We are pleased to announce that Warren Lewis Realty, LLC in Brooklyn, N.Y., is the newest member of our network and now will operate as Warren Lewis Sotheby’s International Realty.

The firm is independently owned by Aroza Sanjana and Jose F. Nunez and serves the Brooklyn, N.Y. market from two locations.  This marks our brand’s first Brooklyn locations.  Under separate ownership, Sotheby’s International Realty, Inc. has two offices in Manhattan.

Please see the press release for more information and join us in welcoming Warren Lewis Sotheby’s International Realty to our network!

Welcome to the first edition of Perspectives, a quarterly newsletter on the global luxury real estate industry straight from the source: Sotheby’s International Realty® professionals from more than 600 offices located in 45 countries and territories worldwide.

This issue takes you around the globe, with key insights on markets from the United States’ east and west coasts to France and the United Kingdom. Also showcased is our network’s recent significant sales and extraordinary listings from Rome and Canada to Hawaii. For those on the sidelines, now is the time to consider investing in the future. There is perhaps no better time than the present to search for your ideal first, second or third home. The reason? In many real estate markets around the world, a palpable optimism is returning. The combination of attractive pricing and a strengthening economy have laid the foundation for making valuable investments. As you will see in this issue of Perspectives, many of our firms are proudly marketing homes that are unique and significant in their respective markets. And we are observing that to be the case in many areas across the globe.

Download the Premier Edition

You may recall our report Edvard Munch’s The Scream Set for Auction back in February. We’re proud to report last week marked a record sale for the Sotheby’s Auction House: Edvard Munch’s “The Scream” shattered the auction record for any work of art when it sold on May 2 for nearly $120 million.

This achievement demonstrates why we’re part of the Sotheby’s Real Estate Network — we’re associated with a brand dedicated to successfully marketing some of the world’s most significant and treasured possessions.

Watch the specially produced Auction House Video.

According to the recent NWMLS news, double digit gains in pending and closed sales for April over the same time a year ago; and for the first time in over four years selling prices increased slightly over the previous year.

“We’ve seen appreciation three months in a row, signaling a definitive turnaround in the market,” remarked Northwest MLS board member OB Jacobi. “Due to the shortcomings in the Case-Shiller index, I think it will take them until November to report year-over-year appreciation,” he added.

“As is fairly typical of a recovering market, the activity first heats up in the urban centers, and then spreads to the surrounding suburbs and outlying areas. We are now seeing this trend,” noted Jacobi.

Tight inventory has created sellers’ markets in some areas, according to reports. Inventory is down 27% overall, and most notably down 46.2% in Snohomish county, down 39.4% in King and Pierce is down 28.6%. As demand outweighs supply competition may even intensify, especially for those homes well priced and in good condition or desirable locations.

Low inventory and favorable interest rates are being credited for current activity. Joe Spencer, MLS director, said “As Yogi Berra said, ‘It’s like deja vu all over again’ as the Puget Sounds real estate market continues trending in the same positive direction for the fourth month in a row.” With new and available inventory in a diminished state, he said there’s been a strong in crease in buyer activity. “Low interest rates continue to energize buyers, while for sellers, prices in the Puget Sound are stable and up in areas close to job centers,” according to Spencer.

Darin Stenvers believes the housing industry is recovering on its own, citing double-digit decreases in inventory for the past several months and a corresponding rise in pending sales as key indicators.

“It’s a slow process, but I expect it will continue for the balance of 2012 and through 2013,” Stenvers said, noting he anticipates a return to home value appreciations in most markets by mid-2013. He also predicts consumer confidence will hold interest rates down through the fall elections and into 2013.

According to an article posted on Inman News, the best time to sell is when:

• consumer confidence is on the upswing
• unemployment is decreasing
• interest rates are low
• the economic news is mild
• there are more buyers than sellers – a high-demand, low-inventory market

Lynn Franco, director of The Conference Board Consumer Research Center, attributed the improvement in consumer confidence in February to less pessimism about current business and employment conditions and more optimism about the short-term outlook for the economy and job prospects despite a rise in gas prices. Franco said the moderate decline seen in March was “due solely to a less favorable short-term outlook.”

Interest rates are currently at historic lows and are expected to stay low for the rest of the year. Even with low rates, buyers have had difficulty qualifying due to rigid mortgage approval underwriting.

Analytics firm Capital Economics expects the housing crisis to end this year partially due to lenders loosening credit. According to Capital Economics, one indicator of loosening is that banks are now lending 82 percent of loan-to-value (LTV), compared with a low of 74 percent LTV reached in mid-2010. This means qualified buyers need less cash to buy, which should lead to more sales this year.

These positive indicators combined with a drop in homes for sale at the end of 2011 and a decrease in unemployment  provides a great opportunity for sellers in spring 2012.

We have gotten off to a strong start, with many parts of the globe reporting strong sales. The most notable sale was Villa Tritone in Sorrento, which sold for more than $45 million. We congratulate Rome Sotheby’s International Realty for such an impressive accomplishment. The New York market also is very strong in the city, along the north shore of Long Island and the Hamptons. We also are pleased that the Caribbean is doing well with Turks & Caicos Sotheby’s International Realty leading the way. In addition, we welcomed Jameson Sotheby’s International Realty to our network early last year and we are pleased to acknowledge their lakefront sale in the Chicago area.

Download the latest issue of Significant Sales, showcasing the more recent top 30 sales in the Sotheby’s International Realty® Network.

Noteworthy sales for the month include a stunning mansion in San Francisco, a spectacular property in Aspen as well as Blue Heron Farm on Martha’s Vineyard. In addition, top sales were recorded in Bermuda, Naples, Westchester County, the Hamptons, England and Quebec. We congratulate both the sales associate and affiliates for their success.

Congratulations to all the extraordinary firms represented in the January issue!

Significant Sales Past Issues Archive

We are pleased to announce the opening of Israel Sotheby’s International Realty. The firm’s owners, Tomer and Isidora Fridman and Orna Gotslak, will first serve the Tel Aviv market from their existing office in Givatayim.  They plan to open a second location in Tel Aviv later this year that will serve as their main office.  The team has an exclusive 25-year master franchise agreement with our brand for Israel and plans to also open additional offices in key markets across the country over the next several years!

Please see the attached press release for more information, and join us in welcoming Israel Sotheby’s International Realty to our network.

We are pleased to announce Williams Trew, a leading residential real estate firm in Fort Worth, Texas, has officially opened and is now doing business as Williams Trew Sotheby’s International Realty.

The firm is owned by Martha Williams, Joan Trew and Marshall Boyd, and serves the greater Fort Worth market and surrounding areas.

Please join us in welcoming Williams Trew Sotheby’s International Realty to our network!

Download the latest issue of Significant Sales, showcasing the top 30 sales in the Sotheby’s International Realty® Network for the month, as well as The Most Exceptional Sales of 2011, which highlights our network’s top 30 sales for the year.

The December issue features the record sale of the spectacular St. Regis penthouse in San Francisco, as well as a stunning penthouse in Miami.  The Most Exceptional Sales of 2011 highlights Point of View in Greenwich, Conn., as well as extraordinary properties in London, San Francisco, Palm Beach, Hawaii, Aspen, Martha’s Vineyard, Bermuda, New York and the Bahamas.  These top sales underscore the vitality of the luxury real estate market on a global basis and are a tribute to the quality of the fine companies that represented them.  It also is important to note that there were many high-priced, significant sales last year that due to confidentiality agreements could not be included.

Congratulations to all the extraordinary firms represented in the December and 2011 issues!

Significant Sales Past Issues Archive

The Puget Sound housing market is so far sustaining it’s momentum to recovery according to brokers and the March activity report from the NWMLS.

Members reported 9,126 pending sales for March, nearly 21% increase over March 2011, also up 19.7% over February of this year. Shrinking inventory, attractive financing, and a rise in consumer confidence set the stage for this recovery. Brokers are also indicating there are remarkable opportunities for investing in the residential rental market at this time.

“Buyers are screaming for more inventory and they’re being more aggressive with presenting offers on homes” reported MLS director George Moorhead, adding “Both buyers and sellers want to catch the historically low interest rates. The lagging inventory is actually helping prices stabilize, which we hope will have a positive impact on the real estate market as the year progresses.”

J. Lennox Scott remarked “Close to the job centers, 45% of new listings are selling within a single month. We are seeing a frenzied market in the Puget Sound region, especially in the more affordable and mid-price ranges, with an increase in sales activity in the high end. Because of the shortage of homes for sale, combined with the sales surge being driven by job growth and historically low interest rates, if you’re not ‘buyer ready’ you may not get a house in today’s market.”

Another positive occurrence report by brokers is new home starts in areas that have been at a standstill for years.

Geographical areas with notable strength:

• Seattle’s close-in neighborhoods are seeing at least 10% of their value since the low point a year ago recovered
• Snohomish County pending sales jumped 21%, reportedly the demand ratio at highest levels since 2006
• Kitsap county inventory is down by 11% and buyers making offers are up 34%

The current market is attracting first-time as well as move-up buyers and investors.  Buyers should closely analyze details with their real estate agent and take steps to be ready to buy quickly to get what they’re looking for.

According to Seattle’s Technology News Source Techflash.com, salaries are on the rise for employees in the Seattle area.

The Seattle-based PayScale.com payroll index indicated the Seattle-Tacoma-Bellevue region has seen the largest salary growth in the country since this time last year. Though Seattle was beat out by Austin Texas earlier this year for technology startup salaries, Seattle saw 3.2 percent overall salary growth, compared to 1.4 percent salary growth nationwide.

This is a significant increase over last year’s report, which found the region up only 0.7 percent between the first quarters of 2010 and 2011. It’s also a marked improvement over the 2009/2010 index, which showed Seattle salaries dropping by 2 percent.

To recap, the top five salary increases by metropolitan region are:

• Seattle-Tacoma-Bellevue: 3.2%
• Houston-Baytown-Sugar Land: 2.7%
• Philadelphia-Camden-Wilmington: 1.8%
• St. Louis, Mo.-Ill.: 1.7%
• Dallas-Fort Worth-Arlington: 1.5%

The US Commerce Association Award Program recognizes outstanding local businesses that serve their local market. Each year they identify companies they believe have achieved exceptional marketing success in their local community and business category.
We have been chosen as one of the local companies that enhances the positive image of small business through service to our customers and community.

In this recent article Longview was profiled as one of 5 pretty towns in America. With the port clustered around the Lewis and Clark Bridge the surrounding scenery is amazing. “It is one of the only, if not the only planned community in the west at the time,” says Foster Church of “Discovering Main Street: Travel Adventures in Small Towns of the Northwest. “It was planned by a wealthy lumber magnate who decided to build two lumber mills in this location because it was close to the Columbia River.”

As reported by Forbes.com he needed 14,000 workers to help run his two mills, so in 1921, he built a city that could house up to 50,000 people. Today, the town retains its old town lumber mill feel, and is home to the well-planned but serene beauty of Lake Sacajawea Park, which Foster says is “one of the most beautiful parks I’ve ever seen.”

Read the full article that includes not only Longview Washington but also a glimpse of Newport RI, Old San Juan Puerto Rico, Key West FL and Tarrytown NY.

Evidence to this report is one of our premier properties, the Hill Ranch. Truly spectacular.

We are pleased to report that in 2011 we grew the office count within our global network by more than 7 percent, and reported a 24 percent year-over-year increase in U.S. transaction sides closed by our affiliated brokers and agents!

We ended 2011 with more than 600 offices and nearly 12,000 sales associates located in 45 countries and territories worldwide, and added eight new residential real estate brokerage firms to our network across the United States in the following markets: Palm Springs, Calif.; Chicago; Basking Ridge, N.J.; Croton-on-Hudson, N.Y.; Cannon Beach, Ore.; Raleigh, N.C.; Newport Beach, Calif.; and the United States Virgin Islands.  Outside of the United States we expanded our network to provide real estate services in: Costa Brava and Costa Blanca, Spain; Estonia; and Aruba.

One of our goals for last year was to continue to expand our network in key luxury markets worldwide, and we have done that successfully.  As you know, this year our focus is to further develop our global footprint, with growth in Asia our first priority.  We will continue to keep you apprised as we make progress in accelerating our development throughout Asia.

Please see the press release for additional information on all our 2011 achievements including those on the marketing front.

We’re pleased to have a property featured on the Wall Street Journal Business of Extraordinary Living website! View the Lifestyle Comparison area on the WSJ website here.

Click here for property website & virtual tour.

Today’s event held at the Meydenbauer Center in Bellevue Washington included our own Randi Brazen and others such as Mark von der Burg of Coldwell Banker Bain, Tere Foster of Windermere Real Estate/East and Vija Williams of Luxury Homes by Keller Williams-Kirkland.

Randi Brazen and Tere Foster guest speakers at Northwest Luxe Event

Randi with Josh Altman from BRAVO TVs hit show Million Dollar Listing (LA) at the Luxe Event

Download the latest issue of Significant Sales, showcasing the more recent top 30 sales in the Sotheby’s International Realty® Network.

Noteworthy sales for the month include a stunning mansion in San Francisco, a spectacular property in Aspen as well as Blue Heron Farm on Martha’s Vineyard.  In addition, top sales were recorded in Bermuda, Naples, Westchester County, the Hamptons, England and Quebec.  We congratulate both the sales associate and affiliates for their success.

Congratulations to all the extraordinary firms represented in the latest issue!

Significant Sales Past Issues Archive

Positive gains in activity are being reported by Northwest Multiple Listing Service members as pending sales for February increased more than 27% from a year ago. More sellers are listing and brokers are reporting more multiple offers.

In King County pending sales in February were especially active in the Lake Forest Park and Kenmore neighborhoods, reporting a rise of 73%, Kent up 61%, Burien and Normandy Park up 58% and central Seattle up 56% over the same time a year ago.

The only thing tempering the market is the remaining short sales and foreclosures which represent about a third of the transactions.

The combination of job growth and low interest rates is creating a seller’s market in the mid-price ranges, and lends to the surge of activity in job centers. “It’s a special time in real estate history.” J. Lennox Scott observed, adding “We have a backlog of qualified buyers looking for homes to purchase.”  Reportedly the inventory is down significantly from a year ago.

On a national scale the overall direction for the housing market is positive according to the National Association of Realtors. Latest figures show recent contract activity are the highest in more than four years with the exception of the home buyer tax credit impact.

Below are the NWMLS stats for last month.

We are proud to announce that our brand has won Franchise Business Review’s Best in Category for Real Estate Franchisee Satisfaction award for the fifth year in a row!

The Best in Category award measures franchisee satisfaction with their franchisors and is part of the 7th annual Franchisee Satisfaction Awards presented by Franchise Business Review. In addition to our real estate ranking, we also came in second overall among the Top 50 Large Franchise Systems, which is a ranking of all franchise systems with more than 200 units across all categories. This is quite an accomplishment!

“We are very proud to earn this honor for the fifth year in a row,” said Michael R. Good, chief executive officer, Sotheby’s International Realty Affiliates LLC. “We are dedicated to providing the best service we can to our valued network members, whom we hand select to affiliate with our brand. This recognition is a testament to the value we provide them in making their businesses more prosperous and successful.” Click here to listen to an interview by Franchise Business Review with Sotheby’s Real Estate CEO and President Mike Good.

Download the Press Release

Local celebrity real estate agents including our own Randi Brazen and others such as Mark von der Burg of Coldwell Banker Bain, Tere Foster of Windermere Real Estate/East and Vija Williams of Luxury Homes by Keller Williams-Kirkland, will be discussing various topics from how they got into the industry, marketing strategies and success tips. Maverick Commins from Scottsdale, AZ-owner of Supreme Auctions, Luxury Home Auction House will be there to discuss his ventures in the international luxury auction arena, as well as Celebrity Guest Speaker Josh Altman from BRAVO TV’s Million Dollar Listing discussing various topics from successful business strategies to incredible and amazing negotiation skills.

The event will be held at the Meydenbauer Center in Bellevue Washington on Thursday, March 15. See the online flyer for more information.

Housing crisis expected to end this year according to a recent report. Loosening credit is dubbed as the catalyst.

The average credit score required to attain a mortgage remains at 700 after the crisis, which is higher than scores required prior. But this number has stabilized. In addition banks are now lending amounts up to 3.5 time borrower earnings, up from a low during the crisis of 3.2. Loan-to-value ratios (LTV) are also being loosened, denoted as “the clearest sign yet of an improvement in mortgage credit conditions” by Capital Economics.

Banks are now lending at 82% LTV in contrast to 74% in mid-2010.

Although conditions have loosened slightly, some potential homebuyers are struggling with the credit requirements. Capital Economics points out that in November 8% of contact cancellations were resulting from prospective buyers not qualifying for a loan.

Capital Economics continues by noting “Any improvement in credit conditions won’t be significant enough to generate actual house price gains”.

We are pleased to announce that Hudson Homes LLC in Tarrytown, N.Y., is the newest member of our network and now will operate as Hudson Homes Sotheby’s International Realty.

The firm is owned by Patricia Neuwirth and serves New York’s Hudson Valley including the Hastings, Dobbs Ferry, Irvington, Tarrytown, Sleepy Hollow, Ossining, Briarcliff Manor and Pleasantville markets.  It joins our already robust presence in Westchester county: Julia B. Fee Sotheby’s International Realty, Renwick Sotheby’s International Realty, North Country Sotheby’s International Realty and McClellan Sotheby’s International Realty.

Please see the attached press release for more information and join us in welcoming Hudson Homes Sotheby’s International Realty to our network!

Looking forward, Realogy and the Sotheby’s International Realty brand continue to see signs of a stabilizing housing market:

• On February 21, Fannie Mae stated that in 2012 the housing market will make a positive contribution to GDP growth for the first time in seven years.
• For full-year 2012, the National Association of Realtors (NAR) is forecasting 4.55 million unit sales, which would amount to a 7% year-over-year increase. Similarly, the Fannie Mae forecast calls for a 6% increase to 4.5 million units in 2012.
• Looking at median sales price, NAR’s current estimate calls for a 1% increase in 2012 while Fannie is more conservative, showing a price decline of 3% for 2012.
• Combined with lower inventory levels in many markets, very attractive pricing, historically low mortgage rates and high affordability levels, we have reason to be optimistic.

We are pleased to announce that Williams Trew, a leading residential real estate firm in Fort Worth, Texas, has been awarded the Sotheby’s International Realty affiliation for Fort Worth. Beginning on or about May 1, 2012, the firm will begin doing business as Williams Trew Sotheby’s International Realty.

The firm is owned by Martha Williams, Joan Trew and Marshall Boyd, and serves the greater Fort Worth market and surrounding areas.  It joins Briggs Freeman Sotheby’s International Realty in Dallas, Arlington and Southlake, Kuper Sotheby’s International Realty in San Antonio and Capital City Sotheby’s International Realty in Austin to enhance our presence in Texas.

See the press release for more information and join us in welcoming Williams Trew Sotheby’s International Realty to our network.

We are pleased to announce that Morris & Fyrwald Sotheby’s International Realty in Aspen and Carbondale, Colo., has combined with Chaffin Light Real Estate in Aspen, Snowmass Village and Basalt, and now will operate as Aspen Snowmass Sotheby’s International Realty.

Aspen Snowmass Sotheby’s International Realty will serve the entire Roaring Fork Valley from Aspen/Snowmass to Glenwood Springs.  Mark Overstreet serves as president of the new company and will report to a management board of Ernie Fyrwald, Andrew Light, Craig Morris and Garrett Reuss.

See the press release for more information and join us in welcoming Aspen Snowmass Sotheby’s International Realty to our network!

One of four versions of The Scream by Norwegian painter Edvard Munch, which dates from 1895, will lead Sotheby's Impressionist and Modern Art Evening Sale in New York on May 2. (Sotheby's/Associated Press)

Last version of iconic painting in private hands to be sold in New York

The Scream, Edvard Munch masterpiece, will be sold at a New York City art auction this spring.

Sotheby’s announced Tuesday that the work will lead its Impressionist & Modern Art Evening Sale on May 2.

The work, which dates from 1895, is one of four versions of the composition. The auctioneer says it’s the only version still in private hands.

The head of Sotheby’s Impressionist and Modern Art department in New York, Simon Shaw, says the price could exceed $80 million US.

The drawing of a man holding his head and screaming under a streaked, blood-red sky is being sold by Norwegian businessman Petter Olsen, whose father was a friend and patron of Munch’s.

“I have lived with this work all my life, and its power and energy have only increased with time,” Olsen said.

Read Full Story

By Guest Author Emma Crawford

Throughout the early weeks of 2012, it’s been clear that many local real estate professionals are anticipating some form of strong start throughout the remaining time in the first quarter of the year. Even though figures have a long way to go in the Seattle area, one of the more glaring returns early this year have been the low prices in the area and the possible effects.

Median sale prices for the Seattle area are down nearly eight percent from the outset of 2011. The drop in sale price is quite differing throughout the entire Seattle area. For example, Grays Harbor and Clallam counties experienced an even bigger shift than normal, coming near a 40 percent drop from month to month.

Even while the prices remain low, there are a number of other figures that are pointing to a first quarter and entire year of positivity in the Seattle real estate market. Pending sales in the area are up heavily over last year at the same time. There’s been a 13 percent jump in just 12 months, as there were over 6,132 sales compared to 5,393 back at the beginning of 2011. Despite the pending sales’ effect on the inventory going down in Seattle, the increase is a cause for optimism.

Also on the seller’s side for optimism is the fact that rentals have continued to go up in the area over the past year. The average rental rate for Seattle apartments is currently sitting at a figure that has jumped nearly 10 percent in the past year alone. The thinking with rising rental rates is that potential buyers on the fence may take a closer look at buying as rates continue to go up.

The success of the market for the rest of the quarter and year could largely depend on whether inventory can get back on track with the amount of pending sales in the area. The lack of brand new property and building has left the overall inventory a bit short, as those pending sales have gone up. As mortgage rates have dropped to record lows throughout the country, as well as in Seattle, more inventories would represent a chance for buyers to take advantage. One small issue right now could simply be that buyers can’t find the right home, which is only temporary if true interest is there, as types of homes on the market are cyclical.

Despite the lower prices in January, which certainly isn’t an appealing figure for the real estate professionals, there are still plenty of other figures pointing towards a healthy year for the area market. The rising rentals, low mortgage rates, and jump in pending sales are just a few things that could end up making for a promising year for buyers and sellers alike.

Emma Crawford is a creative writer from Murray State University. As an aspiring writer she specializes in writing about travel destinations, real estate and tourism.

Truly special properties are different at every level, and require real estate services that are as well.

The Sotheby’s International Realty® brand takes great pride in presenting to the world unique places and their stories, and in using our innovative marketing tools, global network and relationships with discerning buyers to perfectly match time-honored properties with those who will appreciate them and give them new life.

As agents, we have access to some of the most qualified buyers in the world. For example take a look at this exquisite St. Barthelemy Villa represented by St. Barth Properties Sotheby’s International Realty, $6,000,000.

This newly refurbished, three-bedroom, three-bath, hillside villa is set in the heights of Pt. Milou with sensational views that deliver the beauty of an early morning sunrise to the awe-inspiring sunset. With both indoor and outdoor living areas, the villa offers incredible views from all locations.

Allow us to show you some of the special properties agents of the Sotheby’s International Realty Network have most recently successfully represented in the last issue of Significant Sales magazine.

Mike Good, chief executive officer at Sotheby’s International Realty®, is scheduled to speak on April 2 at the upcoming 2012 AREAA Global Real Estate Summit in New York at the Waldorf Astoria.

AREAA, the Asian Real Estate Association of America, is a nonprofit professional trade organization dedicated to promoting sustainable homeownership opportunities in Asian American communities by creating a powerful national voice for housing and real estate professionals that serve this dynamic market.  AREAA is the only trade association dedicated to representing the interests of the Asian real estate market nationwide.  The organization is expanding globally, with trade missions to China, South Korea, Taiwan and Vietnam.  They are looking to build bridges across Asian countries, and have recently launched their first international chapter in Canada, given the significant increase in their Asian population.

Mike will represent our brand among this important group of real estate, mortgage and housing-related professionals from all over the world, speaking to them on today’s global housing opportunities.  He joins several other leading industry professionals speaking at this event, which offers attendees networking opportunities and the ability to showcase and view active projects.

For more information on AREAA and the 2012 AREAA Global Real Estate Summit in at the Waldorf Astoria, go to http://areaa.org/index.php. There are many local chapters of the AREAA in various markets across the Americas.