The 20 hottest real estate spots in the world
It’s safe to say we’re in the midst of a global real estate bull market. According to the Knight Frank Global House Price Index, the value of homes internationally rose by 8.4 percent in 2013, representing the highest annual increase since 1995.
“People love property because it has that tangibility that other assets don’t have,” says James Price, Knight Frank’s head of Global Real Estate in London.
Although it’s a global phenomenon, US buyers — especially New Yorkers — are particularly active abroad.
“Along with lifestyle considerations, New Yorkers — much like other High Net Worth Individuals [HNWIs] — now see foreign property as a wise investment as they look to spread and diversify their wealth,” Price says.
While much of this money is pouring into established urban centers, experts describe Americans as more entrepreneurial about snapping up property — willing to invest in everything from a private island in Antigua to vast farms in Zambia if the price (and property) is right.
Which means that now is the time to consider purchasing a pied-a-terre in Paris or Monaco, or maybe a row house in Charleston or a condo in Los Angeles. Alexa Luxe Living scoured the planet for the hottest markets for New York buyers, and found 20 destinations heating up the globe.
Real Estate: WC Property Consulting
Monaco: Tour Odeon $350M+
The lure: It’s not just the beach and marina that makes Monaco special. “A large part of its appeal is the income-tax-free-zone status,” says Knight Frank’s Price. “Equally, it’s very secure. Add to that the location — the Alps, Italy and the Côte d’Azur are your playgrounds — and it’s very appealing.”
Europeans traditionally bought into Monaco, but Americans looking for a well-placed pied-a-terre are flocking to this tiny principality bordered by France to have a look.
Key development: The Tour Odéon Monaco is reputed to be the most expensive tower in the world, with average sales hitting the $8,000-per-square-foot mark. At 49 stories, it’s practically a low-rise by New York standards, “but it’s the largest tower in the South of France region, so the views are incredible,” says Price. Architecturally, it’s the first new building in the whole country to have a contemporary style, “plus, it’s the first building with all the amenities of a luxury condo,” adds Price. More than a third of the 73 apartments have been scooped up since they were released two years ago. The Tour Odéon will be ready for its affluent residents later this year.
Record pricing: There is no formal price at this stage, but the penthouse at the Tour Odéon Monaco is rumored to be priced at more than $350 million.
Charleston, SC: Historic downtown, up to $19M
The lure: A coastal city with thousands of miles of waterways, historic Charleston has a lovely year-round climate that allows for outdoor recreation of all types. But beyond the beauty, Charleston has emerged as a surprising economic success story that is luring East Coast-based buyers. Over 250 small-scale tech and digital companies have set up home in the Charleston area, making it one of the 10 fastest growing cities for software and Internet technologies in the nation. “Charleston is a big city that ‘lives’ like a small town,” says Ruthie Ravenel, an agent with Sotheby’s affiliate Daniel Ravenel Real Estate.
Key developments: Along with the Upper King Street corridor, Ravenel points New Yorkers toward Halsey Park, a new community being sold in Harleston Village. “The plan features row houses with private rooftop decks and harbor views.” This is one of the last developments in the heart of downtown Charleston, she notes. Row houses are all priced in the $1.4 million range. In the historic core, prices can easily top $10 million.
Vail, Colo.: Ritz-Carlton Residences $2.3M to $9.5M
The lure: One of the most desirable destinations in the Rocky Mountains is accessed by non-stop air service from New York City. The Four Seasons, Ritz-Carlton and Solaris are the turn-key places to buy into, and sales at all of them are brisk. Overall, home sales in Vail were up 24 percent from April 2011 to April 2012. Some properties allow 100 percent financing.
Key developments: It’s not cheap to buy one of the 71 full-ownership two- to six-bedroom homes at the Ritz-Carlton Residences, Vail. The average price is $1,619 a square foot, with two-bedrooms starting at $2.3 million. But you get a lot of bang for your buck. Along with gas fireplaces, a balcony or patio, Bosch appliances and marble baths, owners in the full-service condo have free rein of 13 acres of mountains and valley on the banks of Gore Creek. A few steps and they’re on the Eagle Bahn Gondola. And Vail has some of the region’s best shops and restaurants.
Celeb buyers: Skier Lindsey Vonn trains in Vail and calls one of the 20 remaining units at the Ritz-Carlton Residences home when she is in Vail. The Bavarian-styled condo building has been the top-selling Ritz project worldwide for two years.
Kauai: Kukui’ula $2.5M to $8M
The lure: Perhaps the most undiscovered of the Hawaiian Islands and certainly the least developed, Kauai is more than just beaches: Lush tropical rain forests carpet areas like Princeville, Hanalei and the Napali Coast. Hop a daily non-stop from JFK or Newark to Honolulu, then another quick 35-minute flight to Kauai, and you’re home.
Key developments: Kukui‘ula may be hard to pronounce, but it still comes with plenty of bragging rights. Developed by a Honolulu- and Scottsdale-based real estate firm for around $100 million, the member-based community in Poipu, on the South Shore, rises 300 vertical feet, so every plot of land has fantastic southern views of Kukui Bay. Home sites start at $1 million and completed cottages go from $2.5 million; all of them are anchored by the Plantation House, the social and recreational hub of Kukui‘ula. Two NYC owners moved in when it opened in December 2010.
Down with heights: None of the buildings on the island can be taller than a palm tree, Kukui‘ula included.
Anguilla: Viceroy villas top $6.5M
The lure: With a year-round tropical climate, 33 white-sand beaches and only a small number of high-end resorts and villas for rent (some of which can command six figures per week during peak season), quiet and beautiful Anguilla is as close as you can get to a private-island resort (with a lower price tag).
Key developments: The Viceroy Anguilla is set on nearly a mile of beachfront. Each home has its own pool and lots of glassy walls — perfect to watch the sun set or rise. All that beauty sells for $500,000 to $6.5 million, which gives buyers entree to all the resort “samenities.” The competitor: Zemi Beach, a boutique beachfront resort set to open in mid-2015 with 28 two- to three-bedroom residences and penthouses with private plunge pools. It’s being designed by architects Lane Pettigrew Associates, and homes start at $2 million.
And more from Nypost….
6. Antigua: Rosewood Jumby Bay $7M to $30M
7. Los Angeles: Ritz-Carlton Residences, up to $4M
8. Argentina: Patagonia $12.9M
9. Tel Aviv: W Tel Aviv-Jaffa, up to $16M
10. Zambia: Mumbuluma $10M
11. Jackson Hole, Wyo.: Snake River Sporting Club, up to $6.5M
12. London: One Hyde Park $10M to $33M
13. San Miguel, Mexico: Artesana Rosewood Residences up to $2.6M
14. Tuscany: Palazzo Tornabuoni $1.4M to $7M
15. Paris: Rue De Grenelle $4M to $35.5M
16. St. Barts: $3M to $10.75M
17. The Bahamas: Mondrian at Baha Mar $1.2M to $4M
18. Dubai: $1,500 per square foot
19. Singapore: $3M to $13M
20. Panama: Casco Viejo, up to $1M