Coldwell Banker Previews International Luxury Market Report - March 2013

Luxury Market Report
|
March 2013
2 COLDWELL BANKER PREVIEWS INTERNATIONAL
2
03 Introduction: Budge Huskey and Betty Graham
04 The Luxtimate: Pricing Homes in the $10 Million+ Market
09 Previews
Trend Report: Six U.S. Communities that Offer

Great Value for Luxury Homebuyers
14 The Previews
Top Ten Report:

Top Ten Zip Codes & Cities for Luxury Sales & Listings
19 Domestic Spotlight: Metropolitan New York
21 Domestic Spotlight: Chicago
23 International Spotlight: Australia
25 Agent Success Story: Jade Mills
27 Previews by the Numbers
TABLE OF
CONTENTS
3
Budge Huskey
President and Chief Executive Ofcer
Coldwell Banker Real Estate LLC
INTRODUCTION
Betty Graham
President
Coldwell Banker Previews International
NRT
Budge Huskey Betty Graham
W
hat i s val ue? And whoor whatdetermi nes i t? For our thi rd Luxury
Market Report, we expl ore the concept of val ue i n todays vast, di verse
and gl obal l uxury real estate worl d.
As we conti nue to see hei ghtened buyer demand and record-setti ng sal es
exceedi ng $100 mi l l i on, there has natural l y been a l ot of curi osi ty about how
val ue i s determi ned for ul tra l uxury estates that def y the tradi ti onal noti ons of
comparabi l i ty. In our comprehensi ve l uxti mate report, we exami ne methods behi nd
determi ni ng val ue for properti es at the very top of the market. The resul ts of our
i ntervi ews wi th apprai sal experts and Col dwel l Banker Previ ews Internati onal

agents reveal not onl y a vast di spari ty of factors i mpacti ng hi gh-end property
val ues from market to market, but al so the i ncreasi ng di f fi cul ty of pri ci ng estates
i n thi s rare segment. However, i f there i s onl y one uni f yi ng theme to be found i n
the l uxti mate report, i t i s thi s: determi ni ng val ue for the worl ds fi nest estates
i s not an exact sci ence, but an artbest l ef t to the most knowl edgeabl e and
experi enced real estate agents i n the busi ness.

Whether af fl uent consumers are purchasi ng a $10 mi l l i on waterfront estate or a
$1 mi l l i on mountai n retreat, they are not i mmune to desi ri ng a good val ueeven
i f they can af ford to l i ve anywhere they want. That i s why, for our Previ ews
Trend
Report, we have sel ected si x communi ti es i n the $1-2 mi l l i on, $2 mi l l i on+, and $3
mi l l i on+ categori es that del i ver extraordi nary l uxury val ue for thei r metropol i tan
area when i t comes to pri ci ng, sal es data and ameni ty of feri ngs.
We al so take a cl oser l ook at what i s consi dered val ue i n two l uxury markets:
Chi cago and Austral i a. The snapshots of each of these markets reveal pri ce
stabi l i zati on at the ul tra hi gh-end, and when vi ewed i n the context of our top
10 U.S. ZIP codes* chart, i ts i nteresti ng to see the di chotomy of two ci ti es that
appear to be movi ng toward recovery i n compari son to ci ti es that conti nue to
di spl ay l uxury market strength year af ter year.
Once agai n, our thi rd Luxury Market Report reveal s a compl ex pi cture of hi gh-end
real estate. At the very l east, we hope i t gi ves you a ri cher understandi ng of the
dynami cs at pl ay i n determi ni ng val ue at al l l evel s of the af fl uent market, and the
i mportance of worki ng wi th true l eaders i n thi s busi ness.

* Metropol i tan New York area not i ncl uded.
4
The Luxtimate:
Pricing Homes in the $10 Million+ Market
5
T
he unprecedented growth of the ul tra l uxury housi ng market conti nues to
generate i ntri gue. In 2012, over 200 transacti ons were recorded i n the top 15
U.S. ci ti es for l uxury home sal es pri ced $10 mi l l i on and above.* Earl i er thi s year,
the real estate worl d al so took noti ce when news organi zati ons began announci ng
another record-setti ng resi denti al sal e i n Northern Cal i forni athe second i n 18
months to have reportedl y ti pped the $100 mi l l i on mark.
As l uxury homes conti nue to exceed pri ce records, Col dwel l Banker Previ ews
Internati onal
has taken a rare l ook behi nd the art and sci ence of determi ni ng
property val ues at the hi ghest echel ons of the marketpl ace. We consul ted wi th
Previ ews
agents who consi stentl y market properti es i n the $10 mi l l i on and up

range i n Mi ami, Beverl y Hi l l s, Santa Barbara, Aspen, Greenwi ch and Pari s. They
have hel ped us cover the most common chal l enges, as wel l as anal yze everythi ng
from l ocati on to i rrepl aceabi l i ty and other i ntangi bl es that i mpact ul tra l uxury
pri ci ng to arri ve at what we cal l a l uxti mate.
PRICING METHODOLOGY
In the ul tra l uxury space, where properti es are anythi ng but typi cal and comps are
of ten scarce, there i s no formul a, sai d Crai g Li psey, presi dent of Li psey Apprai sal
Servi ce, who has apprai sed more than 100 ul tra l uxury homes throughout the
Southern Cal i forni a regi on. Of course, as an apprai ser, we try to use veri fi ed
comparabl e market data, but we al so must step out of the box to properl y eval uate
uni que properti es where comparabl e data may not exi stof ten the case at the
ul tra hi gh-end. There i s al so an emoti onal component to these properti es, and no
apprai ser can ful l y quanti f y that wi th a one-si ze-fi ts-al l formul a.
Many Previ ews speci al i sts agree that pri ci ng the fi nest properti es i n thei r
marketpl ace i s not an exact sci encebut an art form. A l ot of i t i s subj ecti ve,
sai d Li psey. Af ter al l, how do you esti mate the val ue of somethi ng as one-of-a-
ki nd as a Pi casso or a Neutra home? An apprai sal i s real l y j ust an esti mate unti l
you actual l y get out there i n trade.
UNIQUE CHALLENGE: DATA
Because each ul tra l uxury property i s so uni que and accessi bl e to a smal l ni che
of hi gh-net-worth i ndi vi dual s, the chal l enges associ ated wi th pri ci ng at the very
top of the housi ng market are wi despread. One of the most wel l known chal l enges
i s a l ack of comparabl e data. Af ter al l, the term ul tra l uxury i mpl i es a certai n
l evel of uni queness that i s beyond comparabl es, notes Ji l l Hertzberg, a Previ ews
speci al i st i n Mi ami and part of The Ji l l s
, Col dwel l Bankers No. 1 real estate

team.
If you l ook at a property l i ke Casa Casuari na, on the market for $100 mi l l i on,
i t real l y trades l i ke art, Hertzberg sai d. The basi c rul es of suppl y and demand
come i nto pl ay. The more rare and speci al the property i sto the poi nt where
there i s onl y one i n the worl dthe pri ce i ncreases substanti al l y.
Previ ews speci al i st Tamar Luri e i n Greenwi ch, Conn. agrees that from a suppl y
and demand perspecti ve, the methodol ogy for pri ci ng ul tra l uxury properti es
fol l ows a di f ferent path from the tradi ti onal market.
THE LUXTIMATE:
AT A GLANCE
s Factors that af fect pri ce at
$10 mi l l i on+:
|ooat| on
Rar| ty
Aroh| teotura| S| gn| f| oanoe
lrrep| aoeab| | | ty
Oe| ebr| ty Ownersh| p
Oua| | ty of F| n| shes
Prem| um Amen| t| es
s Pri ci ng the fi nest properti es i s not
an exact sci encebut an
art form. Casa Casuari na Mi ami
l i sted at $100 mi l l i on, trades l i ke
a work of art.
6
When youre tal ki ng about properti es at the very hi gh-end
of the l uxury segmentand i n Greenwi ch, I woul d defi ne
that as $20 mi l l i on and upthere i s no reason to compl y
wi th the marketpl ace, Luri e sai d. The properti es are that
uni que.
Randy Sol aki an, a Previ ews speci al i st based i n Monteci to,
agrees that scarci ty i mpl i es a premi um pri ce, and many of
the properti es i n the Santa Barbara/Monteci to marketpl ace
meet that cri teri a.
The market here i s very heterogeneous, Sol aki an sai d.
Santa Barbara i s an establ i shed area, where l ot si zes were
created 100-120 years ago, so most properti es here are
atypi cal. Most of these properti es have i rregul ar shapes,
si zes and di verse archi tecture styl es. Thats where the art
comes i nto pl ay when pri ci ng these estates. Its al l about
fi ndi ng a propertys pl ace i n the context of i ts market.
Further compl i cati ng the i ssue i s the i ncreasi ng popul ari ty
of of f-market or pocket l i sti ngs, at the ul tra hi gh-end.
One onl y has to l ook at a l i st of the nati ons most expensi ve
sal es over the l ast few years, as reported by the medi a, to
see the trend: a $75 mi l l i on Mal i bu sal e i n January 2013,
a $117.5 mi l l i on Woodsi de sal e i n November 2012, a $100
mi l l i on Los Al tos Hi l l s sal e i n 2011.
Ive never experi enced as many hi gh-end properti es
bei ng marketed of f the MLS, sai d Li psey, who esti mates
hes seei ng at l east tri pl e, and maybe more, the amount
of pocket l i sti ngs i n the $10 mi l l i on and up range from fi ve
years ago. It can l essen the accuracy l evel of our apprai sal s
when you market properti es of f the MLS, because there i s
l i mi ted speci fi c property detai l s and publ i c records of ten
do not report ful l sal es pri ces. In addi ti on, there can al so
be a probl em wi th l ag ti me i n reporti ng. We must rel y on
a l ot of second-hand i nformati on that may or may not be
ful l y accurate.
UNIQUE APPROACH
When faced wi th a l ack of comparabl e data, many real
estate agents at the top echel ons of the market have had
to devel op an i ndi vi dual i zed approach to pri ci ng thei r most
presti gi ous properti es. Herei n l i es the art of creati ng a
l uxti mate.
I travel frequentl y and vi si t properti es i n Pari s, Monaco,
Beverl y Hi l l s, Mal i bu, Mi ami or London, sai d Laurent
Demeure, presi dent and chi ef executi ve of fi cer of Col dwel l
Banker Previ ews France and Monaco. There i s al ways
a comparabl e somewhere i n the worl d because todays
ul tra af fl uent buyers can choose al most any property they
wantwhether i ts a penthouse i n South Beach, a house
i n Monaco or a waterfront estate i n Mal i bu. When pri ci ng
the top properti es i n France, I wi l l of ten l ook at properti es
sol d by other Previ ews top agents as a way to compare
and come up wi th a reasonabl e aski ng pri ce.
However, Demeure and hi s Previ ews col l eagues have
found that pri ci ng a home at the very top of the market
of ten comes down to knowl edge and experi ence. In fact,
a maj ori ty of l uxury real estate speci al i sts we spoke to sai d
that thei r i nsti ncts have pl ayed a cruci al rol e i n knowi ng
how to pri ce a property wi th no comparabl es.
My i nsti nct as an agent has been my No. 1 compass,
sai d Hertzberg. I can feel i t and know a pri ce for a pi ece of
property. You cant get that wi thout bei ng ful l y i mmersed
i n the busi ness l i ke Ji l l and I have for the l ast 20 years.
Hertzbergs partner, Ji l l Eber, remembers a recent sal e i n
Mi amis posh Indi an Creek Vi l l age, ori gi nal l y l i sted on the
market for $60 mi l l i on: I real l y fel t i t was goi ng to sel l i n
the $40-50 mi l l i on range, and i t sol d for $47 mi l l i on.
FACTORS IMPACTING PRICE
Not surpri si ngl y, there i s no si ngl e el ement that determi nes
pri ce for a rari fi ed ul tra l uxury property.
At the end of the day, i ts not j ust about square footage
or l ot si ze, sai d Li psey. There are a l ot of i ntangi bl es
to consi der: archi tectural si gni fi cance, qual i ty of fi ni shes,
rari ty, i rrepl aceabi l i ty, cel ebri ty ownershi p, i ndi vi dual
ameni ti es and others.
Of course, Li psey doesnt menti on l ocati onperhaps
because i t i s assumed and uni versal l y consi dered to be
the most si gni fi cant factor i n determi ni ng the pri ce of an
ul tra l uxury property.
LOCATION AND LOT SIZE
Peopl e who are buyi ng ul tra l uxury properti es are
focused on l ocati on, l ocati on, l ocati on, sai d Hertzberg,
who esti mates l ocati on coul d be as much as 80% of the
aski ng pri ce i n Mi ami, especi al l y i n hi ghl y sought-af ter
nei ghborhoods l i ke Sunset Isl and and Bi scayne Bay. We
j ust sol d a property at the ti p of Sunset Isl and for $20
mi l l i on, wi th j ust over an acre of l and. But the l ocati on
of that property was so speci al. It had open bay vi ews
THE LUXTIMATE:
7
l ooki ng to downtown Mi ami, and set on a presti gi ous
guarded i sl and. There are onl y so many of those ki nds of
properti es here, so they command maxi mum dol l ar.
In Greenwi ch, too, l ocati onand speci fi cal l y properti es
l ocated on the waterfrontcommands the hi ghest val ues.
Luri e esti mates waterfront l ocati ons can be as much as
60% of the homes val ue.
One of the mai n aspects we l ook at when we pri ce i s,
how speci al i s the property from the poi nt of vi ew of the
buyer? sai d Luri e. When I sol d the $40 mi l l i on estate
i n 2011, that home coul d not be repl aced. It sat on four
acres and consi sted of two l ots: one wi th the mai n house,
boat house and deep-water dock, and the other wi th a
guesthouse. The mai n house i tsel f needed work, and yet
I had two i nterested buyers who got i nto a bi ddi ng war.
There i s a huge premi um for a property i n a good l ocati on.
Lot si ze i s al so a mai n component i n pri ci ng ul tra l uxury
properti es i n Greenwi ch, si nce properti es wi th a l ot of
acreage are i n l i mi ted suppl y. Says Luri e: A property wi th
10-15 acres woul d be a very uni que of feri ng.
In Beverl y Hi l l s, l ocati on i s typi cal l y worth about 35% of a
homes val ue, esti mates Joyce Rey, a Previ ews speci al i st.
Resi dences i n the hi l l s overl ooki ng Los Angel es typi cal l y
draw hi gher val ues than those i n l ower parts of the ci ty.
However, Rey cauti ons that i t i s not al ways possi bl e to
quanti f y because i t depends on what the buyer sees as
val uabl e.
For exampl e, i t was once sai d that a vi ew added 10% to
the val ue of the home, sai d Rey. But i f someone wants a
vi ew, then i ts worth 100%. If he or she wants pri vacy, then
pri vacy becomes 100% of the homes val ue. Its our j ob to
be sensi ti ve to what the buyer wants.
Li kewi se, Sol aki an notes ( somewhat faceti ousl y) that
l ocati on i s worth 200%. That i s why, i n most af fl uent
markets, a teardown property on a pri me pi ece of l and
woul d l i kel y be pri ced hi gher than a brand-new home
set i n a l ess desi rabl e l ocati on. What i s consi dered a
pri me pi ece of l and, of course, i s rel ati ve. In Greenwi ch,
Mi ami, Santa Barbara and Monaco, i t mi ght be waterfront
properti es or l ots wi th ocean vi ews. In the Pl ati num
Tri angl e communi ti es of Beverl y Hi l l s, Hol mby Hi l l s or Bel
Ai r, i t mi ght be ci ty vi ews, pri vacy or a l ot si tuated al ong
the fai rways of the Los Angel es Country Cl ub. In Aspen,
i ts acreage near downtown.
Many buyers i n todays marketpl ace l i ke to use the
pri ce-per-square-foot anal ysi s as a basi s for val ue, but i t
assumes al l l ot val ues are the same, sai d Bri an Hazen, a
Previ ews speci al i st i n Aspen, who esti mates l ocati on and
l and val ue can be at l east 50% of a propertys total pri ce i n
thi s trendy ski resort town. In what we woul d cal l an ul tra
l uxury resort ni che market, a l ocati on on a tri pl e A-rated
l ot coul d very easi l y af fect the pri ce, compared to a B- or
C-rated l ot. For exampl e, i f you have a 65-acre pi ece of
l and wi th creek frontage and dramati c vi ews wi thi n a few
mi l es to downtown Aspen, that woul d be i rrepl aceabl e i n
todays market. Geographi cal and zoni ng l i mi tati ons make
that type of product very, very rare.
Hazen poi nts to the currentl y l i sted $47.5 mi l l i on Ji gsaw
Ranch and Hal a Ranch, a l avi sh 90-acre ranch owned by
Saudi Pri nce Bander bi n Sul tan that sol d of f-market i n
2012 for $49 mi l l i on.
Its subj ecti ve what that property was worth to that
buyer, he sai d. But the truth i s, i ts set on 90 acres next
to the excl usi ve Starwood communi ty, j ust mi nutes from
downtown Aspen, and qui te si mpl y, there i s nothi ng el se
l i ke i t. You coul d not physi cal l y bui l d that property today,
much l ess fi nd a parcel of l and that si ze i n that l ocati on.
CANNOT BE REPLICATED
Another factor that has a si gni fi cant i mpact on pri ci ng?
Irrepl aceabi l i ty. Aspen and Beverl y Hi l l s are two markets
where i rrepl aceabi l i ty pl ays a maj or rol e, as new
constructi on restri cti ons have el evated certai n estates to
one-of-a-ki nd status.
Properti es that cannot be repl aced have become more
common i n todays Aspen ul tra l uxury market, sai d
Hazen, esti mati ng i rrepl aceabi l i ty coul d potenti al l y add
25-40% to the pri ce. Aspen has enacted stri ct growth
restri cti ons, so you can onl y bui l d a certai n si ze home
based on l ot si ze. If you want to bui l d more than 5,750
square feetthe maxi mum i n Pi tki n Countyon say 100
acres, as an exampl e, you wi l l need to buy one or more
Transferabl e Devel opment Ri ghts, addi ng 2,500 square
feet for each, i f al l owed, up to 15,000 square feet. County
rul es al so prevent one from bui l di ng a home or maki ng
i mprovements wi thi n 100 feet of a ri ver or creek. So, i f you
have a 90-acre propertyl i ke Hal a Ranchnear Aspen,
i rrepl aceabi l i ty adds si gni fi cantl y to the pri ce, sai d Hazen.
THE LUXTIMATE:
8
Wi th L.A.s current hei ght restri cti ons i n pl ace for new
resi denti al structures, many of the ci tys most i coni c
estates al so cannot be bui l t todaymaki ng them very rare
and very appeal i ng to an extremel y weal thy buyer who i s
l ooki ng for a statement property. The Manor and Fl eur-de-
Lys estates, both i n Hol mby Hi l l s, are pri me exampl es and
both have been represented by Previ ews i n the past. The
Manor si ts on 4.7 acres wi th four l evel s and 56,500 square
feet; whi l e Fl eur-de-Lys rests on 4.5 acres and stands
at 41,000 square feet wi th fi ve l evel s. Nei ther resi dence
coul d be bui l t today under the ci tys current l aws.
CELEBRITY
Cel ebri ty ownershi p i s an i ntangi bl e that i s di f fi cul t for
most l uxury real estate speci al i sts to quanti f y, but no
doubt can have some ef fect on pri ce, or at l east percei ved
val ue. Beyond the fact that cel ebri ty ownershi p usual l y
bri ngs more exposure to the l i sti ng, some buyers may
hol d cel ebri ty-owned properti es i n hi gher regard, si nce a
cel ebri ty of ten represents styl e, gl amour or good taste.
Peopl e feel that cel ebri ti es have the means to consul t
wi th professi onal s when maki ng i mportant deci si ons l i ke
purchasi ng a home, and that i f a cel ebri ty l i ved i n a home,
they most l i kel y chose i t because there i s somethi ng very
speci al and uni que about i t, sai d Hertzberg. That i s the
reason peopl e l ook at those homes and understand there
i s somethi ng to pay attenti on to i n a cel ebri ty home.
Demeure bel i eves havi ng a cel ebri ty el ement can al so hel p
market the home. A cel ebri ty i s a brand i n a certai n way,
and a brand creates val ue, he sai d.
CONDITION OF PROPERTY
The condi ti on of the property may be of l esser i mportance
i n the overal l pri ce of a $10 mi l l i on+ property, but i t i s sti l l
rel evant. Most Previ ews speci al i sts esti mate the condi ti on
of the property can be anywhere from 10-30% of the total
pri ce.
CUSTOM UPGRADES
Customi zed or over-styl i zed features can of ten pose a
chal l enge when pri ci ng a home i n the ul tra hi gh-end. Over
the years, there have been stori es about mansi ons wi th
opul ent ameni ti es such as di scothques, backyard water
parks wi th a l azy ri ver, a pri vate tunnel for avoi di ng the
paparazzi and a grand bal l room wi th gl amorous mosai c
ti l e fl oor that retracts to reveal an i ndoor pool. Such
extravagant ameni ti es can work for or agai nst an ul tra
l uxury l i sti ng, si nce i t may appeal to onl y a smal l ni che.
Noted Sol aki an: Peopl e wi l l spend mi l l i ons devel opi ng a
home to thei r speci fi c taste, and i n the end, i t coul d appeal
to such a narrow percentage of the buyer pool.

NUMEROLOGY
When there i s no comparabl e market, numerol ogy can al so
factor i nto pri ci ngwhi ch, i n many cases, acts as a si gnal
to ul tra hi gh-net-worth i ndi vi dual s than an expectati on of
val ue. There have been several exampl es of professi onal
athl etes l i sti ng thei r ul tra l uxury homes pri ced accordi ng to
numbers that are si gni fi cant to them. NBA star Shaqui l l e
ONeal ori gi nal l y put hi s 2.5-acre Mi ami Beach mansi on
on the market i n 2005 for $32 mi l l i onhi s j ersey number
on the Mi ami Heat. In 2009, Joe Montana l i sted hi s estate
i n Napa Val l ey for $49 mi l l i oni n what appeared to be a
nod to hi s l egendary career as quarterback for the San
Franci sco 49ers.
Hertzberg al so recal l s a sel l er who l i ked to gambl e. He
wanted to set the pri ce for hi s property at $21 mi l l i on
because i t was a l ucky number, she sai d.
FUTURE
Despi te the nuances associ ated wi th pri ci ng properti es
that are i ncomparabl e by thei r very nature, the record-
setti ng $100 mi l l i on+ resi denti al sal es over the l ast two
years i ndi cate that the art of setti ng a pri ce for a presti gi ous
estate i s one that requi res tremendous experti se. As the
maj ori ty of the worl ds top real estate agents have found,
there are peopl e i n the worl d who can and wi l l make
these types of resi denti al i nvestments. In fact, wi th the
i ncreasi ngl y gl obal nature of todays ul tra l uxury market,
i t i s hard to i magi ne that a $200 mi l l i on sal e woul d not be
possi bl e i n the near future. Concl udes Demeure: There i s
no l i mi t except i magi nati on.
* SourceCol dwel l Banker Previ ews I nternati onal
Luxur y Market Repor t,

March 2013, excl udi ng Metropol i tan New York.
THE LUXTIMATE:
Previews
Trend Report:
Six U.S. Communities that Offer Great Value for Luxury Homebuyers
10
A
fuent homebuyers can usually live anywhere they want. From high-income retirees and successful entrepreneurs who can conduct
business anywhere, to those seeking a vacation home for a few months a year, they are the most mobile niche of homebuyers today,
unbound by geography or economics. But having their choice of cities to call home doesnt necessarily mean they are above seeking out
information about where the good real estate values are.
For that reason, Coldwell Banker Previews International
scoured the U.S. in search of luxury communities that have demonstrated

price stability or are on the rise. We analyzed data from markets around the country, evaluating demographics, economic stability
and sales data. We also looked at the areas various amenity offerings, asking ourselves: What does todays luxury homebuyer
desire most? The Previews specialists we spoke to told us views (waterfront is always in high demand), weather, open space,
access to top-notch schools, medical care, transportation and cultural activities remain at the top of their afuent buyers wish
lists. Our search narrowed to six U.S. communities that present luxury value opportunities in three price categories: $1-2 million,
$2 million+ and $3 million+.
The luxury value communities we identied are not necessarily the established bastions of afuencelike Montecito or Naples, Florida,
which always seem to rank on our top U.S. city list for luxury sales, said Betty Graham, president of Coldwell Banker Previews International

NRT. But they could be located next door to these cities or just a few miles down the coast. They are the quiet, hidden gems that are less
frequently talked about or the once-sleepy suburbs that have been on the rise in recent years.
PREVIEWS
TREND REPORT:

1. Bonita Springs, Fla.
2. Castle Pines Village, Colo.
3. Glenview, Ill.
4. Carpinteria, Calif.
5. Marblehead, Mass.
6. Paradise Valley, Ariz.
4
6
2
3
1
5
11
$1-2 MILLION MARKET
1. Bonita Springs, Fla.
Population: 43,914
Current Listings Between $1-2M: 140
Sold Price Per Square Foot: $366
Price Per Square Foot Trend Year-to-Year: +.5%
Average Sale Price $1-2M: $1,384,609
Price Gain Year-to-Year: +.7%
Overall Price Gain/Loss From Peak (2006): -45%
Best for: Snowbirds seeking tropical temps and Florida tax rates
Naples has long been a haven for high-income vacationers from the
Midwest and Northeast seeking the golf course lifestyle and the calm
of the Gulfs white sandy beaches and turquoise waters. Its also
No. 7 on the Previews list of Top Cities for Luxury Sales, frequently
making waves in the media last year with multiple residential sales
over $10 million. However, just 14 miles way from Naples is Bonita
Springs, where comparable real estate values can be as much as
40% less, estimates local Previews specialist, Doug Grant.
I just sold a 4-bedroom home on the beach in Bonita Springs for
$1.9 million, and that same home would have probably sold for
double and maybe even triple in Naples, said Grant.
The average sale price of homes priced $1-2 million is just over $1.3
millionabout the same as Naples homes in the same price range.
The price per square foot in Bonita Springs is $366, about $51 less
than Naples. Overall market prices are also beginning to creep back
up, but are still down 45% from the all-time high in 2006. There is
also plenty of inventory in the $1-2 million range: 215 homes, to be
exact. Grant cautions, however, there are only seven homes on the
beachdown from 40 in 2009.
Of course, the advantages of living in Bonita Springs are not just
nancial. The area is teeming with amenities: renowned beaches,
championship golf courses, upscale shopping at Coconut Point
Mall in Estero and Waterside Shops in Naples, as well as new
restaurants and movie theaters. Its also 25 minutes closer to the
Southwest Regional Airport than Naplesa draw for homeowners
who consider the area their second home.
Twenty years ago, the perception of Bonita Springs was that it was
a little shing village, said Grant. But that has completely changed
with all of the amenities and retail that have come in the last seven
or eight years. In my opinion, Bonita Springs is the best location in
Florida. Youre close to Naples and you can be over to the Keys,
Miami, Lauderdale or Orlando in just a few hours. Were in the
subtropics, too, which means our winter temperatures run about
ve degrees warmer than cities just 150 miles north of us. Thats the
difference between sitting by the pool or not.
2. Castle Pines Village, Colo.*
Population: 1,700**
Current Listings Between $1-2M: 30
Price Per Square Foot Trend Year-to-Year: -4.1%
Price Gain Year-to-Year: -3.7%
Overall Price Gain/Loss From Peak (2006): +25-30%***
Best for: Afuent telecommuters with an adventurous spirit and
serious backswing
When people talk about luxury neighborhoods in the Greater Denver
area, Cherry Creek is usually one of the rst places mentioned. But
less than 20 miles away is a gated golf course community called
Castle Pines Village, just north of Castle Rock, Colorado which
ranked No. 17 on CNNMoneys Best Places to Live in 2012. Castle
Pines Village has been luring afuent families and active retirees
with its Jack Nicklaus-designed Country Club at Castle Pines
(informally known as the residents club), dramatic mountain setting,
new upscale shopping and theaters in Castle Rock, two brand-
new hospitals, ve-star rated schools and proximity to Denvers
tech center (15 minutes) and downtown (25 minutes). Even more
appealing? Homes in the $1-2 million range.
My wife is an appraiser, and we marvel at the value of Castle Pines
Village compared to other upscale neighborhoods in Denver, said
local Previews specialist Louie Lee, who has lived in the community
for 11 years. A 4,000 square foot, 2-story, 4-bedroom, 3.5-bath
home might cost $1 million in Castle Pines Village, but that same
home would be $1.2 million or more in places like Cherry Creek
or Greenwood Village, minus Castle Pines Village mountain
topography.
For homes priced between $1-2 million, the sold price-per-square-
foot in Castle Pines is currently $23 less than in Cherry Creekand
down just under 4% from the prior year. Lee estimates prices in
Castle Pines itself are $300,000 or $400,000 less than the all-time
high.
We have a client who recently moved here from California and he
thinks his $1.5 million home in Castle Pines Village is one of the best
real estate investments hes seen, said Lee. The world has changed
so muchhe can live anywhere he wants because he can work
remotely. Its a great environment for kids, golfers and of course,
skiers, since some of the best skiing at Breckenridge, Keystone, Vail
and Beaver Creek are no more than two hours away.
*Located in Castle Rock, Colo.
** There are 1,700 homes in Castle Pines Village.
***Agent estimate.
PREVIEWS
TREND REPORT:
12
PREVIEWS
TREND REPORT:
$1-2 MILLION MARKET CONTINUED
3. Glenview, Ill.
Population: 44,692
Current Listings $1-2M: 25
Price Gain Year-to-Year: +7.6%
Overall Price Gain/Loss From Peak (2007): -30.9%
Best for: Successful urbanites who want big city amenities in a
small-town setting
Located about 18 miles north of downtown Chicago, Glenview has
emerged as a popular suburb for afuent city dwellers over the last
decade. The tight-knit community caught the attention of Chicago
Magazine in 2010, which ranked it among its 20 Best Towns and
Neighborhoods.
Buyers from the city really gravitate here because we have so
much to offer, said local Previews specialist, Anne DuBray. Its a
wonderful community.
DuBray cites the top-notch schools, world-class golf and park
districts, as well as the convenient location between the 294 and
94 expressways as the primary draws for afuent buyers, who are
typically families. Its also just a hop from downtown Chicago, thanks
to the areas three commuter train stations. But theres no need to
leave Glenview with all of the development around The Glen and
The Glen Town Center, which has brought new outdoor shopping,
restaurants and movie theaters. Noted DuBray: People come from
all over the North Shores to use the shopping center.
Luxury homes in the $1-$2 million category sell on average for
just over $1.3 million and consist of both established homes and
newer homes on what are typically half-acre lots. On a price per
square foot basis, Glenview luxury homes run about $286, whereas
Chicagos Lincoln Park neighborhood is $355 per square foot. Said
DuBray: As you get closer to Lake Michigan, youre going to pay
more for a house. That is also why Winnetka, an upscale suburb
just three miles closer to downtown, will typically command higher
pricesalthough Glenview seems to be catching up to them,
added DuBray.
Yearly price gains support DuBrays view: the average sale price is
up 7.6% from last year and the price per square foot is up 12.6%.
Still, prices are down by 30.9% from the all-time high in 2007.
$2 MILLION+ MARKET
1. Carpinteria, Calif.
Population: 13,040
Current Listings $2M+: 20
Sold Price Per Square Foot: $1,615
Average Sale Price $2M+: $6,513,100
Price Gain Year-to-Year: +66.4%
Best for: Those seeking one of the last refuges in Southern
California for attainable ocean views
If youre looking to purchase an ocean-view property (one of
Southern Californias most precious commodities) for a price that
hasnt yet left this stratosphere, Carpinteria might be worth a second
glance. The idyllic coastal town is just seven minutes away from
Montecito and an hour north of Malibu (both of which rest on some
of Californias most expensive stretches of coastline and consistently
rank on the Previews list of Top Cities for Luxury Sales). With its
seaside charm, quiet setting and comparatively affordable price per
square foot, its an ideal destination for those willing to venture off
the beaten path for their panoramas.
I dont see Carpinteria as a stepchild to Montecito or Santa Barbara,
but a very decisive choice for people who appreciate the quality
of the natural amenities and the quiet lifestyle, said local Previews
specialist, Maurie McGuire, who counts the sandy beaches (rated
among the countrys best, according to Americas foremost beach
expert, Dr. Beach), calm waves and the exclusive Santa Barbara
Polo Club (which hosted the Duke and Duchess of Cambridge in
2011) as draws.
Luxury real estate offerings in the $2 million and up range include
prime beachfront residences (more than half of the closed sales
last year were on or close to the ocean), view-oriented properties
and equestrian estates set back in the foothills of the Santa Ynez
Mountains. Beachfront properties on Padaro Lane command
the highest values in Carpinteria, due to their close proximity
to Montecitobut they are still generally more affordable than
Montecito. A 2,800 square-foot beachfront home on Padaro Lane is
currently on the market for $6,650,000but that same home would
probably be $10 million more in Montecito, estimates local Previews
specialist, Randy Solakian.
Beachfront homes in the private neighborhoods of Sand Point or
Sandyland, a little farther south and closer to the town center, are
even a better value given the generally larger home and parcel size
of these properties. For ocean-view properties, McGuire estimates
there is at least a 10% price increase from Carpinteria to Montecito.
It seems as though some luxury buyers have already caught on:
the average sale price above $2 million in Carpinteria increased a
staggering 66.4% last year, while the average sale price across all
13
$2 MILLION+ MARKET CONTINUED
price points remained down from the all-time high in 2006. Value
is obviously relativebut when it comes to Southern California
ocean-view properties, Carpinteria is still within reach.
2. Marblehead, Mass.
Population: 19,808
Price Gain Year-to-Year: +.9%
Best for: Financiers harboring dreams of a year-round Nantucket
lifestyle
Only 17 miles north of Boston and set on the peninsula, Marblehead
is known as the birthplace of the American Navy and Marine Corps
Aviation. Thanks to the towns historic charm (dating back to
revolutionary times), strong yachting heritage and majestic harbor
location along the eastern seaboard, it has long been thought of
as a summer destination, but that is a misconception, says local
Previews specialist, Bill Willis, Jr. According to Willis, it has become
a sought-after, year-round enclave for afuent couples with children
and yachters who desire a home near the waterfront.
Its very much the combination of the beautiful historic town, with
unparalleled ocean views and access to Boston and everything a
major metropolitan area has to offer, said Willis. When youre here,
it feels very much like youre away from the world, but in 35 minutes,
you could be in Boston for dinner. Youre also just 35 minutes from
Boston-Logan International Airport. Its the best of both worlds.
The value proposition of Marblehead is compelling: prices in the $2
million+ category are slightly up from the year prior in Marblehead
but still down over 13% from the peak in 2006. The average sale
price in this range is $3,190,480, whereas average prices in the more
established high-end areas of Boston run about $480,000 more.
While Marblehead generally consists of single-family homes set on a
half- to full-acre and Boston is mostly made up of posh townhouses,
the price per square foot comparison does favor the harbor suburb
over the city.
Historically you get a bigger bang for your buck compared to Boston
on a price per square foot basis, said Willis. But you also have a
lot of buyers coming from the city who are married with children
because it is a stage-of-life buy.
$3 MILLION+ MARKET
1. Paradise Valley, Ariz.
Population: 17,026
Price Gain Year-to-Year: 12.7%
Best for: Jetsetters who want more space, hot nights and
a 2-hour bounce from L.A.
At one time, Paradise Valley was nothing more than a few modestly
sized ranches set on vast swatches of land. Today that picture has
shifted dramatically as new luxury communities have cropped up
in the hillsides and celebrities, professional athletes and prominent
leaders have set up residence. Located less than three miles from
Phoenix, Paradise Valley presents a signicant value opportunity for
both afuent Southern California transplants and snowbirds from the
Midwest and Canada.
Buyers get so much square footage for their money in Paradise
Valley, said local Previews specialist, Jan Kabbani. Our property
taxes are also much less than California, the Midwest and Canada.
And we can boast 300 days of sunshine! Its all about big blue skies
and beautiful bargains, said Kabbani.
While the Paradise Valley market has seen lower inventory levels than
in years past, it still boasts a healthy inventory of 90 active listings
in the $3 million and up range. Most luxury properties are single-
family detached homes set on 1-acre or more, at and elevated with
mountain views of Camelback and Mummy Mountain. The town
also posted year-over-year price gains of 12.7% in the $3 million
and up rangeat a time when metropolitan Phoenix is leading the
nation in housing price appreciation. (Phoenix posted an impressive
23% year-over-year price increase and eighth consecutive month
of double-digit annual growth in December 2012). Other signals
of stability: according to the Multiple Listing Service, the average
selling price per square foot for $3 million+ properties is $419
down just .9% from the previous year. In the last few years, Paradise
Valley has even become a more affordable alternative to Silverleaf,
an afuent Scottsdale neighborhood that has began commanding
higher dollar sales, according to Kabbani. And of course, proximity
to private country clubs, world-class resorts and transportation
hubs (Phoenix Sky Harbor International Airport is just 11 miles away
and the Scottsdale Municipal Airport is nine miles away) and some
of the top public schools in Arizona doesnt hurt either.
PREVIEWS
TREND REPORT:
The Previews
Top Ten Report

Top Ten ZIP Codes & Cities for Luxury Sales & Listings
15
* Januar y 2012-December 2012
Top U.S. ZIP codes wi th the most l uxury home l i sti ngs and sal es i n three di sti nct pri ce poi nts: $1,000,000+, $5,000,000+
and $10,000,000+. Due to market densi ty, the ZIP codes from the Metropol i tan New York area are noted on pg. 20.
THE PREVIEWS
TOP TEN REPORT

$1,000,000+
Zip Code City State
Number
of Sales
94010 Burlingame CA 370
95070 Saratoga CA 344
90266 Manhattan Beach CA 334
92037 La Jolla CA 316
92660 Newport Beach CA 308
90049 Brentwood (LA) CA 306
94025 Menlo Park CA 298
94539 Fremont CA 290
90210 Beverly Hills CA 287
94024 Los Altos CA 275
$5,000,000+
Zip Code City State
Number
of Sales
81611 Aspen CO 48
90265 Malibu CA 43
93108 Montecito CA 41
33139 Miami Beach FL 36
06830 Greenwich CT 32
90077 Bel Air (LA) CA 24
90272 Pacic Palisades CA 22
$10,000,000+
Zip Code City State
Number
of Sales
81611 Aspen CO 16
90265 Malibu CA 7
94027 Atherton CA 7
33156 Miami FL 6
U.S. ZIP CODES WITH THE HIGHEST NUMBER OF LUXURY HOME SALES*
16
Top U.S. ZIP codes wi th the most l uxury home l i sti ngs and sal es i n three di sti nct pri ce poi nts: $1,000,000+, $5,000,000+
and $10,000,000+. Due to market densi ty, the ZIP codes from the Metropol i tan New York area are noted on pg. 20.
THE PREVIEWS
TOP TEN REPORT

$1,000,000+
Zip Code City State
Number of
Listings
92037 La Jolla CA 613
33160 North Miami Beach FL 572
06880 Westport CT 572
94010 Burlingame CA 512
90265 Malibu CA 510
92651 Laguna Beach CA 493
85253 Paradise Valley AZ 479
81611 Aspen CO 463
$5,000,000+
Zip Code City State
Number of
Listings
81611 Aspen CO 153
90265 Malibu CA 153
90272 Pacic Palisades CA 73
$10,000,000+
Zip Code City State
Number
of Listings
90265 Malibu CA 65
81611 Aspen CO 54
94027 Atherton CA 25
34102 Naples FL 22
U.S. ZIP CODES WITH THE HIGHEST NUMBER OF LUXURY HOME LISTINGS*
17
Top U.S. ci ti es wi th the most l uxury home l i sti ngs and sal es i n three di sti nct pri ce poi nts: $1,000,000+, $5,000,000+
and $10,000,000+.
U.S. CITIES WITH THE HIGHEST NUMBER OF LUXURY HOME SALES*
THE PREVIEWS
TOP TEN REPORT

$1,000,000+
City State Number of Sales
New York City (Manhattan) NY 2,382
Los Angeles CA 1,533
San Francisco CA 1,507
Hamptons NY 963
Miami FL 790
Chicago IL 713
Naples FL 651
Washington DC 646
San Jose CA 589
Newport Beach CA 561
$5,000,000+
New York City (Manhattan) NY 247
Los Angeles CA 84
Beverly Hills CA 81
Greenwich CT 58
Miami FL 52
Aspen CO 48
San Francisco CA 48
Malibu CA 43
Montecito CA 29
Miami Beach FL 25
$10,000,000+
Los Angeles CA 21
Beverly Hills CA 21
Aspen CO 16
Greenwich CT 11
Miami FL 11
Montecito CA 10
San Francisco CA 9
Malibu CA 7
Atherton CA 7
Santa Barbara CA 7
Coral Gables FL 7
18
U.S. CITIES WITH THE HIGHEST NUMBER OF LUXURY HOME LISTINGS*
Top U.S. ci ti es wi th the most l uxury home l i sti ngs and sal es i n three di sti nct pri ce poi nts: $1,000,000+, $5,000,000+
and $10,000,000+.
THE PREVIEWS
TOP TEN REPORT

$1,000,000+
City State Number of Listings
Los Angeles CA 2,609
Miami FL 1,871
San Francisco CA 1,759
New York City (Manhattan) NY 1,665
Naples FL 1,436
Dallas TX 1,025
Greenwich CT 924
Beverly Hills CA 663
La Jolla CA 612
Fort Lauderdale FL 555
$5,000,000+
Los Angeles CA 236
Greenwich CT 196
Miami Beach FL 178
Beverly Hills CA 177
Aspen CO 153
Malibu CA 152
Naples FL 106
San Francisco CA 81
Laguna Beach CA 78
$10,000,000+
Los Angeles CA 85
Malibu CA 65
Miami FL 60
Beverly Hills CA 58
Aspen CO 54
Greenwich CT 51
Montecito CA 28
Laguna Beach CA 27
Atherton CA 25
19
Domestic Spotlight | Metropolitan New York
20
Fol l owi ng the surge i n Manhattan l uxury home sal es duri ng the fi nal months of 2012, Manhattan has conti nued to see
record sal es of l uxury condos i n 2013. The fi rst quarter has gotten of f to a robust start, wi th the number of si gned contracts
i n Manhattan soari ng to i ts hi ghest l evel for a January i n four years. January 2013 sal es were up 40% from the previ ous
January, and February 2013 numbers were al so trendi ng upward compared to 2012. Both months were anchored by
announcements of two maj or ul tra hi gh-end sal esa $50 mi l l i on ful l-fl oor co-op on Fi f th Avenue ( j ust $4 mi l l i on l ess than
the record-setti ng co-op sal e of 2012) and a $32.5 mi l l i on l uxury condomi ni um overl ooki ng Central Park. These fi gures
fol l ow on the heel s of the 2012 boom, when sal es of Manhattan homes over $15 mi l l i on doubl ed. The most si gni fi cant
factors contri buti ng to the ongoi ng surge i ncl ude: 1) weal thy Ameri can and i nternati onal buyers who conti nue to see
Manhattan real estate as a safe haven for thei r i nvestments, 2) buyers l ooki ng to cl ose escrow before capi tal-gai ns tax rates
i ncrease and 3) growi ng opti mi sm fuel ed by current i nventory l evel swhi ch i s at a seven-year l ow, accordi ng to New York
State Associ ati on of REALTORS
. Overal l, brokers i n the Greater Manhattan area remai n opti mi sti c about the l ong-term
potenti al of l uxury real estate movi ng deeper i nto 2013.
DOMESTIC SPOTLIGHT
METROPOLITAN NEW YORK
Top Closed Sales*
Area $1M+ $5M+ $10M+
Downtown 889 77 12
Upper East Side 608 99 41
Upper West Side 523 54 12
Midtown East 218 13 5
Midtown West 122 4 1
Top Active Listings*
Area $1M+ $5M+ $10M+
Downtown 527 123 51
Upper East Side 495 157 65
Upper West Side 206 58 25
Midtown East 227 46 20
Midtown West 172 34 15
21
Domestic Spotlight | Chicago
22
N
ow i n 2013, the Chi cago area
i s begi nni ng to see economi c
i mprovement as l uxury hi gh-ri se
devel opment has started to return and
the unempl oyment rate has dropped
from 2011. These i mprovements have
had a more stabi l i zi ng ef fect on pri ci ng
at the hi gher end of the housi ng market.
In the $3-5 mi l l i on pri ce range, the
average sal es pri ce i s j ust over $3.6
mi l l i on wi th the l i st-to-sal e percentage
at 94%, depi cti ng a very stabl e market,
sai d Crai g Hogan, Previ ews
Luxury
Di rector, Ci ty Regi on. Al so, more
properti es cl osed over $5 mi l l i on i n
2012 si nce the hi ghs of 2008 and 2010,
cul mi nati ng i n a record-breaki ng condo
sal e of $15 mi l l i on. Thi s one fact al one
sent a message to the market that hi gh-
net-worth buyers are out there and
wi l l i ng to pay a premi um for a property
i n our ci ty.
Whi l e pri ci ng i n the overal l l uxury
market ( $750,000+) has stabi l i zed,
sal es vol ume has not yet been restored
to pre-recessi on l evel s. Uni t sal es were
down 41% and vol ume was down 38%
from fi ve years ago, Hogan sai d. Lower
sal es numbers i n 2012 coul d be partl y
due to l ack of l uxury housi ng i nventory.

Whi l e we sti l l have many homes
avai l abl e i n our upper-bracket sector,
the quanti ty of the most premi um
properti es i s ti ght, Hogan sai d. Thi s
suppl y and demand i ssue has resul ted
i n some of the qui ckest sal es we have
seen i n some ti me, wi th some properti es
sel l i ng wi thout ever bei ng brought to
market.
Lack of i nventory remai ns at pl ay i n
both the si ngl e-fami l y and condomi ni um
segments. In upscal e suburban
nei ghborhoods such as Wi nnetka and
Keni l worth, l ocati on remai ns ki ng as
i t rel ates to communi ty, si nce there
are l i mi ted opportuni ti es i n an urban
market to purchase a l uxury home
near excel l ent school s and ameni ti es,
expl ai ns Hogan. The condomi ni um
market i n downtown Chi cagoand
speci fi cal l y Gol d Coasthas seen such
a dramati c i ncrease of record-breaki ng
sal es and pri ce per square foot that a
connecti on to ameni ti es and servi ces
conti nue to set the bar and draw buyers
to our most expensi ve and outstandi ng
towers, notes Hogan.
New government pol i ci es taki ng ef fect
i n 2013 have al so i mpacted the Chi cago
l uxury marketmost notabl y i n the l ast
quarter of 2012 as hi ghl y moti vated
sel l ers sought to cl ose escrow before
January 1, 2013, when tax cuts were
set to expi re under the pendi ng fi scal
cl i f f deal. Hogan poi nts to an 18-room
l akefront mansi on i n Wi nnetka that sol d
for $12.25 mi l l i on on December 31, whi ch
the Chi cago Tri bune decl ared as one
of the si ngl e hi ghest-pri ced resi denti al
sal es i n Chi cago-area hi story. However,
he cauti ons, the si gni fi cant i ncrease i n
acti vi ty that was wi tnessed cannot be
expl ai ned by that al one. The market
was and has conti nued to show si gns
of new strength and stabi l i ty. He
remai ns parti cul arl y opti mi sti c about
the l ong-term potenti al of the af fl uent
sector, noti ng several new l arge-scal e
l uxury condomi ni ums that have been
approved i n the Gol d Coast and Ri ver
North nei ghborhoods.
AT A GLANCE
s Top Previ ews Li sti ngs:
The Penthouse at Trump
Tower, 401 N. Wabash, l i sted
at $32,000,000 USD*.
Cl i ck Here to Vi ew

North Shore Estate i n Wi nnetka,
Il l i noi s, desi gned by renowned
archi tect, Ri chard Landry, l i sted
at $21,900,000 USD*.
s Hi ghest Pri ced Properti es
Sol d i n 2012:
A Mi chi gan Avenue penthouse
sol d for $15,000,000 USD, l i sted
by Chezi Rafael i.

An 18-room l akefront mansi on i n
Wi nnetka sol d for $12,250,000 USD,
l i sted by Maureen Mohl i ng.
DOMESTIC SPOTLIGHT
CHICAGO
*Pri ce and exchange rate subj ect to change
International Spotlight | Australia
24
*Suburb of Sydney
**Pri ce and exchange rate subj ect to change
A
ustralia has recently been in the
news for having some of the most
expensive cities in the world
to live in, with Sydney and Melbourne
ranking among the top 10. According to
Jonathan Chancellor, managing editor
of Sydney-based Property Observer
(www.propertyobserver.com.au) and
preferred independent journalist for the
Australian Coldwell Banker affiliates,
the prestige market in Australia is
defined between $5 million and $50
million AUD, or about $5,159,053 to
$51,590,536 USD. He identifies Sydneys
Point Piper and Mosman, Perths
Peppermint Grove and Mosman Park
and Melbournes Toorak and Hawthorn
as the neighborhoods that command
the highest values, with Wolseley Road
in Sydney often considered to be one of
the most expensive streets in the world.
In the last published authoritative list of
the worlds priciest streets, published by
Financial Review, Wolseley Road in Point
Piper was ranked the ninth-priciest street
in the world, valued at $21,152 USD per
square meter.
Although economic growth throughout
the country has led to inflation and
currency strength, Sydneys prestige
housing market has seen lower prices
and fewer sales than at the peak of the
market five years ago. In general, prices
are 5% to 15% lower on average, and a
few sales have been reduced by about
25%, said Chancellor. However, Alex
Caraco, manager of Coldwell Banker
Gold Coast Property Group, notes that in
the $10-20 million range, there has been
an increase in the amount of sellers
meeting the market on price in the first
part of 2013. He said: Demand and sales
are marginally higher with more all-cash
buyers who are buying well below 2008
prices.
Still, Chancellor points out, Sydney
prestige property transactions are
considerably less, compared to 2008
because there has been an aversion to
debt and even conspicuous consumption
among the wealthy set of merchant
bankers. The second home market
especially the Palm Beach* weekender
homeshas been hit by this trend, along
with increases in government land taxes.
Unlike U.S. domestic luxury markets,
affluent buyers in Australia have plenty of
luxury home inventory to choose from
in fact, 2013 has begun with about 500
homes with asking prices of $5 million
or higher, said Chancellor. However, he
adds that there are even more prestige
listings on the market than actually
advertised. Many secret pocket listings
exist with homeowners reluctant to have
it publically known they are sellers and
even more reluctant to have their asking
price known.
Chancellor indicates that there have been
several dynamics at play in the market,
including the strength of the Australian
dollar, which has held back purchasing by
expatriates and the lack of confidence
in national and international economies
since the start of the global financial crisis.
That said, cautious optimism has begun
to return in 2013, as the commodities
market and demand in China and India
for Australias mineral resources have
created a new niche of buyers eager
to purchase prestige properties, said
Chancellor. Industry insiders also hope
the governments recent decision to
loosen overseas visa applications will
encourage prestige property acquisitions
by international buyersmost especially
from Asia, he said.

Under the new Significant Investor Visa,
according to The Wall Street Journal,
wealthy internationals must invest $5
million AUD in state and territory Australian
government debt, privately-owned
Australian companies and managed funds
that invest in Australian assets regulated
by the Australian Securities & Investment
Commission for four years. In exchange,
the government will cut residency
requirements from two years to 160 days
over that period. With these changes, it
will be interesting to see if Australia can
finally top its record-breaking sale from
2009a 7,500-square-metre residential
compound in Perth, Western Australia,
which sold for $57.5 million AUD (or about
$59.3 million USD). Already, Caraco has
noticed an uptick in interest coming from
Asia, who are partly responsible for the
latest surge in purchases of new prestige
condominiums in city areas. Rest
assured, Previews will continue to keep a
close watch on this market.
AT A GLANCE
s Top Previ ews Li sti ng:
Sanotuary Oove, Oueens| and-
$16,326,400 USD**
s Hi ghest Pri ced Property
Sol d i n 2012:
Kal ua, a 5-bedroom, 6-bathroom
pl antati on-styl e Pal m Beach home,
j ust on the outski rts of Sydney
Approxi matel y $23,000,000 USD.
INTERNATIONAL SPOTLIGHT
AUSTRALIA
Agent Success Story | Jade Mills
26
AGENT SUCCESS STORY
JADE MILLS
Even at an earl y age, Jade Mi l l s seemed a natural when i t
came to sal es. Whi l e growi ng up i n the smal l town of Al amo,
Cal i f., she entered a contest to sel l newspaper subscri pti ons.
She won the competi ti on, earni ng a pri ze of $100, whi ch she
donated to chari ty.
It was real l y my fi rst sal es j ob, sai d the ebul l i ent Mi l l s,
who today i s a Previ ews
Estates Di rector and Internati onal

Ambassador wi th Col dwel l Banker Resi denti al Brokerage i n
Beverl y Hi l l s. Ive al ways l oved sal es. I real l y l ove the thri l l
of the deal and I l ove havi ng everyone happy at the end of
the sal e.
What began wi th a $100 pri ze has turned i nto a career that
has produced more than $1 bi l l i on i n resi denti al real estate
sal es i n the l ast decade and numerous accol ades as one
of the nati ons top-sel l i ng agents. Mi l l s i s ranked the No. 1
agent nati onal l y and i nternati onal l y for NRT and Col dwel l
Banker and achi eved a total sal es vol ume of more than $338
mi l l i on i n 2012.
I l ove what I do, sai d Mi l l s. Its very rewardi ng to me to see
both buyer and sel l er happy.
Mi l l s grew up as the daughter of a dai ry farmer i n Al amo,
l ocated 20 mi l es east of Oakl and, and her parents were
si gni fi cant i n shapi ng Mi l l s approach to l i fe and busi ness.
My mother was extremel y posi ti ve, sai d Mi l l s. From the ti me
I can remember, she al ways tol d me I coul d do anythi ng that
I wanted to do, and that i f you work hard, you can achi eve al l
of your goal s. She was so posi ti ve wi th every aspect of l i fe.
My father tol d me he never had a contract i n wri ti ng for
anythi ng. He sai d your word i s your bond. You dont need
a contract; you j ust do what you say youre goi ng to do. I
al ways conduct mysel f and my busi ness wi th the utmost
i ntegri ty and honesty, and I try to i nsti l l i n new agents the
i mportance of i ntegri ty.
Mi l l s got her real estate l i cense i n 1975 af ter her husband
of three years l ef t her al one wi th thei r i nfant daughter. As a
young si ngl e mother, Mi l l s had to make a future for hersel f.
She was encouraged by broker Spi ke Dresser, who was i n
the process of sel l i ng Mi l l s home at the ti me, to pursue a
career i n real estate. Mi l l s found i mmedi ate enj oyment i n the
professi on and some earl y success.
Af ter marryi ng her second husband, she stepped away to
rai se her fami l y, but when he passed away many years l ater,
she agai n made her way through thi s di f fi cul t ti me by sel l i ng
real estate. Mi l l s pri mary obj ecti ve, though, was not to
become a top agent.
My goal was supporti ng my chi l dren, sai d Mi l l s. That was
al l I coul d focus on.
Mi l l s worked hard supporti ng her fami l y, to the poi nt of
becomi ng the No. 1 and No. 2 agent i n the nati on for the past
several years. Her cl i ent base has grown through referral s
and i ncl udes busi ness managers, attorneys, CEOs, members
of the Forbes 400 and cel ebri ti es.
Even though Mi l l s works wi th some of the countrys most
expensi ve homes, she sel l s i n al l pri ce ranges. Her focus
for each transacti on i s maki ng sure everyone i s sati sfi ed. In
2012, her sal es ranged from $1 mi l l i on to $50 mi l l i on.
I work hard for al l of my cl i ents, sai d Mi l l s. I enj oy today
what Ive al ways enj oyed about the busi ness: I l ove the
process, meeti ng new peopl e, sel l i ng and fi ndi ng my cl i ents
the perfect home.

MEET JADE MILLS

Jade Mi l l s has four chi l dren and two work wi th her, son
Zaohary Ou| ttman and daughter T| f fany Baroena. Daughter
Al exi s LaMontagna al so worked i n real estate before starti ng
a successful eponymous cl othi ng l i ne. Mi l l s son Austi n Mi l l s
i s a freshman at Pepperdi ne, where he pl ays basketbal l.
Austi n was the thi rd al l-ti me l eadi ng scorer at Beverl y Hi l l s
Hi gh School. Her husband Adam desi gns and bui l ds homes
i n the Los Angel es area.
I have four fabul ous chi l dren and fi ve amazi ng
grandchi l drenand I am very proud of al l of them, sai d Mi l l s.
There i s nothi ng more i mportant i n my l i fe than my husband,
chi l dren and grandchi l dren. I am trul y bl essed.
Pri or to worki ng i n real estate, Mi l l s travel ed the country
wi th her fi rst husband, who was a si nger, and di scovered a
passi on for worki ng wi th peopl e that carri ed i nto her career
as a broker.
Travel i ng around the country, I found that peopl e were very
fri endl y and wel comi ng, sai d Mi l l s. I found that I real l y
wanted to work wi th peopl e rather than i n an envi ronment
where I di dnt.
Her smal l-town roots were transpl anted easi l y i n Beverl y Hi l l s.
Beverl y Hi l l s i s real l y a very smal l town. Peopl e are very
fri endl y and I real l y enj oy wal ki ng down the street and
knowi ng so many peopl e. Its very comforti ng to l i ve i n a
pl ace where you feel safe. Beverl y Hi l l s i s trul y my home. I
cant ever see mysel f l i vi ng anywhere el se.
Previews By The Numbers
28
OUR ACHIEVEMENTS INCLUDE:
s Previ ews agents parti ci pated i n
more than 16,400 transacti on
si des of homes pri ced at $1 mi l l i on
or more i n 2012.
s On average, Previ ews handl es
$86.1 mi l l i on i n l uxury home
sal es every day.*
s The average sal e pri ce for Previ ews
homes i s $1.93 mi l l i on.
s 218 Agents & Teams l i sted among
The Thousand.
PREVIEWS
BY THE NUMBERS
2012 was a mi l estone year for the l uxury real estate market wi th a surge i n both
buyer i nterest and several maj or record-setti ng sal es. Col dwel l Banker Previ ews
Internati onal
has remai ned at the center of much of thi s acti vi ty. From hi stori c
sal es to the vol ume of l uxury sal es we handl e everyday, our numbers show the
depth of our l eadershi p i n the af fl uent space.
*Data based on cl osed and recorded transacti on si des of homes sol d for $1 mi l l i on or more as repor ted by
the U.S. Col dwel l Banker franchi se system for the cal endar year 2012. USD$
**Li st pri ce does not i ndi cate sal es pri ce
Coldwell Banker Previews International
Signicant Sales 2012

City State List Price** Agent(s)
Beverly Hills CA $55M Jade Mills, Joyce Rey
Malibu CA $55M Chris Cortazzo
Indian Creek FL $52M Jill Eber, Jill Hertzberg
Great Neck NY $39.5M Diane Polland
San Franciso CA $34M Dona Crowder
Santa Barbara CA $29M Randy Solakian
Malibu CA $27M Chris Cortazzo
Bel Air CA $24.9M Jade Mills, Joyce Rey
Atherton CA $24M Carol MacCorkle
DISCLAIMER
2013 Col dwell Banker Real Estate LLC. All Ri ghts Reserved. Col dwell Banker Real Estate LLC full y supports the pri ncipl es of the Fai r
Housi ng Act and the Equal Opportuni ty Act. Each Of fi ce i s lndependentl y Owned and Operated. Col dwell Banker, the Col dwell Banker
Logo and Col dwell Banker Previ ews Internati onal
are regi stered servi ce marks owned by Col dwell Banker Real Estate LLC. The Col dwell
Bank Previ ews Internati onal Luxur y Market Report i s based on data coll ected by Col dwell Banker NRT from i nternal and external resources
i ncl udi ng mul tipl e li sti ng servi ces. All materi al herei n i s i ntended for i nformati on purposes onl y and has been compil ed from sources deemed
reli abl e. Though i nformati on i s beli eved to be correct, i t i s presented subj ect to errors, omi ssi ons, changes or wi thdrawal wi thout noti ce. Thi s
i s not i ntended to soli ci t property al ready li sted.

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