Friday, December 19, 2008

Ritz-Carlton Paradise Valley Arizona



Last month, the Ritz-Carlton, Paradise Valley, cleared a major hurdle, as voters approved a ballot referendum allowing the project to go ahead. Construction was to begin last summer, but opposition from a local group, reportedly focused on the density of the development’s residences, delayed its start. Work is now about to begin, and according to the developer, interest from buyers has been high. On 105 acres at the base of Camelback Mountain about 14 miles northeast of downtown Phoenix, the project is to include a 225-room resort and 161 residences. Most of the residences — and the first available for purchase — will be two- to three-bedroom Spanish Colonial Revival-style villas of at least 2,300 square feet. The free-standing villas, for which buyers can choose finishing details, will include terraces and gas fireplaces. Also planned are larger houses, from 4,000 square feet, and one-acre homesites on which buyers can build homes independently or with the help of the developer. As for amenities, there will be the spa, nine swimming pools, a restaurant and private, in-home chef service. A concierge service will help residents book activities like golf at nearby courses, where they will be offered preferential tee times. Adjoining the site, on the other side of the city line in Scottsdale, is an 18-acre project by the same developer that includes plans for a shopping center filled with upscale restaurants and boutiques like Hermès, as well as one of the first Edition hotels, a new brand by Ian Schrager and Marriott.

For More Information Visit: CondominiumHotels.com

Original Article: NY Times

Friday, December 12, 2008

Private residence club can make vacation home abroad a dream come true




Los Angeles resident and admitted Italo-phile Vera Campbell wanted a vacation villa in Tuscany. Not just any old house -- she wanted a place where she could host a dozen friends, sip a little Vino Nobile and savor la dolce vita without worrying about burst pipes or leaky roofs.

"If I had tried to find all of that in a private home, with all of the maintenance costs, it would have been in the millions," Campbell said.

Then, she toured Castello di Casole, a private residence club set on 4,000 acres of rolling hills on the outskirts of Siena. It includes a 17th century castle that is being reinvented as a boutique hotel as well as eight large renovated farmhouses. For $600,000, Campbell bought a one-tenth share of one of the houses and, paying $15,000 in annual dues, is guaranteed at least four weeks a year in her 4,000-square-foot villa and full use of all amenities.

Before she arrives on visits, a phone call ensures that her kitchen is stocked, her hot tub is bubbling at exactly the right temperature and her artwork is hung just so. She faxes the concierge her itinerary with special restaurant and private winery tour requests. Staff members plot out the trip, complete with driving directions and estimated driving times.

"I knew what all the complications and costs could be on buying and maintaining a foreign property that would be sitting empty most of the time," said Campbell, so she considered the residence club a good option.

Among shared vacation home alternatives, private residence clubs like Castello di Casole are a relatively new concept that has grown quickly over the last few years as prices for prime resort real estate have topped out and residence club developers have refined the concept to appeal to upscale buyers.

In a residence club, members purchase a deeded share in a resort residence and, after paying annual dues, can stay for three to 12 weeks a year and use all of its amenities. Most clubs also have space-available provisions that allow members to stay for an unlimited number of days on a last-minute basis without charge.

Since the residences tend to be high-end properties in fabled locations (think slope-side in Aspen, oceanfront in Maui) with top-of-the line services, these clubs can present a more affordable way to vacation like a rock star than owning a second home outright. Some clubs have reciprocal agreements with others that allow members to swap reserved time for time at another location, but what sets residence clubs apart from condo hotels is that owners are not allowed to rent their shares to the general public.

Richard Ragatz, president of Eugene, Ore.-based Ragatz Associates, a consulting firm that specializes in fractional resort real estate, said that part-ownership has a very practical side: "The amount of time you spend on vacation is typically such a small fraction of the time you own a home . . . and people are recognizing that."

Still a fledgling industry, the number of private residence clubs selling shares worldwide jumped from 40 in 2004 to 300 in 2007, according to Ragatz's yearly study of the industry. Although the rate of increase in membership sales slowed over the last year in the down real estate market, the study found that memberships among the 153 clubs selling shares last year amounted to $1.2 billion.

This is in contrast with time shares, but Ragatz said the clubs are more upscale and generally have fewer owners (five to 12 on average versus up to 50).

Members have access to a group of residences, which increases the overall time available and offers a better shot at prime holiday vacations.

Residence club memberships can be resold, with resale rates varying with the local market.

James Chung, president of New York-based Reach Advisors, a market research firm that specializes in resort and real estate information, said that potential buyers should examine a club's resale level before buying.

"But I always advise people not to buy resort property as an investment unless they're really going to use it," Chung said.

Avid golfer Sharon Tso, who owns a one-ninth share at the Residence Club at PGA West in La Quinta, said that she and her husband, Leslie, were attracted by the high-end amenities. As members of the private residence club, she and her husband were able to buy memberships at the Club at PGA West, a six-course golf club that only offers private memberships on a limited basis. And since the residence club is associated with the La Quinta resort, members can use its pool, restaurants and spa.

The club accommodations -- a 3,500-square-foot villa with private splash pool and guest casita -- are much bigger and nicer than a home the pair could have purchased on their own in the same area for their $600,000 vacation home budget. They paid $180,000 for their membership.

"It costs a little more than what we would have spent on a house to maintain," Tso said of the $1,100-a-month fee, "but since there's no work for us, it is worth it."

A full staff attends to their every need.

"The back of our car was scraping along the driveway when we were there once, and after we told them about it, we came back one afternoon to find they had constructed a metal ramp to keep our car from scraping," Tso said. "They bring it out every time we go now."

Unlike destination clubs, in which members choose from a diverse selection of properties, private residence clubs appeal to people who want to return to the same location over and over for the skiing, golf, hiking or wineries. Being entrenched in a location, in turn, enables the clubs to offer unique amenities. Ski resorts can offer season-pass and other frequent-user discounts, while beach and desert clubs can offer exclusive access to local tennis and golf club memberships.

At Palazzo Tornabuoni, a renovated 15th century Medici palace that is due to reopen as a residence club in Florence in the spring of 2009, co-owner and developer Byrne Murphy said members tend to be culture vultures entranced with the region's art, food and wine. Since Murphy's partner, Jacopo Mazzei, is from an old, well-connected Florentine family, club members gain special access to recreational activities and civic functions as well as art collections, gardens and wine cellars rarely seen by the public.

According to Chung, who conducts membership satisfaction reports for residence clubs, the biggest complaint among members generally is that they sometimes don't get as much access as they would like. Although many clubs have space-available provisions, which allow members to stay there on a whim, it's not as easy for some to get there.

"Those who aren't tied to a school vacation schedule, like retirees and empty nesters, tend to make out like bandits, and it can cause some resentment," he said.

To confront this issue, Chung said, some clubs have limited their memberships or geographically dispersed members to lower the potential for members' school vacations to coincide.

Tom Fulton, chief executive of Epiphany Clubs, who developed one of the first private residence clubs in 1993, the Franz Klammer Lodge in Telluride, Colo., said that he has tried to address this issue with the club at Tristant, a recent venture in Telluride. The club guarantees its members 100% availability, and Fulton insures this policy by keeping the number of owners per unit very low (five versus eight to 12) and securing extra local accommodations for members to use during peak times.

"We want people to use the club exactly as they would their own home," Fulton said. So even though members don't always stay in the same unit, they are guaranteed access to one of the units at all times.

Clubs that have fewer members, however, are more expensive. Memberships at Solaris, Fulton's latest venture in Vail, Colo., will start at $1.9 million.

For that price, some potential members might resort to the old-fashioned idea of buying a home of their own.

Article from LA Times - by Jennifer Lisle


Thursday, December 4, 2008

Mondrian in South Beach Opens During Art Basel









Morgans Hotel Group, the groundbreaking innovator that introduced the world to iconic brands such as Delano in Miami Beach, Royalton in New York City and Sanderson in London, unveiled Mondrian in South Beach December 1. Inspired by its LA namesake - known for cutting-edge design and glamorous nightlife personified by the original Skybar - South Beach is the latest in an exclusive collection of cities that welcomes the Mondrian brand. Mondrian also represents the first time the company offers private residences and condo-hotel ownership.

Conceived by Marcel Wanders, Fast Company's 2008 "Masters of Design," as Sleeping Beauty's castle, residents and guests will truly live within a modern fantasy. Wanders inverts traditional design elements to create chic, dramatic living spaces, furnished with original pieces from his design studio, where he produces everything from lighting to flooring, including iconic pieces such as the Knotted Chair. Exteriors offer entry to a magical world, including an oasis of lush gardens with an intimate outdoor pool bar, private cabanas created with curtains of living foliage and even an adult sandbox. While Delano's signature "Water Salon" became an international destination, Mondrian will raise the bar for poolside decadence with Wanders' fantastical designs.

Also envisioned by Wanders, the hotel will feature Morgans' world-renowned agua spa, opening early in 2009. With a mirrored Bisazza-mosaic reception desk that scatters light across the dimly lit room and a manicure area accessed through a hidden door, the spa will debut an exclusive skincare line and several new treatments.

Jeffrey Chodorow also presents the latest Asia de Cuba restaurant, bringing a vibrant, social atmosphere with innovative menus that incorporate the best of Asian and Latin cuisines. Under the culinary direction of Executive Chef Bryan Flyer, diners will indulge in Asia de Cuba's imaginative dishes in portions intended for sharing. The royal communal table, made popular at the first Asia de Cuba at Morgans in New York City, is situated upon a custom carpet and steals the spotlight in this space. Golden bells above the table call out to diners to take their seats and crystal chandeliers set within the bells shower guests with faceted light. Deep cushioned booths line the walls of the room, and the restaurant opens out onto the terrace where patrons can enjoy a cool breeze or escape to one of the private dining gardens and "kissing corners."

Rounding out the complete lifestyle offerings, Morgans unveils its newest hot spot, Sunset Lounge. Conceptualized by nightlife impresario Ben Pundole of Skybar and Bungalow 8 at St Martins Lane, Sunset Lounge offers a nightlife experience with live Latin and Spanish music, a handcrafted specialty cocktail list and sunset views over the downtown Miami skyline. Golden candelabras and onyx jewel-cut stools are playfully dotted between ottomans and new antiques, a striking contrast of the imaginative and the forgotten. Gold leaf wallpaper surrounds the stretch patterned sofa that is set upon a staged, dark herringbone floor.

"We believe Mondrian in South Beach is the most exciting new property the city has seen in decades. With Marcel Wanders' first hotel design in the US and a move onto West Avenue, we're redefining the destination and offering spectacular views of the Miami skyline and Biscayne Bay. Mondrian is so extraordinary and is targeting such a unique customer that it will lead for years as a one-of-a-kind, coveted experience for guests and locals alike," said Fred Kleisner, President & CEO of Morgans Hotel Group.

From developer Keith Menin of Sanctuary Group, Mondrian is located at 1100 West Ave and offers ownership in a waterfront property with private, VIP boat access to Biscayne Bay and breathtaking views of downtown Miami. The property features 335 hotel residences of studios, one-and two-bedroom residences, and four tower suites priced from $500,000 to $6 million. With over 80 percent of the property sold, limited ownership opportunities are still available.

For More Information - Visit CondominiumHotels.com/Miami-Condo-Hotels.html