Luxury Market Shines, Elan Grows

What a difference two weeks make! It's been a while since we posted about the luxury market, but positive reports continue to shine a light to the high-end. Just yesterday, MarketWatch ran with the headline "Global Wealth Recovers to Pre-Crisis Levels." April Lee reported that the world's millionaires grew by 14 percent in 2009, and "wealth became slightly more concentrated as millionaire households jumped to 11.2 million, moving back close to 2007 levels." The Wall Street Journal also ran an article on May 28, touting the luxury residential market's comeback and the fact that "sales of homes over $2 million in the first quarter were actually on par with the levels of 2005."

As the luxury housing market continues its ascent, rest assured that The Elan Collection will have a presence in the most sought-after vacation destinations. From Pebble Beach and Vail to the Turks and Caicos Islands, a vacation experience will emerge that's positively elan. Explore our current and coming soon properties here.

Market Sharing with Marti Gellens

Marti Gellens knows La Jolla's luxury housing market front, back and sideways. In the past ten years, she (along with mom and real estate partner Maxine Gellens) has closed $1.2 billion in real estate sales and recently joined forces with The Elan Collection to market "Casa del Mar," a breathtaking 4,000-square-foot oceanfront property in La Jolla, Calif. For our ”Market Sharing” series, we asked Marti to share her insights on her hometown, the local luxury housing market and what makes Casa del Mar such a desirable vacation home.

The Elan Report: Why is La Jolla such a desirable vacation spot?

Marti Gellens: It’s not only a great place to vacation, but it’s a great place to live because it feels like you are on vacation. The climate is never too hot and never too cold; the views are unbelievable; and there is so much shopping, great restaurants and different kinds of beaches. It’s like the French Riviera…La Jolla has a very European feel.

TER: What are the most popular amenities your affluent clients ask for?

MG: In general, they prefer homes that are newer. They also want big master bedroom and big closets. If it’s a second home purchase, they want to be on the ocean, near the ocean, or close to town… those are the qualities that are really important to them.

TER: So, how much does a view really play into a purchase decision for a vacation home?

It’s huge. If someone wants a vacation home in La Jolla, they usually want a view.

TER: Where do your clients typically come from?

MG: We have many buyers from Texas, Nevada and Arizona, who want to escape the summer heat. They usually start arriving in June. When it comes to buying second homes, we also have a heavy influx of Canadian buyers.

TER: What’s ahead for the overall luxury market in La Jolla?

MG: La Jolla will always be a destination spot. Although all markets have struggled in this recession, vacation destinations like La Jolla are usually the first to turn around. In 2010, we’re already starting to see a comeback in sales in the overall housing market. We are very much looking forward to our summer buying season starting in June.

TER: Describe the best elements of Casa del Mar for us.

MG: The architecture of the house is spectacular, and it’s located right on the ocean with a pool—which is very difficult to obtain today. The master bedroom with the glass upper deck is a very unique feature—perfect for enjoying the views. And, Casa del Mar also has wonderful outdoor entertaining spaces on both the ocean side and non-ocean side.

TER: Why is it a good opportunity in your mind?

MG: There is only so much oceanfront property here. When the market turns around, oceanfront real estate will see the biggest and quickest upswing. It’s the best place to invest your money. As far as the fractional opportunities offered through The Elan Collection, it’s a great way to own a piece of La Jolla oceanfront for a fraction of the cost. Most people who purchase second homes don’t typically use them like they think they will. We think 4 to 6 weeks a year is the perfect amount of time to enjoy a vacation home.

America's Best Beaches: The Elan Collection Will Be There

Are you surprised? Southampton boasts America's best beach, according to "Dr. Beach,Stephen Leatherman, director of Florida International University's Laboratory for Coastal Research, who has compiled the list for 20 years. Coopers Beach in Southampton, with its pristine, gently sloping white sand, convenient parking and amenities, topped the list of America's best beaches in an annual survey released today to coincide with the start of the summer vacation season.

Main Beach in East Hampton, Long Island, not far from Southampton and Westhampton, where The Elan Collection recently announced plans to add a spectacular two-acre waterfront estate spanning more than 10,500 square feet. Other current and future Elan locations made the top ten list, including Coronado Beach, Calif. (No. 3), near the Casa del Mar residence in La Jolla and Elan's future downtown San Diego penthouse; Kahanamoku Beach in Waikiki, Honolulu (No. 6) and Hamoa Beach in Maui, Hawaii (No. 9). The Elan Collection has plans to add a residence soon at an undisclosed island in Hawaii. (Keep checking the website, blog, Twitter and Facebook for updates.

Which beach are you vacationing at this Memorial Day Weekend? And an even more intriguing question…which beach is on your wish list for next year?

The Elan Collection Unveils First Ski-In/Ski-Out Luxury Mountain Retreat in Vail

Today, The Élan Collection announced the unveiling of its first ski-in/ski-out luxury mountain retreat with shared interests priced under $1 million: a 3,500 square-foot penthouse located at the top of The Arrabelle at Vail Square.

Nestled at the base of the Vail ski resort and just footsteps from the Eagle Bahn gondola, The Arrabelle Penthouse features en suite bathrooms in all four bedrooms, hardwood flooring, Viking appliances, luxurious furnishings and fixtures, as well as views of Vail Square and the best of Vail Mountain. But it's not just the penthouse itself that makes this vacation property a must-have... it's all of the value-added amenities too:

• The Arrabelle hotel services such as valet parking, luxury fitness center and spa, ski and boot storage, daily housekeeping, room service, etc.
• Vail Medallions (fully transferable for year-round recreation at five ski resorts and five golf courses)
• A dedicated 24-hour concierge staff
• Travel accommodations
• Limousine services and luxury vehicle to use when in residence
• Included private jet service
• Personal item placement inside the penthouse
• Option to exchange use rights for other properties within the Élan network

A luxury penthouse with all of these A-list amenities and all of Vail right at your fingertips for under a $1 million? Now that's elan... for more information about this opportunity, contact residence specialist Liz Leeds at lizizleeds@msn.com or (970) 331-1806.

The Haute Side of Mud Season: Less Crowds, More Privacy, Warmer Vacations

In most parts of the world, springtime means warmer temperatures, longer days, lighter home decor, and a chance to break out that new pret-a-porter sundress you saw on the runways. But in the best and poshest of ski resort towns, spring brings something called "mud season." (Isn't there a classier name for "mud"? The French say "la boue.") While most ski areas have shuttered their lift operations for the year, there are still luxury vacations to be had in Vail and Big Sky, Montana (two fabulous Elan mountain destinations).

The slopes are still open in Vail and Big Sky, of course... but if you're only a cold weather skier, the mud season offers a chance to explore your Elan hometown in a new light. Crowds are smaller; valet parking won't be full; fine restaurants offer too-good-to-pass-up prix fixe deals; and when the sun comes out, you can hike snow-sprinkled trails, watch the rivers rise or witness nature at its best--perhaps an elk being born or wildflowers sprouting in the meadows.

"Our mud season may not be our popular time of year, but it is a special time," notes Cathy Gorman, Elan residence specialist for The Big EZ Lodge in Big Sky. "We have so much wild life activity here. To see elk, deer and moose living so close among us is a rare and exciting thing. You can experience just how dynamic the outdoor world is."

With The Elan Collection, you can enjoy a luxury mountain retreat during the peak winter season, but sometimes the hautest vacations are best enjoyed in the quiet and privacy of the off-season.

Pebble Beach Summer Vacation: Golfing, Classic Cars and Luxury Homes

In Pebble Beach, serious golf aficionados and classic automobile collectors have their choice of premier events to suit their fancy this summer: golfers have the U.S. Open Championship (June 14-20, 2010) and classic automobile collectors have the Pebble Beach Concours d’Elegance (August 11-15, 2010).

Both events are considered the pièce de résistance of their respective circles, and take place on the renowned Pebble Beach Golf Links—just steps from The Elan Collection's newest vacation home in Pebble Beach. This 6,200-square-foot Mediterranean-style estate is set on an acre lot overlooking the 15th and 16th holes of Pebble Beach Golf Links and Stillwater Cove. The residence boasts four master bedroom suites, five baths, a large media room, wine cellar, private guest suite, three-car garage, butler's pantry and has recently been completed to offer breathtaking views from almost every room. Can golf lovers think of anything better than spending a pleasant summer day watching Tiger Woods and Phil Mickelson sink a putt right from their own terrace? And can classic car enthusiasts imagine anything grander than taking a leisurely stroll (or even better...driving their Ferrari 250 GT SWB Berlinetta or 1933 Duesenberg SJ Speedster) from their vacation home to the Concours d’Elegance and admiring the historic automobilia and automotive art?

It’s a dream holiday reserved for true connoisseurs of art and style, classic cars, world-class golf, and of course… luxury real estate. For more information, contact Steve LaVaute at (831) 241-1434 or slavaute@gmail.com.

The Return of Luxury Spending

Who, in the world of luxury real estate, hasn’t been looking forward to the return of affluent spending? Experts predicted this day would arrive soon—just maybe not this soon.

According to a new online survey by the Harrison Group and American Express Publishing (via Robert Frank, author of The Wealth Report and Susan Kime at Luxist), more than 1,900 consumers with more than $100,000 of discretionary income (and a mean of $52,000), found that more than 50% are optimistic about their future. Fewer people said they feel guilty purchasing luxury goods (from 54% to 45% in past year) and more say they like it when others recognize them as being wealthy (up from 30% to 42% in past year). Harrison Group also estimates discretionary spending by the affluent and wealthy will rise by $56 billion in the next year, with $28 billion going to luxury, marking a 6% to 8% jump.

Who will reap the biggest benefits? Automotive, travel, and services, according to the report. That said, the new picture of affluent spending won’t look like the spending of years past. Still, Stan Tonkin, vice president of international marketing and sales for The Élan Collection, finds all of this news encouraging amid recent reports that fractional jet operators, private aviation companies and other luxury fractional clubs announced positive first-quarter results: “It shows that there is still a sizable appetite for luxury fractional vacation opportunities, especially a new generation of shared ownership properties like The Èlan Collection. We are redefining the luxury vacation experience by bringing the benefits of shared interest home ownership to the exclusive world of private residence clubs. We see it as a win-win for those travelers who still want their vacations, but don’t want to tie up all of their financial assets in one home.”

What’s the picture of luxury spending you’re seeing?