Global Expertise, Tailored Service, Christie’s Credibility
Christie’s International Real Estate, the world’s leading luxury real estate brand, announced this week it has awarded Ivester Jackson its prestigious “Overall Affiliate of The Year Award” at its annual ownership conference, this year held in Buenos Aires, Argentina.
The overall award is given annually to one of Christie’s 145 market leading luxury brokerages from around the world, with recent previous winners including Daniel Feau of Paris, France, and Chestnut Park Real Estate of Toronto, Canada.
Market Leadership & the Passion to Succeed
While announcing the award at the Buenos Aires conference, Christie’s CEO Dan Conn noted, “since joining Christie’s four years ago, Ivester Jackson has grown by more than 200% and tripled in annual volume, in the process becoming the top seller of multi-million dollar estate homes not only in the Charlotte region but in North Carolina.”
International Exposure for Luxury Properties
Reed Jackson, IJ’s Managing Partner says “Our partnership with Christie’s has attracted luxury buyers to our agents and properties from a select worldwide audience and delivered maximum exposure for our listed properties. This acknowledgment of our region by an iconic brand like Christie’s highlights the continued emergence of North Carolina as an important destination for luxury property buyers from around the United States as well as for those originating internationally”.
Award Winning Magazine, Asheville & Events
In the past year, Ivester Jackson has expanded it’s Christie’s partnership into the Asheville, NC market, hosted Christie’s international head of wine and spirits, Noah May, at a wine event in Charlotte’s prestigious Pellyn Wood enclave, and been awarded the Florida Printers’ Association first prize/bound printed for it’s Portfolio of Fine Properties magazine, now distributed to over 11,000 regional luxury homeowners and international subscribers.
Ivester Jackson also wishes to congratulate the other market-level winners from this year’s conference:
Small Market: Special Properties
Medium Market: Coastal Properties Group
Large Market: Hawaii Life
Look for a formal announcement from Christie’s International Real Estate early next week.
Please contact Reed Jackson for more information about Ivester Jackson Christies and this prestigious award.
At the start of the new year, it’s never been more evident that both the Charlotte and Lake Norman stars continue to rise. Heading into December, sales of homes priced in the $1 million to $2 million range increased at a double-digit pace compared to 2016. In Charlotte, sales in that range were up 13%, with 257 homes closing vs. 227 in 2016.
Up the road at Lake Norman, the activity was even more dramatic, with unit sales in that same $1M to $2M range up 30% over 2016.
Perhaps more impressive is the momentum the region is displaying. Showings on homes in this range are up 11% in town, and a whopping 46% at the lake. This points to a solid winter and early spring in the luxury market’s most popular price point.
The ultra-luxury price segment above $2 million in list price, while a smaller segment of the market, also showed some strength, with 30 homes closing in Charlotte and 25 at Lake Norman, both markets on pace to double-digit gains in this segment. So far this year’s high water mark in the region is a $5.6 million dollar closing of an Ivester Jackson | Christie’s listing at The Point.
Charlotte Region Featured
Nowhere is the region’s rising profile more visible than in the national and international media. Ivester Jackson | Christie’s listings have been featured in numerous flagship publications.
Southern Living Magazine featured homes we’ve listed on Queens Road West in Myers Park and on Connor Quay Court in Cornelius. The Queens Road West listing was also selected by Architectural Digest for a feature on interior appointments, while our Pellyn Wood listing on Craigmore made a feature on “fairy tale settings” by Southern Living.
A listing in The Point was chosen as North Carolina’s most beautiful home in Architectural Digest’s feature article “Most Beautiful Home for Sale in Every State”. All of this attention points to the elevated profile the Charlotte/Lake Norman region is attaining beyond our local area. Over 40% of this year’s luxury buyers came from areas outside the state of North Carolina, and a small but increasing percentage originated internationally.
Luxury Momentum in Charlotte Continues Upward Climb
Moving into the final month of 2017, luxury activity in Charlotte continued its steady upward trend. 2017 has so far seen 257 homes close in the range above $1 million, compared to 227 last year, an increase of 13% year over year. The ultra-luxury segment has seen 33 transactions versus 21 through the same period last year, an increase of over 50% but one needed as the year started with a large inventory position on the listing side. Much of this activity occurred in the $2 million to $3 million range, with 3 transactions exceeding the $3 million mark versus 4 deals last year.
Showings in the $1 million range continue to track slightly ahead of last year for the 4th quarter, posting an increase of 11%, which should translate into a solid winter/early spring period in the city. Union County also emerged as a popular choice, particularly with properties priced around the $1 million mark.
Lake Norman Sees Surge in Luxury Market Home Sales
With the fourth quarter coming to a close, the Lake Norman luxury market will post a very solid 2017. While sales in the $500,000 to $999,000 range have been roughly equal to 2016’s year-to-date sell-thru that activity remains very solid, with 580 homes selling thru October vs. 578 last year. The luxury price range, from $1,000,000 to $1,999,000, showed tremendous expansion, with 146 homes closing in 2017 vs. 114 in 2016 over the same period, a whopping 30% increase. The ultra-luxury range also showed expansion, with 24 homes closing over $2,000,000 vs. 18 the previous year. The lake area saw 5 deals over $3,000,000, including a 2017 record sale of $5.5 million by Doris Nash of Ivester Jackson | Christie’s in The Point.
Distinctive properties can generally involve longer sales cycles than mid-market and everyday level homes. This is particularly true for properties in unique or isolated settings, or for those with very distinctive and personalized features. The simple fact is that the subset of the population that can afford to purchase multi-million dollar and up trophy properties is a very small segment of the population. Move up the food chain to some of today’s international trophy properties which can sell for hundreds of millions of dollars, and there may be less than 200 people on the planet who can make that type of investment.
Is An Auction the Right Solution?
Here in North Carolina, where our ultra-luxury segment probably begins north of $2 million, the question occasionally arises as to whether or not an auction is a right solution to move a property, so let’s evaluate the pros and cons, as well as some recent results.
Two Main Types of Auctions
There are a couple main types of auctions, those with a “reserve price” (a minimum the owner will take the property or they won’t sell), or those sold “without reserve” (the owner has waived the minimum and agrees to take whatever that auction’s appetite for the property will produce at offering price).
Condensed Period of Making Home Available For Showings
Generally Pre-Qualified Buyers
Marketing Blitz To Qualified Buyers and Prior Mailing List
The general appeal of selling at auction includes the finality of hopefully being done as a seller (if sold without reserve, the home price garnered at auction generally means the selling of the home is moving toward a closing, pending a likely inspection by the buyer). An auction is a condensed period in which the home is marketed, may be open for a couple of weekends prior to, but otherwise reduces the hassle of having a home for sale and prepping it for showings over an extended period of time. Auctioneers generally verify the wherewithal to buy of all participants.
If Sold With a Reserve Minimum, A Property May Not Meet The Minimum
Sellers Typically Participate in Thousands of Dollars in Marketing Fees
Sales Prices Can Be 30% Or More Below Recently Listed MLS Pricing or Comparables
Perceived Potential Stigma Or Fire Sale Mentality From Some Buyers
While a no-reserve auction can certainly be appealing given the likelihood of being able to move on fairly quickly (many auction sales still require 30-45 days of inspections, etc. to get to closing), there are some risks and downsides to consider. First, if the house is sold with a reserve that the auction audience fails to meet, its’ back to square one for the seller, often after coming out-of-pocket significantly to fund the marketing for the auction. Additionally, some buyers arrive with the mentality that auction properties are being “fire sold” or in some way have been stigmatized, which could result in the property being sold at a discount to what it ultimately might sell for with a conventional realtor’s approach. Finally, in looking at a couple recent North Carolina results, sellers need to be realistic about how a property will perform relative to its most recently listed MLS for sale price.
Two recent sales of properties listed at the $3 million dollar level, brought no reserve auction prices of $1.68 million and $1.994 million, somewhere between 30 and 40% off their most recent MLS listing prices,and it is fairly common to see auction sold price points at 25% or more below a property’s recent MLS list price. Given this discount, some sellers may want to consider adjusting their price by 5-10% prior to see if they can attract an offer above that 25-30% or higher discount that recent auctions have come in with.
Auctions Can Be a Great Option
For a seller with the simple desire to move on quickly and no sensitivity to steeply discounted offers, auctions can be a great option. For those more sensitive to net proceeds, more conventional price reduction strategies for a currently listed property, may yield a premium over the longer term to auction results. It really comes down to the goals each seller has during the property sales process.
By: Julia Mallozzi – Advertising Specialist, Graphic Design
An Evening of Fine Wine
On Thursday, June 1st, IvesterJackson Distinctive Properties collaborated with Christie’s Wine to host a Wine Collectors Forum discussing the characteristics of Old World vs. New World Pinot Noirs. The wine discussion was led by Noah May, Christie’s Head of Sale, Wine and Spirits. Rick Moeser, Christie’s International Real Estate Executive Director, also presented a global real estate market update.
The event was attended by over 100 of the region’s leading wine collectors and property owners and was held at two of Charlotte’s flagship estates: 2019 Craigmore Drive and 5402 Gorham Drive. A continuous shuttle ran throughout the evening in Charlotte’s prestigious Pellyn Wood neighborhood, enabling guests to taste great wines, sample gourmet offerings from Reid’s, and tour both fantastic properties.
A Conversation with Noah May
Noah May, Christie’s Head of Sale, Wine and Spirits, held a phenomenal discussion comparing European wine with American wine. There were four wines at the event for tasting and as part of the discussion: Old World Chardonnay, Old World Pinot Noir, New World Chardonnay, and New World Pinot Noir.
Noah joined Christie’s London Wine Department in 2007, after graduating from the University of Leeds with an honors degree in English Literature and Philosophy. Mr. May has been involved in a number of high-profile wine auctions in Europe. In May 2013, Mr. May was awarded the British Guild of Food Writers Award for Food Writer of the Year for various publications relating to wine and gastronomy. In September 2014, Mr. May joined Christie’s New York Wine Department, where he is focused on building relationships with collectors, the sourcing of rare wine events.
Global Real Estate Update with Rick Moeser
Following Noah’s forum, Christie’s International Real Estate Executive Director, Rick Moeser, gave a global luxury real estate market update. Rick discussed the current worldwide real estate trends and some recent breaking records, including the news that 10 properties which crested the 100 million dollar price mark, had sold throughout the world.
Rick offers nearly 30 years of experience in marketing and the sale of luxury real estate. Rick currently manages the business activities for Christie’s International Real Estate in the Southeastern, Southwestern Central and Mountain Regions of the United States, as well as the Caribbean, Mexico, Central and South America. Rick is responsible for successfully marketing and closing celebrity and noteworthy properties, setting industry records throughout the region.
2019 Craigmore Drive
The first stop of the night was at 2019 Craigmore Drive. Unparalleled privacy abounds with this masterfully designed home situated in one of Charlotte’s most desirable SouthPark enclaves, Pellyn Wood. The estate is perched amidst nearly five lush acres with formal gardens, walking trails, pavilion with fireplace, tennis court and a resort salt water pool. This European-influenced gated manor features a chef’s kitchen with butler’s pantry, walnut paneled library and owner’s retreat with private terrace. The lower level includes a 2,000 bottle wine cellar, billiard area, and media & exercise rooms.
Craigmore Drive is listed by Christie’s Luxury Specialist and Ivester Jackson broker, Tracy Davis. One of the region’s most astute luxury brokers, Tracy’s concierge level approach to preparing and marketing elite properties has made her a premier choice to represent flagship properties from Charlotte to Lake Norman. Combined with over 20 years of experience in real estate, her extensive knowledge of the area’s most desirable neighborhoods has also made her a popular choice for luxury buyers considering a move to the Charlotte or Lake Norman areas.
The second stop of the evening was 5402 Gorham Drive, an Italian Villa in prestigious Pellyn Wood in heart of SouthPark. The home is 8,200 square feet and the grounds feature a pool, extensive landscaping, verandas, patios, and two fountains. The interior has walnut plank floors, nine fireplaces – each with an antique mantel from Europe – custom brickwork, dumbwaiter, reclaimed antique stone floors, Spanish tile floors, custom millwork, antique zinc counters, and bronze gates. The Great room and Dining room feature a 20-foot ceiling. Down on the lowest level, there is a 1,200-bottle wine cellar, a giant bar from old Chicago hotel, and a full gym.
Gorham Drive is listed by Christie’s Luxury Specialist and Ivester Jackson agent, Dee Reid. Dee Reid adds value for her clients with a unique blend of vision and creativity. An artist at heart, Dee views each client as a new opportunity to deliver exactly what they seek – whether buying or selling a home. Past buyers describe her as a friend who understands exactly what they wish for in a home who can help them turn that desire into reality. Dee’s vision allows her to identify diamonds in the rough and by making a few simple changes – transform what seems unappealing into pleasing. Sellers love Dee’s practical advice for readying a home for sale. She brings the expertise and pragmatism to recommend necessary changes to obtain top dollar, but not overdo it with expenses that don’t provide a positive return on investment.
Prior to real estate, Dee owned a successful pottery studio in SouthPark, Bisque-It-Playhouse, and was a well-known jewelry designer with over 100 boutiques and resorts carrying her work.
Overall, the evening consisted of delicious fine wine, insightful discussions, and beautiful homes. By the end of the night, it seems that everyone had their own preference on which wine they found the most tasteful, yet, everyone still agreed that all four wines were almost equally as delicious.
This collaboration between IvesterJackson Distinctive Properties and Christie’s Wine turned out to be a lovely gathering. Thank you to everyone who attended!
IvesterJackson Distinctive Properties & Blackstream International
are the exclusive affiliates of Christie’s International Real Estate in Asheville, North Carolina.
Asheville tells the tale of two cities by bringing together a historic mountain community with a modern urban downtown.
Land of the Sky
Nestled in a thermal valley of North Carolina’s Blue Ridge Mountains is a city the locals call Asheville, or, “Land of the Sky”. Poised at the confluence of the French Broad and Swannanoa Rivers – not far from where the Blue Ridge meet the Smoky Mountains – this verdant paradise is home to the oldest mountain range in the world. At an elevation of 2,500 feet, the moderate climate and four distinct seasons make this mountain paradise the perfect place to enjoy year-round.
Once part of the Cherokee Nation, the first the first Europeans came to the area in 1540, but it was not until 1784 that the history of Asheville as a town, began. A century later, at the height of the Gilded Age, George Vanderbilt’s vision brought the renowned talents of architect, Richard Morris Hunt, and landscape architect, Fredrick Law Ulmsted, to the Blue Ridge Mountains of North Carolina. Together, Hunt and Ulmsted transformed the rugged terrain along the French Broad River and created Biltmore House,
America’s largest home. Today, the 250-room chateau continues to attract guests to the area from around the world, just as it did when it was first opened to Vanderbilt’s guests on Christmas Day in 1895.
In 1889, Asheville was the first city in North Carolina with electric rail streetcars. From the 1910s through the roaring 20s, Asheville grew to become the third largest city in the state, but that growth quickly halted with the crash of the stock market in 1929. At the time, Asheville had the largest municipal debt from infrastructure projects of any city in the US. It was not until the 1980’s, when that debt was finally repaid, that Asheville began to grow again. While slow to recover, the prior epoch ensured that the most complete collection of art decobuildings in North Carolina remained intact – the impetus for its future revival.
Where The Tale of Two Cities meets Tales of the City, the area boasts a literary history of triumph and tragedy as home to poet, Charles Sandburg, birthplace of novelist, Thomas Wolfe, and where F. Scott Fitzgerald retreated to the legendary Grove Park Inn to write in seclusion. While Armistead Maupin could easily have written any number of stories in Asheville’s progressive atmosphere, and Charles Dickens could have found inspiration in the cotswold-esque, Biltmore Village – the original township adjacent to the estate built to support the large workforce required to realize Vanderbilt’s grand endeavor – Wolfe never could have imagined the cultural jewel that Asheville would become.
Where bluegrass licks meet the aristocratic culture of the past, Asheville offers the best food, accommodations, and recreation. The verdant mountainside of the National Parks and Forests that surround the city provide great trails for walking, hiking, and mountain biking. Not far from town, rushing waterfalls and scenic waterways are perfect for fishing, kayaking, and canoeing. The walkable urban core, public transportation, and any number of taxi or ride-share solutions provide easy access to the surrounding neighborhoods and main attractions.
From micro-breweries to farm-to-plate cuisine, diversity is the key to Asheville. The cosmopolitan city center with its sidewalk cafes, bistros, museums and architectural masterpieces has been referred to as, “The Paris of the South.” It’s renovated and rehabbed bohemian West side is now a vibrant socially-conscious hub for young creatives and families. Blending new with the old, many buildings and properties from the 30’s and 40’s that have been
transformed over the last decade. Bike shops, boutiques, pubs, and live performance venues on Haywood Street, the main thoroughfare, provide the best mix of urban and suburban amenities.
Ivester Jackson I Christie’s brokers have dominated the market of luxury homes listed at $2 million or above, representing sellers or buyers in a whopping 15 of the 24 closed transactions over the past year in the Lake Norman area.
Firm Records Highest Priced Transaction
The firm recorded Cornelius’s highest priced transaction (a 3.8 million dollar transaction in which it represented both the seller and an international buyer), as well as 9 of the 16 homes that sold over $2 million in Cornelius. Ivester Jackson I Christie’s agents Lori Ivester Jackson (6) and Tracy Davis (4) recorded multiple transactions in the ultra-luxury market with Bill Moore, Reed Jackson, and Patty Howe all involved in ultra luxury closings.
Agents Dominate in Mooresville
In Mooresville, The firm once again dominated the action, closing 5 of the 7 homes above $2 million and 4 of the 6 in The Point. Doris Nash and Jessica Simpson led the way with 4 deals, while Annie Livingston, Alison Smith, and Lori Ivester Jackson all participated in ultra luxury closings.
Highest West Shore Transaction
Over on the west shore, Ivester Jackson I Christie’s agent Laura Pegram represented an out of state buyer on that area’s highest value transaction, a $3 million dollar estate home with expansive views on Governor’s Island.
All told, the firm’s agents participated in 63% of ultra luxury transactions at Lake Norman over the past 12 months.