Sotheby’s International Realty Affiliates LLC today announced it has strengthened its presence in the Caribbean with the addition of Puerto Rico Sotheby’s International Realty to its luxury real-estate network through new branch on the prestigious 1056 Ashford Avenue in the Condado district section of the Island.
The entrance of this quintessential luxury real-estate brand, associated to the world renowned auction house expert, means the potential re-positioning of the U.S. of Puerto Rico as the “pearl” of the Caribbean, attracting renowned personalities, influential corporate executives and affluent families looking for the perfect combination of weather, infrastructure, political and economical stability and the availability of properties meeting the most discerning taste.
Potential customers can also benefit from attractive tax incentives in place until December 31st that include no property taxes for 5 years, no closing fees and no capital –gains taxes for new properties. Part of the government incentive plan includes the possibility of homeowners renting out the property and waiving rental-income taxes until 2020. The combination of tax incentives, strategic location and year-round warm weather combined with Sotheby’s marketing worldwide expertise is what the organization is banking on to achieve 50M in expected sales during the first year.
The local firm is owned by Margaret Pena Juvelier, who previously served as senior vice president Sotheby’s International Realty-East Side Manhattan Brokerage in New York since 1986 where she was considered a top producer. Juvelier will share her 28-year expertise in residential sales and property management with her local seasoned and experienced team.
“The addition of Puerto Rico Sotheby’s International Realty builds on the momentum we are experiencing throughout the Caribbean region, where we most recently expanded into Aruba and the US Virgin Islands last year,” said Michael R. Good, Chief Executive Officer, and Sotheby’s International Realty Affiliates LLC. “We look forward to extraordinary growth in this market through Margaret’s leadership and expertise, combined with the new energy of her daughter Oriana and the team of 10 to 15 experienced professionals they are recruiting.” Juvelier’s strategic plan foresees servicing the Island of Puerto Rico, and pristine blue flagged beach packed Vieques and Culebra during the first year and the opening of three to five additional new offices by 2015.
Juvelier cites her team’s strong partnerships and client relationships in Puerto Rico, US and abroad as a solid basis for success. “We have a professional infrastructure and sales agents with strong local knowledge,” she said. “The luxury real-estate market in San Juan and throughout Puerto Rico is on the rise and the demand is high in this tropical region of the Caribbean popularly known in Spanish as ‘La Isla del Encanto,’ which means ‘the island of enchantment.’ We are focused on representing the island’s most extraordinary properties. From historic colonial homes in Old San Juan to opulent residences in exclusive areas like San Patricio, San Francisco and Santa María and the mansions of Dorado and Rio Grande, we are proud and excited to present Puerto Rico’s upscale marketplace to international clients and to the world stage.”
A recent Wall Street Journal article by Alyssa Abkowitz, analyzed the luxury real-estate market in the Island and its potential revival to its former glory were personalities like President John F Kennedy, famous cellist and conductor Pablo Casals, Elizabeth Taylor, Industrialist and philanthropist John D. Rockefeller and other rich and famous personalities frequented the Island. According to her article, “Although the incentives have warmed up the market, asking prices remain 30% below what they were during the market’s peak seven years ago.” Juvelier agrees that the combination of government incentives and below asking prices represents great opportunities to world class buyers and worldwide investors who are looking to make savvy investments in stable markets.
New high-end properties continue to flourish coast to coast in Dorado, Río Grande and Condado precisely because the demand for luxurious properties continues to grow worldwide, and Puerto Rico is no exception. “The current market climate is perfect and attractive to sophisticated buyers who will recognize the great opportunity Puerto Rico has to offer to potential owners that can maximize their investment with even more competitive pricing while benefiting from the breathtaking views and unique features our local properties have to offer,” said Juvelier. Her International client base consists of affluent customers and investors from China, Brazil, all of South America, Russia and Europe.
Sotheby’s top executives visited the Island on occasion of the opening, including Peter Turtzo, Vice-President of the International brand and Philip A. White, President and Chief Operating Officer. Under White’s close guardianship, Sotheby’s International Realty Affiliates LLC has won Franchise Business Review’s Best in Category for Real Estate Franchisee Satisfaction award for the last five years. In addition to its real estate ranking, the brand also came in second overall among the Top 50 Large Franchise Systems.
“We are thrilled to add Puerto Rico to our prestigious network and provide worldwide access to these unique properties. Sotheby’s wants to showcase the best that Puerto Rico has to offer, most of which is unique to the Island’s unparallel natural beauty, and in the process return its mystique and allure for the rich and famous, whom valued Puerto Rico in the past as one of their favorite locations to live and visit,” said Philip A. White, president and Chief Operating Officer of the brand and a 32-year industry veteran.
The Sotheby’s International Realty network currently has more than 12,000 sales associates located in approximately 625 offices in 44 countries and territories worldwide. Puerto Rico Sotheby’s International Realty listings will be marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs.