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new cottages york & gardens december/january 2019 december/january COTTAGESGARDENS.COM | DECEMBER/JANUARY 2019 cottagesgardens.com AMSTERDAM MALIBU MERIDA PARIS TUSCANY SPECIAL ISSUE! GLOBAL STYLE DEEDS&DON’TS THE INSIDE SCOOP ON GLOBAL REAL ESTATE TORONTO MUNICH VERY STRAINED ABOUT TO BURST HONG KONG ABOUT TO BURST LONDON STRAINED Stretched To The Limit Some top global real estate markets are reaching a AMSTERDAM tipping point. STRAINED AHomeowners BURSTING and real estate investors in tHe world’s largest Hong Kong—theBUBBLE? world’s most overvalued city in terms of housing— financial centers have had little to complain about during the past five is at the highest risk of a bubble, according to the report, which states that years, with real estate outperforming stocks in most cases. But according home prices in the metropolis have increased nearly 10 percent each year to UBS’s 2018 Global Real Estate Bubble Index report, the frothiest since 2012. “The new Double Stamp Duty property law has discouraged markets—Hong Kong, Munich, Toronto, Vancouver, Amsterdam, and foreign investors, who are being taxed more heavily,” says Binoche Chan, London—are on the cusp of a bubble. Sale and rental figures in these chief operating officer at Hong Kong’s List Sotheby’s International Realty. locales are exceeding the housing budgets of most citizens, which means As for locals, she says, there’s great demand for both affordably priced prices will likely continue to stall or decline in the months ahead. And micro apartments and supersized properties, while “a new group of buyers rising interest rates and increased regulations could deepen existing has evolved at the same time: Natives of mainland China who have lived cracks in the market. in Hong Kong for more than seven years are eligible to receive Hong 38 nyc&g cottagesgardens.com december/january 2019 DEEDS & DON’TS W £30 million ($38.43 million) penthouse at the Chelsea Waterfront development. For those seeking a similar trophy property in the city, the five-bedroom duplex penthouse atop the landmark 1960s tower Centre Point is on the market for £55 million ($70.46 million) through Tracy Hughes of Almacantar. The West End building’s amenities Corniche Den Overlooking London’s skyline, the include a spa, a screening room, a lounge, triplex penthouse at the Corniche, designed by and a private dining room. On the riverfront Foster + Partners, is listed for £22 million. opposite the Houses of Parliament, the four- Off The Charts According to UBS’s 2018 Global bedroom triplex penthouse at the Corniche, SUR THING Real Estate Bubble Index, Hong Kong’s housing designed by Foster + Partners, channels the market is the most likely to collapse. sleekness of a superyacht. The selling point pain’s moneyed crowd Has Been Kong citizenship and become permanent of the £22 million ($28.18 million) residence, flocking to Sotogrande—an exclusive residents.” Because this group is not affected by which is available through Helen Whitehouse Sseaside resort community near the the Double Stamp Duty, she says, demand and of development firm St James, is a nearly country’s southernmost tip—for more than prices are likely to remain high. 20-foot-tall curved glass wall framing views of 50 years, enjoying polo, sailing, and golf at the Despite indications of a similarly stretched the skyline. In Mayfair’s Hanover Square, the renowned Valderrama course. Now there’s bubble in London, some real estate pundits four-bedroom property that crowns the North a new impetus to call the fancy Andalusian remain sanguine. “I don’t foresee a major Tower of the Residences at Mandarin Oriental retreat home: The Seven, named for the seven correction or drastic drop in housing prices,” is listed for £24.95 million ($31.97 million) architecture firms that were commissioned to says Guy Bradshaw, a director at Sotheby’s with Alex Hardy of Clivedale London. The design showstopping houses for Sotogrande’s in London who notes that while England’s building’s residents have access to such hotel swankiest residential development ever. The Stamp Duty Land Tax law has put downward perks as room service, housekeeping, valet styles of the €13 million to €20 million ($14.8 pressure on demand and prices of high-end parking, a concierge, a spa, and a rooftop million to $22.77 million) villas—each built properties, interest remains strong among terrace. For old-school elegance and a prime on commission and sited on two and a half buyers from the U.S. and Asia. “People are Belgravia address, there’s Eaton Place, where acres landscaped by Provençal garden designer holding on to property longer, and flipping has development-design firm Fenton Whelan has Jean Mus—range from Brazilian modernism become less frequent,” he adds. And buyers are created a four-bedroom penthouse that spans (Studio MK27) to Scandi-Asian fusion trying to close as soon as possible while the the top three floors of two Grade II–listed (Jensen & Skodvin) to futuristic (UNStudio). exchange rate is in their favor. “They may pause Georgian buildings; Stuart Bailey at Knight Aside from access to Sotogrande’s beach club, around March, but we actually foresee a Frank holds the £19.95 million ($25.56 restaurant, and sporting facilities, owners will bounce once Brexit is out of the way. million) listing. And the Floral Court also benefit from staff taking care of even the The overall appeal of London is Collection—part new build, part smallest of tasks, like stocking the fridge in still there.” —Jean Nayar historic conversion—gives owners advance of their arrival. —Z. D. H. the chance to live above Covent Garden’s storied Floral Street, Spanish Fly This Fran Silvestre Arquitectos– BREXIT STRATEGY designed house is part of a new development in with its many dining hot spots Spain’s luxury Sotogrande resort community. ltHougH Brexit and fashion, beauty, and lifestyle Roman Abramovich is putting a bit of a Billionaire brands at their fingertips. The A damper on London’s asking price of the three-bedroom property market, the weak penthouse, which is being marketed pound has recently spurred some high- by Peter Preedy at JLL, is being kept hush- profile sales, including Russian billionaire hush. As the saying goes, if you have to ask, Roman Abramovich’s purchase of a you can’t afford it. —Zoe Dare Hall ABRAMOVICH: MAGICINFOTO/SHUTTERSTOCK.COM 40 nyc&g cottagesgardens.com december/january 2019 DEEDS & DON’TS W Model Rental Model (In order to book a property, you need to Jacquetta Wheeler’s Tangier villa is one of the exclusive have at least a “one degree” connection with properties listed on the luxury a homeowner, which can be established in a website Stay One Degree. number of ways via various social networks.) “This kind of marketplace enables our vacation rentals website members to rent to and from their friends and with a social-networking mutual connections,” Bennett explains. Aside component, after guests from peace of mind, he adds, there are also trashed his own home in perks like “discounted rates and access to private Spain. “We’re disrupting the members’ clubs and elite golf courses.” —Z. D. H. short-term-rental industry by addressing its most MIAMI HEAT fundamental challenge, which is trust among or nearly a decade, a development JUST BETWEEN strangers,” says Bennett, who co-founded the boom has flooded central Miami FRIENDS site in 2017 with New York–based banker Fwith a spate of new condominiums, Jorge Muñoz. What started as a portfolio of transforming its urban core and providing Homas Bennett, just eight properties has grown to more than housing alternatives to generally pricier a Hong Kong– 1,200—including model Jacquetta Wheeler’s Miami Beach. And although that boom has Tbased former Tangier villa and the Portuguese retreat of stalled (according to Miami’s Downtown investment banker, dreamed Tara Donovan, the former CEO of chef Jamie Development Authority, the number of units up the idea for Stay One Degree, a luxury Oliver’s media empire—across 50 countries. under construction in downtown, Brickell, PARIS PARIS IS CALLING IN THE CITY OF LIGHT, THERE’S A PROPERTY FOR EVERY PERSONALITY F RA THE HIPSTER THE HAUT NCE BoBos BOURGEOIS (bourgeois Once the home and bohemians) atelier of leading Art are flocking to Nouveau product SoPi (South of designer René Pigalle), where Lalique (the 1920s the Ninth building’s front Arrondissement meets the 18th. Its epicenter: the door is still adorned restaurant- and boutique-packed rue des Martyrs. Within with Lalique glass), this €4.2 million ($4.78 million) two- a short stroll of the street, a 1,230-square-foot three- bedroom residence in the Eighth Arrondissement— bedroom with stained-glass windows—on sale for €1.31 marketed by Roddy Aris of Knight Frank—has postcard million ($1.49 million) through Alison Ashby of Junot Fine views of the Seine and the Eiffel Tower and is within a few Properties—epitomizes the area’s joie de vivre. steps of Avenue Montaigne’s high-end fashion boutiques. THE FINANCIER THE SCHOLAR THE FRANCOPHILE This four-bedroom Nothing beats the Left Bank charm Nothing is quite like hôtel particulier— of an echt-Parisian apartment with the sight of Notre- complete with a high ceilings and herringbone floors. Dame’s gargoyles. gym, a hammam, This two-bedroom on the sought- Now you can gaze and a four-car after rue de l’Odéon near Saint- upon them all day long garage—is located Germain-des-Prés dates from from a three-bedroom on the edge of 1790 and comes with an extra- on the Île de la Cité, the Bois de Boulogne in the 16th Arrondissement.