From the moment she entered the real estate business Susan Breitenbach was a natural, and a super star. Susan has not only earned status as the undisputed top Hamptons broker; consistently claiming the #1 spot at Allan Schneider, now The Corcoran Group, for over a decade: She has handled over $1 billion in real estate transactions and found dream homes for hundreds of her own customers, with her territory covering sales (residential and land) and rentals throughout the entire East End.
Susan’s reputation for impeccable service and flair for matching customers with perfect properties go hand in hand with her unparalleled market knowledge, sharp negotiating skills and innovative marketing that lead to outstanding results. Whether she is marketing the most expensive home in the country, which is currently one of her listings in Bridgehampton, or trying to secure a charming country cottage for rent in a much more modest price range, Susan provides the same personal attention and hands-on guidance each buyer, seller and renter deserves. Susan is known for selling and listing more land than any other agent in the Hamptons and was the selling agent on the largest land transaction in Bridgehampton which closed in 2007. Susan works with many estate attorneys as their exclusive agent including the Estate for Edward S. Gordon where she marketed and sold hundreds of acres of Hampton property. She also is highly respected among her peers, and works on a referral basis with numerous brokers from Manhattan and many other locations because they are confident that their customers will be in the best hands. In 2007, she was listed as number 15 of the “Top Agents in Volume” in the United States with over $123,776,000 in sales.
Born and raised in New York City, Susan summered in the Hamptons her entire life before moving out East full time 25 years ago. Prior to steering her impressive sales skills to the world of real estate, she worked on Wall Street in computer sales. Today she reigns among the most dedicated, determined and hard working residential specialists throughout the East End. This top-performing Corcoran Senior Vice President has also recently invited her son Matt, a licensed sales associate, to join her in her business to enhance service to customers and clients with 24/7 coverage and round-the-clock support.
Susan currently resides in Water Mill with her husband, a high-end custom builder in the area, and three children where she revels in panoramic views of the bay and ocean. She is active on the American Heart Association and Parrish Art Museum committees as well as in other community groups. Susan is also a member of the Southampton Golf Club, plus she enjoys boating and playing tennis when time allows.
Matthew Breitenbach started his real estate career with Allan Schneider Associates, now the Corcoran Group. Working alongside Susan Breitenbach for the past few years, Matthew Breitenbach has assisted her in marketing over $1billion worth of real estate. He has helped Susan to take her business to a whole new level that has contributed to her achievements as Corcoran’s Top Agent in Sales Volume in 2006 and 2007, Corcoran’s Top Mid-Year Exclusive Listing Broker in 2008, and listed by the Wall Street Journal as 15th in the U.S. in 2007 for sales volume. With Susan’s guidance, Matthew has quickly come into his own as an Associate Broker who has shown, sold and marketed an impressive inventory of some of the Hamptons finest properties. In May 2007, Newsday labeled Matthew as one of the top young real estate agents in New York.
Matthew’s youthful exuberance and energetic approach to real estate have made him a favorite among young Wall Street investors, entrepreneurs and celebrity socialites. His dedication to staying ahead of market trends has furthered his own success, while his commitment to cutting-edge print and Internet advertising opportunities has made the Breitenbach brand a listing and selling powerhouse. Recently, Matthew’s innovative and technology-driven skills led to the creation of Breitenbach Hamptons Real Estate’s website:http://www.smbhamptons.com as well as their new 50-page brochure.
The Breitenbach brand teamed up with The Corcoran Group combines to form one of the most dynamic duos in the Hamptons real estate market today, and allows your property to get the most exposure both nationally and internationally. Whether looking to buy, rent, or build your dream home out East, Matthew brings unmatched commitment and service dedication to make your experience pleasurable all the way to the closing table.
Born and raised in the Hamptons, Matthew has deep real estate roots. His father, Stephen Breitenbach, is the owner of Breitenbach Builders, one of the area’s best high-end custom building companies. Matthew spent his summers working alongside his father on projects ranging up to $75 million. After graduating from Gettysburg College, he obtained his real estate license, then a mere three weeks into the business had signed contracts on his first multi-million dollar sale.
Matthew currently resides in Sag Harbor Village. He is an avid surfer and makes yearly trips all over the world to pursue that passion. He is a very passionate writer and hopes to release a memoir about the Hamptons one day. This lifelong Hamptons resident recognizes the importance of maintaining the area’s genuine beauty which is why he chose to live, work, and will eventually raise his family here.
In February of this year, Mohamed Hadid put his Bel Air residence on the market for $85 million. As reasonable of an asking price as that is, he has now decided to lower the listing to $72 million, a price that offers a lot of bang for the bucks. Los Angeles Power Broker, Joyce Rey of Coldwell Bank—whom Haute Living profiled in the 2008 April/May Los Angeles edition—is the listing agent and believes this home presents a “remarkable lifestyle and great value.”
Hadid, best known for his developing of Ritz-Carlton hotels as well as old-world style mansions, is the creator of this 52,000-square-foot private home. It adorns 2.3 acres on a prime Bel Air hillside, offering a 300-degree view of the surrounding city and mountains. Designed and decorated with the flair of his multicultural, worldly background, this beautiful piece of art has been perfected in every aspect—architecture, landscaping, design, décor, and amenities. With a French-inspired, château-like exterior made of hand-chiseled stone imported from Jerusalem and furnishings from all around the globe including Turkey, Morocco, Russia, Mexico, and Iran, this palace is an impressive montage that could only come together by Hadid’s vision. Each of the 10 bedrooms, 14 bathrooms, two gyms, multiple kitchens, the 60-seat screening room, and the 250-seat grand ballroom were paid the utmost attention during the design process. Hadid even hired 100 artisans to hand-carve each ornate fixture for the house. The spectacular property—as well as Hadid’s unmatched business acumen—garnered Haute Living’s attention, and we ran a lengthy profile on Hadid and the property in our October/November 2008 Los Angeles edition.
The indescribable beauty held within this property is one of a kind. The glamorous charisma is captivating—and although they say you can’t buy happiness, now (for only $72 million) you can buy a beautiful mansion that is sure to bring a smile to your face.
Elon Musk, the South African environmentalist and entrepreneur, is best known for his electric-car start up company, Tesla Motors—and although he received $465 million in federal loans earlier this year to keep Tesla alive, Musk wants more. Not for Tesla though, for his other startup—SpaceX.
SpaceX is Musk’s private rocket company. Intended to serve the market of private and commercial space transportation, SpaceX hopes to receive federal financial assistance for the Falcon 9 heavy rocket. Then, SpaceX will charge the government for its outer-space services. Although Musk’s request seems a bit out-of-this-world, he just might get it. The Obama administration has considered utilizing private rocket companies to launch a future space station. Currently, SpaceX has facilities and/or offices in Hawthorne, CA, Houston, TX, Cape Canaveral, FL, and Washington D.C.
SpaceX though, doesn’t have a very high success rate. It has blown through more than $120 million in private funds, millions of dollars in government fees, and has been bailed out by Musk’s partner, PayPal co-founder, Peter Thiel. On the other hand, SpaceX did manage to successfully launch one satellite—but even that memory is outshined by the one of launching the ashes of Star Trek actor James “Scotty” Doohan into the ocean instead of beaming him up into space.
If the government grants his astronomical request, SpaceX will be kept in orbit, but more places than just Houston might have a problem with it.
Joe Maloof, president of Maloof Companies, isn’t used to losing. In fact, the Maloof family has a history of success in practically every venture they have taken on—be it in sports, music, media, or gambling. However, when Joe Maloof sold his Brentwood home, he took a 16 percent hit.
The 6,100-square-foot home with five bedrooms and five and a half bathrooms sold for $4 million. Records show Maloof purchased the house in 2004 for $4.75 million, but apparently Maloof isn’t the only one selling low. According to MDA DataQuick, in the first six months of 2009 other homes in Maloof’s area sold at an average of 19.8 percent less compared to 2008. Median price of the sales this year in the Brentwood neighborhood is $1,725,000.
Maloof Companies, owned and operated by the entire Maloof family, owns the Sacramento Kings and Monarchs, the Palms Hotel and Casino, Maloof Productions and Maloof Music, distribution rights to various beers in New Mexico including Coors, and is one of the largest shareholders in Wells Fargo Bank.
Luxury New York real estate used to be on fire—then the flame seemed to have burned out. However, the embers might hold on long enough to spark a new blaze later this year, as sales tend to pick up in the fall. In fact, if just a few high-profile deals can be made, New York luxury real estate might be rekindled.
Last winter there was virtually no market in New York, and although interest rose in the spring, it was still not a good time to purchase. However, this summer a few luxury estates sold and began leading the way for more to follow. Madonna purchased a 12,000 square-foot mansion for $32 million and another apartment sold for $25.87 million. Although these transactions alone can’t revive an entire market, they do offer a sigh of relief, and hope, to New York’s top brokers. This fall many agents will focus on sparking an interest in the remaining luxury properties for sale such as a Park Avenue duplex and the penthouse at the Plaza—and with sales as such, all of New York will be a bit brighter.
Developers of Miami Worldcenter just got quite a discount. Falcone Group and Marc Roberts Companies purchased a seven-acre Park West lot for $39 million—less than half the original asking price of $88.7 million. The deal is set to close by September 14, and would have closed earlier if it weren’t for financial difficulties that led to a legal battle with Lev Leviev of Africa-Israel Properties.
The land is located in the heart of downtown Miami and is an imperative part of the future Miami Worldcenter—a project that will recreate and transform Miami. Covering nearly 30-acres, the development will include restaurants, stores, hotels, offices and more. Marc Roberts explained, “We’re developing a new city—20 million square feet and more than four-and-a-half years of planning, but the first phase will be a lot of retail. If we stay the course it will be just like a modern day Rockefeller move,” and “There is no better place to do this because Miami is the greatest city in the world.”
On February 15, 2010, Downtown Los Angeles will have a reason to celebrate, or at least a new place to—a brand new JW Marriott and Ritz-Carlton are opening with the Convention Center at L.A. Live. Now the center of downtown L.A. will truly be the destination place for sports, entertainment, and business. The Convention Center headquarters hotel is something hospitality experts have been advocating for years in order to increase Los Angeles’s competitive edge in the convention market. However, this new establishment could be steep competition to other local hoteliers—even if they don’t think so.
The $900 million structure is receiving an unusually hospitable response from the local hospitality industry. Hoteliers say they don’t expect the 878-room JW Mariott or 123-room Ritz-Carlton, which also has 224 Ritz-Carlton condominiums, to be a threat to their personal businesses. (Haute Living profiled the Ritz-Carlton development last year: http://www.hauteliving.com/la/julyaug-2008-deutsch/la-comes-alive/) The manager of the nearby Westin Bonaventure Hotel believes adding these hotels will bring jobs, excitement, and assistance to the entire industry in Downtown LA. In addition, his 1,354-room hotel will sustain its top spot as largest in the city considering the Convention Center headquarters hotel will consist of 54-stories and 1,001 rooms.
The developer of the Convention Center headquarters hotel is the Anschutz Entertainment Group, and ever since they broke ground back in 2007, it has been saying this will be the focal point of the L.A. Live complex. Within 18 months of that groundbreaking, tourism officials for Los Angeles had booked more than 53 conventions for the coming years. Currently, the city’s convention and visitor’s bureau, L.A.Inc., states citywide bookings of conventions equal 20 in 2010, 22 in 2011, and 20 in 2012. Mark Liberman, president and CEO of L.A. Inc., credits this increase to L.A. Live and the new hotels.
However, the fact that officials from L.A. Inc., the Convention Center, the new hotels and other downtown hotels met with representatives from national associates probably had something to do with the increase as well. In June, executives traveled to Washington D.C. on behalf of all downtown L.A. to meet with planners and convince them that Los Angeles could handle their convention needs. With the success of the meetings came future bookings, and with the bookings will come future renovations of existing hotels.
The Convention Center headquarters hotel has been a great marketing tool for Los Angeles, and other hotels want to shine in the spotlight at well. The Westin Bonaventure is undergoing a $35 million renovation and the Los Angeles Omni will be spending $12 million on a renovation of their own, both to be completed in time for the Convention Center opening.
So as the Convention Center headquarters hotel is being viewed as a partner instead of competition by the local hotels, they also are preparing to not be forgotten. As Lester Thurow said, “A competitive world offers two possibilities: you can lose, or if you want to win—you can change.” Apparently every hotel in downtown LA is going for the win.
Earlier this year Miami was ranked as the No. 1 fattest city in the United States (by Men’s Fitness). Strange, considering the mere mention of Miami typically conveys images of picturesque beaches, modern mansions, exotic cars, and beautiful (read: thin) people. But this month the sunny mecca earned another No. 1 spot that is sure to please the Miamians, and anyone hoping to become one: Miami is the best city for housing recovery.
The title was earned due to an increase in sales activity combined with the fact that foreclosure resales were the lowest percentage of overall sales. Since 2008, Miami’s transactions are up 27 percent and only 3.5 percent of that is a consequence of foreclosure resales. Out of all the largest metropolitan areas, the top 10 for housing recovery are:
10. San Jose, California
9. Santa Barbara, California
8. Redding, California
7. Denver, Colorado
6. Bremerton, Washington
5. San Luis Obispo, California
4. Salem, Oregon
3. Colorado Springs, Colorado
2. Lincoln, Nebraska
1. Miami/Fort Lauderdale, Florida.
To put it in perspective, No. 10-ranked San Jose’s sales are up 12 percent from last year and foreclosures account for 33 percent of those transactions.
Does this mean the housing market has made a turn for the better? It’s suspect. Not all major cities are on the mend. Las Vegas for example has seen an increase in sales of 40 percent, but 67 percent of those are foreclosure resales. In consideration of the drastically different results across the U.S. housing markets, experts aren’t convinced that the market is making a full recovery. There are still extremely high unemployment and mortgage default rates. However, investors are taking this opportunity to jump back in the game. The high rate of distress sales has driven all real estate prices down, and those with cash are king. Now is a perfect opportunity to acquire real estate in desirable areas like Miami and San Jose so when the market does turn around and stabilize, you can cash in on those investments. So, stop contemplating when to buy that beach house in Miami, ski cottage in Colorado, or new home in Silicon Valley—it’s time.
Life changed dramatically for 69-year-old Pasquale Iannetti last Thursday, August 20, as this was this day that a federal grand jury indicted the San Francisco art dealer of charges relating to dealing fake prints of Joan Miró. Iannetti operates a trendy Union Square gallery, Pasquale Iannetti Art Galleries, on Sutter Street. He was formally indicted of seven counts of wire fraud and eight counts of mail fraud for allegedly shipping the fake Mirós in a scam set up with Elio Bonfiglioli, an Italian citizen. Investigators allege that Iannetti sold seven fake Miró prints during a three-year period for prices ranging from $3,600 to $17,902. Iannetti has enlisted the legal council of Alan Dressler, who said that his client will enter a not guilty plea. “Mr. Iannetti has been a respected and beloved member of the San Francisco art community for over 40 years,” Dressler commented. There are three other art galleries in San Francisco that are believed to have worked with Bonfiglioli, although they remained unidentified in the official indictment.
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Los Angeles
Jan/Feb 2012
FASHION :: COUPLES’ RETREAT
COUPLES’ RETREAT
With the resort collections oozing throw back references, a high-society escape to the confines of a once-again-new Eden Roc Renaissance Miami Beach is the perfect scene of the crime for two couples to get caught up in the swing of things.
