Charleston and Charlotte will lead the nation in home-price growth as more people and employers move to affordable Southeast cities
SEATTLE, Nov. 25, 2019 /HalcyonTV/ -- (NASDAQ: RDFN) — The housing market will be more competitive in 2020 as the cooldown that began in the second half of 2018 comes to an end, according to new predictions released by Redfin (www.redfin.com), the technology-powered real estate brokerage.
"Low mortgage rates started to revitalize the market at the end of this summer, but we won't see their full impact on demand for housing until next year," said Redfin chief economist Daryl Fairweather, who authored the report. "In 2020, buyers will have fewer homes to choose from than they have in five years. But the return of bidding wars is good news for sellers who may have been holding out this year as the market stabilized. The competition and faster price growth will tempt more homeowners and builders to list homes, which will help improve the balance between supply and demand by the end of the year."
Redfin's 2020 housing market predictions:
Bidding wars will rebound thanks to low mortgage rates and a lack of homes for sale
Low mortgage rates will continue to strengthen homebuying demand, but due to a lack of new homes for sale and homeowners staying put longer, there will be fewer homes on the market in 2020 than in the past five years. More demand and less supply mean bidding wars will rebound in the first quarter. Redfin expects about one in four offers to face bidding wars in 2020 compared to only one in 10 in 2019. This increase in competition will push year-over-year price growth up to 6% in the first half of the year, considerably stronger than the 2% growth seen in the first half of 2019. Supply and demand will become more balanced later in the year as more listings of new and existing homes hit the market and price growth will moderate to 3%.
30-year fixed mortgage rates will stabilize at 3.8%
Throughout 2020, 30-year fixed mortgage rates will remain low, hovering around 3.8%. Faced with slowing economic growth, the Federal Reserve will keep interest rates low. Although the housing market is strong, weakness in other sectors, like manufacturing, is pulling down on the economy. Because investors are already bracing for the possibility of a recession, Redfin doesn't expect mortgage rates to fall much lower than 3.5% in 2020 even if the economy weakens. If the economy strengthens, Redfin expects mortgage rates to stay below 4.1%.
For the first time, Hispanic Americans will gain more wealth from home equity than white Americans
In the next decade, Hispanic Americans will, for the first time, gain more home equity than white Americans. That's because the majority of new homeowners are Hispanic, and home values in Hispanic neighborhoods are increasing faster than in white neighborhoods. There are more Hispanic homeowners in Texas than in any other state, and Texas cities are likely to experience strong gains in home values over the next decade as people move here from more expensive places like San Francisco and Los Angeles. Over time, this will improve economic equality for Hispanic Americans.
Climate change will become a bigger financial factor for homebuyers and sellers
In 2020, homebuyers and sellers will take the consequences of climate change into account when deciding to buy. The financial costs of climate change are already becoming more tangible as fire and flood insurance premiums rise. Over the next decade, higher insurance premiums in high-risk areas will make housing even less affordable to more people. And in areas with the highest risk, insurers may stop providing insurance altogether, which means it will be nearly impossible to secure a mortgage in those areas.
Charleston and Charlotte will lead the nation in home price growth
Affordable Southeast cities like Charleston and Charlotte are attracting an increasing number of migrants from expensive cities, which will drive up home price growth in these areas. Charleston saw a 104% annual increase in the number of Redfin users looking to move in, relative to the number of users looking to move out, in the third quarter of 2019, and Charlotte saw a 44% increase. Migrants are attracted to the growing economies of Charleston and Charlotte—Microsoft is spending $23 million to expand its Charlotte campus, and in Charleston, the new Volvo plant is adding thousands of jobs.
More city streets will become car-free
In 2020, more cities will favor green modes of transit and actively discourage driving. Some cities already have plans in the works—San Francisco's Market Street will transform into a car-free corridor in 2020, and New York City drivers will have to pay to drive into the heart of the city beginning in 2021. In cities that become less car-friendly, those that frequently spend time in the city-center will place more value on a commute that doesn't require a car and move to either a walkable city-center or close to public transit. Meanwhile, some people will choose to avoid the city-center altogether and put a higher value on suburbs where they can work, play and live.
To read Redfin's full predictions, please visit: https://www.redfin.com/blog/2020-housing-market-predictions/.
To find out which of the predictions come true and which turn out to be incorrect, follow the Redfin Blog for real-time research on the housing market.
The sensory experience navigates guests' palates through fruit, botanical and earthy flavors
DALLAS, June 19, 2019 /HalcyonTV/ -- Omni Hotels & Resorts today announced the launch of its newest brand wide cocktail menu, Flavor Origins. The program features a selection of craft cocktails organized according to three flavor origins: fruit, botanical and earth. The new menu has a non-traditional format, which features a flavor chart, encouraging guests to explore new flavors.
"The Flavor Origins program is all about cocktail discovery," said Devin Burns, vice president of food and beverage at Omni Hotels & Resorts. "This program, like our other food and beverage initiatives, elevates the guest experience and allows them to discover something new that they may not have tried otherwise. We pride ourselves on the creativity of our programs that evolve flavor preferences, so whether a guest is looking for a classic cocktail or interested in exploring new ingredient combinations, this unique menu guides them through the cocktail selection process in a fun and exciting way."
The menu features 24 cocktails, including two non-alcoholic options, highlighting different flavors, styles, aromas and spirits, giving guests the chance to try a variety of combinations. Throughout the menu, guests will find interesting factoids about certain cocktail elements, perpetuating the theme of discovery and learning. The flavor origin of each cocktail is easily determined based on the menu breakdown, but guests can also experiment and explore the options by referencing the flavor chart. Each cocktail's style is visually depicted on the chart with four quadrants that move from light and refreshing to strong and aromatic and again from comforting to adventurous.
A selection of Flavor Origins cocktails with the respective flavor origin and style include:
For more information on Flavor Origins, visit OmniHotels.com/Culinary/FlavorOrigins. Follow Omni Hotels & Resorts at www.Facebook.com/OmniHotels, Twitter.com/OmniHotels and Instagram.com/OmniHotels.
Art of the Wild Comes to Life in Paris at the Extravagant Launch of HyperNature, an Event by Perrier-Jouët
PARIS, June 18, 2019 /HalcyonTV/ -- Until 23rd June, Maison Perrier-Jouët is assembling curious minds to take part in an unprecedented dialogue between champagne and gastronomy, revolving around nature. The launch of this week of events took place last night, with hundreds of special guests discovering HyperNature by Perrier-Jouët, a programme of singular experiences curated by the House.
Creative freedom and an unconventional observation of nature have been at the heart of Maison Perrier-Jouët's identity since its very foundation. This enduring bond with art and nature is expressed today through Art of the Wild: the universe as seen by the House to re-enchant the everyday through the presence of vibrant, unbridled nature.
Among the guests at the HyperNature by Perrier-Jouët launch were a number of the House's Artisans of the Wild, an international community of ambassadors, representing a diversity of creative fields from art and design to fashion and food, who embody the House's values. Last night, fellow Artisans of the Wild model Winnie Harlow, British designer Bethan Laura Wood, Michelin-starred chef Akrame Benallal and French contemporary art gallerist, Emmanuel Perrotin were all in attendance, spreading Maison Perrier-Jouët's free spirit. The evening rounded off with an enchanting acoustic set from French indie duo Brigitte.
The extraordinary rooftop setting of Le Dernier Etage in Paris has been infused with the extravagance of Maison Perrier-Jouët's Art of the Wild. For the coming week, the space has been transformed, with reinvented nature asserting itself at every turn and sweeping panoramic views of the city amping up the ambiance as day turns to night.
Throughout the week, a varied programme of workshops, installations, live music and celebrations connecting art, nature, food and champagne will take place as part of HyperNature by Perrier-Jouët. Among them, Maison Perrier-Jouët Cellar Master Hervé Deschamps will be leading exclusive tastings for guests to (re)discover the floral, intricate style that has defined Maison Perrier-Jouët's champagnes since its foundation in 1811. "HyperNature table by Akrame", a harmonious meeting between Akrame Benallal's gastronomy and Perrier-Jouët cuvées, will be open for lunch and dinner throughout the week. Bethan Laura Wood's dazzling, interactive life-sized tree sculpture will offer up a whimsical new champagne tasting ritual, while the aromas of the Perrier-Jouët Blanc de Blancs cuvée will be revealed with an innovative olfactory experience.
HyperNature by Perrier-Jouët is a unique, multisensory opportunity to discover over 200 years of Maison Perrier-Jouët's heritage and an invitation to step into the Art of the Wild universe.
Four Seasons Hotels and Resorts to Expand Bay Area Portfolio with Addition of Second Hotel in San Francisco
Beginning in 2020, Former Loews Regency San Francisco to be managed by Four Seasons following renovations
TORONTO, June 14, 2019 /HalcyonTV/ -- Four Seasons Hotels and Resorts, the world's leading luxury hospitality company, has been selected by an affiliate of Westbrook Partners, a privately-owned, fully integrated real estate investment management company, to manage its hotel in the 345 California Center building in San Francisco's financial district. Currently known as the Loews Regency San Francisco, the Hotel will be renamed Four Seasons Hotel San Francisco at Embarcadero in 2020 following renovations.
"With a rich cultural landscape, unmatched culinary experiences and a market strengthened by the region's renowned tech boom, San Francisco is one of the country's most dynamic, thriving cities. Due in large part to these strong market conditions, we're excited to offer guests a second Four Seasons experience, enhancing our portfolio in the Bay Area," says Bart Carnahan, Executive Vice President, Global Business Development and Portfolio Management, Four Seasons Hotels and Resorts.
Carnahan continues: "We have a longstanding, successful relationship with Westbrook Partners, who are also our partners in the existing Four Seasons Hotel San Francisco, Four Seasons Hotel Miami, and the forthcoming Private Residences at 706 Mission Street. We look forward to building on this strong partnership as we collectively work to enhance the luxury hotel and residential offerings in this great city."
"We are proud to partner with one of the world's most esteemed luxury brands, solidifying our position as the leading luxury lifestyle option in the city," says Paul Kazilionis of Westbrook Partners. "San Francisco is a world-class city that continues to grow at a remarkable pace, and we continue to show our belief in this market and the strength of the Four Seasons brand as this new hotel will be our third Four Seasons branded asset in San Francisco. We also currently own the Four Seasons hotel on Market Street and we are in the process of building and delivering one of the best luxury residential products on the west coast with the new Four Seasons Private Residences coming to 706 Mission Street in 2020."
Housed on the top 11 floors of the 48-storey building (the city's fourth tallest), the Hotel's 155 rooms and suites afford enviable skyline views including the Coit Tower and Transamerica Building, and sweeping views of the Bay, including landmarks such as the Golden Gate Bridge and Alcatraz Island. Once renovations are complete, the Hotel will also offer an all-day restaurant and bar and a well-equipped fitness centre including treatment rooms. With an entrance at 222 Sansome Street, the Hotel is centrally located in the city's financial district and walking distance to Union Square, SoMa and San Francisco's tallest building, Salesforce Tower.
Renovations will include all rooms and suites, corridors and other public areas, in addition to a new fitness centre. The current hotel will undergo renovations, following which the hotel will be unveiled as a Four Seasons experience in 2020.
Westbrook Partners purchased the hotel from Loews Hotels & Co in May 2019. Loews will continue to manage the hotel throughout 2019.
Four Seasons in San Francisco and the Bay Area
Four Seasons has long set the standard for luxury hospitality in the Bay Area, beginning with the opening of Four Seasons Hotel San Francisco, which includes Private Residences, in the Yerba Buena arts district in 2001, followed by the opening of Four Seasons Hotel Silicon Valley at East Palo Alto in 2006, and, coming in 2020, the company's first standalone residential project in the city, Four Seasons Private Residences at 706 Mission Street, San Francisco.
In addition, Four Seasons Resort and Residences Napa Valley, 90 minutes north of San Francisco in California's legendary wine country, is scheduled to open later this year.
About Four Seasons Hotels and Resorts
Founded in 1960, Four Seasons Hotels and Resorts is dedicated to perfecting the travel experience through continual innovation and the highest standards of hospitality. Currently operating 115 hotels and resorts, and 42 residential properties in major city centres and resort destinations in 48 countries, and with more than 50 projects under planning or development, Four Seasons consistently ranks among the world's best hotels and most prestigious brands in reader polls, traveller reviews and industry awards. For more information and reservations, visit fourseasons.com. For the latest news, visit press.fourseasons.com and follow @FourSeasonsPR on Twitter.
WOODSTOCK, N.Y., May 23, 2019 /HalcyonTV/ -- A handsome estate nestled on more than 12 private acres with inspiring views of New York's Ashokan Reservoir and Catskill Mountains will soon find its new owner. The luxury property, which was previously on the market for $4.5 million, is scheduled to be sold to the highest bidder at a live auction held on the property site on June 1st, 2019. The luxury auction® will be held without reserve, meaning the highest bidder will prevail – regardless of the price. Luxury real estate auction house Platinum Luxury Auctions, which specializes in multimillion-dollar home sales on behalf of their wealthy owners, was retained by the property owner to conduct the auction sale, which will be held in cooperation with listing brokerage Berkshire Hathaway HomeServices Hudson Valley Properties. Listing agents Harris Safier and Jeff Serouya are representing the brokerage in the transaction.
Affectionately named Ashokan House by its owners (due to its location on the Ashokan Reservoir), the estate sits on 12.5 acres and includes a main residence and separate carriage house. In addition to beautiful views of the calm reservoir waters, the property's mountainside location provides vistas of the Shawangunk, Mohonk and Slide Mountains (the latter being the Catskills' highest peak).
"This is one of those beautiful homes that simply makes one scratch his head as to why it has not yet sold," said David Ashcroft, Platinum's managing director. "It's just such a tastefully done property and a perfect retreat from the city. Our marketing department won't stop talking about wanting to live there," he joked.
First built in 1950, the property was meticulously renovated by its current owners in 2004-2008. The tri-level main residence offers 5 beds, 6 full and 2 half baths throughout 11,000 sf, while a separate, two-level carriage house adds 2 beds, 1 bath and 2,500 sf, in addition to a lower-level garage with six vehicle bays.
The handsome stone and slate exteriors of the living structures are complimented by copper roofs and various terraces and balconies. Interiors are bright and airy, and feature special touches such as lofted plaster ceilings with reliefs by Italian plaster artist Frank Mangione. Custom wood paneling and accents – primarily in cherry and mahogany – exist throughout. The interplay between these exterior and interior styles creates an atmosphere of relaxed elegance and comfortable luxury.
The main residence's entry opens to an exquisite great room with soaring 14-ft ceilings, beautiful fireplaces, and elegant woodwork accents. This space houses living, dining, and recreation areas, and is brightened by a multitude of picture windows and French doors that "bring in the outdoors." There are two kitchens, one for family use and another with professional-grade, stainless-steel appliances - perfect for catering galas or charity events (the property has in fact hosted weddings on-site).
Other features include a garden room, mahogany-paneled study, atrium, cherry-paneled game parlor with dual fireplaces, and oversized master and "junior master" bedroom suites.
The private grounds – surrounded by lush foliage – have been professionally landscaped with a low-maintenance ethos. Xeriscaped gardens (which require very little irrigation and maintenance), a "stone-scape" pond, three fountains and a charming gazebo add character to the premises, along with gently meandering pathways paved in bluestone and various stone staircases.
Deal-seeking luxury homebuyers should also pay attention to the timing of the sale: the transaction will occur before New York's new property tax hikes go into effect. On July 1st, both the "mansion tax" and the state transfer tax will be increased, levying more fees upon the buyers of properties in excess of $1 million.
Additional literature on the property and luxury auction® terms can be found online at WoodstockLuxuryAuction.com. Interested parties may also contact Platinum's project manager, Leslie Rose, at 800.853.2101. Open house previews of the property are scheduled each day between the hours of 12 and 4pm local time, until the auction.
About Platinum Luxury Auctions
Platinum Luxury Auctions is responsible for developing the luxury auction® model for high-priced real estate auctions and owns the trademark rights to the term "luxury auction." The firm specializes in the non-distressed sale of multimillion-dollar properties within and beyond the United States. Platinum's team has closed more than $841 million in luxury real estate auction sales to date, while consulting on more than $2.5 billion in additional luxury properties worldwide.
HTVN - LOFTLIVING
Join Us For Some Incredible Lifestyle Features About Home & Loft Living.