Interview: Sam Elbanna, Project Director Laver Residential Projects
We discuss home ownership trends, development success and longevity in the sector.
We discuss home ownership trends, development success and longevity in the sector.
Kanebridge News: What’s the allure of working in property for you?
Sam Elbanna: Property is the foundation of much of the world’s wealth and, for many Australians, a fundamental element of our lives. Property houses us, provides us with income, and gives us venues in which to work, play and be entertained. For me, working in property is exciting because it is tangible, always evolving and interesting due to the vast array of people I get to meet daily from all walks of life who are all brought together by property.
How do you think notions of homeownership have changed in Sydney over the last 5 years?
The last 5 years have seen numerous fundamental shifts in the way we live and work with Covid-19 being the biggest influence. Prior to Covid, certainly in the inner city, there had been a shift toward smaller apartments, often for singles and couples. This was further fuelled by affordability issues, investor demand etc. Many people were comfortable with this because the local area provided them with ample amenities to socialise, train and simply be around others.
Since we have adjusted to life with Covid, I have seen shifts in buying behaviour such as a strong desire to buy in lifestyle areas — for example near beaches, wanting apartments with designated office space, a strong desire for outdoor space nearby and as part of dwellings and for local entertainment.
What do you think people need to know before buying a property – what advice would you give them?
How has project marketing changed on the business front in the last 5-10-years?
The biggest change over the last ten years has been the extensive use of technology in the marketing and selling of property. Large proportions of advertising budgets are allocated to online advertising and, over the last 5 years, social media. We are now exchanging contracts and settling online. In February this year, I showed a buyer through a multi-million dollar property via facetime. Last week we exchanged numerous contracts where buyers signed on their smart phones. Essentially, it has become more apparent than ever that if you aren’t using technology extensively, you will be left behind.
You’ve chalked up over 5000 apartment sales in your time. Has it gotten easier, harder, different?
It is just different. For a start, the internet has changed the way we operate. It has broadened the reach of advertising, and the speed of communication with consultants. But with all the changes, the one fundamental that has remained the same is that we are in the people business. People buy real estate from people. They live in real estate with people. The properties are designed, and built by people. So, we in the sales industry have to recognise that, whilst we do this every day, the people we are selling to are making massive, life changing decisions. Successful project marketers take a collaborative approach to selling, act as advisors and play the long game.
What do you do differently that has given you longevity in the industry?
I would love to talk about discipline and hard work which obviously are important but for me, it’s a genuine love for the business. So even though some days are hard, I’m having fun and I’m surrounded by people that I genuinely like. Interestingly, many of my closest friends are somehow related to the business. And because it is constantly evolving, I am forced to constantly learn and embrace change which is exciting. Not really work is it?
What makes for a successful development, is there a recipe for success?
This quite simple… not easy but simple.
A live example of this is a project called The Halston in North Strathfield. Originally almost half the project was made up of 1 bedroom properties. It’s normally easy to ascertain what people want because we would look at other developments in the area and what they’re doing and how people are buying them.
But here, because there’s no new development, and hasn’t been for many years, we interviewed hundreds of people to get an idea of what people in the area wanted. It became obvious that there was strong demand for 3 bedroom properties as many people were selling their homes in the area and there was simply new little three bedroom stock available.
Now in the project, 1 bedroom units make up less than 30% and the number of 3 bedroom apartments has increased markedly. After a couple of days on the market, this has proven to be the right move with much of the interest being focussed on those apartments.
What does Laver offer that other firms don’t?
Laver is very different to other firms. It is a collection of some of property industry’s most experienced and successful people working together for a common goal. Each of us have complementary skills that are applied to each project to ensure success. We offer a complete end-to-end service to developers and financiers, from site acquisition, planning and design, right through to project marketing and sales strategy. Most importantly, our directors play an exceptionally hands-on role in every component of every project, including on the frontline making sales.
What do you think homeowners are looking for, is there a trend you see growing in the next 1-3 years?
I see a move towards a highly segmented market where trends within those segments will dictate the property landscape moving forward. For example, one of the fastest-growing and most affluent segments is the empty nester market. These are the children of the first baby boomers. These buyers are young enough to embrace technology yet old enough to understand the value of time and compounding. These buyers are overwhelmingly looking for lifestyle properties with ample space as they are often selling large family homes and anything smaller is a compromise. The other segment which will be influential on the property market are the first home buyers who are well paid, still living with their parents and seeking a property that appeals to their desire to live a certain way.
For more information on Laver Residential’s North Strathfield project, The Halston, click here.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
Ahead of the Games, a breakdown of the city’s most desirable places to live
PARIS —Paris has long been a byword for luxurious living. The traditional components of the upscale home, from parquet floors to elaborate moldings, have their origins here. Yet settling down in just the right address in this low-rise, high-density city may be the greatest luxury of all.
Tradition reigns supreme in Paris real estate, where certain conditions seem set in stone—the western half of the city, on either side of the Seine, has long been more expensive than the east. But in the fashion world’s capital, parts of the housing market are also subject to shifting fads. In the trendy, hilly northeast, a roving cool factor can send prices in this year’s hip neighborhood rising, while last year’s might seem like a sudden bargain.
This week, with the opening of the Olympic Games and the eyes of the world turned toward Paris, The Wall Street Journal looks at the most expensive and desirable areas in the City of Light.
Known for historic architecture, elegant apartment houses and bohemian street cred, the 6th Arrondissement is Paris’s answer to Manhattan’s West Village. Like its New York counterpart, the 6th’s starving-artist days are long behind it. But the charm that first wooed notable residents like Gertrude Stein and Jean-Paul Sartre is still largely intact, attracting high-minded tourists and deep-pocketed homeowners who can afford its once-edgy, now serene atmosphere.
Le Breton George V Notaires, a Paris notary with an international clientele, says the 6th consistently holds the title of most expensive arrondissement among Paris’s 20 administrative districts, and 2023 was no exception. Last year, average home prices reached $1,428 a square foot—almost 30% higher than the Paris average of $1,100 a square foot.
According to Meilleurs Agents, the Paris real estate appraisal company, the 6th is also home to three of the city’s five most expensive streets. Rue de Furstemberg, a secluded loop between Boulevard Saint-Germain and the Seine, comes in on top, with average prices of $2,454 a square foot as of March 2024.
For more than two decades, Kyle Branum, a 51-year-old attorney, and Kimberly Branum, a 60-year-old retired CEO, have been regular visitors to Paris, opting for apartment rentals and ultimately an ownership interest in an apartment in the city’s 7th Arrondissement, a sedate Left Bank district known for its discreet atmosphere and plutocratic residents.
“The 7th was the only place we stayed,” says Kimberly, “but we spent most of our time in the 6th.”
In 2022, inspired by the strength of the dollar, the Branums decided to fulfil a longstanding dream of buying in Paris. Working with Paris Property Group, they opted for a 1,465-square-foot, three-bedroom in a building dating to the 17th century on a side street in the 6th Arrondissement. They paid $2.7 million for the unit and then spent just over $1 million on the renovation, working with Franco-American visual artist Monte Laster, who also does interiors.
The couple, who live in Santa Barbara, Calif., plan to spend about three months a year in Paris, hosting children and grandchildren, and cooking after forays to local food markets. Their new kitchen, which includes a French stove from luxury appliance brand Lacanche, is Kimberly’s favourite room, she says.
Another American, investor Ashley Maddox, 49, is also considering relocating.
In 2012, the longtime Paris resident bought a dingy, overstuffed 1,765-square-foot apartment in the 6th and started from scratch. She paid $2.5 million and undertook a gut renovation and building improvements for about $800,000. A centrepiece of the home now is the one-time salon, which was turned into an open-plan kitchen and dining area where Maddox and her three children tend to hang out, American-style. Just outside her door are some of the city’s best-known bakeries and cheesemongers, and she is a short walk from the Jardin du Luxembourg, the Left Bank’s premier green space.
“A lot of the majesty of the city is accessible from here,” she says. “It’s so central, it’s bananas.” Now that two of her children are going away to school, she has listed the four-bedroom apartment with Varenne for $5 million.
Garrow Kedigian is moving up in the world of Parisian real estate by heading south of the Seine.
During the pandemic, the Canada-born, New York-based interior designer reassessed his life, he says, and decided “I’m not going to wait any longer to have a pied-à-terre in Paris.”
He originally selected a 1,130-square-foot one-bedroom in the trendy 9th Arrondissement, an up-and-coming Right Bank district just below Montmartre. But he soon realised it was too small for his extended stays, not to mention hosting guests from out of town.
After paying about $1.6 million in 2022 and then investing about $55,000 in new decor, he put the unit up for sale in early 2024 and went house-shopping a second time. He ended up in the Invalides quarter of the 7th Arrondissement in the shadow of one Paris’s signature monuments, the golden-domed Hôtel des Invalides, which dates to the 17th century and is fronted by a grand esplanade.
His new neighbourhood vies for Paris’s most expensive with the Notre-Dame quarter in the 4th Arrondissement, centred on a few islands in the Seine behind its namesake cathedral. According to Le Breton, home prices in the Notre-Dame neighbourhood were $1,818 a square foot in 2023, followed by $1,568 a square foot in Invalides.
After breaking even on his Right Bank one-bedroom, Kedigian paid $2.4 million for his new 1,450-square-foot two-bedroom in a late 19th-century building. It has southern exposures, rounded living-room windows and “gorgeous floors,” he says. Kedigian, who bought the new flat through Junot Fine Properties/Knight Frank, plans to spend up to $435,000 on a renovation that will involve restoring the original 12-foot ceiling height in many of the rooms, as well as rescuing the ceilings’ elaborate stucco detailing. He expects to finish in 2025.
Over in the Notre-Dame neighbourhood, Belles demeures de France/Christie’s recently sold a 2,370-square-foot, four-bedroom home for close to the asking price of about $8.6 million, or about $3,630 a square foot. Listing agent Marie-Hélène Lundgreen says this places the unit near the very top of Paris luxury real estate, where prime homes typically sell between $2,530 and $4,040 a square foot.
The Boulevard Périphérique, the 22-mile ring road that surrounds Paris and its 20 arrondissements, was once a line in the sand for Parisians, who regarded the French capital’s numerous suburbs as something to drive through on their way to and from vacation. The past few decades have seen waves of gentrification beyond the city’s borders, upgrading humble or industrial districts to the north and east into prime residential areas. And it has turned Neuilly-sur-Seine, just northwest of the city, into a luxury compound of first resort.
In 2023, Neuilly’s average home price of $1,092 a square foot made the leafy, stately community Paris’s most expensive suburb.
Longtime residents, Alain and Michèle Bigio, decided this year is the right time to list their 7,730-square-foot, four-bedroom townhouse on a gated Neuilly street.
The couple, now in their mid 70s, completed the home in 1990, two years after they purchased a small parcel of garden from the owners next door for an undisclosed amount. Having relocated from a white-marble château outside Paris, the couple echoed their previous home by using white- and cream-coloured stone in the new four-story build. The Bigios, who will relocate just back over the border in the 16th Arrondissement, have listed the property with Emile Garcin Propriétés for $14.7 million.
The couple raised two adult children here and undertook upgrades in their empty-nester years—most recently, an indoor pool in the basement and a new elevator.
The cool, pale interiors give way to dark and sardonic images in the former staff’s quarters in the basement where Alain works on his hobby—surreal and satirical paintings, whose risqué content means that his wife prefers they stay downstairs. “I’m not a painter,” he says. “But I paint.”
French interior designer Julie Hamon is theatre royalty. Her grandfather was playwright Jean Anouilh, a giant of 20th-century French literature, and her sister is actress Gwendoline Hamon. The 52-year-old, who divides her time between Paris and the U.K., still remembers when the city’s 9th Arrondissement, where she and her husband bought their 1,885-square-foot duplex in 2017, was a place to have fun rather than put down roots. Now, the 9th is the place to do both.
The 9th, a largely 19th-century district, is Paris at its most urban. But what it lacks in parks and other green spaces, it makes up with nightlife and a bustling street life. Among Paris’s gentrifying districts, which have been transformed since 2000 from near-slums to the brink of luxury, the 9th has emerged as the clear winner. According to Le Breton, average 2023 home prices here were $1,062 a square foot, while its nearest competitors for the cool crown, the 10th and the 11th, have yet to break $1,011 a square foot.
A co-principal in the Bobo Design Studio, Hamon—whose gut renovation includes a dramatic skylight, a home cinema and air conditioning—still seems surprised at how far her arrondissement has come. “The 9th used to be well known for all the theatres, nightclubs and strip clubs,” she says. “But it was never a place where you wanted to live—now it’s the place to be.”
With their youngest child about to go to college, she and her husband, 52-year-old entrepreneur Guillaume Clignet, decided to list their Paris home for $3.45 million and live in London full-time. Propriétés Parisiennes/Sotheby’s is handling the listing, which has just gone into contract after about six months on the market.
The 9th’s music venues were a draw for 44-year-old American musician and piano dealer, Ronen Segev, who divides his time between Miami and a 1,725-square-foot, two-bedroom in the lower reaches of the arrondissement. Aided by Paris Property Group, Segev purchased the apartment at auction during the pandemic, sight unseen, for $1.69 million. He spent $270,000 on a renovation, knocking down a wall to make a larger salon suitable for home concerts.
During the Olympics, Segev is renting out the space for about $22,850 a week to attendees of the Games. Otherwise, he prefers longer-term sublets to visiting musicians for $32,700 a month.
Hidden in the hilly expanses of the 18th Arrondissement lies a legendary street that, for those in the know, is the city’s most exclusive address. Avenue Junot, a bucolic tree-lined lane, is a fairy-tale version of the city, separate from the gritty bustle that surrounds it.
Homes here rarely come up for sale, and, when they do, they tend to be off-market, or sold before they can be listed. Martine Kuperfis—whose Paris-based Junot Group real-estate company is named for the street—says the most expensive units here are penthouses with views over the whole of the city.
In 2021, her agency sold a 3,230-square-foot triplex apartment, with a 1,400-square-foot terrace, for $8.5 million. At about $2,630 a square foot, that is three times the current average price in the whole of the 18th.
Among its current Junot listings is a 1930s 1,220-square-foot townhouse on the avenue’s cobblestone extension, with an asking price of $2.8 million.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.