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The 2018 Edition of The Wealth Report

Friday, March 23, 2018

The 2018 edition of The Wealth Report, now in its 12th year, tracks the trends of the world’s wealthiest people and how they influence real estate markets around the globe.

Below we have assembled 20 key findings from this year’s report, jointly produced by Douglas Elliman | Knight Frank Residential along with data specialists, Wealth-X.

FOLLOW THE MONEY
Tracking wealth concentration and the flow of capital

  1. 1) The number of UHNWIs – individuals with $50m+ in net assets – increased by 10% in 2017, taking the total to 129,730 individuals globally.
  2. 2) The number of HNWIs – individuals with $5m in net assets – is set to rise 43% by 2022 to a total of 3,617,550.
  3. 3) New York leads all global cities in households earning $250k+ per year, with more than 1,167,000 counted. Los Angeles comes in 2nd place with 637,000.
  4. 4) North America remains the world’s largest wealth region. Some 34% of the world’s ultra-wealthy are based here, and their ranks rose by a further 5% last year, taking the total to 44,000.
  5. 5) 20% of the UHNWIs (Ultra High Networth Individuals) in North America plan to buy another residential home in-country in 2018, versus 10% who plan to purchase a home out-of-country.
  6. 6) In China, the population of those with $50M+ will more than double in the next 5 years. There will also be strong growth in Japan (+51%), India (+71%), Indonesia (+66%) and Malaysia (+65%).
  7. 7) Based on wealth, investment opportunity, lifestyle and future growth, New York is the most desired global location for the ultra-wealthy. London comes in second. San Francisco is the 3rd most desired location, and the second most desirable city by lifestyle.

PRIME REAL ESTATE MARKETS
Measuring the world’s luxury residential property markets in 2017

  1. 8) In Aspen, the residential prime property market – recognized as the top 5% of the market by price – recorded the 3rd largest price increase worldwide in 2017, with a 19% year-over-year growth.
  2. 9) Los Angeles, New York and Miami saw growth of 5.1%, 4.6% and 2.2% respectively in 2017. In New York, the 4.6% rise reflects the conclusion of a number of high-end sales as vendors across New York City displayed greater flexibility on price in both the resale and new homes markets.
  3. 10) Europe is home to four of the world’s top ten performing prime residential markets: Amsterdam (+15%) Frankfurt (+12.9%), Paris (+12%) and Madrid (+10.6%).
  4. 11) In Asia, the weakening of prime property markets in Beijing (+9%) and Shanghai (+7%) contributed to a slight drop across the Asia-Pacific region as a whole, with markets averaging 4.4% growth in 2017, down from 5.2% the previous year.
  5. 12) The Chinese city of Guangzhou leads this year’s prime property market rankings, with prices up 27% year-over-year.
  6. 13) Seoul (+13.2%) and Hong Kong (+7.3%) continue to perform strongly in the prime property market sector.
  7. 14) Istanbul’s prime property market took top honors in the Middle East region with growth of almost 5%, but with inflation in Turkey at almost 13% in 2017, prices declined in real terms.
  8. 15) In Dubai, the story of 2017 was one of stabilization. In the first nine months of the year, prime sales volumes rose by 6% and the total value of prime transactions reached Dh2.27 billion, up 9% from the same period a year earlier. Ahead of Expo 2020, large-scale investment in new infrastructure projects is expected to filter through into market sentiment.

LUXURY INVESTMENTS
From wine to watches, the passion investments of the ultra-wealthy

  1. 16) Art led all asset categories in 2017, its value increasing 21% year-over-year.
  2. 17) 2017 saw the most expensive painting ever sold with Leonardo da Vinci’s Salvator Mundi going for US$450 million, smashing the previous world record set by Picasso’s $179 million Women of Algiers in 2015.
  3. 18) Investment grade wine, which was the top-performing asset class in 2016 with a growth of 24%, put in another double-digit performance last year (+11%) to clinch second place.
  4. 19) Classic cars is the best performing asset class over a ten-year period. It saw a number of striking auction results in 2017, with a 1956 Aston Martin DBR1, raced by legendary driver Stirling Moss, selling at auction for $22.5 million.
  5. 20) Watches – The ‘Paul Newman’ Rolex Daytona set a new record for wristwatches at auction in 2017 and sold for US$17.8 million at Phillips. Given to him by his wife

Joanne Woodward and inscribed “Drive carefully”, the watch was originally guided at US$1 million.
Did you know that when we represent a property, we take it global. Our exclusive alliance with Knight Frank Residential showcases our listings to over 489 offices across 59 countries and 6 continents. We provide our clients global access to a world of prospective qualified buyers, not available to any other real estate agent in the industry.
EXPERIENCE MATTERS. CHOOSING THE RIGHT REALTOR MAKES ALL THE DIFFERENCE.

 

Ultra Violet is Taking Center Stage in Home Décor

Monday, February 12, 2018

Tags:  color, Pantone, luxury homes, real estate, Ultra Violet, Interior Design

When Pantone releases their choice of “color of the year”, we typically all think about it related to fashion, but it also has a great impact on the interior design trends as well. Do you see yourself incorporating Pantones 2018 color, Ultra Violet into your home décor? You can add it to your homes in a beautiful way; from floral accents, beautiful accessories to as much as fully designed rooms!

We love how they describe Ultra Violet.A dramatically provocative and thoughtful purple shade, PANTONE 18-3838 Ultra Violet communicates originality, ingenuity, and visionary thinking that points us toward the future.

Whether you end up with a lush bouquet of jewel-tone flowers, a pair of silk purple throw pillows or a coffee table Geode accent, the easiest way to start decorating with a new color is to take baby steps. You can soften the tone by adding in coordinating hues; lilac, blush, and shades of blue.

Or if your style is to go big and bold or go home, consider embracing the romantic mood of the dramatic hue by adding supersaturated dark wall colors and rich fabrics; think rich velvets, leathers and sumptuous textures!

You might see this as a difficult color for interior design, but with some fun creative “visionary thinking”, you can achieve some amazing results! Comment if and how you will be incorporating this decadent hue in your design.

 

Fort Lauderdale Makes Biggest Jump in National Rankings and The Four Seasons Private Residences Will Be Front and Center I The Cronican Group, Douglas Elliman

Tuesday, January 30, 2018

Tags:  real estate, four seasons, luxury homes, fort lauderdale, south florida, luxury

Fort Lauderdale is one of the most exciting real estate markets in the nation and making the biggest jump in national rankings. According to a recent report from Price Waterhouse Coopers and the Urban Land Institute, Fort Lauderdale ranks No.6 in this year’s Emerging Trends in Real Estate; jumping up 29 spots from last year.

With 13.4 percent of companies that are less than three years old making this their home, it is an indication of a booming economy with strong signs of growth ahead and the iconic Four Seasons Luxury Residences are going to be front and center! It is known as “the yachting capital of the world”, the home of the worlds second largest port an and with the influx of international flights including British Airlines, a growing cultural community and nearly $2B in development within North Beach Village making now a great time to invest.

North Beach Village is one of the most "walkable" neighborhoods in Fort Lauderdale. Within a mile you have all the restaurants and boutiques of Las Olas, 150 shops at the Galleria and all the area’s top dining establishments. In addition, officials have prioritized making Breakers Avenue the most prominent pedestrian friendly street in the city.

We are very excited to be representing Four Seasons Private Residences Fort Lauderdale. Four Seasons is one of the most prestigious luxury brands in the world and the Four Seasons Private Residences Fort Lauderdale is the most exclusive and ultra-luxurious oceanfront development in Fort Lauderdale. The boutique development will be intimately scaled at just 22 stories, the oceanfront property consists of only 90 private residences and 130 hotel suites. Those lucky enough to call this home will be able to enjoy all the world-renowned services and amenities of the Four Seasons without leaving the comfort of their home.

It is being called “A new oceanfront destination”. Floorplans at the Four Seasons range from one bedrooms with a den to four bedrooms, including furnished and fully appointed as well as unfurnished options. The residences will range from 780 square feet up to 6,000 square feet with three, two-story residences boasting dramatic 20-foot ceilings. The striking interiors and exteriors are designed by an international team of visionaries including Tara Bernerd, Kobi Karp, Martin Brudnizki, Fernando Wong and developed by Nadim Ashi. Starting price points are just over $2M and with groundbreaking just around the corner, we are giving you a sneak peek and highlighting a few of the exceptional amenities, residence features and dreamy images below. If you are interested in learning more about this exclusive opportunity, please contact us and we will walk you through everything in detail.

Captivating floor-to-ceiling glass walls open onto gracious terraces idea for entertaining and al fresco living spaces.

Residence Features
• Travertine Stone flooring throughout
• Kitchens and bathrooms designed by Tara Bernerd
• Cabinetry by Molteni Dada
• Bathroom fixtures by Waterworks and Lefroy Brooks
• Sub-Zero, Miele, and Wolf appliances
• Kitchen Fixtures by Dornbracht

Four Seasons Private Residence Services & Amenities
• Designated Director of Residences
• Designated Four Seasons Residential Concierge
• Private Residence arrival and lobby
• 24-Hour Doorman and bellman services
• 24-Hour Security
• Four Seasons Housekeeping Services
• Four Seasons Pool and Beach Services

…And who doesn’t love their own beach butler!

A La Carte Services
• On demand car service to and from airport
• In residence dining and event catering
• In residence spa services
• In residence laundry and valet services
• Grocery provisioning
• Business Center assistance
• Residence maintenance and repair services
• Housekeeping Services
• Butler Services
• Personal trainers
• Dog grooming Services

OCEANFRONT DINING, POOLS, PRIVATE CABANAS AND SPA

Property Amenities
• Four Seasons Spa & Fitness Studio
• Four Seasons Hotel
• Four Seasons Signature Restaurant
• Indoor/outdoor brasserie on the Pool Deck
• Four Seasons Poolside Cabanas
• Kids for All Seasons Program
• Oceanfront Pool deck featuring two heated swimming pools

Whether the Four Seasons Private Residences Fort Lauderdale is your reality or on your vision board; the one thing we know, is that there is no better time than now to invest in South Florida and we would love to be there to help you navigate the process!

Email us for a list of all new development projects underway in South Florida. Lori.cronican@elliman.com

View a full description FOUR SEASONS BROCHURE and to schedule a tour contact Lori & Christopher

 

Welcome to “The Cronican Group” Website!

Monday, January 16, 2017

Tags:  real estate, four seasons, luxury homes, fort lauderdale, south florida, luxury

Welcome to The Cronican Group blog, where the hottest Palm Beach real estate information is at the touch of your fingertips! The Cronican Group mother-son dynamic duo prides itself on being a top real estate agency that provides outstanding customer service and expertise in all facets of the industry.

Together, Lori Cronican and her son Christopher have become a powerful team in real estate. With over 20 years of experience, she has made record breaking achievements in sales growth and executive leadership. Her son has paved his own prosperous path by proving to have top-notch negotiating skills and unparalleled dedication to his clients. An unstoppable team, Lori and Christopher have nailed down impressive deals from Palm Beach, Manalapan, Highland Beach, Jupiter, Delray Beach, and beyond. They have a global network of VIP clients they can now call friends and according to Lori, “The value of the relationship can never be forgotten; it is the cornerstone of business and coupled with diligent care, expertise in the industry and relentless drive, a reputation for excellence and mastery is created.” The Cronican Group is also thrilled to be part of the Douglas Elliman real estate team, the number one leaders in the luxury market. With access to the best resources and marketing tools, discover how Lori and Christopher Cronican can meet all of your Palm Beach real estate needs, whether you are a buyer, seller, or investor!

Use this blog and website to guide you through the complex real estate market. Check out all of our wonderful exclusive listings, testimonials page, videos, lifestyle guide, and even our volunteer efforts! Once you have found the home of your dreams, please contact Lori at (509) 254-1683 or Chris at (509) 254-1608 to start your exciting real estate journey!

 

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