Subterms
Published on November 10, 2023
Costa Elena
Authors
Abby Montanez
Abigail Montanez is a staff writer at Robb Report. She has worked in both print and digital publishing for over half a decade, covering everything from real estate, dining, travel and topics…
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Paradero Todos Santos is expanding its hospitality footprint. The eco-minded Baja California resort just unveiled a set of branded residences that will offer the privacy of your very own home away from home with all the perks of a luxury boutique hotel.
In addition to its 41 existing hotel suites, there will be 24 lavish residences that are slated to launch in summer 2024. The new accommodations will be largely geared towards family trips or group travel and will range from one- to three-bedroom homes, so there’s plenty of space to spread out.
The units will be open for guest bookings, which means they’re not available to purchase like a typical branded residence. Instead, they’ll be available like a hotel, with a minimum two-night stay. Nightly rates have yet to be announced, but given their size and flexibility to host larger groups, expect them to run more than a typical suite at the hotel, where high-season rates start at around $600 per night.
Each Brutalist-style residence will be decked out with a fully equipped kitchen that sports a traditional lava rock Oaxacan oven. Plus, all the homes will feature rooftop terraces (hot tub included!), star-gazing nets, and private pools on the ground floor. Residence guests will also be able to take part in an exclusive offering dubbed “the learning table,” which will include chef-run cooking classes and tastings for the entire group.
Paradero originally opened its doors on the Baja California Sur peninsula in Mexico in February 2021 and was founded by Pablo Carmona and Joshua Kremer. The property prides itself on preserving the desert landscape that surrounds it, and the wellness-focused, design-forward retreat allows guests to take part in everything from guided hikes to surfing lessons, yoga, farming tutorials, and curated catamaran sailings around the Sea of Cortez.
Also making its debut next year will be Cosimo, the residence’s on-site Italian restaurant. The eatery, which is currently in the works, is said to be inspired by Puglia and Sicily and will highlight local produce and purveyors. Other additions to the five-acre property include state-of-the-art facilities geared towards younger children and teens alike, which will offer activities such as skating and bouldering.
“This new development represents a meaningful expansion of the existing Paradero Todos Santos brand and will usher in a new era of family-oriented travel through never-before-seen comfort for large groups traveling together,” the resort said in a press statement. More
After a pandemic-era boom, home prices in the Hamptons are starting to plunge.
Last month, the interest rate on a 30-year fixed mortgage hit a whopping 8 percent for the first time since 2000. Back in 2020, the average rate clocked in at around 3 percent, and it’ll likely be a long time before rates dip that low again.
As a result, a slew of properties in the $2 million to $5 million range—the middle range for luxury homes in the notoriously expensive string of Long Island communities that comprise the Hamptons—are seeing major price cuts, the New York Post reported. In recent months, seven-figure homes in the affluent enclaves of Sag Harbor and Amagansett have seen asking price reductions of up to 20 percent as rising interest rates continue to spook buyers.
The asking prices of homes listed in the $2 million to $5 million range are being slashed across the Hamptons.
Susan Wood/Getty Images
In addition, New Yorkers who fled to the Hamptons during the pandemic are now facing a return-to-office push that’s putting an end to the work-from-home era. “Now that people are back at the office, they don’t need all that space for a ‘Zoom room’,” a source told The Post. “I know a lot of people turning their remote offices in the Hamptons back into bedrooms and putting them on the market.”
According to a report by Douglas Elliman, the median sales price for a Hamptons home was $1.4 million, an 11.4 percent drop from a year ago, while the average price for a luxury property was just shy of $6.2 million, a 3.2 percent decrease. Conversely, sales at the top end of the market are booming. Deals in the East End spiked 11.6 percent from the second to the third quarter, while trophy home sales were up 11.5 percent. In fact, it was the second time in almost 20 years that there were more transactions between July and September than between April and June.
“There’s a ton of wealth, and people will always want to be in the Hamptons,” David Mazujian, a realtor with the Corcoran Group, told The Post. “There’s a ton of demand.” More
While Aspen and Vail are arguably the country’s most famous destinations for skiers, Boulder is quickly becoming one of Colorado’s hottest spots for high-end real estate.
New homes are popping up on the market and Boulderites are snapping them up at a rapid rate, according to Mansion Global. In 2022, only 10 properties priced over $5 million were sold while there were absolutely zero takers in the $10 million or more range. However, this year, at least 14 homes over $5 million have closed and there have been four homes that sold for over $10 million.
Homebuyers are flocking to Boulder, Colorado instead of famous ski towns like Aspen and Vail.
George Rose/Getty Images
“In Boulder, we’ve always had extremely luxurious homes, they’ve just never come to market before,” Compass agent Patrick Brown explained to the listing site. “Now that we’re starting to get a luxury market here, people are willing to settle and they’re willing to invest in the extremely high-end market. In the luxury market, we’re stronger than we were last year despite other parts of the market having stabilized or have slowed down a bit.”
Due to the increase in demand and an overall lack of inventory, the average price for a luxury home in Boulder spiked from $5.89 million to more than $8 million. Plus, the average construction cost has grown from $500 per square foot to $700 and sometimes $800 per square foot over the past five years, which has turned buyers attention towards modern, newly built homes rather than ones they’ll have to renovate.
Luxury homes in Boulder are now commanding over $8 million.
Glenn Asakawa/Getty Images
“Our luxury market is extremely strong. We got exponentially more expensive between 2020 and 2022, and we’re definitely a lifestyle destination,” Mile Hi Modern broker Jennifer Egbert told Mansion Global. “It was surprising at first to see high-dollar houses move at a rapid rate, but that’s what this market has turned into. There’s almost not enough high-end inventory.”
Of course, there are still options if you’re looking to own a prime piece of ski country real estate. In Old North Boulder, a $6.3 million hillside manse is currently in the building phase but is slated for completion in spring 2024. On the other hand, this renovated Edwardian-style home in Mapleton Hill can be scooped up right now for $4.2 million. At the tippy top of the market is a $13 million glass and stone estate that appears to be the most expensive home in Boulder County. More
Portugal has long been popular among travelers, and in recent years, it’s become a hotspot for foreign, high-net-worth homebuyers, too. But that’s about to change.
This month, the Portuguese government announced its plans to end its special tax regime for non-habitual residents starting in 2024. Under the current NHR program, qualifying individuals who live in the country at least part-time enjoy tax exemptions for up to 10 years on income earned in Portugal and are also exempt from paying taxes on their global earnings. Additionally, in February, Portugal also said it would be pulling the plug on its golden visa program over concerns that wealthy expats were causing property prices to rise.
“We already have clients that are looking to reconsider their plans,” Alex Ingrim, a private wealth manager and senior investment analyst at Chase Buchanan, told Business Insider. “I think it’s caused a lot of people to reconsider why they were moving to Portugal if it’s not going to be as easy as they first thought.” The good news is that Americans and other foreigners who are already living in Portugal will still keep their tax benefits through the duration of their 10-year term.
Portugal announced that in 2024 it will be ending its Non-Habitual Residency tax regime for new entrants.
Unsplash/Louis Droege
As of 2022, there were approximately 10,000 Americans living in Portugal. Per the New York Times, that’s a whopping 239 percent increase since 2017. According to a recent report from the Property-Market Index, home values throughout the country spiked 6.5 percent over the last year due to the country’s inability to keep up with demand.
In the Algarve region specifically, prices rose 15 percent in the same period, with cities like Lisbon experiencing similar surges. At Quinta do Lago, a golf community on the Algarve coast, prices have jumped over 28 percent since 2020, and the research firm estimated that values will climb by 19 percent by 2025.
“It’s causing people to take a step back and go, ‘Okay, Portugal was the easy answer, and now there’s no other easy answer out there. France, Italy, or Spain might be back on the table,’” Ingrim told Insider. More
With its fairytale castles and historic links, Scotland has long been a bucket list destination for American travelers, especially those who enjoy historic destinations and prefer their vacations include a round (or two or three) of golf. However, The Land of the Brave is now seeing a surge of buyers from the United States.
According to Savills, Americans now account for 4 percent of the country’s total transactions, a 3 percent jump over the last four years. Stateside residents shopping around for a second (third or fourth) home in Scotland are flocking to places like Edinburgh, the U.K.’s second-most visited city next to London. In fact, a whopping 40 percent of prime purchases in the Scottish capital were by non-native buyers, Knight Frank agent Ricardo Volpi told Bloomberg. And between March 2020 and June 2023, the average sales of homes priced at over £2 million increased a whopping 32.6 percent in the city.
“The buyers have been people wanting to come to Edinburgh to enjoy the festival or come to the Scottish Open—who have been here on holiday but want a home base of their own,” Max Mills, head of residential sales at Rettie, told Bloomberg. “Some well-connected Americans are already members of high-profile golf clubs in Scotland and are buying houses for when they can have time to start playing the links here more regularly.” He added that, amid rising mortgage rates, most people are paying in cash.
Edinburgh has seen an uptick in American buyers looking to snap up prime properties.
Unsplash
During the pandemic, Scotland became particularly appealing to those who wanted a break from city life, and, concurrently, the weakening of the British pound sent Americans into a European real estate frenzy. Jess Simpson, the head of a property firm in England, noted that she’s seen the amount of interest from buyers across the pond increase threefold over the last year. Specifically, her clients are interested in historic castles and other trophy properties.
“The trifecta for wealthy American clients for U.K. properties is generally a house in London, an estate in the country—in a place like the Cotswolds—and a Scottish castle or estate,” she told Bloomberg.
Bob Dylan was seemingly ahead of the trend when he bought a 16-bedroom mansion in the Scottish Highlands back in 2006, though he is now looking to sell the 24-acre estate. The Edwardian abode, known as Aultmore House, is located within Cairngorm National Park and is listed for £3 million (or roughly $3.9 million). Here’s your chance, lads and lassies, to snap up a historic home in Scotland from one of the United States’ most beloved musicians. More
The hyper-luxury vacation rental market now meets a five-star hotel at the corner of New York’s Fifth Avenue and 57th Street. At Aman New York, two of its ultra-swanky private residences are now available for short-term and extended stays, and Robb Report got an exclusive peek inside.
Aman New York, which made its debut last summer inside Manhattan’s historic Crown Building, is offering the opportunity to reserve either a one- or three-bedroom apartment from its collection, and the kicker is that you can stay as long as you like. In addition to its 83 hotel suites, the Midtown property contains 22 fully-serviced Aman Residences, all designed by Belgian architect-designer Jean-Michel Gathy. Only two of the private residences are currently available to reserve, but additional apartments are slated to be released in 2024.
Aman New York is welcoming guests to reserve its private residences for short-term and extended stays.
Courtesy of Aman New York
“The introduction of Homes at Aman New York is the next phase of the evolution of our flagship destination in the West,” Vlad Doronin, chairman and CEO of Aman, tells Robb Report. “By offering our guests a new accommodation type, which are from within our 22 private branded residences, we have elevated the experience to another level for those traveling in larger groups, staying with us for longer, or who are seeking the utmost privacy. Aman New York Homes represent the most complete experience of the Aman lifestyle in the heart of Manhattan.”
The way it works is pretty simple. Owners of the 22 private residences can enter their residence into Aman New York’s rental program, and guests can book the property for however long they need. The private residences on offer are located between floors 15 and 30, above the hotel suites, and are accessed via dedicated elevators.
Guests can reserve either a one-bedroom apartment or a three-bedroom residence.
Courtesy of Aman New York
Those who opt for the 1,150-square-foot, one-bedroom apartment will find floor-to-ceiling windows with cityscape views. And for those who need more room to roam, the three-bedroom spread clocks in at 3,710 square feet and overlooks Central Park. Both residences have open-plan living and dining areas accompanied by fully equipped kitchens, laundry facilities, and working fireplaces. They’re also decked out with blackened steel accents, tons of bespoke millwork, and sumptuous swaths of neutral-colored fabrics that align with Aman’s serene, contemporary aesthetic.
Of course, guests will be getting way more out of their stay than just a cashmere-blanketed nest to rest their heads in the heart of Midtown Manhattan. Perks include a personal butler and a complimentary house car for chauffeured drop-offs, plus access to the three-floor Aman Spa and the hotel’s two signature restaurants.
Of course, all this at one of the world’s most exclusive hotel and residence developments does not come cheap: the three-bedroom residence starts at $30,000 per night.
Clickhere to see all the photos of the Aman New York Homes
Courtesy of Aman New York More
When dreaming of owning a waterfront home or weekend getaway, it’s typically the West Coast and the Eastern Seaboard that come to mind. But it turns out there’s a new shoreline that homebuyers are flocking to, and it’s in Alabama.
Lake Martin, a 40,000-acre man-made body of water about an hour’s drive east of Montgomery, has long generated interest from high-net-worth buyers. However, over the last handful of years, the quaint towns and planned developments surrounding the lake have seen an influx of out-of-town buyers swooping in to scoop up what’s now considered some of the most sought-after real estate on the Gulf Coast, The Wall Street Journal reported.
Steve Arnberg, vice president of real estate sales at Russell Lands, reported a significant increase in home prices in just the last five years. Specifically in Alexander City, Dadeville, and Tallassee, in addition to residential neighborhoods like The Ridge, Willow Point, The Heritage, and StillWaters. A new Russell Lands development dubbed Wicker Point Golf Club is set to open in September, with lots seeing bids in excess of $1 million.
In July, the annual average sales price for a single-family home clocked in at roughly $1.3 million. To put things into perspective, that’s around a 95 percent spike from just four years prior, when residences along Lake Martin’s 800-mile shoreline were going for $668,000.
Among the area’s recent buyers is Bruce Pearl, head coach of Auburn University’s men’s basketball team, who picked up a property in an upscale resort-style development known as The Ridge in 2019. Pearl shelled out a cool $900,000 for his waterfront lot and estimated he put in about $3 million into building his 8,000-square-foot lakeside mansion. “There’s just no way you’d expect, in the middle of Alabama, to have this amazing lake, these incredible golf courses, and these multimillion-dollar homes,” Pearl told the WSJ.
One of the most expensive pads currently on the Lake Martin market, listed for just shy of $6 million, is a six-bedroom, seven-bath home in Alexander City. Built in 2016, the home sits on over an acre of land in the North Ridge neighborhood and comes with a pier that juts out into the lake, a boat slip and lift, and a three-car garage. You’ll also find a massive outdoor pavilion with a kitchen, a state-of-the-art wine cellar, and three fireplaces.
“You just can’t help but enjoy yourself here,” remarked Robert Cobb, a member of the Willow Point community. “It’s so peaceful and serene.” For vacationers who want to make Lake Martin their next home away from home, its central location provides access to many of the area’s popular attractions. Come summertime, jet skiing, cliff jumping, horseback riding, and pulling off at dock-and-dine restaurants are a few ways residents like to spend their days. More
