolakos. “Our team has had a tremendous amount of success with smaller properties and receive multiple offers as soon as we go to market with these buildings. We don’t see this momentum slowing down anytime soon unless the laws governing rent stabilized buildings change.”

The Carlyle Group is one example of institutional capital that has been pursuing buildings with 10 units or less and last year refinanced a loan for 39 properties in Brooklyn and Queens for $500 million.

Development Market Remained Strong Despite Expiring Tax Abatement Program

Brooklyn’s development market remained strong, recording over $1.6 billion in sales across 166 transactions, with most of these deals allowing developers to build rental housing. Brooklyn saw 38 development transactions of $10 million or more, a 31% increase from 2021, and the average price per buildable square foot rose 10% to $278 in 2022 compared to the previous year.

“This substantial development activity is no surprise because every day we talk about the perpetual shortage of housing in New York City, which is driving up rents,” Kelly said. “Higher rents have somewhat offset the increase in labor and material costs, so pricing has remained pretty stable.”

Williamsburg continued to be the hot spot for development with 33 transactions totaling $325 million accounting for 19% of sales in Brooklyn last year. In Gowanus, which was rezoned for residential use in late 2021, transaction volume saw a strong uptick with eight transactions, doubling its total from 2020 & 2021 combined. Madison Realty Capital’s purchase of 350-355 Hicks Street in Cobble Hill for $142 million was the largest development site sale in Brooklyn since 2019. The next two highest sales were in Flatbush and Brighton Beach, an indication that developers are spreading their projects throughout the borough.

Politics also played a role in investor decisions in the development market last year. The New York State Legislature allowed the 421a/Affordable New York tax abatement to expire on June 15th, which caused a burst of sales activity in the months before as developers rushed to get their shovels in the ground before the deadline.

We’re hopeful that a successor program to 421a will be introduced as both Gov. Kathy Hochul and Mayor Eric Adams are advocating for incentives to encourage new housing development. The governor also has proposed extending the deadline to obtain a TCO for 421a projects by four years to 2030. Under the current program, developers are required to finish construction by June 2026 to receive the property tax break.

“Without an extension, it’s going to be very, very difficult for the larger projects to complete their projects in three years, although it will be achievable for the smaller to mid-sized projects,” Kelly said. “So, I think there’s going to be a lot of transactional volume in the capital markets, financing the construction for rental projects and we’ll see some sales as well. We’re actually just hitting the market with a site in Gowanus that will allow for the construction of 140 units.”

Industrial/Warehouse/Storage Sales Jumped 76%

The industrial/warehouse market continued to thrive in Brooklyn during the post pandemic era as more retailers shifted into the online space. Dollar volume totaled $1.3 billion, a 76% increase year-over-year, the highest amount ever recorded in Brooklyn, while transactions were flat at 99. The $492 per gross square foot average is a Brooklyn record, surpassing 2021 of $425 by 14%, which was the previous high.

The rise in dollar volume can be attributed to the $332 million sale of 640 Columbia Street in Red Hook and the $228.5 million sale of 554 & 578 Cozine Avenue in East New York, both in the first half of 2022. Both properties are fully leased to Amazon and are the two largest industrial/warehouse sales ever in Brooklyn. In addition to the Columbia Street sale, Red Hook saw six transactions totaling $70 million in 2022.

What to Expect in the Balance of 2023

Brooklyn today provides a growing and significant alternative to any type of institutional capital. We believe that 2023 will be another strong year for the borough and are already aware of several assets slated to close from affordable housing complexes to opportunistic development sites. In a way, Brooklyn offers everything available in Manhattan, the Bronx and Queens in one borough. The institutional narrative is strong.

To read the full Brooklyn 2022 Year-End Commercial Real Estate Trends report, please click HERE. Please see my podcast about the Brooklyn market below.

In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, Partner Sean Kelly ... [+] and Director Stephen Vorvolakos discuss the outstanding performance of the Brooklyn market in 2022.

Los Angeles Stilt Home Featured In ‘90s Action Film ‘Heat’ Hits The Market For A Cool $1.6 Million

The stilt home is between Cal State Los Angeles and the University of Southern California’s Health ... [+] Science Campus.

As California’s fortunes rose and development

Los Angeles Stilt Home Featured In ‘90s Action Film ‘Heat’ Hits The Market For A Cool $1.6 Million

The stilt home is between Cal State Los Angeles and the University of Southern California’s Health ... [+] Science Campus.

As California’s fortunes rose and development boomed after World War II, Los Angeles offered a proving ground for new ideas about architecture and design. Reflecting the optimism of the atomic age, the Mid-Century Modernist school of architecture is known for clean lines, geometric shapes, and functional materials with an emphasis on steel, glass, and concrete. One striking variation of the typical modern aesthetic was the stilt home, designed to take advantage of small, hilly lots otherwise deemed “unbuildable.”

Seemingly gravity-defying, these homes are built on supporting stilts over which the home seems to float. About 1,500 of these striking houses were built in California during the 1950s and ‘60s, but very few are still standing today.

The home offers unsurpassed views, including the Griffith Observatory and the Hollywood sign.

The listing of one of these unique homes for $1.599 million provides an opportunity to own a piece of LA history. Located in the City Terrace neighborhood, the home was built as a case study for the engineering program at Cal State University, Los Angeles in 1962. In 1995, it served as a shooting location for Michael Mann’s crime drama Heat, starring Robert DeNiro and Al Pacino, considered one of the most influential films of its genre. The property served as the home of Danny Trejo’s character in the film, which the actor has called the favorite role of his career.

The kitchen features hand-fired orange tile, decorative stained glass and a wine refrigerator.

Featuring an expansive 60-foot wooden deck, the home offers sweeping panoramic views that stretch from Griffith Observatory and the Hollywood Sign to Downtown LA and all the way to Catalina Island. Multiple sets of sliding glass doors and ample windows showcase the views and bring in lots of natural light. High-beam ceilings, bright white walls, and hardwood floors provide a classic style, retaining original mid-century elements.

The 2,000-square-foot home includes three bedrooms and three bathrooms.

The floor plan is perfect for entertaining.

The 2,000-square-foot home includes three bedrooms and three bathrooms. The primary bathroom is a highlight, with separate shower, dual-sink vanity, and soaking tub. A wonderful kitchen has hand-fired orange tile, decorative stained glass, plus KitchenAid appliances and a wine refrigerator. Well appointed for entertaining, the home offers a spacious living room area plus a minibar. The .25-acre lot features a putting green, a 200-square-foot enclosed carport studio, and a second lower deck and yard. The property combines two parcels and includes the opportunity to construct a second dwelling on the lower level.

Robert De Niro and Al Pacino during the 1995 Academy Awards in Los Angeles.

The stilt home is between Cal State Los Angeles and the University of Southern California’s Health Science Campus. Nearby options for entertainment include the Monterey Park Golf Club and City Terrace County Park. A short commute leads to the bustling entertainment zones of Downtown Los Angeles. City Terrace is an up-and-coming East Los Angeles neighborhood known for its numerous murals and Latin American heritage. Not yet popular with celebrities, it is the birthplace of former Los Angeles Mayor Antonio Villaraigosa.

63% Of Members In A Homeowner Association Say They’re Priced Fairly, But Fees Are Rising

Despite the additional cost of a homeowner association, some members say it has made their lives ... [+] easier.

If you want to start a hot debate at your next dinner party, ask everyone their thoughts

63% Of Members In A Homeowner Association Say They’re Priced Fairly, But Fees Are Rising

Despite the additional cost of a homeowner association, some members say it has made their lives ... [+] easier.

If you want to start a hot debate at your next dinner party, ask everyone their thoughts about homeowner associations, HOAs for short. People generally have strong opinions about HOAs, ranging from positive (more orderly landscaping and convenience) to negative (less freedom and higher costs).

And speaking of that, 35% of those in an HOA think theirs is too expensive to justify the benefits, according to the latest LendingTree survey of 1,000-plus homeowners, with 45% saying the cost of theirs rose in the past year. That said, 63% say their HOA is priced fairly — exemplifying the split.

The report’s author, Jacqueline DeMarco, highlights the following key points:

35% of survey respondents are in a home with an HOA

More than 1 in 3 (35%) homeowners surveyed belong to an HOA, and this figure increases most among Gen Zers ages 18 to 25 (47%), six-figure earners (45%) and residents in the West (44%). HOA membership is least common among parents with adult children (26%), those who earn less than $50,000 (27%) and residents in the Midwest (27%).

Those in an HOA say they spend an average of $291 a month on fees, or about $3,500 a year. Men say they spend more monthly on HOA fees than women — $317 versus $245, on average.

More than half (53%) of these HOA members wanted to belong to one before they bought their most recent home, but 9% of them regret that homebuying process decision.

LendingTree senior economist Jacob Channel understands why many homeowners are eager to join an HOA. “They believe their HOA can help them protect and grow the value of their home,” he said. “Because an HOA can compel members to keep their homes to certain standards, they can help make a neighborhood seem more appealing and, as a result, help maintain or increase property values.”

Channel urges potential homeowners to remember that even if their home is in great shape and offers amazing amenities, it may be difficult to sell if buyers don’t like their neighborhood. He said, “If your lovely four-bedroom cottage home is next door to a neighbor who lives in a dilapidated shack and has chosen to erect a 20-foot statue of Kid Rock on his lawn, it’s probably not going to sell very quickly.”

Most HOA members seem happy to be in one, with 57% reporting it makes their lives easier. About a quarter (23%) of respondents say their HOA has made their lives harder. Whether HOAs make homeowners’ lives easier or harder (or both), here are the services most commonly offered: neighborhood landscaping, security, personal landscaping, sports and leisure amenities, and concierge services.

While 63% of homeowners feel the fees their HOA charges are fairly priced in exchange for the benefits they receive, they may not feel that way for long. Almost half (45%) of HOA members report their dues increased over the past year — although a lucky 3% saw a decrease.

Homeownership is expensive, and HOA fees add to the ongoing costs of owning a home. Nearly 3 in 4 (73%) who feel they’re overpaying saw their HOA fees increase in the past year.

Paying HOA fees can be frustrating, especially if you don’t feel you’re getting enough bang for your buck. A third (33%) of homeowners who believe they’re spending too much on HOAs says theirs neglects maintenance responsibilities. That compares with 8% who believe theirs is fairly priced but cite neglected maintenance.

“Fees are certainly a downside of HOAs,” Channel says. “This can be especially true for recent homebuyers who had to deal with high rates and home prices that left them with little money.”

An unfortunate 15% of homeowners in an HOA know all too well what it’s like to receive a violation. As noted earlier, about a quarter (23%) of homeowners report that their HOA has made their life harder. This is nearly twice as common (43%) among homeowners who feel their HOA is too expensive.

HOA violations are major burdens on homeowners that can make their lives harder — not just because they may owe a fee, but because avoiding them requires following strict rules.

The most common violations that homeowners experience relate to landscaping (34%), design changes (23%), fencing (23%) and trash pickup (21%).

“HOA violations can vary depending on the specific rules of your HOA,” says Channel. “Common violations include improper landscaping, not disposing of trash regularly or properly, having unruly pets, parking your car in the wrong place or painting or decorating the exterior of your home in a way that hasn’t been approved.”

Channel warns that you can violate your HOA’s rules if you’re not paying close attention to your community’s guidelines or are unwilling to perform regular upkeep on your home. In light of these rules, do HOAs hold people accountable to maintain their yards and homes? Among all homeowners, 72% say yes.

Many house hunters have to decide if an HOA is something they want to be a part of or if they would rather live somewhere with more freedom. They also have to accept the downsides of neighbors having that much freedom. Before someone agrees to buy a home in a neighborhood with an HOA and takes out a mortgage, these are some factors to keep in mind:

HOAs help maintain home value. “Living in an area with an HOA can help you maintain the value of your home,” Channel says. Those strict HOA rules can lead to a lot of nice curb appeal. When potential buyers come to see your home, they’ll also take the state of your neighborhood into consideration. A potential increase in value is a huge benefit of homeownership.

More peace of mind. Belonging to an HOA can make it so you sleep a bit easier at night. Channel explained, “It can also provide you with the peace of mind that comes with knowing that your neighbors probably aren’t going to do anything crazy, like regularly throwing all-night parties or painting their home bright pink. Anyone who’s had nightmare neighbors in the past knows how valuable HOA protections can be.

Get ready for strict rules. “HOAs aren’t for everyone, and people who aren’t particularly concerned with regularly mowing their lawn or who want to maximize their freedom to do with their home what they please should probably avoid them,” warns Channel. “If you want more freedom and have big plans like elaborate landscaping or adding an extension to your home, an HOA may not be the right fit. Talk to your real estate agent to learn more about the rules that will apply to you if you buy a home that belongs to an HOA.”