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Bloomberg Markets: Why High-Flying U.S. Home Prices Seen Getting Another Jolt

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The U.S. housing market’s storyline for the last several years has been one of steady demand and limited supply, pushing prices ever higher. Now, a new chapter has opened up for the industry and its customers: soaring costs for building materials.

Reports on Tuesday underscored both resilient purchase activity and accelerating home prices. The S&P CoreLogic Case-Shiller index showed property values in 20 major U.S. cities climbed 6.8 percent in February, the biggest year-over-year gain since June 2014. Government data revealed a faster-than-projected rate of new-home sales in March and huge upward revisions to the prior two months.

Inventories of previously owned homes are plumbing the lowest levels in at least 19 years, a key reason why resilient demand by itself has fueled price appreciation that’s extending to the new-homes market. Now, with the costs of lumber and other building materials soaring together, buyers are unlikely to see any relief for some time.

In fact, builders such as PulteGroup Inc., Lennar Corp. and KB Home have indicated they are having success passing along construction costs and signaled margins will remain in good shape going forward.

“There is pressure on a few of the commodities and we are all dealing with some of the labor pressures that have been in the news. So we expect that you’ll continue to see some pressure. And in the first quarter, we were able to outpace the cost pressure with price.”
— Jeffrey Mezger, CEO at KB Home, on March 22 earnings call“There is inflationary pressure on commodities. The good news is that we’ve seen a market that’s allowed us to price to cover most of that.”
— Robert O’Shaughnessy, CFO at Pulte, on April 24 earnings call

The cost of materials is important because everything from the laying the foundation to framing to painting represents the largest share of a typical single-family home purchase, according to an annual survey by the National Association of Home Builders.

What Our Analyst Says

For homebuilders, rising construction costs are definitely the biggest headache at the moment (and have been for much of the cycle). In the near-term, builders will be able to raise prices to offset material cost inflation. You may see some whose average selling prices are slowing, but that’s primarily due to mix, while ‘like-for-like’ pricing has improved across much of their footprint. A lot of that has to do with a lack of supply.

— Drew Reading, U.S. homebuilding analyst, Bloomberg Intelligence

The framing of homes, or putting up roofs and walls, accounts for 15 percent of the cost of construction. A composite measure of the cost of lumber for framing rose 16 percent from December to March, according to data from Random Lengths, a publisher of information on wood products.

And it’s not just lumber. A Labor Department gauge of prices paid at the producer level for construction inputs — everything from particleboard and plumbing to concrete and insulation — was up 5.1 percent in March from a year earlier, the biggest annual advance in nearly eight years.

So far, neither higher home prices or a four-year high in mortgage costs have been enough to dissuade buyers. Results of the Conference Board’s consumer confidence index on Tuesday showed 1.7 percent of the group’s respondents in April planned to purchase a new home in the next six months, matching the highest share in this expansion.

Helping shape that pickup is a larger share of Americans who say that now is a good time to buy because prices aren’t going to fall any time soon. Sixteen percent of consumers surveyed by the University of Michigan in March said that homebuying conditions were “good” considering asking prices won’t get any better.

At some point, affordability will become a bigger issue for those wanting to own a home. So far though, consumers are taking higher home prices in stride and builders remain relatively upbeat about the market’s prospects.

To visit Telluride Luxury Properties click here

Eco-Friendly Homes You Could Own

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Conscious living goes far beyond everyday sustainable practices. You can absolutely recycle, compost, and switch to an electric vehicle, but at the end of the day, eco-friendly living means supporting designers, builders, and manufacturers going the extra mile to incorporate earth-friendly materials and operations into their homes. Just in time for Earth Day, these luxurious eco-friendly houses really pay it forward.

Haiku, Hawaii, United States

Mino McLean & Sam Utley– Island Sotheby’s International Realty

This Hawaiian retreat offers up a slice of the good life for both its inhabitants and the planet. A 1,152-square-foot aquaponic greenhouse makes farm-to-table living a reality, while the four-bedroom main house and accompanying cottage are powered by photovoltaic systems complete with two Tesla Powerwall backup batteries. A forest full of fruit trees, grounds abounding with free-range chicken and ducks, and an established beehive designate this property an organic oasis.

Rancho Santa Fe, California, United States

Jenna DaleyCriss Crozier, & Andrea Gilbert– Pacific Sotheby’s International Realty

A true Mexican-style ranch, this custom compound abounds with entertaining spaces and indoor-outdoor living areas that truly make use of the temperate California climate. Across 15,000 square feet of single-story living, you’ll find reclaimed wood in the saloon, a hand-hammered tin ceiling in the theatre, and Spanish-influenced decor. This home pairs classic influences with contemporary eco-design: outside, drought-resistant plants are a thoughtful water-saving feature, and the main residence draws its power from two sets of solar panels.

Amandara, Terres Basses, St. Martin

Lesley Reed– St. Martin Sotheby’s International Realty

Panoramic ocean views and open-plan living get an environmental boost from an extensive solar system, graywater system, rainwater storage, and Energy Star appliances at this gorgeous St. Martin villa. Located on a bluff on the French side of the island, you can enjoy spectacular vistas from the infinity pool, outdoor terrace, or from one of the villa’s open-air baths.

Braganca Paulista, São Paulo, Brazil

Bossa Nova Sotheby’s International Realty

The enviable modern design of this São Paulo property could easily draw attention away from its redeeming eco-innovations: automation technology, an artesian well, a sprinkler system, solar heating for the pool, water filters, and an energy generator keep this condominium an off-grid masterpiece. The house integrates natural landscaping as well, placed on the edge of a preserved forest area and a neighboring vineyard.

Hietzing, Vienna, Austria

Dali Shoval– Austria Sotheby’s International Realty

Situated in one of Vienna’s most popular areas, this Hietzing townhouse has been newly built with eco-tech as a top priority. Integrations include solar batteries to cover heating, water, and the swimming pool; a gas boiler; EIB/KNX installations; rolling shutters; triple insulation controlled ventilation; and fan coil air conditioning. Light is used precisely across four floors in fantastic contemporary style. A rooftop terrace offers 360-degree views of the city.

Finca Los Rosales, Malaga, Spain

Elena de Miguel– Kristina Szekely Sotheby’s International Realty

Artful harmony with nature rules this Malaga home. Marble, Iroko wood, and stainless steel are interspersed throughout, while the pool, under-floor heating, and water systems are powered by solar energy. Double-glazed windows manage sun exposure and an eco-smart cleaning system ensures the garden pool is always well maintained. Mountain views; incredible grounds dotted with fruit trees, olive oaks, and mature gardens; and a contemporary design capped off by a gorgeous architectural steel and glass stairway make this home a must-see.

Papeete, Tahiti, French Polynesia

Jacques Menahem– French Polynesia Sotheby’s International Realty

Four levels of sublime mountainside architecture are complemented by natural ferns and palms, solar panels, a vegetated roof terrace, and ample outdoor deck space. Inside, nature is reflected throughout the concrete, wood, and complementary greenery. Take a dip in the lap pool or just relax and lose yourself in the vast openness of this property while still feeling perfectly at home.

Menorca, Spain

Palma Sales Team– Mallorca Sotheby’s International Realty

Live a country idyll in a tranquil finca equipped with modern upgrades. Central heating, a private well, solar panels, a windmill, and a standby generator keep things running so you can relax by a beautiful stone fireplace, take in the sunset from the patio, or relax in the pool. Wood beams and farmhouse architecture make this home the perfect spot for a traditional siesta, while the property’s farming license will appeal to eco-mindful homesteaders.

Gydnia, Pomeranian, Poland

Poland Sotheby’s International Realty

Watch the sea ebb and flow from a modern penthouse designed with the earth in mind. Business space below cuts commute time while the two-story living space offers respite from busy work days via a scenic terrace and clean, contemporary designs. Solar panels cover water heating, modern glass regulates light, and above-standard insulation warms winter days with little effort so you can focus on enjoying the view.

Ready to do better, every day? Make your eco-initiatives effortless by investing in a home that conserves, integrates, and evolves over time.

Discover Eco-Friendly Homes From Around the World on sothebysrealty.com

To visit Telluride Luxury Properties click here

5 Homes Inspired by Frank Lloyd Wright

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It is a testament to the prescience and inherent genius of American architect Frank Lloyd Wright that only about half of his designs were realized—the rest of us just couldn’t keep up. In a career spanning seven decades, Wright designed 1,114 works of which only 532 came to fruition, but that half-told history was more than enough to inspire the generations of architects and designers that followed. Like Wright, the designers of these modern marvels have embraced change, building new contemporary masterpieces that allow their inhabitants to live as Wright intended;

We are all here to develop a life more beautiful, more concordant, more fully expressive of our own sense of pride and joy than ever before in the world.

These listings take cues from one of the greatest architects in history.

Vito Dumas, Buenos Aires, Argentina

Vivi Reissis Etchegoin– Ginevra Sotheby’s International Realty

Step into an inviting contemporary interior inspired by Frank Lloyd Wright’s famous Fallingwater house. Designed and built in 1963, this property is a work of art in its own right. Walnut trees and lianas line the property, while four floors—connected through an interior lift—work with the slope of the surrounding ravine. Patio-style dining, exposed brick interiors, and nods to Bauhaus in every direction make this residence a design dream.

Jupiter, Florida, United States

 

Doc Ellingson– ONE Sotheby’s International Realty

Additional Fallingwater inspiration can be found in this South Florida home. The pairing of considered exterior landscaping with an overall dedication to natural materials harkens back to Wright’s love of organic architecture. Warm wood softens the sharp angles that give this 2015 build a decidedly current feel, while the interiors offer all the expected amenities plus a two-story master enclave that features two private patios, an office, hot tub, and, in true Floridian fashion, a putting green.

Telluride, Colorado, United States 

Bill Fandel– Telluride Sotheby’s International Realty

Tiered roofing, sprawling outdoor space, and a remarkable mountain setting create spectacular allure on a small corner of this 35-acre site. Natural finishings catch the spotlight in this Telluride home, including custom-quarried marble from Italy, limestone from India, and rock sourced from the surrounding area. Through crystalline glass windows, elegant fittings and top-of-the-line materials sing throughout each room, which comprise six bedrooms, indoor and outdoor home spas, a theater room, wine room, fitness center, and chef-approved kitchen.

Prague, Czech Republic 

Czech Republic Sotheby’s International Realty

The stacked exterior form of this Hanspaulka gem definitely hits Wright’s notion of organic-meets-functionalist architecture. Aptly named Vila Vista, this home’s five floors angle out over beautiful park gardens, views of Prague Castle, and the city skyline. Inside, the 1,500-square-meter, open-concept design is so well done that everything from the six bedrooms to the home cinema and catering kitchen feels completely connected.

Scottsdale, Arizona, United States

Debbie Negrin Will Foote – Russ Lyon Sotheby’s International Realty

Wright’s trademark angles get a desert spin in this Scottsdale home, where the lavish outdoor living spaces are as inviting as the interior. Inside, doorways and windows frame the natural landscape at every turn, and dry stack stone walls mirror the region’s naturally-occurring rock formations. There is plenty for the eye to play with here, including views of Pinnacle Peak from the relaxing heated pool.

As Wright once said, “The mission of an architect is to help people understand how to make life more beautiful, the world a better one for living in, and to give reason, rhyme, and meaning to life.”

Certainly, these inspired designs do just that.

Experience luxury homes around the world on sothebysrealty.com

To visit Telluride Luxury Properties click here

New & Notable Luxury Properties for Sale | April 2018

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From a regal estate in Houston, Texas to a private retreat in North Palm Beach, Florida, this month’s collection of exceptional properties for sale feature homes from some of the world’s finest locales.

Houston, Texas | Walter Bering – Martha Turner Sotheby’s International Realty – Briar Hollow Brokerage

The Regency-Style home at 1708 River Oaks Boulevard recalls the glory of a 17th-century Parisian hotel. Superbly positioned on more than one acre, it is exquisitely constructed of Texas Cream limestone, cast stone and steel and offers greater than 14,000 square-feet of rare opulence. A Tiffany-style glass domed ceiling, indoor heated pool, Las Cala marble flooring, hand-carved mahogany moldings, and richly inlaid hardwood floors are offered in this residence.

North Brabant, Netherlands | Netherlands Sotheby’s International Realty

“Jagersbosch” is a unique estate situated in the middle of Vught, offering maximum privacy in an oasis of peace. The estate covers five hectares and is enclosed by the provincial road between Hertogenbosch and Tilburg, (the Helvoirtseweg) and the Jagersboschlaan. To the rear of the estate, out of sight of the main house, there are four building plots with planning permission to build four large additional dwellings.

Hong Kong | Alan Wong – List Sotheby’s International Realty 

Hidden paradise at the Peak for a family looking for privacy and outdoor living space. Secluded along a tree-lined road among many other prestigious homes, this one enjoys green views and is decorated meticulously from inside out. From the fishpond, trees and plants in the manicured front garden to the flower bed, wooden fences and wrought-iron railing of the balcony, rooftop and backyard, the house is a perfect illustration of summer garden living.

North Palm Beach, Florida | Cristina CondonFrances Peter & Todd Peter | Sotheby’s International Realty – Palm Beach Brokerage

Secluded on more than one gated acre in Seminole Landing is an estate of understated elegance and Caribbean inspiration. The 25,878-square-foot residence takes full advantage of its oceanfront location, blurring the lines between indoors and out and allowing for the most pleasurable resortlike lifestyle. The style of British West Indies-with its breezy outdoor spaces and light-filled, view-focused interiors-offered inspiration and was adapted for relaxed, refined modern living.

Top Photo: Martha Turner Sotheby’s International Realty – Briar Hollow Brokerage

Discover New & Notable homes from around the world on sothebysrealty.com

To visit Telluride Luxury Properties click here

LIVE Ski

In collaboration with Aspen Snowmass Sotheby’s International Realty and several other resort Sotheby’s International Realty Affiliates across the nation we present – LIVE Ski, an exclusive video highlighting the top destinations to live and ski in the U.S.  There are two versions of the video, one full length representing all participating SIR Affiliates (see video below and click on “LIVE” to play) and one short clip representing just Telluride/Telluride SIR (see video above and click on “LIVE” to play).

To visit Telluride Luxury Properties click here

Significant Sales | Volume II – Issue VI

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From crystal-clear San Francisco Bay views to a modern waterfront masterpiece in New Zealandthis edition of Significant Sales also showcases homes from the United StatesPuerto RicoFinland, and Bermuda.

Experience more in Significant Sales | Volume II – Issue VI

To visit Telluride Luxury Properties click here

Curate by Sotheby’s International Realty | App Benefits

The Sotheby’s International Realty® brand has introduced revolutionary augmented reality (AR) app Curate by Sotheby’s International Realty(sm).  Here are some of the ways the app will benefit homebuyers, sellers, and real estate agents.

According the Harvard Business Review’s A Manager’s Guide to Augmented Reality, research has shown that an AR experience allows consumers to form more accurate expectations, therefore increasing confidence in purchasing decisions and shortening the sales cycle.

  • For prospective homebuyers – Viewing a potential house in AR breaks down visualization barriers that often accompany the homebuying process, allowing prospective homebuyers the unique ability to envision the house in their personal taste and style. Curate by Sotheby’s International Realty offers the opportunity for buyers to ultimately see a house as their own home, increasing confidence in any purchasing decisions.
  • For home sellers / Sotheby’s International Realty clients – Selling a home with a Sotheby’s International Realty sales associate means tapping into the power of AR to sell the home by helping prospective buyers overcome the visualization barriers of touring an empty home or one decorated in style that differs from their taste.
  • For the Sotheby’s International Realty sales associate – The benefits for the sales associate are similar to those of the homebuyer and seller; Curate by Sotheby’s International Realty empowers the sales associate to present a home in an objective and neutral manner. The app also alleviates the need for sales associates to physically stage homes, allowing them to save money on the costs of either renting or buying and storing furniture.

Curate by Sotheby’s International Realty is destined to become a go-to resource for Sotheby’s International Realty sales associates,” said Ashley F. Morris, vice president of marketing, Atlanta Fine Homes Sotheby’s International Realty.  “This app is the first of its kind for residential real estate and perfectly aligns with our goal to deliver an immersive experience tailored to each client’s individual style. Curate by Sotheby’s International Realty unites innovation with our commitment to providing exceptional service to our clients by allowing sales associates to take on a meaningful role in the transformation of a house into a home.”

Curate by Sotheby’s International Realty is available now for download in the Google Play Store.  The app was built with Google’s ARCore, which can run on 100 million Android devices worldwide.  The Sotheby’s International Realty brand will launch Curate by Sotheby’s International Realty for iOS this spring through a continued partnership with roOomy.

Learn more about this unprecedented augmented reality experience on sothebysrealty.com

To visit Telluride Luxury Properties click here

New & Notable Luxury Properties for Sale | March 2018

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From an inspiring, modern home in New Zealand to a grand, suburban estate in London, England, this month’s collection of exceptional properties for sale feature homes from some of the world’s finest locales.

Queenstown, New Zealand | Julian Brown & Mark Harris – New Zealand Sotheby’s International Realty

Meticulous planning during the construction of this home has resulted in a truly inspiring property, one that cannot help but impress. Precise attention to detail is evident throughout this significant home; from the moment of your arrival, the awe-inspiring, modern lines of the home’s striking exterior leave a lasting and powerful first impression.

Tribeca, New York | Laurie Silverman – Sotheby’s International Realty – Downtown Manhattan Brokerage

140 Franklin Street is situated on the highly coveted corner of Franklin and Varick Streets and is considered one of Tribeca’s most important landmarked loft buildings – an architectural masterpiece built in 1887. Designed by Albert Wagner, the architect of the famous Puck Building, with a lobby specially commissioned by world-renowned artist Sol LeWitt, this exquisite home offers two master suites, four additional bedrooms, four full-baths, a karaoke room, and powder room for guests.

Portofino, Italy | Barbara Fregonara – Italy Sotheby’s International Realty

Overlooking the beautiful Bay of Portofino, this villa is spread over multiple levels for a total surface of 750 square-meters, plus parkland of around 1,800 square-meters overlooking the sea. The property consists of large living room and dining room, kitchen and office, service area, three master suites with bathroom and wardrobe, studio, wellness area with indoor swimming pool and whirlpool, and fitness center.

San Jose Del Cabo, Mexico | Marco Ehrenberg & Jhoanna Higuera – Los Cabos Sotheby’s International Realty

Bahia Rocas is a 12,000-square-foot, nine-bedroom estate within the gated community of Villas Del Mar. Exceptional Spanish architecture meets modern comfort and features wrought-iron fixtures, intricate tile work and colorful linens, all reflecting the artisanal skill and vibrant spirit of Mexican design.

London, England | Aree Rand – United Kingdom Sotheby’s International Realty

This newly-built, 14,358-square-foot home is set on Ingram Avenue, a highly sought-after leafy road in Hampstead Garden Suburb, which is defined by absolute privacy by backing directly onto Turners Wood Bird Sanctuary. The property is within walking distance to Kenwood House as well as Hampstead Heath.

Discover New & Notable homes from around the world on sothebysrealty.com

To visit Telluride Luxury Properties click here

The Collector’s Edition | Wine Cellars

The Collector’s Edition | Wine Cellars
Posted on February 6, 2018 by sothebysrealty

Corkscrews, glasses, and decanters are all elegant, essential tools for wine-tasting; but for the true oenophile, nothing beats the holy grail of a unique, well-stocked wine cellar. Ready to impress guests—and yourself—in your own private tasting room? Here, we present six homes to house your wine collection.

Telluride, Colorado, United States
Telluride Sotheby’s International Realty | Contact Bill Fandel for more information

There’s no quintessential après ski indulgence as beloved as a drink after a long day on the slopes. Paradiso in Telluride is an incredible contemporary home with an unbeatable mountain setting. The property includes a beautiful reflective pond, indulgent master and guest suites, and cozy living areas with impressive fireplaces, indoor and out. Grab a bottle from the glass wine cellar and cook something up in the Bulthaup-designed chef’s kitchen.

Sainte-Marthe, Quebec, Canada
Sotheby’s International Realty Canada | Contact Bea Jarzynska for more information

Unmatched equestrian pursuits rule this stately Quebec home just 45 minutes from downtown Montreal. Over 50 acres of manicured grounds offer plenty of room to ride. Inside, classic architectural detailing outlines every room. Between the luxe master suite (with its huge dressing room) and inviting common areas, there’s plenty of room to enjoy a post-ride Riesling in the inviting warmth of the wood-clad wine cellar.

Pretoria, Gauteng, South Africa
Lew Geffen Sotheby’s International Realty | Contact Samir Jhina for more information

Between the helipad and two-story pool house to the tennis court and heated pool, you’ll have plenty of reasons to open a bottle or two and relax at this grand South African estate. Marble flooring, detailed crown molding and cornice designs, one-of-a-kind finishing, and sweeping cherry wood set a tone of royal repose throughout.

The bar offers plenty of working space for arranging charcuterie boards to pair with your pinot noir, and landscaped fountains provide the perfect accompaniment to soak in the flavors of a South African Chenin blanc.

São Paulo, Brazil
Bossa Nova Sotheby’s International Realty | Contact Julio Cesar Rodrigues for more information

Good friends, good wine, good life—that’s the positive motto setting the tone at this lively apartment in Itaim, São Paulo. Quirky design choices and a fantastic location near Brigadeiro Faria Lima Avenue and Pinheiros Club make this home the choice spot for those seeking easy access to the warmth, food, and joie de vivre of Brazil. Pairs well with a spicy red blend.

Kampa Island, Prague, Czech Republic
Czech Republic Sotheby’s International Realty

The perfect palate cleanser: a historic, full-bodied house on Prague’s Kampa Island has undergone a clean, fantastic reconstruction. The character of the property has been maintained, with the original cellar now converted into an impressive, chic wine cellar. Stash bottles for an end-of-day sip after exploring the legendary Lennon Wall, neighboring Grand Priory Palace, and nearby French embassy.

Caesarea, Israel
Israel Sotheby’s International Realty | Contact Shelly Belzer-Smelzer for more information

Consider this stone wine cellar the fantastic, lingering note of this full-bodied estate in Israel. Gold leaf inlay ceilings and moldings, commissioned chandeliers, a private elevator, and in-floor heating make the 25-person dining room, 10 bedrooms, and grand master bedroom—not to mention the rest of this 1620-square-meter, four-story mansion—a standout in function and design. Enjoy a glass of your finest with guests as you take in the panoramic views and sunsets over the Mediterranean Sea.

When choosing the perfect pairing for the modern collector, it ultimately comes down to preference; but each of these stunning properties offers its own distinct style and complex, unique finish.

From New Jersey to Sydney, discover luxury homes with world-class wine cellars on sothebysrealty.com

To visit Telluride Luxury Properties click here

Best of 2017 | Top 5 Destinations

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You clicked and we counted – this week we’ll take a look back at your favorite blogsvideos, destinations, and homes from sothebysrealty.com in 2017.

The Sotheby’s International Realty brand is a global presence; with offices in 69 countries, we showcase homes in the world’s most sought after locales. Here are the top five destination cities visited on sothebysrealty.com in 2017.

NEW YORK CITY, NEW YORK

A historic masterpiece of its time, the Crown Penthouse at 212 Fifth Avenue is in a class of its own and a trophy residence on Madison Square Park. Designed by Pembrooke and Ives and spanning three floors, with over 10,000 square-feet of living space, this residence is the epitome of New York City living.

Contact Brad IngallsMara Flash BlumKevin B. Brown, and Nikki Field for more information

LONDON, ENGLAND

This magnificent, contemporary house with private courtyard and staff accommodation in the heart of Chelsea features a state-of-the-art home theater, masterfully executed glass design, and enjoys close proximity to local shopping and restaurants.

Contact Shereen Malik for more information

LOS ANGELES, CALIFORNIA

“The Point” is the ultimate in traditional detail combined with modern finishes. Years in the making, this incredible estate in Los Angeles offers nine bedrooms and 14 baths. Public rooms include formal living room, wood-paneled library, family room overlooking pool, gourmet kitchen, formal dining room , screening room for 10 guests, billiards room, three bars, gym and wellness area.

Contact Barbara Boyle for more information

DUBAI, UNITED ARAB EMIRATES

This bespoke villa boasts a spot in a truly special location with the best beachfront frontage available for a private residence in Dubai. The villa provides full ocean and skyline views back to the Burj Al Arab and the Dubai Marina. Its wide and private decks allow for complete privacy with lush garden surroundings.

Contact Leigh Williamson for more information

PARIS, FRANCE

This residence comprises two apartments with over 16-foot ceilings in the heart of Paris. Over 1,000 and 2,000 square-feet of living space in each, respectively, these apartments can be connected. Also featured are six maid’s rooms and two garages.

Contact Virginie de Saint Leger for more information

EXPERIENCE LUXURY HOMES FROM AROUND THE WORLD ON SOTHEBYSREALTY.COM

To visit Telluride Luxury Properties click here

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