A recent Property Report in Wall Street Journal explores the impact that China government-issued capital controls are having on Chinese investors, using insight from Realogics Sotheby’s International Realty broker and Asia Services Group member Dehlan Gwo for his expert insight. As the article reads, “individuals have long faced curbs on overseas investments, but have figured out ways around such limits.” Will the same be said for buyers facing the latest round of controls?
VIP Guests, Brokers and Musicians “Playing Music in the Sun”; Tour Rock Legend’s Estate
On July 6th, scores of guests attended a first-of-its-kind rendezvous at the home of Rock & Roll Hall of Fame Steve Miller, of the Steve Miller Band. Mary Norris, a Senior Global Real Estate Advisor with Realogics Sotheby’s International Realty (RSIR) hatched the plan to showcase this unique compound on its namesake in Friday Harbor on San Juan Island, which invited local and Seattle-area brokers as well as VIP guests.
On May 19th, Mansion Global shared the “Secret of the San Juans” with its readers, celebrating the beloved archipelago for its “remoteness and simplicity,” and highlighting its most recent achievement as “the hottest luxury real-estate market in the country.” As Nancy Keates writes, the growth in the area “has been fueled in recent years by an influx of high-tech companies to Seattle, where soaring home prices make the San Juans look like a bargain,” and for its allure as an idyllic retreat.
For anyone that wasn’t sure before, it’s now clear that the relationship between Washington State and China is a critical influence on our local economy and the state of the housing market. The recent visit of Chinese President Xi Jinping and the establishment of a Seattle branch office of ICBC (Industrial and Commercial Bank of China) suggests that the Pacific Northwest is poised for “good things to come,” according to the Puget Sound Business Journal.
Given the trend of technology giants to relocate to, or open offices in, the Seattle area, it is no surprise that, as Alina Dizik from The Wall Street Journal (WSJ) reports, “real-estate prices for luxury properties close to downtown are up.” The article, “Seattle’s Luxury Homes Get a Tech Boom Boost,” cites Realogics Sotheby’s International Realty broker Carrie DeBuys, and describes that in especially sought-after neighborhoods, such as “Queen Anne, Madison Park, Washington Park and Capitol Hill,” increased demand and zoning requirements mean mostly single-family residential homes are available; and with low inventory, competitive offers are a requirement. DeBuys told WSJ that because homes are going so quickly, “to make offers more competitive, many buyers are adding escalation clauses to their bids, which allows real-estate agents to automatically renegotiate to a higher price on their behalf if the bidding escalates,” a tactic DeBuys has found quite successful in Seattle’s current market.
The Wall Street Journal (WSJ) responded to the “boom” of Scimitar Ranch in this morning’s print edition, asNancy Keates highlighted the 25 bedroom home in the Mansion section’s feature article, “The Bedroom Boom.” Listed by Realogics Sotheby’s International Realty Founding Directors Moira Holley and Scott Wasner, Scimitar Ranch was given a half page spread as part of a truly unique set of featured homes. As Keates writes, when it comes to these properties, “the owner can go at least two weeks without sleeping in the same bedroom twice,” which in Scimitar Ranch’s case, amounts to nearly one month!
Along with the print edition inclusion, WSJ produced a video to accompany an online version of the article, featuring stills of the property and owner Jerry Barto, founder of Signal Hill Petroleum based in California. Holley told the Journal, “we think there’s a major shift under way,” as wealthy buyers are purchasing these massive homes for personal use rather than as properties to serve dual purposes as event venues. In aligning with this recent trend, Keates points out that Holley and Wasner are marketing the ranch “as a private, single-family residence,” a residence that certainly packs a “boom.”
We’re pleased to share that on August 7th, Four Seasons Private Residence, represented by our very own Scott Wasner was featured as the Wall Street Journal’s House of the Day. Sarah Tilton noted that the owners “miss the concierge, the chocolate shop and even the rain,” truly a testament to this stunning residence and its location. Now, the property is in competition for House of the Week and we need you to vote! To make your voice heard and elevate Four Seasons Private Residence to the top, simply click here!
Winterwood, a private Whidbey Island Estate owned by Seattle’s former mayor Paul Schell, saw some media attention last week as it was featured not only as a “House of the Day” on the Wall Street Journal, but also in a Puget Sound Business Journal article. Represented by RSIR Broker and Founding Member Scott Wasner, the spacious main home is complemented by a guest house, barn, greenhouse, pond, botanical gardens, along with expansive mountain and water views. Sarah Tilton from WSJ says the property is notable because the “shingle-style house and gardens, was designed to complement its surroundings.” Patti Payne from the Puget Sound Business Journal calls it her dream home, citing the WSJ feature and analyzing the market for luxury homes on Whidbey Island. Congratulations Winterwood!