AQUAMINIUM

So what exactly is an Aquaminium?

According to Gulu Lalvani, the Royal Phuket Marina chief executive and developer who says he created the term, it’s an apartment complex on the water with one added feature — an indoor parking garage for a boat.

At the Royal Phuket Marina, these garages are available in just two penthouse units; the other apartments have outdoor docking stations. But according to Mr. Lalvani, who founded with his brother the U.K. consumer-electronics company Binatone, the latest must-have in luxury living is a dock just steps from your front door.

The idea came from James Bond, says Mr. Lalvani. In the movies, the British secret agent often needs to make a quick getaway by boat, and of course, one was always close at hand. (The nearby island of Khoah Phing Kan is nicknamed “James Bond Island” because it appeared in “The Man with the Golden Gun” in 1974.)

Of the 15 apartments, two penthouses, and five villas in the Aquaminium complex, which was completed in 2009, 14 units are occupied. A second complex is in the works.

Click to view slideshow.

The marina won’t reveal the list of residents, except to say that 10 are chief executives from Hong Kong and Singapore in various industries. And there are other clues. Among the well-to-do, according to the marina, are two Taiwanese tycoons — one in the semiconductor industry and the other in children’s garments — and an Englishman who made his fortune replicating antique-furniture designs in Asia. Also joining the neighborhood is a long-term Phuket resident and famed restaurateur.

Hobnobbing with such power folk will no doubt be a bonus — according to the marina. One British businessman who now lives there said, the Aquaminium community will be a “place where you can meet up with like-minded people.”

Eight units remain — prices range from $734,375 for a 169-square-meter two-bedroom apartment to $10.5 million for a 2,869-square-meter “Grand Villa” — and Mr. Lalvani is looking for buyers from mainland China. Thus far, there have been none.

reprinted from wsj.com

MONTECITO, CALIFORNIA OCEAN VIEW

According to a recent report from Forbes.com, the average of median price of homes located in the most expensive zip codes in the U.S. now tops over $4,000,000.

Forbes.com also reports that the top 500 U.S. zip codes also experienced a continued year-over-year price drop of 5% for high-end home prices, which is slowing from a price drop of 7% reported the prior year for high-end homes.  The most expensive zip code in the U.S. for 2010 now belongs to the new hot spot of Duarte, California (91008) with a median home price of $4,276,462.

Here is full list of America’s top ten most expensive zip codes for 2010 as reported from Forbes.com

● Duarte/Bradbury, CA (91008) – Median Home Price: $4,276,462
● Atherton, CA (94027) – Median Home Price: $4,010,200
● Rolling Hills, CA (90274) – Median Home Price: $3,892,456
● Alpine, N.J. (07620) – Median Home Price: $3,814,885
● New York, N.Y. (10014) – Median Home Price: $3,785,445
● Beverly Hills, CA (90210) – Median Home Price: $3,684,150
● New York, N.Y. (10065) – Median Home Price: $3,626,001
● Belvedere/Tiburon, CA (94920) – Median Home Price: $3,283,269

● New York, N.Y. (10012) – Median Home Price: $3,221,371
● Santa Barbara/Montecito, CA (93108) – Median Home Price: $3,151,220

by Michael Gerrity from realestatechannel.com

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THE CLOISTER - SEA ISLAND, GA

The assets of Sea Island Co., the Georgia resort that fell on hard times and filed for bankruptcy protection in August, will be acquired by four firms for $212.4 million.

The winning bid was submitted Monday night after an eight-hour auction at Atlanta law firm, King & Spalding. The bid has the approval of Sea Island’s lenders and unsecured creditors.

In an unexpected twist, the four firms acquiring the assets include two—Oaktree Capital Management LP and Avenue Capital Group—that had submitted a winning bid of $197.5 million in August. But the bankruptcy process left the door open for an auction and Anschutz Corp. and Starwood Capital Group Global now will join Oaktree and Avenue in the purchase of the assets.

BILL JONES III

Anschutz and Starwood had been seen as competing bidders for Sea Island’s assets, not as partners with Oaktree and Avenue. But during the course of the auction Monday, a joint bid materialized. A break-up fee of nearly $6 million is waived.

Under terms of a pact that must be finalized, an Oaktree-Avenue partnership will now buy the assets with an Anschutz-Starwood partnership.

The partners now will be acquiring a genteel resort that catered to Southern families. The assets being purchased include the Cloister hotel, four golf courses, and a private development called Ocean

Forest Golf Club. Sea Island ran into financial trouble in recent years after Bill Jones III, Sea Island chief executive, led a major expansion of the resort, including a $395 million renovation and addition in 2006 and 2007. Sea Island has been in Mr. Jones’ family for 84 years.

The sale and bankruptcy forced lenders include Synovus Financial Corp., Bank of America Corp., and the Bank of Scotland unit of U.K. bank Lloyds Banking Group to relinquish some $340 million in loans.

By Carrie Mollencamp – Wall Street Journal

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RICHARD CHAMBERLAIN'S OCEAN ESTATE - HAWAII

If the beauty of life is in the details, herein lies true beauty.

Stunning and meticulous, this home welcomes you from the moment you enter. This masterpiece was designed for this world renowned celebrity and features only the finest materials and architectural design elements.  This elegantly casual estate, private and secure, overlooks the white sands and crystal waters of magnificent Keawakapu Beach, with glorious sunsets every evening over the distant islands. Perfect swimming, kayaking and long walks.

While the interior spaces of the dwellings are accented with the finest materials and architectural design elements, what lies beyond the square footage is the true story.  Glorious sunsets over distant islands, perfect swimming and kayaking conditions, and evening entertaining spaces accentuate this private estate.

Click to view slideshow.

Main Residence:

~ Two master suites, two ensuites
~ Formal dining room, atrium, powder room, media room
~ Library, chefs kitchen and butlers pantry.
~ 6,150 SF

Carriage House:
~ Two guest bedrooms w/ 2 baths and living room
~ Utility room and art studio
~ 1,980 SF

For information, contact:

Nancy J. Callahan RB
808.870.2001 | nancy@makenasales.com

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According to new data from currency specialist Moneycorp, the currency market has a major bearing on the fortunes of US realtors. The data indicates a clear correlation between the currency fluctuations of the USD and GBP against the number of Britons investing in US property.

Last month’s National Association of Realtors (NAR) stats, which provide an overview of US home sales, indicated a recovery in the property market which was bolstered by a rise in sales from overseas investors. In particular, the British are investing more and more in US real estate with Florida and the West coast being the destinations of choice.

LAURA MCLOUGHLIN

Laura McLoughlin, Regional Manager, Moneycorp says, “Our latest findings correlate with the positive news from the NAR concerning the US property market. The exchange rate has a huge bearing on the number of clients we have buying property in the US as it can fluctuate up to 10% in a matter of weeks. It is important that foreign property buyers in the US consult with a currency specialist to maximize their spending power.”

While the NAR is cautious about the positive data as home sales are still underperforming from a foreign investment perspective, Moneycorp’s findings show that there are an increasing number of Brits buying property in the US.

Laura McLoughlin gives some top tips for overseas buyers looking to invest in the US:

• Plan ahead. Currency markets fluctuate constantly and if you simply wait until you have to make a payment, you will get the exchange rate of the day. Exchange rates can fluctuate up to 10% in a matter of weeks, so it’s vital that you use time to your advantage.

• Get expert guidance. Currency market expertise is no longer restricted to bank trading floors. Currency specialists have teams of trained and qualified dealers who can help consumers through the minefields that are the currency markets.

• Don’t get stung by overseas banks. Be aware that overseas banks can often charge handling fees just for receiving your money, which can amount to up to 1% of the value of your transfer. You can negotiate with the receiving bank before sending your funds, but currency specialists can also help.

• Pay in large amounts. Consolidate your payments into larger lump sums can help avoid transfer fees.

• Take advantage of favorable rates. For people with pensions or other regular income from the UK, a Regular Payment Plan will also allow foreign buyers to plan ahead and lock into favorable rates to make sure they get the most out of their hard earned cash.

by Michael Gerrity from realestatechannel.com

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MIAMI HEAT COASTAL MANSE

CHRIS BOSH KITCHEN

Chris Bosh just bought a Miami Beach home on North Bay Road for $12.5 million. The 26 years old NBA basketball star join

ed the Miami Heat in July of this year, and was reported to be looking at Miami Beach homes, when it was announced today that he purchased the property located at 6396 North Bay Road in Miami Beach.

The 7 bedrooms brand new 2009 home has approximately 12,000 square feet of interior living area, and is situated on a 24,000 square feet lot, with 100 linear feet facing Biscayne Bay and beautiful La Gorce Island. Very few Miami Beach ultra-luxury homes have sold for more than $1000 per square foot of living space, as this one just did, so the sale may be a sign of an improving real estate market in Miami.

The property was listed in June 2008 for $15,000,000, and the asking price was raised to $18,000,000 in 2009 when the mansion was finished, but with no buyers, the price was once again reduced, and was listed for $14,970,000 when Chris Bosh purchased it.

North Bay Road in Miami Beach has been known for housing such famous celebrities as Jennifer Lopez, Matt Damon, the Bee Gees, Shakira, Tommy Mattola, Thalia, Billy Joel, and Ricky Martin.

by Alex Shay at miamibeachluxuryrealestate.blogspot.com

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DISCOVERY LAND COMPANY - KUKIO CLUBHOUSE

(SCOTTSDALE, AZ) — In the midst of a historically sluggish real estate market, Discovery Land Company has sold nearly $600 million in real estate in the last 12 months across its six actively selling private club communities in North America.

Discovery Land, regarded as one of the leading developers of private golf and country club communities, is actively marketing Gozzer Ranch Golf & Lake Club in Coeur d’Alene, Idaho, Kukio Golf & Beach Club on the Big Island of Hawaii, the Madison Club in LaQuinta, Calif., Baker’s Bay Golf & Ocean in the Abaco Islands, Bahamas, El Dorado Golf & Beach Club in Los Cabos, Mexico and the Yellowstone Club in Big Sky, Montana.

“We have done very well this year,” said Michael Meldman, Chairman/CEO of Discovery Land Company. “Even though the broader real estate market continues to struggle with oversupply, our properties are some of the most unique in the world.  Our buyers continue to recognize the quality and value our

properties represent as well as the exceptional lifestyle opportunities they provide for their families. In the end, that’s what makes us successful. We offer a quality of life you simply cannot find anywhere else, at any price.”

To Meldman’s point, Discovery’s properties offer unique, family-oriented membership programs that allow a member’s entire family (including parents, grandparents, adult children and grandchildren) to enjoy all that the clubs have to offer in terms of services, amenities and activities as a member.

Meldman says this approach makes it much easier for Discovery members to incorporate the rich experiences and lifestyle options of Discovery clubs into their own family traditions and celebrations.

In addition, Discovery tailors the amenities and recreational activities and lifestyle components of its clubs to bring out the innate beauty and culture of its setting.

“We look very carefully at why people choose certain locations and why they buy – whether it’s Hawaii, Mexico, Montana or what have you,” Meldman added. “They seek out these locations for a reason. They want an experience they can’t get elsewhere. The buyer today is making an investment in his or her family and quality of life. We make that possible for them and deliver it with exceptionally high-quality and great personal service.”

Finally, the development of each Discovery property is based upon a strong financial foundation, with stable, proven financial partners. As a result the communities have very low debt. According to Meldman, this allows Discovery to invest in broadening and enhancing the overall member experience rather than large marketing budgets and interest payments. Discovery believes strong, enthusiastic endorsement from members and their guests is the best possible form of marketing for their communities.

Each of Discovery’s properties is located in a proven destination that is easily accessible and renowned for its natural beauty. This approach has enabled Discovery to record nearly $6 billion in total real estate sales over the past ten years, with an average sales price of $1.1 million.

by Scott Kauffmann – www.realestatechannel.com

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THE LANDINGS - ST. LUCIA

While investors in Sunbelt real estate have watched their property values slip and slide over the past year, those who discovered the tiny island of St. Lucia have smiles on their faces. At prices that are as much as 60 per cent lower than on nearby Barbados, St. Lucia’s property values have increased 40 per cent per annum for the last two years, according to the UK’s World Wide Resource.

And nowhere is this more evident than at The Landings, St. Lucia, a stunning yacht and beachfront vacation colony operated as a luxury RockResort. In just under one year investors (about half from the United Kingdom) have snapped up 135 condominium residences ranging in price from $830,000 to $2,400,000. Some have bought seeking the peace and serenity of this palmy, laid-back place. Others because of the tax-free rental program, in which the owner’s condo becomes one of the resort’s elegant accommodations.  The first and second phases of The Landings are sold out; the third group of what will ultimately be 231 luxury residences is now available for purchase.

The World Bank has recently placed St. Lucia in the top 30 countries in the world in which to invest: favorable tax concessions include no rental income tax, no capital gains tax, and no repatriation or inheritance taxes.

Click to view slideshow.

An Appeal Beyond Investment

The tranquil island of St. Lucia is a virtual paradise for nature aficionados. The island is mountainous and fertile, its spectacular peaks and deep valleys draped in the lush greenery of the rainforest. The coastline varies between classic white-sand beaches in tiny hidden coves and dramatic cliffs overlooking a crashing surf. The iconic towering Pitons, twin volcanic peaks, rise majestically from the sea.

Residents and resort guests at The Landings find a becalming spa and gleaming fitness center to prepare for the sun-filled days and starry nights ahead. The Beach Club restaurant serves casual island fare (with lobsters caught that day!), while The Palms restaurant serves a more continental cuisine.

The condo residences themselves contain all premium-brand and custom-designed furniture and fixtures. Flat screen TV and high-speed internet are found in each bedroom (1, 2, 3 and 4 bedroom units are available), while several pools and hot tubs are steps away from every unit.

For more information, contact:  The Landings St. Lucia
1 (866) 685 8242
www.thelandingsstlucia.com

*reprinted from realestatechannel.com

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ULTIMATE ESCAPES DESTINATION - NEVIS

Ultimate Escapes, one of the largest luxury destination clubs in the world, filed for bankruptcy last week, the latest blow to the struggling residence exchange industry.

In a court filing, Florida-based Ultimate listed assets of $10 million to $50 million and debts ranging from $100 million to $500 million. Earlier this month chief executive Jim Tousignant told members the travel company was in default of a $90 million loan, Bloomberg reported.

Eighty-four affiliates of the company also filed for protection. The largest secured creditor is Capital Source, which is owed in the region of $97 million, Fractional Life reports.

The company says it is actively pursing the sale of assets or the “possibility of a stand-alone plan whereby members could acquire equity in the club.”

Ultimate offers more than 1,100 members access to about 100 properties around the world. Membership fees typically ranged from $70,000 to $200,000, plus annual dues of $8,000 to $16,000.

While members don’t receive equity in property, the destination club is based on offering members high level service and access to a wide variety of top-end properties.

“The need will always be there, and our member stories bear this out,” Ultimate chairman Richard Keith told Luxist earlier this year.

But the industry has struggled in recent years, along with the overall fractional industry. Membership sales fell from $610 million in 2007 to $195 million in 2009, according to Ragatz Associates.

In an interview during the recent Fractional Life conference in Miami, Exclusive Resorts senior vice president Adam Wegner said his company is growing by focusing on its existing customer base, which now includes more than 3,500 members. Owned by AOL founder Steve Case, Exclusive members typically pay about $240,000 for a 20-day package, plus a $20,000 a year membership fee.

Ultimate was purchased in 2009 by Secure America Acquisition Company, which paid $186 million and then took the company public. After trading at $7.85 a share last year, its stock price fell to 21 cents last week.

Ultimate management has been looking for a sugar daddy to acquire the company for weeks, it acknowledged in a press release.

In a related action, Ultimate filed a complaint against competitor Club Holdings, alleging the Colorado-based company violated terms of a confidentiality agreement by soliciting its clients. Ultimate had approached Club Holdings about the possibility of an acquisition, according to published reports.

by Kevin Brass from realestatechannel.com

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SUNDANCE RIDGE - ST. KITTS

Sundance Ridge rises 500 feet between the Atlantic Ocean and the Caribbean Sea. Each of 15 villas in the development will enjoy expansive views of the sea, the neighboring island of Nevis and the hills of St. Kitts. Peninsula Associates LLC is the exclusive builder on Sundance Ridge.  Each home-site on Sundance Ridge is at least one-half acre in size. Villas will have a minimum of 5300 square feet of living space including covered verandas. Exterior color schemes will vary slightly but will all blend in the same “color-family”. Each villa will include a private pool and ample exterior verandas. Prospects can choose from pre-designed villa plans or we will build to suit. The project will have a secured entrance to provide increased security and privacy.  Interior designs, amenities, appliances, and cabinetry will be customer-driven using the highest quality products with input from the individual villa owner. Comfortable fine island living is the theme.

Click to view slideshow.

Sundance Ridge owners are eligible for the Economic Citizenship Program as approved by the Federation of St. Kitts and Nevis. Owners may also take advantage of exemptions from taxes while living on one of the most beautiful islands in the world.

If you have questions or would like to arrange a tour of the property, please contact:

Peninsula Associates LLC, Developer and Builder
Scott Jaynes, Marketing/Sales | US Toll Free 1.800.607.3218 | St Kitts 1.869.762.5978 | sundanceridgestkitts@yahoo.com

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