N E W S & I N F O R M AT I O N O N T H E G LO B A L R E A L E S TAT E M A R K E T F R O M S OT H E BY ’ S I N T E R N AT I O N A L R E A LT Y ® P R O F E S S I O N A L S WO R L DW I D E

> T H I R D E D I T I O N 2 01 5

PERSPECTIVESSOTHEBY’S INTERNATIONAL REALTY®

1SothebysRealty.com 1Masthead art: Apple Trees by Kazimir Severinovic Malevich © MMXV Sotheby’s International Realty® Affiliates LLC. All Rights Reserved. Apple Trees used with permission.

HOUSTON, TEXAS — “Luxury housing in the Lone Star State continues to heat up as strong job growth and a favorable tax environment attract many affluent families to America’s second largest state. According to the 2015 Texas Luxury Home Sales Report, published by the Texas Association of Realtors and based on data from The Real Estate Center at Texas A&M University, the Houston area featured the largest number of luxury home sales in Texas in terms of volume. Luxury sales of properties over $1 million were up 13 percent over the prior year, which sig-nificantly outpaced the two percent year-over-year growth seen in volume for the total market. Beyond its famous big houses and low taxes, a restaurant renaissance and charitable culture also serve as major draws to Houston. In the July/August issue of Departures magazine, John T. Edge declared that Houston has the ‘most dynamic and diverse food and drink scene in the nation’ and is ‘redefining American cooking.’ Also in 2015, Charity Navigator once again named Houston America’s most philanthropic city. For 34 years, Martha Turner Sotheby’s International Realty and its award-winning relocation department has been proud to welcome families to Houston and is currently marketing more than 550 properties in greater Houston across all price categories, including the city’s most expensive home, a 27,000-plus square-foot chateau for $43 million.”

— Martha Turner, Founder and Co-President, Martha Turner Sotheby’s International Realty

V i e w s f r o m a r o u n d t h e w o r l d

Martha Turner Sotheby’s International Realty - Memorial Brokerage | Houston, TX | $43,000,000 | Prop ID: N26WZK

This issue of Perspectives features many noteworthy properties to recently come to market, as well as several notable sales: from Califor-nia’s Sycamore Valley Ranch, which is listed for $100 million, to the Provencal estate of actor Johnny Depp for more than $25 million, and the recent sales of a Montecito, California, estate for $21.5 million and a Turks & Caicos beachfront property for $15.1 million.

Also in this issue, our affiliates and their sales professionals working in regions as diverse as Malta, French Polynesia and Houston, Texas, offer an insider’s view of current market conditions.

I also encourage you to read our latest research on the ultra high net worth consumer with Wealth-X by clicking here. This study looks at the

growing number of these individuals that view homes as “opportunity gateways,” driving buying decisions that are based on potential opportu-nities from owning luxury residential properties.

Finally, this issue’s lifestyle comparison also celebrates a broad spectrum of property types… But whatever lifestyle suits your needs, you can search for the ideal property at sothebysrealty.com.

Enjoy this issue of Perspectives!

Sincerely,

Philip WhitePresident and Chief Executive OfficerSotheby’s International Realty Affiliates LLC

N E W S & I N F O R M AT I O N O N T H E G LO B A L R E A L E S TAT E M A R K E T F R O M S OT H E BY ’ S I N T E R N AT I O N A L R E A LT Y ® P R O F E S S I O N A L S WO R L DW I D E

> T H I R D E D I T I O N 2 01 5

PERSPECTIVESSOTHEBY’S INTERNATIONAL REALTY®

2SothebysRealty.com 1Masthead art: Apple Trees by Kazimir Severinovic Malevich © MMXV Sotheby’s International Realty® Affiliates LLC. All Rights Reserved. Apple Trees used with permission.

V i e w s f r o m a r o u n d t h e w o r l dcont inued

MALTA — “Malta currently enjoys the highest economic growth rate across all 28 Euro-pean Union member states. This shows that the tiny island is forward-looking and its prospects on a European as well as a global level are big and also promising. Histori-cally, Malta always served as a trading hub for all the foreign rulers that set foot on the island’s shores, therefore traditionally, Malta has always been open to doing business and developed an acute skill at attracting foreign trade. Due to its strategic location in the heart of the Mediterranean, Malta was on the map of some of history’s greatest visionaries. Nowadays, Malta retains its strategic position through being a full member of the European Union, acting as a bridge between Europe and North Africa and well connected to mainland Europe and Africa via air. Malta’s citizenship program (Individual Investor Program- IIP) supports Malta’s economic development through foreign invest-ment, allowing the grant of citizenship and all the benefits attached to being a Malta citizen to foreign individuals and their families who contribute to Malta’s economy. Other than accessibility to other European member states, Malta offers a highly advantageous fiscal policy with a flat tax rate and a distinctive lifestyle offering that will easily make

any foreigner feel at home away from home. In addition, its diverse real estate market ranging from luxurious seafront residences to secluded countryside villas and modern apartments, a hospitable local population and stunning scenery and landscapes coupled with year-round sunshine and warm climate voted the best in the world, can very hardly fail to captivate anyone who visits the islands. Malta attracts both families and the business community, offering luxurious lifestyle developments that are business and family-friendly.”

Michael J. Zammit, Director & Joint Owner, Malta Sotheby’s International Realty

FRENCH POLYNESIA — “Since our opening earlier in 2015, French Polynesia Sotheby’s International Realty has been attracting the attention of numerous owners of Polynesia’s most exquisite real estate gems to discreetly promote their property through the Sotheby’s International Realty worldwide net-work. The affiliation with the Sotheby’s International Realty name is rapidly making waves in French Polynesia’s economic and real estate market and the international clients are voicing that they finally have a respected professional team to guide them in their real estate investments. The selection of real estate here in French Polynesia is most compelling, from extraordinary private islands to magnificent waterfront properties, all enjoy an exceptional quality of life ‘a la Française.’”

Jacques C. Menahem, owner, French Polynesia Sotheby’s International RealtyMalta Sotheby’s International Realty | Wardija, Malta | $11,219,567 €10.000.000 | Prop ID: GKM37Y

French Polynesia Sotheby’s International Realty | Huahine, French Polynesia | $10,658,589 €9.500.000 | Prop ID: GPSHBZ

N E W S & I N F O R M AT I O N O N T H E G LO B A L R E A L E S TAT E M A R K E T F R O M S OT H E BY ’ S I N T E R N AT I O N A L R E A LT Y ® P R O F E S S I O N A L S WO R L DW I D E

> T H I R D E D I T I O N 2 01 5

PERSPECTIVESSOTHEBY’S INTERNATIONAL REALTY®

3SothebysRealty.com 1Masthead art: Apple Trees by Kazimir Severinovic Malevich © MMXV Sotheby’s International Realty® Affiliates LLC. All Rights Reserved. Apple Trees used with permission.

Suzanne Perkins and Harry Kolb of Sotheby’s International Realty - Montecito - Coast Village Road Brokerage in California have listed Sycamore Valley Ranch, the ultimate ranch retreat and gated estate of approximately 2,698 acres located five miles north of the town of Los Olivos. Covered in The Wall Street Journal, the home was designed by Robert Altevers for William Bone in a French Normandy-style and meticulously crafted to perfection. Listed at $100 million, the property is nestled between extensively landscaped gardens and a four-acre lake complete with a waterfall, the home offers incredible pastoral and majestic mountain views. The ranch features 22 unique structures, including three separate guest homes, an approximately 5,500-square foot movie theater with stage and several barns. Click here for more information.

l i s t i n g s o f d i s t i n c t i o n

Sotheby's International Realty - Montecito - Coast Village Road Brokerage | Los Olivos, CA | $100,000,000 | Prop ID: ZQLTPS

N E W S & I N F O R M AT I O N O N T H E G LO B A L R E A L E S TAT E M A R K E T F R O M S OT H E BY ’ S I N T E R N AT I O N A L R E A LT Y ® P R O F E S S I O N A L S WO R L DW I D E

> T H I R D E D I T I O N 2 01 5

PERSPECTIVESSOTHEBY’S INTERNATIONAL REALTY®

4SothebysRealty.com 1Masthead art: Apple Trees by Kazimir Severinovic Malevich © MMXV Sotheby’s International Realty® Affiliates LLC. All Rights Reserved. Apple Trees used with permission.

l i s t i n g s o f d i s t i n c t i o n

Kuper Sotheby's International Realty | San Antonio, Texas | $17,500,000 USD | Prop ID: ZHE484

Cote d’Azur Sotheby’s International Realty in France has listed the Provencal estate of actor Johnny Depp. The twelve-bedroom, twelve-bath home is 10,763 square feet and was designed by the actor himself. The asking price is approximately $25.76 million (€ 23.056 million). The property is made up of 15 hectares, an entire “hameau” – a private, small Provençal village – with more than a dozen buildings including a main house, several guest cottages, a chapel, bar and restaurant, workshop/garage, a staff house and much more. The charming property is located in the picturesque village of Plan de la Tour in Southern France, approximately 17 miles north of the legendary Mediterranean resort Saint Tropez. Click here for more information.

Binkan Cinaroglu and Rick Kuper of Kuper Sotheby’s International Realty in Texas have listed Palazzo di Campagna, a spectacular home of unmatched distinction, the 23,000± square foot estate is meticulously designed and maintained both inside and out. Listed for $17.5 million in San Antonio, the home is enhanced with loggias off every main living area. The home is built around an infinity edge pool with hand-laid mosaic glass tile and overlooks a scenic lake. Click here for more information.

Côte d'Azur Sotheby’s International Realty | Provence-Alpes-Cote D'Azur, France | Price upon request Prop ID: KVP6S6

N E W S & I N F O R M AT I O N O N T H E G LO B A L R E A L E S TAT E M A R K E T F R O M S OT H E BY ’ S I N T E R N AT I O N A L R E A LT Y ® P R O F E S S I O N A L S WO R L DW I D E

> T H I R D E D I T I O N 2 01 5

PERSPECTIVESSOTHEBY’S INTERNATIONAL REALTY®

5SothebysRealty.com 1Masthead art: Apple Trees by Kazimir Severinovic Malevich © MMXV Sotheby’s International Realty® Affiliates LLC. All Rights Reserved. Apple Trees used with permission.

Turks & Caicos Sotheby’s International Realty sold Amazing Grace for $15.1 million. The beachfront estate is situated on a rare beachfront estate site in the Turks & Caicos. Set amidst Providenciales’ ultra-high luxury properties within the exclusive beachfront neighborhood of Leeward, Amazing Grace boasts 282 feet of white sand beachfront on an extraordinary 8.4 acres, with direct canal and dock access.

s i g n i f i c a n t s a l e s

Turks & Caicos Sotheby’s International Realty sold Amazing Grace for $15.1 millionAspen Snowmass Sotheby’s International Realty | $17,500,000 | Colorado, USA

Aspen Snowmass Sotheby’s International Realty sold a modern mountain estate in Colorado for $17.5 million. Located in the private, gated enclave of Pyramid Point, this captivating estate is on a 5.4-acre lot with views of Aspen Highlands and Pyramid Peak. The slopes of Tiehack and the Maroon Creek Golf Course are just down the road. Features include spa area with steam room, sauna and massage, exercise room, recreation room, three bars, theater, wine room, two offices, eight fireplaces, three- car garage, large patios with fire pit, waterfall, two hot tubs, and an expansive lawn area.

N E W S & I N F O R M AT I O N O N T H E G LO B A L R E A L E S TAT E M A R K E T F R O M S OT H E BY ’ S I N T E R N AT I O N A L R E A LT Y ® P R O F E S S I O N A L S WO R L DW I D E

> T H I R D E D I T I O N 2 01 5

PERSPECTIVESSOTHEBY’S INTERNATIONAL REALTY®

6SothebysRealty.com 1Masthead art: Apple Trees by Kazimir Severinovic Malevich © MMXV Sotheby’s International Realty® Affiliates LLC. All Rights Reserved. Apple Trees used with permission.

Melbourne Sotheby’s International Realty in Australia recently sold a grand 1930s residence on one of Toorak’s finest streets for $9.8 million. With light-filled living and dining space, the home has private entertaining spaces, making it an inviting family environment. It is in close proximity to the stylish Toorak and Hawksburn Villages, shopping, cafes, restaurants, private schools and transport.

Melbourne Sotheby’s International Realty in Australia sold this 1930s residence for $9.8 million

s i g n i f i c a n t s a l e s

N E W S & I N F O R M AT I O N O N T H E G LO B A L R E A L E S TAT E M A R K E T F R O M S OT H E BY ’ S I N T E R N AT I O N A L R E A LT Y ® P R O F E S S I O N A L S WO R L DW I D E

> T H I R D E D I T I O N 2 01 5

PERSPECTIVESSOTHEBY’S INTERNATIONAL REALTY®

7SothebysRealty.com 1Masthead art: Apple Trees by Kazimir Severinovic Malevich © MMXV Sotheby’s International Realty® Affiliates LLC. All Rights Reserved. Apple Trees used with permission.

l i f e s t y l e c o m p a r i s o nRANCH

THE HISTORIC LAZY MOOSE RANCH, WILSON, WYOMINGJACKSON HOLE SOTHEBY’S INTERNATIONAL REALTY$19 million (USD)

This 128.01-acre property is immaculately maintained and boasts the rare privilege of expan-sive Fish Creek frontage. Made up of four parcels including two upper ranch parcels that are zoned rural (70.51 acres and 44.21 acres) and two Fish Creek frontage parcels (7.31 acres and 5.98 acres) that are zoned single family, the property offers the owner an opportunity to reconfigure the property with additional development rights. Click here for more information.

BEARMOUTH LEGACY RANCH, DRUMMOND, MONTANAGLACIER SOTHEBY’S INTERNATIONAL REALTY$16.24 million (USD)

Boasting more than 8,500 square feet in the main lodge, this property has more than 5,000 square feet of multi-level outdoor living space including fireplaces, a bar and water fountains and a 6,000 square foot heated shop with a walk-in game cooler and additional guest house. There also are two beautiful chalets, two hunting cabins, an indoor and outdoor shooting range and an 18-hole Frisbee golf course, all strategically nestled on more than 8,200 acres of undisrupted Montana range sitting along the banks of the historic Clark Fork River and reaching Garnet Mountain Range. Click here for more information.

Prop ID: 8P84Y6Prop ID: 2HBPRW

N E W S & I N F O R M AT I O N O N T H E G LO B A L R E A L E S TAT E M A R K E T F R O M S OT H E BY ’ S I N T E R N AT I O N A L R E A LT Y ® P R O F E S S I O N A L S WO R L DW I D E

> T H I R D E D I T I O N 2 01 5

PERSPECTIVESSOTHEBY’S INTERNATIONAL REALTY®

8SothebysRealty.com 1Masthead art: Apple Trees by Kazimir Severinovic Malevich © MMXV Sotheby’s International Realty® Affiliates LLC. All Rights Reserved. Apple Trees used with permission.

l i f e s t y l e c o m p a r i s o nCOUNTRY LIVING

Prop ID: 9X954E Prop ID: 922YMV

PARADISO, TELLURIDE, COLORADOTELLURIDE SOTHEBY’S INTERNATIONAL REALTY$39.1 million (USD)

The penultimate modern alpine estate, Paradiso is gracefully set upon one of the most dramatic 35-acre sites in the spectacular Telluride region. This masterpiece of contemporary design is unmatched in its setting, quality, detail and accommodations. Overlooking a reflective pond mirroring views of the towering cirque of rolling meadows and 14,000 foot peaks that surround the property, the home’s soaring spaces showcase the very best in sophisticated mountain living. Click here for more information.

THUNDER RANCH AT BOTTLE BAY, SANDPOINT, IDAHOTOMLINSON SOTHEBY’S INTERNATIONAL REALTY$36 million (USD)

This lakeside estate embodies country living and blends into its surroundings with panoramic views. Boasting 48+ gated acres, the six distinctive dwellings combine casual elegance with authentic Western Native American ambiance. The main home features one-of-a-kind ameni-ties including natural stone, reclaimed barn wood & logs and museum-quality artifacts. Large outdoor living spaces include infinity pool, waterfall & spa and fireplace. Scenic pastures, stable, orchard, gardens, private marina and several outbuildings incorporate modern conveniences, all which are seamlessly woven into the setting. Click here for more information.

N E W S & I N F O R M AT I O N O N T H E G LO B A L R E A L E S TAT E M A R K E T F R O M S OT H E BY ’ S I N T E R N AT I O N A L R E A LT Y ® P R O F E S S I O N A L S WO R L DW I D E

> T H I R D E D I T I O N 2 01 5

PERSPECTIVESSOTHEBY’S INTERNATIONAL REALTY®

9SothebysRealty.com 1Masthead art: Apple Trees by Kazimir Severinovic Malevich © MMXV Sotheby’s International Realty® Affiliates LLC. All Rights Reserved. Apple Trees used with permission.

ALBURY, ENGLAND, UNITED KINGDOMUNITED KINGDOM SOTHEBY’S INTERNATIONAL REALTY$2.33 million (USD)

A beautifully presented apartment situated in a designated area of outstanding natural beauty just 33 miles from Central London in the Surrey Hills, Albury Park is set on more than five acres of formal gardens within The Duke of Nothumberland’s 150-acre parkland. Albury Park is an impos-ing Grade II listed stately home that once hosted the coronation Banquet of King George III. This stunning country house has been converted into luxury apartments that provide period charm with the convenience of contemporary bathrooms and kitchens. Click here for more information.

THE BEATTY HOUSE, PRINCETON, NEW JERSEY CALLAWAY HENDERSON SOTHEBY’S INTERNATIONAL REALTY$2.25 million (USD)

The Beatty House on the corner of Vandeventer Avenue and Park Place is one of Princeton’s most celebrated historic homes. This remarkable center hall Colonial was originally built on Nassau Street in 1780 and was moved to its current location in 1887. An eighteen month renovation project by the current owner resulted in the home winning an historic preservation award from the Princeton Historical Society. The heart of the home is the inviting wide, front-to-back foyer with the two story, hand-turned open staircase dating from 1780. Click here for more information.

l i f e s t y l e c o m p a r i s o nHISTORIC / ANTIQUE

Prop ID: 8HYC7G Prop ID: NEJEEJ

© 2015 Sotheby’s International Realty Affiliates LLC. All Rights Reserved. Sotheby’s International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office is Independently Owned and Operated. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks licensed to Sotheby’s International Realty Affiliates LLC.This newsletter is provided for informational purposes only and is not intended, nor shall it be deemed, to provide or offer legal, financial or tax advice or guidance. The views and opinions set forth in this newsletter are not necessarily the views and opinions of Sotheby’s International Realty Affiliates LLC. You should always consult with your own advisor when dealing with any of the issues visited herein.