deluxe luxury living in washington

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A West Virginia sporting club is home to a variety of mountain and valley homesites spread across 6,750 acres of natural beauty.

LUXURY LIVING IN WASHINGTON

deLuxeMArch 7, 2012

A Luxurious Mountain Escape

TOP SELLING CONDO IN THE DC AREA 2010 & 201185% SOLD HURRY FOR BEST SELECTION. PRIME TOWER RESIDENCES AVAILABLE.NO.1

Obtain the Property Report required by federal law before signing anything. Oral representations cannot be relied upon as correctly stating the representations of the developer. Prices, plans and specs subject to change without notice. Exclusive Representation by The Mayhood Company. Located within close proximity to Rosslyn Metro Station. Void where prohibited by law. Equal Housing Opportunity.

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COME VIEW OUR SIX NEW DESIGNER FURNISHED MODEL RESIDENCES.MAGNIFICENT TOWER RESIDENCES FROM THE $700,000’s.

NEW OPTIONS FOR LUXURY FINANCINGCustomized underwriting can address unique wealth management scenarios

Real estate is arguably as complex as it has ever been in history. Even traditional buying and selling scenarios— once considered an average real estate transaction—have become increasingly complex and sometimes cumbersome.

The conditions of today’s economy are exacerbated for luxury consumers dealing with specialized scenarios in their real estate and financing goals. Given that real estate is considered by many to be a wise and valuable component of their complete wealth management strategy, working with market experts who know how to manage unique real estate scenarios is more important than ever.

UNIQUE FINANCING CONDITIONSWith mortgage rates at historic lows and home pricing that has moderated throughout the Mid-Atlantic region, there are opportunities in today’s real estate market unlike any we’ve seen in generations. Some affluent buyers are taking advantage of the chance to acquire their dream properties, while others are seeing the potential value that investment properties, if managed well, can add to their financial portfolios.

Still, affluent buyers often bring to the table more complex scenarios when it comes to financing. Business owners may face hurdles in documenting complex self-employment income and wealthy consumers who are retired may look to meet income requirements based on their assets. These and other non-conforming financing scenarios are likely to require the skills of a loan officer or private banker with experience in this realm, but the good news is that products are available in today’s market to address the needs of affluent consumers.

HURDLES CAN BE OVERCOMEWhile every financing situation is different, there are some notable examples of non-conforming loan scenarios that highlight the ways in which luxury buyers can accomplish their financing goals while staying on track with their overall investment and wealth management strategies.

Some common examples of hurdles we see for high-end buyers in the mortgage industry include:

Asset QualificationThere are many reasons why a high-net-worth individual may not have income reflected on last year’s income tax returns. Perhaps a person with substantial assets is no longer working, or has started a new business in the last year that is not yet showing a profit. Income requirements can often be addressed with a program that will allow qualification based on assets.

Guaranteed Bonus IncomeIn traditional loan programs, first-year guaranteed bonuses for new jobs—a signing bonus for a lawyer, for example—may not aid in qualifying buyers. But these types of bonuses can be sizeable and they are often used, in whole or in part, for the purchase of a residence.

Business OwnersOwning a business, even if it is successful, can create some challenges when it comes to obtaining financing in today’s environment. With the right mortgage program, however, buyers can look at

alternative ways to guarantee a loan, including the possibility of using business funds for down payment and reserves, and increased opportunities for LLC-vested and 1030 exchange transactions.

Departure Residence PolicyFor executives who transfer or other affluent clients who move and have not yet sold their previous homes, a more flexible departure residence policy may provide exemptions to obtain a new home before the other property has sold.

Jumbo Financing NeedsFor those who are seeking financing in excess of $2 million, traditional loan programs may not be dealing with the specific needs of clients in this realm. Lenders who specialize in loans above $2 million—and who reach, in our case, as high as $20 million—are often better-equipped to manage the complexities of financing products to suit these requirements.

TAILORED FINANCING SOLUTIONSMortgage professionals who are trained and experienced in the luxury market are likely to be able to help affluent consumers reach their homeownership goals—regardless of the often-cited requirements of conforming loans.

For example, Prosperity Mortgage Company, The Long & Foster Companies’ joint venture with Wells Fargo, has recently introduced new financing programs customized to affluent clients. With innovative financing solutions such as its Renovation Revolution program targeted to distressed properties in need of significant renovation, Prosperity has remained agile and proactive in order to cater to the needs of today’s luxury home buyers.

Prosperity has also launched a new program catering to affluent customers and some of these complicated financing considerations that can sometimes come with luxury home purchases. Through this luxury purchase program, qualified clients benefit from the experience of highly-trained Private Mortgage Bankers who are experts at complicated and complex financing arrangements.

CHOOSE YOUR PARTNERS WISELYWith swiftly-moving housing market dynamics, it’s more important than ever to partner with the right team of real estate and financing professionals. Working with the right mortgage company is no longer about simply getting approved with the right interest rate. Today, partnering for success will not only provide you with the financing solutions you require, but it will also bring to the table the flexibility you need to help you reach your long-term homeownership and investment goals.

BUILDING RELATIONSHIPS

While many specialized mortgage needs can be addressed with non-conforming loan programs, even more complex scenarios can be addressed with relationship-based programs, in which customized solutions can be developed. If a luxury buyer is willing to partner with a single firm for services such as private banking, investment management, trust and estate planning, and life insurance needs, a lender is likely to develop creative portfolio lending opportunities.

At Prosperity Mortgage, our expert Private Mortgage Bankers can partner with Wells Fargo’s Private Bank to offer even more options through portfolio lending solutions. This program allows our Private Mortgage Bankers to originate loans with relationship-based pricing, which can be a significant benefit to luxury clients in terms of flexibility and value.

Jeffrey S. Detwiler is president and chief operating officer of The Long & Foster Companies, parent company to Long & Foster Real Estate, Inc., the largest independent real estate company in the U.S., and Prosperity Mortgage Company, a joint venture with Wells Fargo. From extensive, neighborhood-level market information to Long & Foster’s core services companies—providing mortgage, settlement, insurance and property management in a streamlined manner—Long & Foster offers the services necessary to make today’s real estate transactions manageable for owners and investors.

About the author

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#1 seller of luxury homes!

Extraordinary Service Equals Extraordinary Results

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F E A T U R E D P R O P E R T I E S F E A T U R E D P R O P E R T I E S F E A T U R E D P R O P E R T I E S F E A T U R E D P R O P E R T I E S F E A T U R E D P R O P E R T I E S

MCLEAN, VA Call For Information LILIAN JORGENSON 703-790-1990

MCLEAN, VA $6,950,000 JAN & DAN LAyThAM 703-759-9190

PhILOMONT, VA $5,500,000 NANCy ITTEILAG 202-363-1800

MCLEAN, VA $3,395,000 STEVE WyDLER 703-873-5020

MCLEAN, VA $9,200,000 FOUAD TALOUT 703-873-3500

BEThESDA, MD $6,395,000 MARC FLEIShER 202-364-5200

ALExANDRIA, VA $4,550,000 LILIAN JORGENSON 703-790-1990

WAShINGTON, DC $12,000,000 SAMU QUREShI 301-229-4000

WAShINGTON, DC $6,750,000 MARC FLEIShER 202-364-5200

POTOMAC, MD $4,795,000 BARBARA MALAChOWSkI 301-983-0060

NORTh POTOMAC, MD $3,250,000 MARC FLEIShER 202-364-5200


POTOMAC, MD $6,850,000 MARC FLEIShER 202-364-5200


POTOMAC, MD $3,279,800 CINDy SOUzA 240-497-1700



MCLEAN, VA $5,495,000 JOhN SPAhR JR. 703-873-3500


POTOMAC, MD $8,500,000BARBARA CARNEMARk NALLS 240-497-1700

WAShINGTON, DC $6,300,000 TERRI ROBINSON & DENISE WARNER 202-944-8400

GREAT FALLS, VA $4,290,000 FOUAD TALOUT 703-873-3500


UPPERVILLE, VA $5,300,000 ANDy STEVENS 540-687-8530

VIENNA, VA $3,500,000 LILIAN JORGENSON 703-790-1990


ChEVy ChASE, MD $6,995,000 MARC FLEIShER 202-364-5200

GREAT FALLS, VA $5,950,000 TERRI ROBINSON & ALExANDRA WILSON 703-790-1990

GREAT FALLS, VA $3,250,000 JAN & DAN LAyThAM 703-759-9190

BEThESDA, MD $3,188,000 WENDy BANNER 301-907-7600

WAShINGTON’ DC $6,995,000 hANS WyDLER 301-986-6405

CLIFTON, VA $3,900,000 LILIAN JORGENSON 703-790-1990

MCLEAN, VA $3,200,000 MARIANNE PRENDERGAST 703-873-3500

BEThESDA’ MD $6,999,999 MAxINE SChWARTzMAN 240-497-1700

MCLEAN, VA

$6,000,000

JOhN SPAhR JR.

703-873-3500

MCLEAN, VA $3,950,000 JAMIE COLEy & LEIGh REED 240-497-1700

POTOMAC, MD $3,250,000 SAMU QUREShI 301-229-4000

When you list your home with Long & Foster, your property’s exposure is enhanced with the New Look of Luxury, a full-scale marketing

initiative offered by Long & Foster Real Estate Extraordinary Properties® that co-brands each listing with Christie’s International Real Estate.

The New Look of Luxury co-branding program combines the extensive local reach that Long & Foster provides as the #1 brand in the

Mid-Atlantic region with the unparalleled global reach provided by our exclusive affiliation with Christie’s International Real Estate

and our affiliation with Luxury Portfolio International™— reaching buyers through the combined power of our websites

and an impressive network of real estate companies around the world.

With the New Look of Luxury co-branded yard signs and marketing strategy, potential buyers will know at a glance that your property

is a unique luxury offering that demands a closer look.

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Coldwell Banker Res/NRT

12.8%

#1 in the Mid-Atlantic Regionfor Luxury homes

®

Source: Information included in this report is based on data supplied by MRIS and its member Association(s) of REALTORS who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Data from January 1, 2011 – December 31, 2011 on number of units bought and sold $1 million and above. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate, Inc. * In select areas.

25.7%

ARLINGTON, VA

$6,000,000

JOhN SPAhR JR.

703-873-3500

9.9%

5.7%

3.1%

80%

60%

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Christie’s International Real Estate

Sotheby’s

90%1

41%2

1. Christie’s International Real Estate (Q4 2011)

2. sothebysrealty.com (Q4 2011)

32%

24%

16%

8%

0%

Christie’s International Real Estate

Sotheby’s

32%1

13%2

1. Christie’s International Real Estate (Q4 2011)

2. sothebysrealty.com (Q4 2011)

Percentage of Online Properties above US$1 Million

Percentage of Online Properties above US$3 Million

True Emphasis on Luxury PropertiesChristie’s vs Sotheby’s:

de Luxe was produced by The Washington Post Custom Content department and did not involve the news or editorial departments of The Washington Post.

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6 deLuxe

No.1Turnberry ToWer

The pAsT 20 MonThs have been nothing

short of sensational for Turnberry Tower.

The 27-story luxury high-rise has registered

more than $200 million in sales, propelling

it into the number one position among all

condos in the greater DC area.

When you stop and think about it, the

reasons are fairly obvious: It is an exceptional

product with an exceptional in-city location

overlooking the Potomac, the Key Bridge and

charming, sophisticated Georgetown.

This puts all government and business

centers at Turnberry’s doorstep, served by a

Metro station a block away.

Setting new standards for luxury and comfort,

Turnberry Tower offers much:

Five different residential types, ranging •

from spacious one-bedrooms (up to 1,400

square feet) and one-bedroom-dens to

magnificent, four-bedroom penthouses of

more than 5,000 square feet.

Prime view locations that feature •

awesome vistas of the city and

surrounding Northern Virginia from

private covered terraces which,

themselves, are enormous … from 250

to 900 square feet.

Private elevator entries that open directly •

into 90 percent of all residence types.

A health and fitness center and heated •

indoor pool and spa, open year-round.

A media room and social room.•

The largest European marble baths in •

the metro area.

Nine-to-11 foot ceilings throughout, with •

energy-efficient floor-to-ceiling windows.

Large covered porte cochere and •

complimentary 24-hour valet parking.

Full-time, on-site concierge and 24-hour •

professional security personnel.

State-of-the-art kitchens with Snaidero •

Italian cabinetry, granite countertops,

Miele appliances and Sub-Zero refrigeration.

In short, everything anyone could desire •

in a premier D.C. residence.

We invite you to call for an appointment to tour

Turnberry’s six furnished model residences.

Tower residences are immediately available,

starting in the $700s.

Turnberry’s Sales Office is located on the

21st floor at 1881 North Nash Street in

Arlington, and is open daily from 9 a.m. to

6 p.m. 703-243-3000. turnberrytower.com

7deLuxe

How are we doing? For questions, comments and suggestions regarding this section, please send an email to [email protected].

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A Luxurious Mountain Escape Is Closer Than You May Think.

Tucked inTo The VerdAnT foLds of The

Allegheny Mountains, and less than a

half-day’s drive from our nation’s capital,

lies America’s Resort—The Greenbrier.

Synonymous with luxury for over 230 years,

The Greenbrier now welcomes families

to its member-only residential enclave,

The Greenbrier Sporting Club, comprised

of a variety of mountain and valley

homesites spread across 6,750 acres of

natural beauty.

The Greenbrier Sporting Club combines a

love of family and sport that has become a

new tradition for more than 380 members

representing over 32 states and Canada.

Members enjoy complete access to more

than 50 amenities at the resort plus private

club amenities, including two members’

lodges, two infinity pools, an eastern-inspired

spa, two restaurants, miles of private streams

for fly fishing and our 72-par, award-winning

course designed by Tom Fazio—The Snead.

“We are long time Greenbrier resort fans,” says

Audrey Shebby, a member from McLean, Va.

“We were even engaged at The Greenbrier,

so we were intrigued about the opportunity

to purchase real estate there that featured

separate, incredible club amenities. It is the

perfect blend of historic south meeting a sort

of Jackson Hole feeling. The added bonus

is it’s only a 3.5 hour drive from our home

outside D.C.”

The private community features 14

neighborhoods, each with their own character

and style. Neighborhoods like Copeland Hill

and Howard’s Creek enjoy close proximity

to the main hotel, while The Ridges on

Greenbrier Mountain and Greenbrier Summit

Village feature large, estate-sized lots with

spectacular views over the mountains.

At 3,300 feet, Greenbrier Summit Village is

home to “Treetops,” exemplifying the finest

in home design and construction at The

Sporting Club. This nearly 7,000 squarefoot

residence will accommodate up to 20 guests

and features a grand double sitting room with

retractable gallery walls that reveal inspiring

20-mile ridge views.

Living at The Greenbrier has never been

more attractive considering the development

of the 103,000-squarefoot gaming

and entertainment complex dubbed The

Casino Club, as well The Greenbrier Classic.

Homesites at The Greenbrier Sporting Club

start at $300,000 while homes begin at

$1 million. For more information on purchasing real

estate at America’s Resort, call 888-853-6574.

WeLcoMe To The Greenbrier sporTinG cLub

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deluxe luxury living in washington

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