Realty Guild Blog

An important change for all sellers to know is that, as of tomorrow, July 1st, 2011, there will be an increase to the Connecticut real estate conveyance tax, a tax imposed on the transfer of real property and paid by the seller to the state and local municipality. On residential homes the state conveyance tax has been 0.5% of the purchase price up to $800,000, and 1.0% on the amount in excess of $800,000. As of July 1st the tax will increase to .75% for the first $800,000 and 1.25 for anything in excess of $800,000.
 
Additionally, the local municipal tax, which has been 0.25%, will become the permanent tax rate on July 1st. It had been “temporary” increased from 0.11% in 2003. In lower Fairfield County there are only two towns, Stamford and Norwalk, in which the municipality conveyance tax is slightly higher (.35% and .5% respectively). 

In practical terms, before July 1, 2011 the total conveyance tax on the sale of a $1 million dollar property would be $8,500. After July 1, 2011, that  tax would go up to $11,000.

There are exemptions to the conveyance tax, so please ask your attorney to see if you would qualify. Remember also, if you object to this tax increase, the best course of action is to contact your state legislators.

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Picasso's "Femme assise, robe bleue"

The highest price paid for a work of art at Christie’s June 21 Impressionist/Modern Art Sale in London was for a Picasso painting titled, “Femme assise, robe bleue”. It was bought by a man by the name of Dimitris Mavromatis, a Greek art buyer, for $29.1 million. Click here for a video of the purchase, which gives a fascinating look at a high-stakes art auction.
 
“Femme assise, robe bleue” had a pre-sale estimate of $6.5 to $12.8 million.

Picasso's "Jeune fille endormie".

 Three Picasso paintings, including “Jeune fille endormie” (pictured below), each portraits of lovers of Picasso, sold for a combined $68 million. To read more about this auction, click here.

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The 20-karat-gold Vacheron Constantin

After selling the world’s first million dollar Rolex watch at an auction back in May, Christie’s was optimistic for its follow-up “Important Watches” sale, which took place last night at Rockefeller Plaza in New York. They had predicted that there might be another watch that collectors would pay upwards toward a million dollars for (see the interview on Fox News here). they were particularly optimistic about a one-a-kind 20-karat-gold Vacheron Constantin from the collection of U.S. car manufacturer James Ward Packard (1863-1928). However, they still only put an official estimate for the watch at between $250,000 to $500,000.

Well, continuing a trend of great interest in fine, rare watches, the 20-karat-gold Vacheron Constantin sold for $1,762,500, more than triple the pre-sale high estimate. In fact, there were four watches once owned by Packard for sale, all of which had been stored for 60 years in a bank vault. Collectively they realized $2.75 million after having a pre-sale high estimate of $906,000.

Not a bad time to be a fine watch collector.

The first million-dollar Rolex.

The Rolex that sold for a record $1.16 million was made in 1942. The watch is one of only 12 models created, of which only eight are known to have survived.

Read a full article of the Vacheron Constantin sale here.

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• No. 1 in Connecticut. Westport and Darien also placed in the top 10 in the $800,000 or more category, at fifth and sixth, respectively, while Wilton was ninth in the $600,000 to $799,999 home price category.

• In a separate article it cited New Canaan, Darien, Wilton and Westport for being one of four areas of the country with multiple high ranking towns in close proximity, dubbing these areas, “Clusters of Excellence“.

Along with the rankings, the study praised New Canaan for characteristics that they feel contribute to the academic environment, including its historical connection to modern architecture, its large public parks, and the overall education level of its residents, mentioning that over half the population has at least a college degree. It also was impressed by how New Canaan high school students seem to be achieving in a well-rounded fashion, saying, “Students have posted superior performances in lacrosse, musical production, and academics.”

The authors of the study dug into possible reasons for the “Cluster of Excellence,” that exists between New Canaan, Darien, Wilton and Westport. They noted that each school is part of a “Tri-State Consortium”, a group of 40 high-performing districts that study and evaluate each other and act as “critical friends” to help each other grow and improve. “You might expect outstanding school districts like these to kick back and celebrate their success a little,’’ noted the study. “Instead, all four of these districts are focused on continuous improvement.”

New Canaan High School

the top of the 17,589 communities it examined.

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Frank Gehry’s Schnabel House in Brentwood, CA, chosen by Living Architecture as one of the 20 Greatest American Houses of the 20th Century, is on sale through our Christie’s International Real Estate Affiliate in Los Angeles, for $13 million. The photos tell the story, and you can enjoy more through this link.

The Schnabel House was built in 1989, and purchased in 2006 by Tony-award winning producer Jon Platt (who currently has three productions on Broadway—Wicked, Driving Miss Daisy, and The Book of Mormon). While Gehry is one of the most acclaimed architects of the 20th century, and lives  in quite the home himself (see photos of Gehry’s own home here), he’s said of the Schnable House that it was a design that he had “fantasized about for my own house.” Platt, for his part, has modernized Gehry’s original design to include an iPad controlled home system and mechanized skylight system to cool the interior spaces with minimal energy consumption.

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On May 1st the New Canaan library will feature one of the most dynamic leaders in the business world today in George Bodenheimer. Bodenheimer, a New Canaan resident, is the co-chairman of Disney Media Networks and president of ESPN, Inc. and ABC Sports. Among the topics he will cover in this stellar offering of the Library’s always popular “Conversation with Business Leaders” series is the inside story on the history of ESPN and what makes ESPN the success story it is.
Considered a pioneer in the cable industry, Bodenheimer, 52, was named ESPN’s fifth President in 1998 and is the company’s longest-tenured top executive.
For more information on this event, and to register, click here. It is recommended to arrive early to get a good seat. Doors will open at 4:00 pm.

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Once a Cordon Bleu chef, Charles Curtis recently moved from Christie’s New York to Hong Kong to become head of wine in Asia for the company. It is a dream job for a wine connoisseur, and one that seems to have been a natural fit for Mr. Curtis.

Did you learn a lot about fine wines during your previous career as a professional chef?
I’ve always had a love of wine, and my first formal classes were twenty years ago when I was a student at the Cordon Bleu in Paris. My wife and I traveled extensively throughout France exploring different wine regions.

Have you enjoyed the new experience of matching the wines you love to Asian cuisine? What is your favourite pairing so far?

I love to match my favorite wines with the cuisines of my adopted region.  I think that claret is a great match with the roast meats of Guangdong cuisine and that both red and white Burgundy can be paired very well with the seafood dishes. A crisp champagne goes well with many Chiu Chow specialties, and German Rieslings are wonderful with spicier Sichuan cooking.

What prompted your career change from the restaurant industry to auctioneering?
The restaurant industry is very challenging and enjoyable, but because of the hours it is not well suited to raising a family. At the birth of my daughter seventeen years ago I left the kitchen to pursue a career in wine.

What inspired you to join Christie’s
I have always seen Christie’s Wine Department as the pinnacle of the wine industry, exclusively focused on the finest and rarest wine – it is a dream job for anyone in my industry.

Could you tell us more about your role as Master of Wine?
Because I made a career change at 30, I was eager to pursue education in my new field. I completed the certificate and diploma from the WSET (Wine and Spirits Education Trust) and then the Master of Wine in 2004, making me the 22nd Master of Wine to earn the title in the United States. I am still involved with the Institute’s educational programme and in the events committee, and I have served on the board of the Institute in North America.

What is your best experience so far at Christie’s?
We have had some landmark sales in New York and some fantastic events, but I will confess that the most exciting thing so far has been the transition to Hong Kong and especially putting together our exciting sale in March.

You have recently been appointed as the Specialist Head of Wine for Christie’s Asia and will be based in Hong Kong. How is the market here different from in North America?
The two have a lot in common. In North America I was based in New York, but traveled as widely as Canada and Brazil to meet clients and stage events. In Asia I will be based in Hong Kong, but I will work throughout the region to promote my sales and the love of wine in general. I think that there is great potential to expand the range of wines commonly sold in Asia and I look forward to introducing them as it becomes practicable.

In addition to your post at Christie’s, you have a very varied career as journalist, author, consultant and wine judge… What are the best wines you’ve tasted in your long and varied career?
The best answer to that is “the one I will have for lunch today”!  Seriously, some lovely highlights would include a perfect ’59 Lafite, ’34 Romanée-Conti and ’69 Dom Pérignon.

What is the first rule of wine collecting?
The first rule of wine collecting should be “Buy what you love to drink, but keep an eye on the investment value”. It would be silly to buy wines that one didn’t enjoy, but it would be equally foolish to purchase wines without regard to their potential appreciation. Ultimately, I subscribe to the old adage “Buy three, drink one free” – selling a bit of your wine that has gone up in value can allow you to drink some really fabulous bottles!

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Christie’s, the world’s leading art business, has changed the name and look of its exclusive real estate brand to Christie’s International Real Estate. Formerly known as Christie’s Great Estates, the change creates clarity in the global market & strengthens the ties between Christie’s art and its real estate businesses

“The synergy between the Christie’s auction house and the Christie’s real estate division continues to expand and we are proud to be part of this powerful, growing international network,’’ said Barbara Cleary of Barbara Cleary’s Realty Guild. “The Christie’s art and real estate businesses work hand-in-hand with each other and the brands lend extraordinary worldwide visibility and prestige to one another—and, by extension, to our sellers locally. With international buyers so active in our local market, due to the internet and proximity to New York City, this is yet another affirmation of our ever-expanding worldwide reach.”

The Christie’s International Real Estate web site has also received a complete makeover Christiesrealestate.com has a sleek new look and enhanced functionality, offering visitors an unparalleled look at international luxury properties and the local luxury real estate market.

Barbara Cleary’s Realty Guild is the exclusive affiliate of Christie’s International Real Estate in New Canaan, Darien and Wilton. Other Affiliates in the immediate area include David Ogilvy & Associates of Greenwich, Houlihan Lawrence of Westchester and Brown Harris Stevens Real Estate in New York City.

“As the world becomes more interconnected, Christie’s International Real Estate is a name that immediately captures the essence of our business and will make us even more competitive in the global real estate marketplace; especially as our network continues to expand into more cities worldwide,” says William Zeckendorf, Co-Chairman of New York’s Brown Harris Stevens, whose firm brokers the most important sales in New York City, The Hamptons and Palm Beach. “Christie’s International Real Estate clearly conveys our close ties to the world’s leading fine art auction business; and this relationship is what makes our network so wholly unique.”

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In a town that has one of the most res

pected libraries in the area, it’s little wonder that New Canaan also has more than its share of distinguished authors. Here’s a list of some of the 2010 books by New Canaanites surely worth a look.

Writer’s Block, by Julian Padowicz. A novel from the award-winning author and filmmaker. Padowicz will discuss the book at the New Canaan Library’s Authors on Stage series on Jan. 12 at 7:30 p.m.
You Were Wrong: by Matthew Sharpe. A “pleasingly odd and intelligent novel,’’ according to the New York Times review.
The Principles of Fighting, by Robert Sweet. Offers a series of strategic concepts for successfully navigating in business and everyday life.
The Overton Window, by Glenn Beck. A suspense novel by the conservative commentator.
The Batboy, by Mike Lupica. New York Daily News columnist’s story of a young boy and his dream summer job.
The Quilt of My Life, by Joan M. O’Brien. A collection of writings, published posthumously, by a long-time cancer survivor.
Gardening for a Lifetime: How to Garden Wiser as you Grow Older, by Sydney Eddison
Celiac Disease: A Hidden Epidemic, by Peter Green

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Exciting years are worth taking a look back on, and for the Realty Guild 2010 was no exception. There were a number of unique events, houses, and moments to celebrate.

In the spring, The Realty Guild hosted, in collaboration with the Summer Theater of New Canaan, a five-day interior design showcase called “Spring Awakening.” Every room in the Realty Guild’s listing at 104 Dan’s Highway, known as Le Beau Chateau, was transformed by the area’s top designers into a Broadway-inspired feast for the eyes, all to benefit New Canaan’s summer theater. The Realty Guild also hosted, in collaboration with Christie’s auction house, a rare wine-tasting event, one of only a handful that Christie’s has had in recent years. Our venerable auction house partner broke out some of the world’s most exquisite and rare wines.

There were numerous buyers who found their dream home. Our listings included Le Beau Chateau, a 52 acre estate in New Canaan, along with the Smith House, Richard Meier’s  iconic modern home on the water in Darien. Unique new listings this fall include Flying Ridge, a 33 acre estate in Newtown, CT that features its own airstrip, and Grey Cliffs, a 6-acre family compound on a magnificent stretch of waterfront property in Stamford.

In the fall, at the Christie’s Great Estates annual meeting in Toronto, the   Realty Guild was awarded 2010 Christie’s Great Estates Affiliate of the Year honors, one of only 9 companies to be honored in a network that has over 800 offices in more than 40 countries.

As 2011 begins the Realty Guild also is proud to be celebrating its 25-year anniversary! We look forward to new and exciting challenges in 2011, and to continue to be a resource in helping our clients fulfill their real estate needs.

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