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The Villas at Miraval

Filed under: Estates


Yesterday my colleague Alison Stein Wellner mentioned Miraval as a great place to follow through on those possibly forgotten New Year's resolutions but you can also make your destressing a bit more permanent. Four of 16 two- and three-bedroom villas remain up for sale at the Villas at Miraval, a half hour from Tucson, Arizona. The Villas at Miraval are modern homes with beautiful mountain views but the main selling point is access to the world-renowned Miraval Spa and other world-class amenities and programs. There were 16 villas total but now just four remain available for sale. The first 12 were sold the first year.

Currently for sale are two, two-bedroom villas with 2,729 square feet of interior and 2,281 square feet of outdoor living space and two, three-bedroom villas, spanning 3,095 square feet of interior living and 3,187 square feet of outdoor living space. Prices range from $2.25 million to $3.4 million. Each villa is LEED Silver-certified by the U.S. Green Building Council. The villas use naturally gorgeous materials like stone, cedar and hickory wood. Each villa has a water-featured private courtyard, fireplace, hot tub, Viking 41 grill, single-family-sized spa pool and steam shower. Interiors have floor-to-ceiling windows, gourmet kitchens with Sub Zero under-counter wine storage, Thermador Freedom refrigerators and dishwashers, and master bathrooms with steam showers. The villas are meant to be turnkey second homes and are furnished including local artwork, special window treatments, facades, appliances and fixtures selected by New York-based award-winning spa designer Clodagh Design.

Each villa owner pays an annual fee for unlimited access to all resort programs and amenities, common area maintenance and property management, housekeeping service, roundtrip transportation to and from Tucson International Airport and a 20 percent discount on spa services, meals and retail purchases. A dedicated villas manager and concierge staff are available to assist homeowners with all their needs and requests for a total no-stress experience.

Lev Leviev Seeks To Restructure, Hopes For The Best

Filed under: Wealth

Things haven't been so sparkly lately for diamantaire Lev Leviev. The Israeli billionaire has seen his fortune plummet in recent months. Back in August he told reporters that he would restructure about $2 billion of debt.

Leviev's downfall wasn't diamonds, it was real estate. He invested heavily in the New York City real estate boom. Now Leviev, who made his fortune in the diamond cutting and polishing industry is trying to reach an agreement with the creditors chasing his Africa-Israel company in a bid to stave off having to file for bankruptcy. Bloomberg News reports that a recent proposal presented to the court on Dec. 2 would cut Leviev's personal stake in the company from to 53 percent from 75 percent and he will spend $200 million of his own money shoring up the company.

But let's not feel too sorry for Leviev. He still has plenty of money, lives in a lavish mansion in London and has weathered tough times before. His best hope for a fast financial recovery may come from Russia where he has also heavily invested. In the Bloomberg article, Yuval Ben-Zeev, an analyst at Clal Finance Brokerage Ltd., says that Leviev's recovery depends on Russia and specifically the Mall of Moscow.

Leviev's own high-handed behavior may affect the court's decision on his status as controlling shareholder of Africa Israel. According to an article in Haaretz, Judge Varda Alshech didn't take too kindly to the fact that Leviev had repaid some private debt to banks skirting around the bondholders. Alsech said that any money that hadn't been transferred already should not be and chided the company for pleading insolvency and saying it could not pay bondholders while going on to repay other creditors.


Will Construction Resume On The Chicago Spire?

Filed under: Real Estate Developments


It could be said that the stalled construction of the Chicago Spire could be a symbol of what has happened in real estate construction in general over the past year or so--an ambitious project full of promise and hope, left lingering in a state of undoneness due to the economic shift. Construction on what would be North America's tallest building has been delayed since last fall when the architect, Santiago Calatrava, filed a lien against Shelbourne Development Group Inc,. the Irish developer of the 2,000-foot condominium tower, for $11.3 million. Perkins+Will, the Spire's architect of record and firm Thornton Tomasetti also filed liens. Now a group of union pension funds are in talks to loan $170 million to Shelbourne to get the project going again.

The loan would pay off the estimated $64 million loan made by Anglo Irish Bank and satisfy the various leans so that the project could be completed. The construction would provide jobs for many union workers but would also represent a bet that the Spire, when completed, will find buyers for its nearly 1,200 condos. Last I heard around 30 percent of the condos were spoken for but condos in general have been a hard sell in the current economic climate. The project would not be complete for several more years but the condos are some of the priciest the city has ever seen, most cost more than a million dollars. The penthouse, which was once priced at $40 million, was bought by Ty Warner, a man who has been facing his own economic woes recently.

Bankers Buying in London: Luxury Home Prices on the Rise

Filed under: Real Estate Developments

After 17 months of misery, luxury home prices in London are finally up on an annual basis. Banking and hedge fund industry professionals are spending money again, largely because they're being paid again. Homes with values of above $1.6 million appreciated 1.6 percent in November compared to the same month last year. This was the first annual increase since June 2008. Nonetheless, prices remain 15 percent lower than the March 2008 peak. From October to November, prices grew 1.2 percent.

Liam Baily, head of residential research at Knight Frank, told Bloomberg News, "Anecdotal evidence from across our offices suggests that City money is becoming more apparent as we get closer to the end-of-year bonus season," continuing, "Demand from senior management is driving the market." Bonuses could wind up growing by 50 percent this year to 6 billion pounds in London's largest financial districts, and professionals in this industry are responsible for half the city's demand for luxury homes.

For homes at prices of more than $16 million, the price increases are even better: 1.9 percent from October to November this year. Residences in Chelsea, Kensington and Knightsbridge got the biggest boosts.

This has led to a bit of optimism. Luxury real estate could reach May 2008 levels by 2012, up to two years earlier than expected.

Remaining Madoff Homes Already Discounted

Filed under: Real Estate Developments

Bernie Madoff's last home may have sold strong, but it looks like the momentum is fading. His home in the Hamptons beat the listing price and ultimately moved for more than $9.4 million. Unfortunately for his victims, interest in his Manhattan penthouse and Palm Beach estate isn't as strong. The prices for both have been cut, as the Ponzi schemer moves from news to history. Both homes have been on the market for only two months.

The Manhattan home, on the Upper East Side, offers 4,000 square feet which the broker, Sotheby's International Realty, says is "perched atop a distinguished white-glove prewar cooperative." Originally offered at $9.9 million, the asking price has been slashed by $1 million. So, if you're looking for some new digs in the city, this should be perched atop your list. A 10 percent price drop after only two months in the game means that you could probably work the price down a little bit further. If you were a Madoff investor, think of it as recouping some of what was so wrongly taken from you.


The situation in Palm Beach, Florida isn't much better. The discount is only 7 percent, with the price plunging from $8.49 million to $7.9 million according to the Corcoran Group, which is handling the sale. This home is billed as "a return to classic Florida island living ... when Palm Beach was a less manicured tropical paradise." What does that mean? Does classical Florida island living have anything to do with defrauding the neighbors?

Madoff, now a resident of Butner, North Carolina, believed that the Manhattan apartment was worth only $7 million. He pegged the Palm Beach residence at $11 million.

When both properties move, the proceeds will go to Madoff's victims. Of the $65 million, roughly, that he took, $1.4 billion is said to have been recovered. Even when compared to the investor losses identified, $21.2 billion, it's but a drop in the bucket. The auction scheduled for Saturday may help a little bit, with Bernie's Mets jacket and Ruth's golf clubs going under the gavel.


Alberto Gonzales Lists Virginia Home

Filed under: Estates, Celebrity Shopping

alberto gonzalesFormer U.S. attorney general Alberto Gonzales is finally officially leaving Washington behind for good. He and his wife are selling their five-bedroom home in the McLean Hamlet area of McLean, Virginia. The Washington Post reports that Gonzales is moving his family closer to his job at Texas Tech University in Lubbock, Texas.

The home was bought in 2005 through a trust for $1.05 million. The center-entrance Colonial home has hardwood floors, a kitchen with granite countertops and a fully finished walk-out basement. What makes this home distinctive is the security. It has a video security system with four separate cameras. There is also a safe room behind a secure metal door off the master bedroom. The home is listed at $1.075 million meaning that Gonzales isn't making any money off this deal.

[via Berg Properties Big TIme Listings]

Real Estate Guru Has High hopes For Greenwich Digs

Filed under: Estates


Starwood Hotels & Resorts veteran Barry Sternlicht is looking for real estate to surge in Greenwich, Connecticut. The wealthy New York City suburb got spanked over the past year as the city's financial industry gurus saw their bonuses jobs disappear and flooded the market with ostentatious homes on the market at a time when buyers were few and far between. A year later, Sternlicht thinks this town is ready to stage a comeback.

Sternlicht just raised the asking price on his 5.8 acre estate in Greenwich to $5.95 million, even though the local market is about to finish its worst year in the past 30. Jean Ruggiero, Sternlicht's real estate broker, said he pushed up the asking price because "we felt like we were giving it away." People showed some interest in the home, and the fact that other sellers were cutting prices didn't mean that Sternlicht had to follow. "Just because people are lowering their price doesn't mean it's right, because he's not a desperate seller, "Ruggiero said of Sternlicht.

The new number is 8.3 percent higher than the $5.495 million Sternlicht previously asked, even though prices for single-family homes in Greenwhich dropped 40 percent year-to-date.

Originally, the home was put on the market at $8.25 million in June 2008, and it was cut three times from September 2008 to April 2009. It boasts a tennis and shuffleboard court, pool and guest house ... and is of course gated.

Even at $5.95 million, Sternlicht will come out ahead. He bought the place in November 1994 for a mere $2.93 million.


BidOnTheCity.com: Buy Manhattan Real Estate at Auction

Filed under: Services, Auctions

BidOnTheCity.com: Buy Manhattan Real Estate at AuctionIf you can survive buying or selling real estate in New York City, you can survive the process anywhere (well, maybe London and Tokyo would be rough). I've bought twice and sold once in NYC, and am pretty sure some of my gray hair arrived during those months. Recently I heard about BidOnTheCity.com, "eBay for Manhattan real estate." Intriguing! You can buy or sell, but unlike most other auction sites, you can only bid at a certain time, in person or online, Sundays at noon. Even brokers can get involved. Here's how it works. Read some press coverage here.

'Rain Man' House In Foreclosure

Filed under: Estates

The home where the 1988 movie 'Rain Man' was filmed has had a hard year. The home in East Walnut Hills the East Walnut Hills area of Cincinnati, Ohio has been foreclosed on and yesterday was the last day of an estate sale. The 14-room home was owned by Roger Ach and the foreclosure process began over the summer. It was set to be sold in a sheriff's sale in July but ownership was transferred from Ach to a trust controlled by his attorney, Charles Hertlein. Recently the Hamilton County Municipal Court signed an eviction notice on the home which is valued at $1.2 million.

The Cincinnati Enquirer reports that Ach was foreclosed on by Cinco Family Financial Credit Union after he failed to pay the credit union $1.4 million for two mortgages with Cinco. This appears to the be the second round of foreclose for Ach on this house. The Enquirer says that in 2003 he was was sued for foreclosure and the house was sold at public auction to an attorney for a company owned by former Cincinnati Reds owner Carl Lindner, a friend of Ach's family. It was was transferred back to Ach in 2007 when Ach took out the mortgages with Cinco.

Hamptons Homes Hot Again

Filed under: Real Estate Developments

If you were waiting for the bottom, it looks like you just missed it. Home prices in the Hamptons are on their way back up, rising 4.7 percent in the third quarter. Houses priced in the range of $2 million to $5 million led the charge. In fact, the number of properties clocking in at more than $2 million (including the former getaway of Ponzi schemer Bernie Madoff, which went for $9.41 million) jumped 44 percent -- 46 sales occurred from July through September this year. And, the median price for this part of Long Island increased from $860,000 last year to $900,000 this year.

The action appears to have been driven by buyers who'd normally look for something close to $10 million ... who began to see what they could get for a mere 20 percent of that price. When opportunity knocks ... you know the drill.

Even with this bit of good news, the number of homes sold last quarter fell 2.3 percent, with those fetching less than $500,000 posting the largest decline (22 percent). So, all isn't rosy in the land of the wealthy, unless of course, you're still wealthy.

Cherry Hills Park Drive, Estate of the Day

Filed under: Estates, Sports


Today's house is a lavish spreadin the Cherry Hills Village area near Denver, Colorado. The home was owned by ex-Denver Broncos head coach Mike Shanahan. Shanahan, who was the coach of the football team for 14 seasons, sold the house in January 2007 for $16 million but reportedly lived there until late last year. The home was built for him in 2000. He may be on his way to Washington D.C. to coach for the Redskins but is said to be building an even larger home in Cherry Hills Village.

The six-bedroom home is on nearly 2.5 acres of land. The home has just about every amenity in over 20,000 square feet of space. There is a large indoor Jacuzzi, a steam room, gym, wine cellar, sunroom, indoor golf area and a gourmet kitchen with a big 'S' over the range. This home is listed at $17 million.

[Thanks, Anthony]

Hong Kong Apartment Sells For $57 Million

Filed under: Real Estate Developments


A couple of people sent me a note on this one, a sign that luxury real estate is thriving in some parts of the world. We've heard all sorts of rumors about a Hong Kong real estate bubble and the bubble talk reached a fever pitch this week with the news that a Hong Kong apartment has sold for a whopping $57 million. The five-bedroom duplex suite is in a building called 39 Conduit Road. At around 6,158 square feet it is believed to be Asia's most expensive property per square foot. Amenities include a spa, swimming pool, ballroom and fitness center and the building in the Hong Kong hills boasts harbor views. Another unit in the building sold for $51 million. The fact that there is a limited amount of real estate available in the area has led to some high-prced deals as well as concerns that most residents are unable to purchase a home.

The developer, Henderson Land Development Company Limited, created a building of 66 units total ranging from 2,800 to 7,600 sq. ft. Henderson Land Development Company Limited Sales General Manager Mr. Thomas Lam said, "the supply of new luxury residence in mid-levels is extremely scarce while luxury properties in the area have always been a sought after choice. We have recently witnessed record-breaking deals in luxury property market."

[Thanks Lori and Tal]

Mohamed Hadid's Short Sale Situation

Filed under: Estates


After my colleague Ann Brenoff reported that Mohamed Hadid had chopped $13 million off of one of his properties I knew times were bad but I had no idea just how bad. Another Hadid property, a Balinese-styled spec house in Beverly Hills, is now listed in the MLS as being a short sale situation. The property was once listed at $16.5 million. It was at $12.9 million when we checked it out as an estate of the day last year. Now it can be yours for $7.995 million on a listing that says "must sell" in big capital letters. The 12,000-square-foot home has a Balinese design with bamboo, exotic Asian woods and other materials imported from around the world. This is opulence on a grand scale with heavy doors, floor-to-ceiling glass windows, and three separate master suites among the six bedrooms. There is a Balinese-styled home theater, wine cellar and a gorgeous infinity pool with unobstructed views. The furnishings are included in the price.

Private Compound Is Canada's Most Expensive Real Estate Sale In 2009

Filed under: Estates

Canada's most expensive residential sale so far this year occurred last month. Falkridge, a luxury retreat in the Calgary region, sold for $13.1 million after being on the market just a few weeks. It was listed for $12.9 million and sold for $13.1 million to an unnamed Calgary oil and gas entrepreneur. It was owned by U. S.-based Haworth Inc., a manufacturing company but was originally built by the Smed family of Calgary. The compound is 27,000 square feet and has a main residence, guest house, gazebo and water tower. The main residence is 15,000 square feet and has seven guest suites, an industrial chef kitchen, dining room, lounge and a media room that accommodates more than 20 people.The 12,000-square-foot guest house has six separate suites,a lounge with fireplace, and a training and conference area.

Gallery: Falkridge

Calling all Shirley Valentines to Santorini


The Greek Cyclades island group has long been synonymous with romance. First, Liverpool housewife "Shirley Valentine" rediscovered herself on Mykonos with some help from a handsome Greek taverna owner in the 1989 movie. And then Meryl Streep planned the wedding-of-the-century in "Mamma Mia" (2008) against the white-washed backdrop of what film fanatics say was Sifnos. But every true Grecophile worth her moussaka knows that the most romantic place in all of the Cyclades is Oia, the small artist community on the tip of Santorini where the island rises above the Aegean Sea and moonlight walks along the Caldera are known to inspire Aphrodite -- at least in the playbook of my youth.

So let's raise a glass of Nykteri (Santorini's "wine of the night,") and shout "Yiamas!" (cheers!): One of Oia's most photographed historic guest houses is on the market. The properties known as "The Sea Captain's Villa" is listed at 4,800,000 Euro --or about $7.1 million U.S. An adjacent house, "The Cave Style House" is included in the sale. The main house, originally built in 1864 as a sea captain's quarters (it was remodeled a few years ago), overlooks the dramatic volcanic sea caldera. Traditional Greek architecture in style, the property has hosted European celebrities on holiday. The white-washed buildings with traditional sky blue trim include seven bedrooms, seven marble baths and two kitchens. Antiques, artwork and an optional hotel license are included. Santorini is said to be the lost continent of Atlantis, an advanced civilization that disappeared under the waves. Perhaps the legend adds to the island's mysterious allure. Modern Greeks simply shrug and repeat an expression which, when translated loosely, says: God created Santorini, and then He stopped. Enough said.

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