Mondrian Sundays

 

 

 

 

 

 

 



Limited Property



Largest Home Price Increase in 6 years

Home prices in the U.S. enjoyed the largest annual increase in July that they had in six years, increasing 3.8 percent from prices in July 2011. CoreLogic, in releasing its July Home Price.
Index (HPI) which also includes sales of distressed properties, noted that July's prices were also up from the previous month, increasing 1.3 percent. This was the fifth consecutive month that the Index had increased on both an annual and month-over-month basis.When distressed sales, transactions involving homes that have been foreclosed into bank ownership (REO) or are in some stage of foreclosure, are excluded from the figures CoreLogic's HPI rose 4.3 percent from July 2011 and was up 1.7 percent month-over-month. This was also the fifth consecutive month-over-month increase.

Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to July 2012) was -27.2 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -20.2 percent.  The five states with the highest annual appreciation rate including distressed sales were Arizona (+16.6 percent), Idaho (+10.0 percent), Utah (+9.3 percent), South Dakota (+8.3 percent), and Colorado (+7.3 percent.) With distressed sales excluded the best performance was still in Arizona (11.3 percent) followed by Utah (+10.5 percent), Montana (+9.1 percent), South Dakota (+8.6 percent), and North Dakota (+6.9 percent.) Overall depreciation was highest in Alabama (-4.6 percent), Delaware (-4.8 percent), Rhode Island (-2.2 percent), and Connecticut and Illinois, each at -1.7 percent, With distressed sales excluded prices fell 3.5 percent in Delaware, 2.4 percent in Alabama, 1.2 percent in New Jersey and were down fractionally in Virginia and Connecticut.Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 23 are showing year-over-year declines in July, four fewer than in June.  CoreLogic predicts that prices will show an even faster rate of appreciation in its August report with an expected annual increase of 4.6 percent including distressed sales and 6.0 percent for market rate sales. The July to August changes for the distressed and the non-distressed indices are expected to be +0.6 percent and +1.3 percent respectively.The Pending HPI is based on Multiple Listing Service data that measures price changes in the most recent month.

 

Dj Billy Gotti today at The W

Presenting Club Life at Liv. September 1st

 



 

Warren Buffett is celebrating his 82nd birthday by giving each of his three children a big present: about $600 million worth of his company's stock for their charitable foundations.

Buffett announced the gifts in a letter made public Thursday, saying he is rewarding his children for the way they've run their foundations.

The new contributions, added to previous gifts, mean they'll each receive about $2.1 billion in stock over time. In 2006, Buffett promised to give roughly $1.5 billion of Class B Berkshire Hathaway stock to each of the foundations his children run as part of a plan give the bulk of his fortune to charity.

The biggest share of Buffett's $44.7 billion fortune will go to the Bill & Melinda Gates Foundation. Another sizable gift will go to the Susan Thompson Buffett foundation that Buffett created with his first wife. He did not change those pledges on Thursday.

Buffett said he decided to increase the amount his children will receive because of the progress they've made.

"I'm very pleased about how all three of them have handled the contributions in the last six years," Buffett told The Associated Press.

Buffett said he is feeling fine and this decision was not prompted by any concern about his health. Berkshire Hathaway's chairman and CEO has been undergoing radiation treatment for prostate cancer this summer, but he has said his doctors do not believe the disease is life-threatening.

Each of Buffett's three children all chose a different focus for their foundations, based on their own interests.

Howard Buffett, 57, is helping farmers in impoverished nations produce more to help end world hunger. Susie Buffett, 59, is strengthening early childhood education and looking for ways to reduce teen pregnancy. Peter Buffett, 54, wants to empower women and girls worldwide through education, collaboration and economic development to end violence against women.

"They've done everything I've hoped for and more with the original gifts," Buffett said.

Peter Buffett said it's nice to hear his father praise the charitable work he has been doing. This latest gift should enable him and his wife to accomplish more with their foundation, he said.

"It means we get to go deeper essentially," Peter Buffett said.

Susie Buffett said her dad's latest gift is exciting because she'll able to do more to help improve early childhood education.

"I'm glad we're not getting it until next July because there are a lot of things to think about," Susie Buffett said.

Howard Buffett is traveling in Africa with limited access to phone or email and could not immediately be reached on Thursday.

As part of his giving plan, Warren Buffett has always said that all of his Berkshire stock – which today includes 350,000 Class A shares and 3,770,934 Class B shares – will eventually go to charity.

The pledges to the five foundations that Buffett outlined in 2006 accounted for about 85 percent of his stock. Buffett said that increasing the amount each of his three children will receive now means that about 90 percent of his stock is spoken for.

Buffett has also been making smaller gifts of Berkshire stock to mostly unnamed charitable foundations. He said those would continue.

"As the years go by, I will commit more and more to get to that 100 percent," Buffett said.

In his will, Buffett has specified that any shares he hasn't already pledged to charity at the time of his death will go to his Susan Thompson Buffett Foundation. And he has requested that all proceeds from his giving be spent within 10 years after his estate is closed.

Buffett has been giving each of the five foundations 5 percent of his total pledge annually since 2006.

The gradual manner Buffett is giving his stock away makes it more difficult to say how much the gifts are worth because Berkshire's stock price changes. The $2.1 billion estimate is based on current stock prices.

Buffett said he estimates that his kids will wind up with roughly double the amount to give away because the change he made. Each of Buffett's children has been receiving stock worth about $50 million to $65 million for several years. Starting next year, they will receive stock worth roughly $100 million to $125 million.

Buffett said he's still never been tempted to give up his day job and become a full-time philanthropist. Instead, he's trusting others to distribute his wealth.

"They're doing a better job than I could, and I've got plenty to do running Berkshire," he said.

Buffett's Berkshire Hathaway is an Omaha-based conglomerate with more than 80 subsidiaries, including insurance, manufacturing, railroad, utility, furniture and restaurant firms. It also holds major investments in companies such as Wells Fargo & Co., Coca-Cola Co., Washington Post Co. and IBM.

Lane Joaillier has just unveiled a 36.03-carat rectangular cushion cut fancy yellow diamond ring

Serious gem collectors are in for a treat, as Hong Kong-based Lane Joaillier has just unveiled a 36.03-carat rectangular cushion cut fancy yellow diamond ring.
The news follows the opening of the jeweler's third store in Causeway Bay, Hong Kong last week. At an interview with our sister publication BACCARAT magazine, graduate gemologist Philip Lane divulged "It's part of the strategy to expand our client base. Whereas our Central stores serve mostly travellers or westerners, we expect our branch in Causeway Bay to cater to local Chinese customers."
While few will have the ability to fork out the dough for the brilliant ring, it is now on view at the newly-opened store.

Touring Monaco with Lewis Hamilton & Jenson Button

In 2000, Riva joined the Ferretti Group, one of the world’s leaders in luxury boats, working to integrate their style with Ferretti's knowledge. With the partnership came new research and ideas, ultimately leading to Riva's collaboration with Australian-born industrial designer Marc Newson in 2010. While the luxury speed boat isn't exactly breaking news, it's still really cool. Newson created the limited edition boat by reinterpreting Riva's classic ‘Aquariva.’ With such a broad range of design experience under his belt (including aircraft, furniture, jewelry, and clothing design), his transition into nautical design was probably an easy one.

“My own career has undoubtedly been influenced by the Italians’ ability to impact so many areas of design,” explains mega-designer Marc Newson, “That influence is fully evident in ‘Aquariva by Marc Newson’, my first nautical design project for the iconic Italian brand.” Choosing to create a unique vessel, Newson used phenolic composite (a wood-like laminate that is textile-based) for the deck and instrument panel. According to Riva, the material "was developed in the first half of the 20th century, and was a precursor to fibreglass." It supposedly maintains the organic feel and aesthetic of wood, while being significantly more durable. Another neat feature is that instead of the standard stainless steel and chrome brass generally associated with small boats, Newson decided to use the more modern and lightweight choice of anodized aluminum.

Newson is known to incorporate biomorphism into his designs, which is a style that uses organic lines and patterns, and his preference shows in the way he chose to design the boat using flowing lines in lieu of sharp edges. The decision also helps to give the speed boat a more retro look. When discussing the creative process involved with developing his glamorous new boat for Riva, Marc Newson explains, “So much of my work is about simplification and elimination. Once you’ve done that the design starts to emerge. I wanted to hark back to the time before boats became such complex pieces of machinery.” Only 22 of these sleek vessels were manufactured and sold though Riva dealers, along with the New York-based Gagosian Gallery.

After Winning The Gold Dr. Dre Presents The Olympic Gold Team With A Gift

After taking down Spain to win gold at the 2012 London Games, the US

men’s basketball team was gifted custom Beats by Dre to match the players

 new medals.

The headphones, finished in an attractive metallic gold and equipped with

black leather ear cups, are a studio model that will never be sold in store.

 

Vision

Visionary designer and award-winning architect Zaha Hadid has created a futuristic motorboat with a very innovative monicker, the Z-Boat. The eight-meter vessel is fabricated from fiberglass and carbon fiber, with interiors crafted from new vinyl materials, and will be offered in a limited edition of 12.
In a press statement released by French firm Shoreteam, which is charged with building the Z-Boat, the team explains the raison d'etre behind the cutting-edge yacht: “The idea is to think of vessels or vehicles as highly individualistic expressions of art, architecture and design, reflecting the edge of what is possible using the most advanced means, including materials, software systems, and methods of fabrication.”
Current plans are to produce the boat in a range of colors, including white, slate gray and blue, as well as the prototype in black.

Veteran Services of America

Project Azzam

The Saudi Royal Family has set out to build the world’s largest private yacht. The $600 million mega yacht is known as Project Azzam, and measuring at 590ft long, it will be longer than some cruise ships.
Currently, the world’s largest yacht record is owned by Chelsea Football Club owner Roman Abramovich. His yacht, The Eclipse, is about 540ft long and features two swimming pools, two helipads, a gym, a hair salon, and a submarine.

The Eclipse: The Current Largest Yacht in The World

Details of what Project Azzam will feature are limited, but we know that the fuel tank will hold over 1 million liters of fuel and there are only a handful of areas in the world that can accommodate a boat of such size, including Monaco and Antibes.

Project Azzam: The World’s New Largest Yacht

Boca Raton Launch Event

In a move that confirms the renewed vitality of real estate and construction in Florida’s Palm Beach County, Capponi Construction Group & Douglas Elliman, Florida Brokerage, marked the grand opening of a shared office at 444 E. Palmetto Park Road in Boca Raton, Florida.

The event honored Rita Johnson, founder of the non-profit Shuzz Fund, a Boca Raton-based charity that provides footwear for poverty-stricken children. The event was hosted by Capponi Construction Group and Douglas Elliman, Florida Brokerage and co- sponsored by Moet Hennessy and GR Restaurant Management Group.

Chairman Michael Capponi was joined by principals of Capponi Construction Group (CCG), including Kenneth J. Gross, President and CEO; Executive Vice President Robert Wrieden; and Todd Pennington, Director of Strategic Operations. Vanessa Grout, CEO of Douglas Elliman, Florida Brokerage was accompanied by company principals including Managing Broker Marisela Cotilla; Executive Vice President, Douglas Elliman Carlo Gambino; Pamela Gottfried and Senada Adzem.

The evening was followed by an after party at Boca hotspot, Racks, where over 800 people came to show Capponi and Elliman their support for joining the palm beach county community.

 

The United States Dominates The 2012 London Olympics

The United States took 46 Gold Metals.China took 38 metals. The fact's speak for themselves. 104 for the US. in total medals.  87 for England. 65 for Korea 28. France took 24.Hungary took 17 overall.

Prizes are considered taxable income; based on the value of the precious metals in each gold, silver and bronze medal. Using Tuesday’s commodity prices, the value of a gold medal (14 oz., 1% gold, 92% silver, 7% copper) was about $675. The silver (14 oz.; 92% silver, 8% copper) was $385 while a bronze medal (13 oz.; 97 % copper, 2% zinc, and a trace of tin) is worth about $5.

Based on these numbers, American athletes will owe approximately $236 for each gold medal, $135 for each silver, and $2 for a bronze, assuming at maximum tax rate of 35 percent. The tax ratio is effectively $7,000 a gold metal.

Meet Azature: The World's most expensive nail polish

Los Angeles-based luxury jeweler Azature has revealed the most expensive nail polish in the world.

Containing 267-carats of black diamonds, the tiny bottle of varnish has been priced at 250,000 dollars.

Only one bottle will be produced, however, budget 0.5oz versions of the ritzy design, that each contain a single black diamond, will go on sale later this month.

Priced at more reasonable 25 dollars per diamond-shaped bottle, It will be stocked in Fred Segal stores throughout Los Angeles.

Never Throw Stones At A Glass House

US$600,000 for this three-bedroom house, designed by Italian architect Carlo Santambrogio. Just about everything is wrought from glass, from the furniture to the stairs. Available for viewing from Santambrogio’s showroom at London Portland Street, the house boasts 7mm thick walls, which the designer says can be specially heated to buffer you from the elements.

Your glasshouse can be rigged with Santambrogio's accompanying all-glass furniture range, for the ultimate in exhibitionistic living.



Brad Pitt purchase's Angelina a Patek Phillipe

Brad Pitt is quite the sophisticated horologist: the suave Hollywood A-lister has splashed out US$390,000 on a Patek Philippe as a wedding gift for fiancée Angelina Jolie.

The watch in question is a Minute Repeater from the premium Swiss manufacture, which usually comes with a two-year waitlist. Each exquisite piece is reportedly hand-examined at the Genevan headquarters by a member of the Stern dynasty, the family who owns the manufacture.

“Brad decided to buy one of the watches after meeting the Stern family at a watch fair in Basel. He wanted to buy Angelina a unique gift that very few people own, which is like a piece of art,” a source said.

“Its chimes are based on the Big Ben and the piece is constructed by hand. He went to Geneva to pick it up and it’s believed he’ll present it to Angelina as a pre-wedding gift.”

The custom-made timepiece is said to boast a yellow gold and mother-of-pearl dial, and took two months to assemble.

Jay-z and Beyonce top Forbes again

Beyoncé and her hip-hop mogul hubby Jay-Z have had a good year: they're nursing an adorable baby girl and also own bragging rights for being the highest paid celeb couple for 2012.

Clinching top spot on Forbes' just-released rankings for the Highest-Paid Celebrity Couples list, the power pop pair, who introduced the world to their too-precious-for-words daughter Blue Ivy Carterlast year, amassed a combined total of $78 million between May 1, 2011 and May 1, 2012.
According to the financial news rag, Jay-Z and Beyoncé inched out last year's winners, Tom Brady and Gisele Bundchen, thanks in part to a platinum album from the bootylicious singer, as well as Jay-Z's sell-out Watch The Throne tour collaboration with fellow rap artist Kanye West.

Light in Motion

Israeli-French designer Arik Levy never ceases to amaze us with his poetic juxtaposition of nature and technology. His latest feat? The modular, minimalist Rhythm designed for Vibia.
No doubt a beautiful object to fixate your eyes on, Rhythm draws a thin line between harmony and disruption. Composed of 10 modules of horizontal sticks, the lamp is capable of adopting infinite horizontal and vertical configurations. Each stick can rotate on an axis and be positioned at the desired angle, allowing a sublime multitude of looks - ranging from “soft waves to chaotic shapes” - to be created.


Rhythm is available in two different colours and finishes: beige lacquer and matt dark brown.

PROJECT AZZAM: Exclusive footage in Hamburg of the ultra secret 590 foot yacht; the largest yacht in the world

                       

The Mortgage Forgiveness Act's Set To Expire

Until now people whom had sold there home via short sale did not have to count the forgivable unpaid debt as income on there tax returns. This is because of the mortgage forgiveness act of 2007. This act ends on December 31st of this year. An example of what that means to you is Jeff Shingledecker. His home went on the market in April of 2012. Within 24 hours the home had a full price offer of $105,000 and currently still under contract. This left him, as with so many other Americans, with a debt of $118,000 still not paid to the lender to be forgiven. If he sold the home prior to the end of the relief act he will not owe any money on the relief of that debt. If the home sells after the relief of the debt he will owe the government $29,500 in tax's on the cancelled debt given his tax bracket. That is nearly 30 percent of the debt the government will now collect. During the firth three months alone, 6649 short sales where completed in Palm Beach, Broward and Dade counties. With home price's already rising and inventory already depleting there is no measurable way to grasp what this will do when people look at whether to do a short sale all together. Most people will consider options, including simply filing for bankruptcy and keeping the house as opposed to having to pay nearly $30,000 in a year for every $100,000 the bank forgave on a 30 year loan.

2004 Kalimna Block 42

An Australian winery Friday unveiled 12 bottles of a rare vintage for sale at  Aus$168,000 (US$170,350) each.

The wine is held in a unique hand-blown glass “ampoule” designed to provide the ideal environment for the liquor, and this is suspended inside a bespoke glass container which sits inside a wooden cabinet.

“It is our understanding this is one of the most expensive Australian wines released in this unique format,” said Penfolds spokeswoman Ildi Ireland.

But when the buyer decides to crack open the high-priced vintage, he or she will have to call out a senior member of Penfolds’ wine-making team, the only person with the correct training to uncork the prized bottle.

The wine expert will travel to wherever the customer is to remove the ampoule from its glass casing and open the bottle using a specially-designed device.

“The wine contained within the ampoule, first released in the 1950s, holds a particular significance among generations of Australian and international wine collectors,” Penfolds said in a statement.

The wine, a 2004 Kalimna Block 42 Cabernet Sauvignon, is a rare single-vineyard wine which is only released in stellar vintages.

The Block 42 vineyard, planted in the mid-1880s, is in South Australia’s Barossa Valley and Penfolds said it is thought to have some of the oldest continuously-producing Cabernet Sauvignon vines in the world.

“There is something really magical about the 2004 Block 42 Kalimna Cabernet,” said Penfolds chief winemaker Peter Gago.

“It has an ethereal dimension and a saturated blackness on the palate, it’s extraordinarily perfumed with layer upon layer of flavour.”

Four artisans were commissioned to produce the ampoule and casings which feature fixtures made from precious metals that help anchor the glass sculpture to the jarrah wood box.

Penfolds, which has been producing wines since 1844, is known for its Grange wines — Australia’s most famous.

One of the ampoules will remain at Penfolds’ Magill Estate Winery in South Australia, and one will be kept by luxury retailer DFS and feature at the Master of Spirits event in Singapore early in the New Year, Penfolds said.



   

Palm Beach, Fort Lauderdale and Miami all ranked in the top 30 housing markets in The United States. The West Palm Beach/Boca Raton market lead the way with a 14.0 percent increase in home price's from one year before. Home price's rose 1.29 percent from just a month before. Listing inventory in is down 19.79 percent from the year before and down 3.22 percent from the month before.

The market in Fort Lauderdale came in directly behind Palm Beach County. While the market only rose 6.91 percent from the year prior and .06 percent from the month before, the inventory in Fort Lauderdale 28.70 percent from the year before.  

Miami’s home price rose 15.4 percent from the year prior while inventory was down 32.0 percent from the year prior. All of these are extremely strong indicators that the market has not only recovered but is going well in the other direction.