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The Title of ‘World’s Priciest Retail Rent’ Resides in America

New York City’s Fifth Avenue is the champion address, as Swarovski, Tiffany and other stores help pull in big crowds after pandemic slump

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https://www.wsj.com/real-estate/commercial/the-title-of-worlds-priciest-retail-rent-resides-in-america-6f51cfe8?mod=real-estate_lead_pos1

Dubai real estate: Property sales in 2023 set to exceed $108bln

So far, real estate sales have reached more than AED393 billion, according to W Capital

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Dubai is on track to wrap up the year on a stellar note, with property sales poised to exceed AED400 billion ($108.9 billion), according to new analysis.

The value of real estate sales since January 2023 has so far reached more than AED393 billion and could climb by a few billion dirhams more over the next few days to achieve a new record for 2023, Dubai-based real estate brokerage firm W Capital said on Tuesday.

“There were more than 127,000 deals (already recorded since January), and with a week before the end of the year, it is expected to exceed AED400 billion,” said Walid Al Zarooni, CEO of W Capital, citing data from the Dubai Land Department (DLD).

A look at the daily transactions posted by DLD would also show that the value of properties sold in Dubai has been exceeding more than AED1 billion daily, sometimes hitting more than AED3 billion or AED4 billion on some of the busiest days.

Last month, the property market recorded more than 12,000 sales transactions worth AED42.41 billion, according to Property Finder. Apartments dominated the deals, accounting for more than 80%, while villas and townhouses accounted for 18.8%.

Dubai has been attracting a significant influx of buyers locally and overseas, including those who prefer prime real estate.

Dubai’s property market is expected to post an annual prime price growth of 14% this year, the highest among major markets monitored by Knight Frank.

It said that residents and international buyers have been focusing on Dubai’s most affluent neighbourhoods, with inland villas offering luxury living in green settings, aside from waterfront properties, now in demand.

“Despite ongoing global uncertainties with regard to inflation, interest rates, climate issues, conflicts and technological advancements, the Dubai property market is poised for a robust end to 2023,” Asteco also said in a separate report.

(Writing by Cleofe Maceda; editing by Seban Scaria)

https://www.zawya.com/en/business/real-estate/dubai-real-estate-property-sales-in-2023-set-to-exceed-108bln-swcgl2g6

I’m a Luxury Real Estate Agent: These Are the 5 Home Features That Turn Buyers Off

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If you’re a luxury homeowner, you know that some high-end features make all the difference. And if you’ve built your own luxury home, you’ve probably added your flair to the house as well, making it feel more like home.

But when it comes to selling your luxury home, there are some features that just don’t cut it — and might actually turn potential buyers away.

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We interviewed Josh Chapel, a luxury home real estate agent for Berkshire Hathaway HomeServices in Park City, Utah. As an agent in a high-end ski town, Chapel knows a thing or two about luxury homebuyers. Here are the top five things he says turn luxury homebuyers away.

5 Home Features Luxury Homebuyers Don’t Like

Partial Updates

Updating your luxury home is important, but equally as important is finishing those updates.

“When luxury market buyers are shopping around, they are usually looking for a thoughtfully designed/fully updated home,” says Chapel. “In our market there are homes that are sometimes 20 to 40 years old and in various stages of updates. When sellers have only updated the bathrooms or just refreshed paint and floors, this leaves buyers wanting more. Sometimes buyers are willing to take on a project, but usually they are willing to pay more for a fully updated home vs. taking on a project.”

‘Almost’ Ski In/Ski Out

This piece of advice is specific to luxury ski homes, but the idea applies to any luxury home. If your home is “almost” in the perfect location, you can’t command premium prices.

“This goes back to the old adage about location,” says Chapel. “When luxury homes are priced at a premium and they are almost in the perfect spot, this presents a compromise. When buyers have to lug their gear on a walk to the ski area, there are often other homes to consider at a lower price point. If they are already making a compromise on the perfect location, other properties begin to look more attractive.”

America’s Hottest Real Estate Market: Why Everyone Is Buying Homes in This California City

Transfer Fees

For homes in a community with association dues, additional fees just to buy the home can hurt your sale price.

“This is becoming more and more common and we are seeing more and more HOAs adopt a transfer fee,” says Chapel. “The transfer fee is usually the responsibility for the buyer to pay and can be as much as 1 to 2% of the purchase price of the home. While buyers don’t ever recoup this money, if they ever sell the home they usually pass the responsibility of the transfer fee onto the next buyer. These fees are great for funding a healthy reserve fund for the HOA, but they also add up quickly in the luxury market.”

A Lot of Stairs

When selling a luxury home, it’s important to know your potential buyers. Many luxury homes are sold to retirees, so with the potential for limited mobility, an excess of stairs can present a barrier to entry for many would-be buyers.

“Homes that are built on an uphill slope, known as uphill builds, can present pause for some buyers,” says Chapel. “Being in the mountains, many of our homes are built on sloping hillsides and uphill builds represent about half of the homes. These homes often have great views with their main living levels usually placed on the top floor. However, a lot of our buyers are retired and aren’t planning on getting younger. Given the choice, these buyers gravitate to a downhill build which usually offers main-level living. These homes have the garage on the same level as the main level (living room, kitchen, dining room) along with the primary bedroom on the same level.”

Road Noise

You can have all the amenities, finishes and luxury features in the world, but if you’re located near a busy road, it might hurt your sale price. Road noise does not feel like luxury, and a luxury home with an excess of road noise might turn away potential buyers.

“This may seem like something you wouldn’t have to worry about in a luxury market. However, things like road noise become very concerning to clients paying $5M+,” says Chapel. “With so many high-end homes, we have a lot of construction happening all over town. Just looking at a home in the photos doesn’t tell the whole story and I make sure to spend a lot of time with my buyers and highlight all potential factors that could be a concern. In some busy areas this becomes unavoidable, but sometimes the choice between two homes side-by-side can have a major difference in their noise exposure.”

3 Features Luxury Homebuyers Actually Like

Now that you know what to avoid, here are a few things that luxury homebuyers are actually looking for, and can help your luxury home sell for more.

Views

A view always sells, period. Potential luxury homebuyers can even overlook some things as long as the view is great.

“Being in a mountain town, our clients want to feel like they are in the mountains,” says Chapel. “When you have a property that just wows you with dramatic views from the moment you enter, it is a huge positive. Whether the views are of the ski slopes or long views that feel very private, views always win if there is a choice between two similarly priced homes.”

Amenities

While your home might have some great features itself, having nearby amenities can increase the appeal to luxury homebuyers.

“Most of our luxury buyers are purchasing second homes or appreciate the convenience that comes with having amenities nearby,” says Chapel. “In Park City, we have everything from communities that offer an array of club experiences, to on-mountain condo buildings that offer simple gym, hot tub, and ski access amenities.”

Indoor/Outdoor Living

Having a functional outdoor space and well-designed indoor living space is a huge plus.

“Most people come to the mountains for the winter and stay for the summer,” says Chapel. “Luxury properties with well designed space that lets owners take advantage of indoor and outdoor living is very popular. Heated decks and patios with fire pits and hot-tubs extend that enjoyment through the winter months.”

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This article originally appeared on GOBankingRates.com: I’m a Luxury Real Estate Agent: These Are the 5 Home Features That Turn Buyers Off

https://finance.yahoo.com/news/m-luxury-real-estate-agent-140019091.html?guccounter=1

Will Seattle-area real estate rebound in 2024? Here are 5 projections

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For a region that had grown accustomed to topping lists of sky-high home prices and crane counts, 2023 brought the Seattle-area real estate market back to earth.

Home prices stagnated, would-be sellers held off on listing their homes, and home shoppers strained under rising mortgage rates. Meanwhile, the commercial real estate market sputtered as higher borrowing costs put new projects on hold and remote work spiked vacancies.

So, what will 2024 bring?

More of the same, most economists say. Home shoppers could get some relief if mortgage rates decline and more homes hit the market for sale. But renters, squeezed between still-high costs and tighter apartment availability, may not be so lucky. Here are five expert projections for next year’s Seattle-area real estate market.

Home prices are set to tick up

With many would-be buyers still stuck on the sidelines, Seattle-area home prices are unlikely to skyrocket next year. They may not fall much either.

Mason Virant, associate director of the Washington Center for Real Estate Research at the University of Washington, expects home prices to tick up 1% to 2% statewide and 1.5% to 3% in pricier areas like Seattle and Bellevue in 2024 compared with 2023.

Matthew Gardner, former chief economist at Windermere, said his “tentative forecast” is that the price of single-family homes for sale in King County will rise about 3% in 2024. The median home price in King County so far this year is down about 2% from the same time frame last year, according to the Northwest Multiple Listing Service.

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On the other hand, Zillow estimates Seattle-area home values will end 2023 up about 1% but will dip 1% by the end of 2024. (Zillow uses an algorithm to estimate home values, rather than analyzing the price of only those homes that recently sold.)

Even if values dip and prices barely increase, the bigger story of housing in Seattle remains: Affording a home is a significant challenge for many.

Zillow estimates the monthly mortgage payment on a typical entry-level house or condo in the Seattle area at about $2,500. The real estate firm prices an entry-level home at about $488,000, and assumes a 20% down payment, 30-year mortgage and 6.7% interest rate.

But finding a home at that price can be difficult. The median single-family home sold for $885,500 in King County and $944,000 in Seattle in November. The median condo sold for $485,000 in King County and $583,000 in Seattle.

Home shoppers could find relief if rates dropped significantly or many more homes hit the market to drive down prices, but experts say neither of those shifts is likely in 2024.

Single-family homes along the east side of Green Lake. Lower mortgage rates could help some hopeful buyers secure a house or condo in 2024. But without a bigger drop, affording a home will remain a significant challenge and many people will continue to stay put. (Ken Lambert / The Seattle Times)

Single-family homes along the east side of Green Lake. Lower mortgage rates could help some hopeful buyers secure a house or condo in 2024. But without a bigger drop, affording a home will remain a... (Ken Lambert / The Seattle Times)More

Mortgage rates may drop slightly

The average rate on a 30-year fixed-rate mortgage was just below 7% in mid-December, down almost a full percentage point from six weeks earlier. That trend may continue next year, real estate economists predict.

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But rates are unlikely to plummet dramatically.

Economists at Fannie Mae, the National Association of Realtors, Redfin and others say they expect mortgage rates to stay above 6% in 2024.

Fannie Mae projects the rate on a 30-year fixed mortgage will average 6.7% in 2024 and 6.2% in 2025, as the Fed continues to try to fight inflation. Lawrence Yun, chief economist at the National Association of Realtors, has a similar, but slightly lower, projection that rates will average 6.3% in 2024.

That will help some hopeful buyers secure a house or condo. But without a bigger drop, affording a home will remain a significant challenge and many people will continue to stay put.

“If [rates] don’t drop in a meaningful manner, nothing is going to change,” Virant said.

Single-family homes in North Ballard. The supply of homes for sale has remained tight throughout 2023, but more may hit the market in 2024 if rates ease. (Ken Lambert / The Seattle Times)

Single-family homes in North Ballard. The supply of homes for sale has remained tight throughout 2023, but more may hit the market in 2024 if rates ease. (Ken Lambert / The Seattle Times)

Expect more homes for sale — but not many

The so-called “lock-in effect” isn’t going anywhere.

Many homeowners have low interest rates because they bought in recent years or refinanced. In that situation, they have little incentive to sell their house or condo and buy a new home at a higher rate unless absolutely necessary. And without those homes for sale, buyers have less to choose from and that limited inventory keeps prices from falling.

The supply of homes for sale has remained tight throughout 2023, with 29% fewer new listings hitting the market in King County from January through November than during the same period last year.

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If mortgage rates hover around 6% in the new year, more homeowners are likely to make a move and list their home for sale. But if rates remain well above 6%, as many economists expect, the number of homeowners deciding to sell may be limited.

“You can’t have more existing-home sales without more existing-home inventory,” First American Chief Economist Mark Fleming wrote in November. “Even though mortgage rates may decline, it’s unlikely that it will be sufficient to end the sellers’ strike in 2024.”

A floatplane flies over construction cranes near new apartments being built in the University District. Fewer apartment buildings are expected to hit the market in 2024 and beyond, and that could lead to higher rents. (Ken Lambert / The Seattle Times)

A floatplane flies over construction cranes near new apartments being built in the University District. Fewer apartment buildings are expected to hit the market in 2024 and beyond, and that could lead to... (Ken Lambert / The Seattle Times)More

Apartment rents are poised to climb

The rental market has been on its own roller coaster in recent years. Renters flocked to the suburbs early in the pandemic, driving up costs in those areas and pushing prices down in cities like Seattle.

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But as pandemic restrictions eased in 2021, city rents quickly began to climb again. By 2023, rents had leveled off, in part due to an influx of newly constructed apartments. The median rent in Seattle dipped 1% from November 2022 to November 2023, in line with the national trend, according to Apartment List.

With fewer new apartments hitting the market in the coming years, rents are likely to start climbing again, said Elliott Krivenko, an analyst at the commercial real estate tracking firm CoStar. The firm projects apartment rents in the Seattle area will increase about 4% next year, higher than the average of about 2.5% per year over the past two decades.

“We haven’t had a lot of new projects break ground in recent quarters, and that is going to translate into fewer new units delivered going into 2025,” Krivenko said.

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As developers struggle to finance construction projects, they applied for permits to build 15% fewer new apartments in Seattle in the third quarter of this year compared with the same time last year, according to city data, signaling that fewer projects will open in the years beyond 2024.

And as high mortgage rates keep people from making the leap to homeownership, more people might stay renters for longer. Apartment List projects that for many renting will make more financial sense than shopping for a home in 2024: “As paths to homeownership fade for many, renting will increasingly be seen as the more practical housing option.”

Zillow researchers recently wrote that with the high costs of homeownership, “the new starter home will be a single-family rental.”

Meta, which controls most of the office buildings in Bellevue’s Spring District, has made moves to divest itself of some of the space even as two additional large office towers leased to Meta are under construction on the campus.

(Daniel Kim / The Seattle Times)

Meta, which controls most of the office buildings in Bellevue’s Spring District, has made moves to divest itself of some of the space even as two additional large office towers leased to Meta are under... (Daniel Kim / The Seattle Times)More

Office woes are likely to persist

Heading into the fifth year since the start of the COVID-19 pandemic, many of the region’s white-collar workers continue to log in from home. Tech companies like Microsoft and Meta have shed office space, and nearly a quarter of central Seattle office space was vacant in the third quarter of this year.

Vacancy on the tech-heavy Eastside has been a mixed picture, with 8% of office space vacant in central Bellevue and far more, 22%, vacant in Redmond in the third quarter.

Industry insiders don’t expect a turnaround in 2024.

Leah Masson, senior director at Cushman & Wakefield in Seattle, expects office vacancy in downtown Seattle to continue to tick up in early 2024. By 2025, the firm expects most companies will have finished downsizing, and the market will stabilize.

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But more space will be empty in older buildings as employers search for newer space with more amenities to try to draw workers back to the office, Masson said.

For many companies, the idea of desk-sharing, or hoteling, “hasn’t really worked well,” said Eric Lonergan, an executive managing director at Savills who works with Seattle-area office tenants. Instead, employers are looking for enough space to give workers assigned desks — keeping demand higher than it would have been if more big companies shifted to shared desks.

Office rents are likely to stay flat next year, said Jeff Chaney, an executive vice president at Kidder Mathews who focuses on Eastside office leasing and sales. Rents could even drop in areas with high vacancies like Bellevue along the I-90 corridor, Chaney added.

To attract tenants, landlords are likely to offer more concessions, such as free rent or increased allowances for tenant improvements to office space. Those offerings will go “probably above and beyond what you’ve seen in the past couple of years,” Chaney said.

Finally, more office buildings could trade hands in 2024 — but not because investors are interested in buying those buildings.

Given the hit to the office market, some investment firms that snapped up office buildings before the pandemic paid more than the buildings are now worth. Some of those buildings will go back to the bank. That could push down costs for companies looking for office space.

“The new owners will have opportunities to do deals at lower rents,” Masson said.

Heidi Groover: 206-464-8273 or [email protected]; on Twitter: @heidigroover.

https://www.seattletimes.com/business/real-estate/will-seattle-area-real-estate-rebound-in-2024-here-are-5-projections/

Hong Kong home prices slump to lowest in 7 years, official index shows, with little relief in sight in 2024

The private residential price index stood at 316 points in November, the lowest level since February 2017

Prices in 2024 will follow an ‘L shape’, dipping 3 to 5 per cent in the first half then stabilising, says Martin Wong at Knight Frank

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The housing market in Hong Kong continued to decline, with prices in November falling for the seventh month in a row to their lowest level in almost seven years, according to government data.

Property agents said house prices would continue to decline in December as the city’s slowing economy and high interest rates undercut demand.

The private residential price index stood at 316 points in November, the lowest level since February 2017 and a sharp drop from 322.4 points in October, according to the Rating and Valuation Department. The gauge has fallen every month since May, racking up a cumulative 10.78 per cent loss.

In the first 11 months of the year, property prices fell by 5.59 per cent.

Things have not improved this month, according to Derek Chan, head of research at Ricacorp Properties.

Living in 15 sq ft: Inside Hong Kong’s coffin homes

“Home prices in December continue to fall, making a full year decline of 7 per cent,” he said.

Property prices are down about 20.6 per cent from the market’s peak in September 2021.

Small units of below 431 square feet fell 3.47 per cent month on month in November, and were down 8.9 per cent in the first 11 this year.

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The index of large residential units with a saleable area of at least 1,075 square feet dropped by 1.94 per cent month-on-month. In the first 11 months of this year, it fell by 6.17 per cent.

“The residential market is still being impacted by high interest rates, insufficient purchasing power and a high volume of unsold inventory,” said Martin Wong, director and head of research and consultancy for Greater China at Knight Frank.

“The adjustments of various stamp duties have had limited impact in boosting home prices and transaction volume.”

He was referring to a relaxation of stamp duties announced by Chief Executive John Lee Ka-chiu in his latest blueprint for the city in a bid to inject life back into the flagging market.

Lee said a special stamp duty, equivalent to 10 per cent of the home price, would be waived for owners reselling their property after two years, a reduction from the original three years.

The buyers’ stamp duty that applies to non-permanent residents, and for additional properties, was halved to 7.5 per cent from 15 per cent.

Wong agreed with Ricacorp’s Chan with his full-year forecast.

“We expect the home prices to drop 7 per cent this year,” Wong said. “The price trend for 2024 will be an L shape, dipping 3 to 5 per cent in the first half of the year and then staying relatively stable in the second half.”

While residential property prices are falling, rents continue to rise. They have risen for 10 consecutive months, with the residential rental index reaching 186.8 points in November, a monthly increase of 0.65 per cent.

That is the highest level in almost four years and represents a cumulative increase of 7.6 per cent in 10 months.

Sammy Po Siu-ming, the CEO of Midland Realty’s residential division for Hong Kong and Macau, estimates that rents have increased 6.43 per cent for the whole of 2023.

He expects them to climb about 10 per cent next year, outperforming property prices, as interest rates are cut and with the prospect of the government announcing the withdrawal of market cooling measures in its 2024-25 budget.

Hong Kong may have seen the last of the interest rate hikes in the current cycle, sparing homebuyers higher borrowing costs, though analysts have warned this may not prevent house prices from slipping further.

The Hong Kong Monetary Authority (HKMA) maintained its base rate at 5.75 per cent in December, after the US Federal Reserve held interest rates steady and signalled that the historic monetary policy tightening engineered over the last two years may have ended.

The city’s de facto central bank has followed the Fed in lockstep since 1983 on interest rates policy under its linked exchange rate system to preserve the local currency peg to the US dollar.

https://www.scmp.com/business/article/3246400/hong-kong-home-prices-slump-lowest-7-years-official-index-shows-little-relief-sight-2024

If Your New Year’s Resolutions Include More ‘Me Time,’ Try Designing a ‘Spathroom’ at Home

Streamline details, connect to the outdoors, and create a sense of calm in your very own bathroom

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Each week, Mansion Global tackles a topic with an elite group of designers from around the world who work on luxury properties. This week, we look at turning a bathroom into a spa-like experience.

For pampering and decompressing, there’s no better room to splurge on than a bath. Enter the spa-inspired bathroom or “spathroom,” a curated haven ideal for spoiling yourself at home.

Todd Paolillo, project architect at KAA Design Group in Culver City, California, said words like “escape, sanctuary and serenity” come to mind when we imagine a spa-like bath, but a true spathroom should tie to the outside and present a pleasant distraction from everyday life.

“Having a connection to nature via a simple view, an outdoor terrace garden or in the most limited circumstances, the gentle trickle of water, give the mind something to focus on,” Paolillo said.

Mansion Global asked a few design pros for tips to create a spa-like haven at home. Here’s what they recommended.

Often, Less Is More

“Regardless of personal aesthetic, spa-like bathrooms should be streamlined for peace of mind and elegant without being fussy or overly decorative. I like to take a less is more approach when designing a spa-like bathroom in terms of color and accessories. Instead, invest in the best and most luxurious materials and let those do the talking for you. Whether opting for a minimalist vibe with wood paneled cabinetry, or something more traditional with painted cabinets and ornate hardware, marble and other natural stone is the most luxurious choice for countertops, floors, and showers. Nothing says spathroom like loads of marble.

Designer Caitlin Kah recommends streamlining a spa-inspired bath.

Carmel Brantley

“While going all-white might seem like the obvious choice, be mindful that you’re choosing the right shade of white. I’d suggest looking for a white with warm undertones to keep the space from looking too clinical. But white isn’t the only color to consider; I also love using natural wood in chic applications. Either way though, make sure you keep your color palette to a minimum of two colors—like blue and white, or sage and cream—and use them throughout to keep it streamlined and tranquil.”

—Designer Caitlin Kah in Palm Beach, Florida

Integrate Calming Elements

“When I think of a spa-like bathroom, I think of one that has been designed with a focus on cleansing and purifying the body, and would include calming elements and water in any and all forms—showers, steam, pools, saunas, hammams, etc. A bathroom might have a combination shower that includes a rain shower and a hand-shower or a body-shower; there might be wet or hydro tables, pedi-spas, a hot tub or whirlpool, a plunge pool, a mud bath, a sauna, a steam room.

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“Stone, wood and plaster are our preferred materials as they are all waterproof, and when used together, can reinforce a monotone palette. In one spa-like bathroom, we used Hinoki wood for the floors, the walls, and a traditional Japanese soaking tub. The material evoked a spa-like feeling, as the client requested, but it also added an aromatic layer, as Hinoki wood from the Hinoki Cypress tree is naturally fragrant.

Hinoki wood and a Japanese soaking tub evoke a spa-like feeling in this bathroom by MR Architecture Design & Décor.

Francois Dischinger

“There should be as much indirect lighting as possible, and the lighting should be dimmable. Dimming is key, because while less than full light is essential for a calming atmosphere, you also want to be able to bring the light up to carry out tasks.

“A ‘spathroom’ could have a place to lounge, like a chaise or even a large ottoman. An upholstered piece can add softness to what is otherwise usually a very hard, cold space. An antique wood piece of furniture like an armoire or dresser can have a similar effect if there is space.”

—David Mann, founding partner at MR Architecture + Décor in New York

Tie the Design to the Locale

“A spa-like bathroom is uncluttered and each element—the vanity, the tub, the shower—should be appropriately scaled so the bathroom doesn’t feel like endless ribbons of built-in countertops, storage and glass partitions.

“Tying into a sense of place, connecting to nature and locale, and harmonizing with surrounding environs should be the guiding principle to select stones, tiles, woods, and textiles, not forgetting luxuriously plush linens, soft woven mats, even slippers next to the tub.

The ultimate spathroom connects to nature in some way, according to Todd Paolillo.

Roger Davies

“Does the surrounding home sit in a mossy woodland that can lean on natural slate [and] rustic wooden planked ceilings and floors? Tropical retreats highlight regional teaks, bamboo, and woven grasses. Even mosaic tile patterns can hint at local culture and tradition. This isn’t to say everything needs to exude ‘organic.’ A spa bath in a cosmopolitan high-rise may rely on polished marbles, refined chrome, even masterworks of art to celebrate a sophisticated sense of the urbane, to escape from city chaos while luxuriating and still being in the middle of it all.”

—Todd Paolillo, project architect at KAA Design Group in Los Angeles

https://www.mansionglobal.com/articles/if-your-new-years-resolutions-include-more-me-time-try-designing-a-spathroom-at-home-3e887ca5

‘Tonight Show’ Host Jack Paar’s Longtime Connecticut Home Was a 1970s Time Capsule

Say hello to green shag carpeting, original wallpaper and tiling in the kitchen and a vintage pool, spa and cabana

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Listing of the Day

Location: New Canaan, Connecticut

Sale Price: $2.05 million

This 1973 time capsule in the heart of suburban Connecticut was the longtime home of Jack Paar, the second host of NBC’s “The Tonight Show,” and the next owner, the late Spiros “Sig” Segalas, liked it so much that he kept pretty much everything in place.

“The house is from a bygone era,” said listing agent Holly Giordano, of William Pitt Sotheby’s International Realty. “It has a really good vibe, lots of great entertaining spaces and really great light.”

“Jack Paar was a pioneer in interviewing and broadcasting,” said Giordano, who put the home into contract shortly after speaking with Mansion Global. It sold at the end of November for $2.05 million, slightly above its asking price.

More: Modernist Glass Home Among the Rustic Cottages of Canada’s Laurentian Mountains Lists for C$4.25 Million

Following in the footsteps of Steve Allen, the first host of “The Tonight Show,” Paar helmed the popular TV show from 1957 to 1962. He interviewed the likes of Fidel Castro, John F. Kennedy, Richard Nixon and Muhammad Ali, and helped launch the careers of Carol Burnett, Woody Allen and Liza Minnelli, according to published reports.

The traditional post-and-beam modern house was custom built in 1973 by Paar, “The Tonight Show” host before Johnny Carson, Giordano said. He sold it to Segalas, co-founder of the investment management firm Jennison Associates, in 1986. Segalas died earlier this year and his estate sold the home on Pequot Lane.

“The cool thing is that Jack Paar provided the tour for Segalas,” Giordano said. “They came to such a kinship about the house that the Segalas family kept everything, so it’s a very original house. They even bought a lot of his furniture.”

A library/sitting room with round windows is at one end of the primary suite.

Marcott Studios

More: Robert Pattinson Redid His Charming Hollywood Home Before Selling It

“It’s like going back in time,” she said. “It still has the green shag carpet, the original 1973 kitchen wallpaper and tile and the original signage (‘Desert Room,’ ‘Royal Enclosure’) throughout the house.”

The bathrooms have been updated, but everything else is original, she said. “They don’t make them like this anymore.”

Paar “had a lot of great parties in the house,” Giordano said. He had a buzzer installed under his foot in the dining area so that drinks would flow freely from the staff without interrupting his hosting duties.

Along with living and dining areas, the open-plan great room features a double-sided brick fireplace, a double-height vaulted wood ceiling and oversized windows, according to the listing.

More: Tennis Legend John McEnroe’s Former Manhattan Apartment Selling for $9.75 Million

A floating loft office that overlooks the great room holds Paar’s original desk and built-in cabinetry, where he wrote his 1983 memoir, “Jack Paar: An Entertainment,” Giordano said. “Chapter 3 is about the house.”

There is also a game room and bar on this upper level, she said.

The primary bedroom suite has dual bathrooms, a library/sitting room with round windows and sliders to a private stone patio that leads to an in-ground hot tub and the pool area, Giordano said. “It feels very private there, like being in your own spa.”

There are a lot of different access ways in and out of the house, and it has “that good indoor/outdoor connection,” she said.

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Stats

The 6,631-square-foot house has five bedrooms, five full bathrooms and two partial bathrooms. It sits on a 4.54-acre lot.

Amenities include a two-car attached garage, a pool and spa, a pool cabana and a tennis court with a viewing tent.

Marcott Studios

MANSION GLOBAL BOUTIQUE: 8 Small Home Decor Gifts to Spruce Up Their Space

Amenities 



Amenities include a two-car attached garage, a pool and spa, a pool cabana with a bathroom, a tennis court with a viewing tent, a paddle ball court, a sports court, three fireplaces, a bar and game room, a gym, mature specimen trees and shrubs and a separate guest suite with a kitchenette and its own entrance.

Neighborhood Notes 



“The home is in a more private area of New Canaan,” Giordano said. “It’s a seven-minute drive to downtown New Canaan, which has a very convenient train station and great spots for drinks and dinner and shopping.”

Agent: Holly Giordano, William Pitt Sotheby’s International Realty

View the original listing.

Write to Listing of the Day

https://www.mansionglobal.com/articles/tonight-show-host-jack-paars-longtime-connecticut-home-was-a-1970s-time-capsule-9437793c

5 things people with nice-smelling pantries never do

Avoid these bad habits so you can keep your pantry smelling fragrant and aromatic

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The pantry is an incredible asset for your kitchen and is often used for storing fresh and non-perishable goods. As a result, it is worth your attention to make sure it smells nice and fresh, and not a home for odors.

When trying to understand what people with fresh and clean pantries never do, we should also consider what people with nice-smelling pantries always do. Pantries are perfect for storing wonderful and aromatic smells, including spices, herbs and sweets. If left untreated these can easily go off and create bad smells that ruin your other produce.

Our experts have identified five bad habits that people with nice-smelling pantries never do so you can utilize this space to complement your organized kitchen.

5 Things People With Nice-Smelling Pantries Never Do

People with wonderfully scented pantries typically avoid a few common things to maintain that delightful aroma. Below are a few things they tend to steer clear of.

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Kitchen pantry

(Image credit: Davonport)

1. LET CLUTTER BUILD

One of the first things people with nice-smelling pantries never do is allow clutter to build up, which can typically happen by overcrowding the pantry with too much food and supplies. This becomes especially important when trying to organize your pantry.

A cluttered pantry not only makes it challenging to find items but can also lead to overlooked spills and expired goods. Cleaning specialist Janille Mangat suggests organizing your pantry regularly, and decluttering unnecessary items to maintain a fresh and inviting atmosphere.

You can install shelves or use baskets to help you avoid cluttering your pantry. These baskets from Amazon help to maximize space and help you keep your pantry storage neat and organized.

Janille

Janille Mangat

Cleaning Specialist - VMAP

Janille Mangat has been working as a cleaning specialist at VMAP services for more than 2 years and has extensive experience with residential and cleaning services.

2. NEGLECT PEST CONTROL

Routinely check for signs of pests such as rodents or insects and address promptly. Shayne Jeramos, cleaning specialist at Bright Cleaners suggests that you should incorporate pest-repellent herbs like rosemary or thyme into your pantry as a deterrent.

Not only do these pests cause unpleasant odors, but they also pose a risk to food safety and can lead to illness or health issues if they tamper food. Sealing cracks with GE Supreme Silicone Caulk from Amazon and keeping your pantry tidy are effective preventative measures.

Spills can attract pests and create foul odors, so cleanliness is a priority. People with nice-smelling pantries never leave spills unattended, they’re quick to clean up any spills or messes.

Shayne Jeramos

Shayne Jeramos

Cleaning specialist at Bright Cleaners

Shayne Jeramos has been a cleaning specialist at Bright Cleaners for over 2 years and has extensive experience with residential and cleaning services.

3. LEAVE FOOD UNCOVERED

Compact kitchen storage solution

(Image credit: Sims Hilditch)

All food, particularly strong-smelling items like onions or garlic can lead to odors in the pantry. ‘You should store food and produce in airtight containers,’ says cleaning expert Prerna Jain. ‘This will help preserve the food and prevent any odors from filling up the pantry.’

Regularly checking and discarding expired items is key. Discard expired products promptly to prevent them from causing unpleasant odors and to maintain a fresh inventory. Not only will this keep your pantry smelling fresh, but it will also ensure hygiene and reduce mess. Mason jars or glass containers from Wayfair work well for storing spices and foods, keeping them aromatic and easily identifiable.

Prerna Jain

Prerna Jain

Cleaning Expert

Prerna Jain is the founder of Ministry Of Cleaning, a top-rated cleaning service with years of industry experience.

4. DISREGARD THE IMPACT OF LIGHT AND TEMPERATURE

According to Parveen Garg, manager at Ola Clean, light can influence the freshness of certain foods. ‘People with nice-smelling pantries store light-sensitive items in opaque containers or dark corners to prevent spoilage and preserve aroma,’ says Parveen.

One tip is to store oils and nuts in dark containers to protect them from light exposure. If your pantry is too cold, it can become a go-to spot for moisture. An overly damp pantry can become a breeding ground for mold and musty smells. Open a nearby window or regularly open your pantry door to reduce humidity and clear out stale smells.

If humidity is an issue in your pantry, try these humidity moisture packs from Amazon, which will help maintain the proper humidity levels, ensuring your products stay fresh for longer.

Parveen Garg

Parveen Garg

Manager at Ola Clean

Parveen Garg is a dedicated and experienced Manager in the cleaning business, specializing in leveraging my extensive knowledge of cleaning practices and products to ensure exceptional cleanliness solutions. With 4 years of experience, he possesses a deep understanding of the industry and excels at leading teams to deliver outstanding results.

5. RELY ON HEAVILY PERFUMED DEODORIZERS

Walk-in pantry with sage green open shelves filled with cohesive selection of jars and container; there are pull out drawers underneath also

(Image credit: Tom Howley)

'Although they may make it temporarily smell nice, heavily perfumed deodorizers can mask smells such as rotting food or mildew,’ says Angela Rubin, a cleaning expert from Hellamaid. ‘There could be an underlying problem that needs to be addressed.’

An alternative would be to opt for a natural deodorizer instead to keep your pantry fresh. Introduce natural fragrances by placing herb sachets or pot pourri in your pantry. Opt for aromatic herbs like lavender, rosemary, or cinnamon sticks. These not only add a pleasant scent but also deter pests.

Activated charcoal is also a natural deodorizer that can combat unwanted odors, and you can use it by placing it in discreet corners of your pantry. Charcoal is excellent for absorbing and neutralizing smells without introducing additional fragrances.

Angela Rubin

Angela Rubin

Owner of Hellamaid

Hellamaid is an award-winning cleaning company in Canada that's been featured on multiple global media brands.

FAQ

WHAT SMELLS INDICATE DANGER?

If you can smell sulfur or rotten eggs then you may have an issue with your gas supply. Gas suppliers treat natural gas (which is typically odorless) with a strong rotten egg smell to make gas leaks more detectable.

Achieving a pantry that emanates a delightful fragrance requires consistent effort and attention to detail. By avoiding these bad habits, you can transform your pantry into a space that not only smells fantastic but also contributes to a more organized and efficient kitchen.

https://www.homesandgardens.com/solved/things-people-with-nice-smelling-pantries-never-do?utm_medium=social&utm_campaign=socialflow&utm_source=twitter.com

Home Prices Double in Turkey’s Capital, Leading the World in the Third Quarter

Inflation has sent Ankara’s market soaring, while Istanbul and Dubai followed in a global index of 72 major cities

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Across some of the largest global real estate markets, prices are rising most in Ankara, the capital of Turkey, according to a third-quarter report released Wednesday by Knight Frank.

Home prices in the city, which has a population of 5.1 million, were up a whopping 102.7% in the third quarter compared to the same time last year, the property consultant and estate agency said.

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Recording annual price growth of 77.6%, Istanbul, the largest city in Turkey with over 15 million residents, placed second in the ranking of 107 cities worldwide.

Dubai secured the third position, with annual gains of 18%, while Zagreb, the capital of Croatia, and Athens, the capital and the largest city in Greece, rounded out the top five, with annual property price appreciation of 14% and 12%, respectively.

As a whole, global housing markets “continue to display healthy price growth, despite the record rise in interest rates since late 2021,” the report said.

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Average annual price growth across all the cities collectively increased 2.3% annually in the third quarter, and 72 markets saw prices increase over the 12-months to September.

“The fundamental pillars supporting these prices remain: low stock availability, above-inflation wage growth, elevated household savings and limited new-build construction,” the report said.

Notably, Philadelphia was the highest appreciating U.S. city on the list at No. 10, with price gains of 8.6%; Perth was the best-performing Australian city with values up 9.7% and Glasgow was the top-performing U.K. city with price gains of 4.3%.

https://www.mansionglobal.com/articles/home-prices-doubled-in-turkeys-capital-leading-the-world-in-the-third-quarter-c22f822c

Dec 27, 2023

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