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Revival of the Cubicle: As Office Workers Return, a Surprising Comeback Unfolds

By Columbus International,27 December 2023

As the calendar marches towards 2024, New York’s office sector is witnessing a glimmer of hope amid a landscape of challenges that have redefined the traditional scenario. The dynamics of demand, employment trends, and the ever-changing preferences of the workforce have compelled office owners and real estate investors to adapt to unprecedented changes.

Low Demand and High Availability: A Continuous Challenge
Office owners and real estate investors in New York are gearing up for another year of low demand and high availability. The consequences of the pandemic have left a lasting imprint on how companies operate, with many opting for remote or hybrid work models. The struggle to attract tenants to traditional office spaces persists, and navigating this challenging terrain will be a key theme for the upcoming year.

Record Office Occupancy During the Holiday Season
In an unexpected reversal, office occupancy levels are reaching new highs during the holiday season. This increase contrasts sharply with the prevailing trend of remote work and signals a potential shift in attitudes toward in-person collaboration. The festive season has become a catalyst for employees to reconnect with their work environment, sparking theories and hypotheses about the role of the office in fostering team spirit and corporate culture.

The Impact of Covid-19 on Workspace Trends
The pandemic has acted as an amplifier for a trend that was already underway: the growing importance of quiet and private spaces within work environments. While remote work provided relief from noisy and disruptive colleagues, it also introduced new distractions, such as interruptions from family members and the constant temptation to engage in household chores or spend time on social media. With the return of workers to the office, the focus on creating conducive work environments to address these challenges has never been more crucial.

The Rise of Quiet Spaces: A Billion-Dollar Market
The demand for private spaces in offices has given rise to a flourishing market. Cubicles and partitions, once overshadowed by open collaboration spaces, are now valued components of office design. According to a 2022 report from Business Research Insights, this market is expected to grow from $6.3 billion to $8.3 billion in the next five years, underscoring the significance of this transformation in workplace dynamics.

Adapting Workspaces to Hybrid Work Models
Companies are navigating the delicate balance between remote work and in-office mandates, prompting a reevaluation of office layouts. Grassi, a New York-based auditing and accounting firm, exemplifies this trend by reconfiguring its offices into hybrid spaces. The emphasis is on creating a combination of cubicles or semi-private areas alongside open collaboration spaces, reflecting the evolving needs of the workforce.

Versatile Workspaces for a Diverse Workforce
Recognizing the diverse needs of employees, many employers now offer a range of workspaces, including shared offices, conference rooms, phone booths, and libraries. This approach aims to strike the right balance between collaborative work and individual concentration, catering to the preferences and productivity requirements of a varied workforce.

As New York’s office sector looks ahead to 2024, the industry is at a crossroads, balancing the challenges of low demand with a renewed focus on creating versatile and employee-centric workspaces. The evolution of office design, driven by the lessons learned during the pandemic, will continue to shape the future of work in the bustling metropolis.

Source: The New York Times

Nobu Hospitality and Asset World Corp. Unveil Plans for Plaza Athenee Nobu Hotel and Spa New York

By Columbus International,27 December 2023

Nobu Hospitality has entered into a strategic partnership with Asset World Corp. to inaugurate the Plaza Athenee Nobu Hotel and Spa New York, an upscale 145-room hotel development situated on the Upper East Side of Manhattan in New York City. Situated between Park and Madison Avenues on 64th Street, the hotel will feature suites with both indoor and outdoor glassed terraces. Additionally, the property will offer a townhouse rental option, providing exclusive services. The suites, equipped with indoor and outdoor glassed terraces and gazebos, will be complemented by the townhouse’s distinctive offerings.

Noteworthy amenities encompass a traditional Japanese onsen bathing facility, a spa, and a wellness center. Plaza Athenee Nobu Hotel and Spa New York will boast a Nobu restaurant, offering an omakase experience—a Japanese dining style where guests entrust their menu choices to the chef. The hotel will also house a bar and lounge, along with a rooftop area designed for private events. Expected to be finalized by 2026, Asset World Corp. will oversee the comprehensive development of the project, managing both its conceptualization and design.

The collaboration has also revealed intentions for the creation of The Plaza Athenee Nobu Hotel and Spa Bangkok in Thailand, with the estimated development cost yet to be disclosed. Nobu Hospitality CEO Trevor Horwell expressed gratitude for the close collaboration with the AWC team, led by visionary CEO Khun Wallapa Traisorat. In a statement, Horwell mentioned, “The Plaza Athenee Nobu Hotel and Spa Bangkok and the Plaza Athenee Nobu Hotel and Spa New York will redefine the standards of luxury and sophistication not only in Thailand but also in the U.S. This partnership allows us to embark upon an extraordinary journey together.” This announcement comes on the heels of an exclusive agreement signed in July between AWC and Nobu Hospitality to introduce the first Nobu restaurant in Thailand, located on the top floor of The Empire—AWC’s flagship lifestyle mixed-use office complex in Bangkok’s central business district.

Source: Hotel Management

New York City Foreign Investment Surges to 4-Year High: 32% Buyers Worldwide

By Columbus International,22 December 2023

Amid the backdrop of the pandemic, foreign investors, who had been on the sidelines, reentered the city’s sales market in 2023, marking the highest proportion of the total buyer pool since 2019. According to a report by brokerage Avison Young, international buyers comprised 32.4 percent of the city’s investors this year. This surge surpassed the figures for both 2021 and 2022 and slightly edged out the 32.3 percent recorded in 2020. As of mid-December, the dollar volume for 2023 had tripled year-over-year, propelling New York City back to the forefront as the prime destination for foreign investment, as outlined in the Avison Young report. The tightening of financing markets in early 2023, exacerbated by the rate hikes of 2022, prompted domestic investors to scale back. This created an opening for overseas buyers, who, equipped with substantial capital, could forgo the need for loans. James Nelson, Avison Young’s head of tri-state investment sales, noted, “Once financing became more expensive and began to dry up, I think that’s when the foreign investors, being cash buyers, were able to compete.”

The primary buyers of city real estate by dollar volume in 2023 were Qatar and Japan, securing the top two positions. Qatar-based firms closed deals surpassing $1 billion, while Japanese investors accounted for just under $1 billion. Japanese buyers were attracted by depreciation benefits and superior returns, explained Avison Young broker Brandon Polakoff. With the yield on the 10-year Japanese government bond remaining below 1 percent throughout 2023, compared to the approximately 4 percent average for the U.S. 10-year treasury rate, the appeal for Japanese investors was evident. Foreign buyers predominantly gravitated towards stabilized assets, evident in recent transactions. In the fourth quarter, Japanese investors concluded deals on three fully occupied, gut-renovated properties, totaling around $35 million. Examples of these transactions included the sale of 96 Sterling Place in Park Slope to Japanese investment firm Sow Kousan for about $17 million and 422 East 81st Street on the Upper East Side to Shink for approximately $11 million, both confirmed by property records. Additionally, Peak Capital Advisors and JAM Real Estate Partners sold 355 East 50th Street for $8 million to Kenbishi Sake Brewing, Japan’s inaugural branded sake brewery.

Looking ahead, if the Federal Reserve implements its projected three rate cuts next year, foreign investors may take a back seat to domestic buyers due to more affordable financing stimulating local demand. “I don’t think foreign buyers are going to be counted out,” asserted Nelson, “but they definitely will have more competition from U.S.-based investors next year.”

Source: The Real Deal

Leonardo Maria Del Vecchio: The Gastronomic Rise of Luxottica’s Fourth Child

By Columbus International,20 December 2023

It’s all a matter of specific weight or, if you prefer, firepower. Three establishments are already open in Brera, in the heart of historic Milan, with declared plans to expand further and the goal of reaching a turnover of sixteen million euros per year. Leonardo Maria Del Vecchio, the fourth child of the former Luxottica owner, is more than just making an incursion into the restaurant world; no special lenses are needed to glimpse the features of a potential new empire. Let’s organize things a bit. Del Vecchio Jr is already the Chief Strategy Officer for the family company, holds the position of CEO of Salmoiraghi e Viganò, and, more recently, has also become part of Triple Sea Food, of which he controls 78% through his holding, Lmdv Capital. Three venues in Milan, as mentioned at the beginning of the article. Let’s briefly outline the timeline: in September 2022, Vesta, a seafood restaurant, arrives. A few months later, in April 2023, Casa Fiori Chiari opens, a few meters away from the “first episode.” The third chapter is Trattoria del Ciumbia, which opens its doors just in time for the Christmas holidays.

The goal, as mentioned earlier, is to achieve an annual turnover of sixteen million euros, making the Brera district a small capital of haute cuisine. “Another challenge was making it clear that three high-level adjacent restaurants would not compete with each other,” explained Davide Ciancio, CEO of Triple Sea Food, “but would expand the market by creating a district capable of attracting our target and establishing itself in the imagination, much like other sectors in the city, starting with fashion.” Ambitious and interesting project, there is no doubt; however, it could be just a prelude to the more comprehensive adventure of the fourth child of the Del Vecchio family in the restaurant world.

The company has already hinted at the opening of two new venues in two other Italian cities, which remain unnamed at the moment. Once this new step is completed, the goal is to shine with new openings in Italian and international tourist hubs. All that remains is to be patient and keep a close eye, in other words. Meanwhile, Leonardo Maria Del Vecchio continues to plan, especially in his father’s footsteps, who passed away shortly before the first Milanese opening: “I wanted to surprise him,” Leonardo Maria explained, “by having his favorite dish on the table: pasta with clams.”

(Source: Dissapore)

Prada Buys Building on Fifth Avenue in New York for $425 Million

By Columbus International,20 December 2023

The renowned Italian fashion house, Prada, announced the acquisition of the building housing its current store on Fifth Avenue in New York for a substantial $425 million. Since 1997, Prada had been leasing the five-story space at 724 Fifth Ave. and executed the purchase using internal resources in cash.

Prada emphasized the strategic significance of the property’s location, citing its increasing rarity and long-term potential as key factors in the decision. The 12-floor building, beyond serving as a retail space, holds the potential to offer office premises and storage facilities for the Hong Kong-listed company, according to the company’s statement.

Notably, New York’s Fifth Avenue holds the title of the world’s most expensive retail street, as indicated by a global ranking by real estate services firm Cushman & Wakefield. Despite robust growth in the Asia Pacific, Japan, and European markets, Prada faced challenges in the wider Americas region this year, with retail sales experiencing a 1.3% decline in the first nine months.

Source: The New York Post

Italian Real Estate Market in 2024: Growth and Challenges Between Milan and Florence

By Columbus International,20 December 2023

What will be the fate of the Italian real estate market in 2024? There is a potential increase in property values, marking a departure from the relatively stable trends observed in 2023. This forecast stems from an analysis conducted by Immobiliare.it Insights, which identifies Milan as the city with the most expensive real estate transactions, while Florence stands out for having the highest rental prices.

Regarding sales, the report predicts a 6% increase in Catania, 4.1% in Verona, 2% in Milan, and 1.1% in Rome. For rentals, a significant increase is expected in Naples (+16.8%) and Florence, where an 18% rise is anticipated. Despite not experiencing the highest percentage growth, Milan will maintain its position as the city with the highest sales prices. In the Lombard capital, the purchase of a property is expected to average almost €5,500 per square meter, representing an increase of about €100 per square meter compared to current values. Positive fluctuations, around +3%, are also anticipated for Naples, Genoa, Bari, Venice, and Turin. The projected prices per square meter vary widely, ranging from €3,415 per square meter in Venice to €1,707 per square meter in Genoa. Additionally, both Bari and Turin are expected to surpass €2,000 per square meter by the end of the next year, marking a new development for both cities. The situation is different concerning rentals.

In 2024, Milan may lose its position as the city with the most expensive rentals. According to Immobiliare.it’s analysis, Florence is expected to approach €29 per square meter by the end of the following year, an increase from the current €24.5 per square meter. Milan, despite an increase to €25 per square meter, will be positioned behind the Tuscan capital but still on the rise compared to the current €24.7 per square meter. According to the report, in terms of sales volumes, both 2023 and 2024 deviate from the exceptional performance recorded in 2022, and the trend will return to a more regular pace, similar to what would have been expected in the absence of the Covid-related crisis.

Foreign Buyers Dominate Condo Sales in South Florida: Report Reveals Surge to 56%

By Columbus International,19 December 202319 December 2023

Foreign buyers accounted for 56% of all condominium sales in South Florida over the past year, a significantly higher figure compared to the rest of the country. Nationally, foreign buyers constituted 15% of condo purchases, while they made up 36% of condo sales elsewhere in Florida, according to the Miami Realtors Association. The sales volume attributed to foreign buyers in South Florida for the 12 months ending in July, covering single-family homes, townhouses, and residential condos, amounted to $5.1 billion, as indicated in the association’s annual international homebuyers report. Interestingly, the majority of buyers managed to navigate the challenges of higher interest rates, with 69% of residential purchases in South Florida being completed as all-cash transactions during that period, according to the report.

South Florida’s proportion of foreign buyers for all residential purchases stands at 18%, nine times larger than the rest of the country, where foreign buyers account for 2% of residential purchases, and twice as large as the rest of the state, where foreign residential purchases make up 6% of sales. Across the tri-county area of South Florida, the majority of buyers hailed from Latin America. In Miami-Dade County, the top five countries of origin for buyers were Argentina at 17%, Colombia at 14%, Venezuela at 13%, Brazil at 8%, and Mexico at 5%. In Broward County, buyers from Colombia represented 19% of purchases, followed by Argentina at 17%, Canada at 14%, Peru at 8%, and Venezuela at 4%. Palm Beach County saw Brazilian buyers make up 18% of purchases, followed by Costa Rica at 10%, Spain at 10%, Trinidad and Tobago at 10%, and Venezuela at 10%.

“Increasing global sales continue to be led by Miami,” stated Ines Hegedus-Garcia, chair of the board at Miami Realtors. She added that Miami’s unique combination of a vibrant lifestyle, cultural diversity, a burgeoning financial tech scene, modern architecture, eclectic shopping, proximity to Latin America, and iconic beaches were key factors driving the region’s sales among foreign buyers. In terms of dollar amount, Miami-Dade County accounted for $3.67 billion in sales, followed by Broward County at $1.07 billion, and Palm Beach County at $270 million. Overall, buyers from 52 countries participated in South Florida’s residential real estate market during the period covered by the report. While the total of $5.1 billion in South Florida falls short of the previous year’s $6.8 billion in sales, it remains consistent with figures from 2021.

Source: CoStars News

Yves Saint Laurent Unveils Major Leather Atelier in Scandicci

By Columbus International,18 December 2023

An abandoned building formerly owned by the Agenzia delle Entrate now in the portfolio of Cdp Real Asset, becomes the new “home” of Yves Saint Laurent’s leather goods in Scandicci, in the heart of the Florentine luxury handbag district. In close proximity to the manufacturing facilities of Gucci, Prada, Montblanc, and Dior, the Saint Laurent Atelier Maroquinerie has been inaugurated, encompassing 28,000 square meters dedicated to product development, modeling, prototyping, material and technical research, cutting, production, and storage for handbags, luggage, and small leather goods. The investment of €30 million, made by Cdp to transform the disused building into a bright and functional production facility with a view of the hills, has enabled YSL to lease it for 15 years, extendable up to 27, with a purchase option. Currently, 500 people (with an average age of 37 and 53% women) work in the atelier, including 200 hired in the last two years. Another 200 employees are expected to be recruited by 2025, as explained by Francesca Bellettini, President and CEO of YSL and responsible for brand development for the entire Kering Group. The French fashion house defines the structure as a “center of excellence” for the high level of expertise concentrated here, but also a “center of competence” because it houses a company school to train artisans and technicians, becoming a strategic channel for future employment needs.

Saint Laurent was the flagship brand of the Kering Group in 2022, with a turnover of €3.3 billion (+31%), but is experiencing a slowdown in 2023 (-12% at comparable rates in the third quarter). “This center will play a vital role in the development of Saint Laurent, which generates 70% of its revenue from leather goods,” declared Bellettini while cutting the ribbon alongside the President of the Tuscany Region, Eugenio Giani, the Mayor of the Metropolitan City of Florence, Dario Nardella, the Mayor of Scandicci, Sandro Fallani, and the CEO of Cdp Real Asset, Giancarlo Scotti. “Here, creativity will be able to express itself to the fullest – added the manager – also because we are in a territory with a very long tradition in leather goods, which has allowed us to achieve these results.” Cdp expressed great satisfaction with the project, emphasizing that it embodies the mission of revitalizing disused buildings and areas. President Giani and Mayor Nardella recalled the historical, political, and industrial relations between Italy and France, while Mayor Fallani highlighted a redevelopment goal that few believed in a few years ago: giving life back to a public building, known as “Il Palazzaccio,” built 30 years ago and never used.

Source: Il Sole 24 Ore

Macy’s Stocks Surge 17% on Potential Acquisition Offer by Arkhouse and Brigade Capital

By Columbus International,12 December 2023

Macy’s experienced a significant surge of over 17% in its stock value early on Monday, driven by a Wall Street Journal report (via CNN Business) suggesting that the longstanding 165-year-old retailer, closely associated with the holiday season, may be the target of a potential acquisition. According to the report, Arkhouse Management, a real estate-focused investment firm, and Brigade Capital Management, a global asset manager, have proposed an offer that would provide shareholders with a 32% premium above Friday’s closing stock price.

The bidders have reportedly engaged in discussions with Macy’s about the proposal. The retailer’s response to the offer remains uncertain, with no official comments from Macy’s or Arkhouse. Brigade Capital Management has yet to respond to requests for comment. Macy’s, with 722 store locations across 43 states, Washington, DC, Puerto Rico, and Guam, operates a diverse portfolio, including 500 Macy’s branded stores, 55 Bloomingdale’s branded stores, and 160 Bluemercury beauty and skincare chain locations acquired in 2015. Industry analysts, such as Neil Saunders from GlobalData, speculate that Arkhouse may see potential value in Macy’s real estate. However, Saunders warns that a strategy focused on selling off real estate and potentially spinning off the e-commerce business could harm Macy’s as a retailer in the long run unless profits are reinvested to revitalize the core retail business.

Macy’s, along with other traditional department stores, has faced ongoing challenges, grappling with competition from online giants like Amazon and major retailers like Walmart and Target. The company has responded to these challenges by closing stores to cut costs, resulting in a 74% decrease in net income in the first three quarters of the current fiscal year compared to the previous year. Despite Macy’s attempts to support its declining stock price through share repurchases, the share price has fallen significantly from its peak of $73 per share in June 2015. The proposed $5.8 billion offer, while a 32% increase from the previous closing valuation, reflects a 75% decrease from the 2015 peak. Macy’s CEO, Jeff Gennette, who has led the retailer for the past seven years, announced plans to retire in 2024. The challenging retail landscape has prompted investor groups, including private equity funds and hedge funds, to consider acquiring struggling retailers. However, such interventions have not always led to successful turnarounds, often resulting in closures, as seen with notable examples like Lord & Taylor, Toys R Us, and Sears Holdings.

European Developers Tap into Wine Enthusiasts’ Dreams with Turnkey Vineyard Retreats

By Columbus International,11 December 2023

In an extraordinary shift in the real estate market, European developers are redefining the concept of luxury for second-home buyers, offering “turnkey” vineyards that eliminate the challenges of wine production. Two notable developments, Tenuta di Forci in Tuscany and L’and Vineyards in Portugal, embody this emerging trend.

Introduction:

Philippe and Luisa Le Bourgeois, a Paris-based couple, are set to renovate a centuries-old structure at Tenuta di Forci, a vineyard and residential project located just outside the charming Tuscan town of Lucca. Meanwhile, Clifton Lewis Lyles and Serene Lewis Lyles, a couple from Northern California’s tech sector, are venturing into the world of winemaking with their private vineyard in the Alentejo region of Portugal. Their investment includes a two-bedroom, 2,500-square-foot villa under construction in the luxurious L’and Vineyards development, spanning 163 acres, with 15 acres dedicated to vineyards. This unique setting allows owners to become virtual winemakers. The Lewis Lyles duo, investing around $1 million in their new home, benefits from a convenient arrangement where they don’t have to worry about vineyard maintenance. Their focus is solely on naming their private vintage and designing a custom wine label.

Living in a Vineyard in Europe – A Rising Trend:

This trend is not confined to isolated cases. The allure of European villas, providing everything from furnishings to vineyards, has captivated second-home buyers. Developments like L’and and Tenuta di Forci are at the forefront, offering a blend of charm and vinicultural pleasure without the traditional burdens of harvesting and bottling. José de Sousa Cunhal Sendim, founder and CEO of L’and, describes their resort-like development as a wine-themed retreat with a hotel, vacation rentals, and real estate properties nestled among rolling hills and a picturesque lake. The development, offering homes ranging from 2,800 to 3,700 square feet, provides a holistic experience with amenities such as a restaurant, a lakeside cafe, a spa, and proximity to the historic city of Evora.

From Tuscany to Bolgheri – Expanding Vineyard Living:

Tenuta di Forci, part of the renowned Colline Lucchesi wine region in Tuscany, is transforming into a biodynamic winery, farm, and residential property. The Le Bourgeois couple, like the Lewis Lyles, sees their new home as a vacation retreat and a future retirement residence. With a focus on ecologically minded viticulture, the Forci estate offers not only the charm of Tuscany but also the option of private-label wines for owners. Le Ville Serristori, a turnkey vineyard development, is emerging in the celebrated Bolgheri region in southwestern Tuscany, about 20 miles along the coast from Livorno. Associated with the Super Tuscan revolution of the 1970s, Bolgheri has attracted Italy’s leading winemaking dynasties, including the Gajas of Piedmont and the Antinoris of Florence. Le Ville Serristori, just up the road from Antinori holdings, is the brainchild of Florence’s Fratini family, whose 3,000-acre coastal parcel was initially purchased as a private vacation compound in the late 1990s. It now includes a 90-acre residential development, where potential buyers can expect an interview with a Fratini family member before having an offer accepted. The family is marketing a group of six new homes with freehold lots on the estate, with prices ranging from $11 million to $16 million.

The price covers construction and landscaping. The first of the new homes, featuring luxurious marble finishes and a large outdoor pool, will be completed early next year. Each new home will be allotted just over an acre of a private turnkey vineyard. Five of the six have already been sold. Le Ville Serristori is connected to the family’s launch of its own Super Tuscan wine label starting this year, and estate homeowners can take advantage of the Fratinis’ brand-new winemaking facility, converted from an old farmhouse. Marked by a grand avenue of towering pine trees—a relic of the estate’s aristocratic ownership in the 19th century—the rustic development features rolling vineyards, vast farmland, and marine light, along with proximity to the village of Bolgheri, a pilgrimage site for wine enthusiasts worldwide. Homeowners can enjoy the Fratini family’s private beach access—a rarity in Italy. They can also make use of local restaurants operated by Bolgheri’s exclusive wineries. New homeowners are gifted a complimentary green Land Rover to navigate the rural setting, says Jacopo Fratini, CEO of the Fingen Group, the family’s real estate company. They can also look forward to a beach club. The cost of participating in the winemaking side of these developments varies. At L’and, new homeowners are entitled to 100 personalized bottles a year at no extra cost, says Cunhal Sendim. Later, they can pay anywhere from $8 to $24 a bottle. In Italy, says Serimm/Knight Frank’s Alessandro Deghé, the listing agent for both the Forci and Serristori estates, annual service costs for homeowners, including wine-related expenses, can run from $26,000 at Forci up to $108,000 in Bolgheri. La Melonera, a development in the south of Spain, offers larger lots and more obscure grape varieties. Located near Ronda, in the foothills of Andalusia’s Sierra de las Nieves mountain range, a 90-minute drive from Malaga and its international airport, the project takes its name from a nearly forgotten red grape called Rayada Melonera. Its turnkey vineyard also is producing wines from a host of lesser-known local grapes, which the developers came upon in a work by a 19th-century Andalusian botanist. Set over 460 acres, the estate has 29 listings between $3 million and $7.6 million. Three have sold. In January 2022, Soren Skou, 59, the former CEO of Maersk, the Danish shipping company, and his wife, Lene Skou, 59, a financial executive, bought a 10,225-square-foot La Melonera home with four bedrooms and four bathrooms, completed in 2017. It sits on a 13.8-acre lot and comes with its own portion of the estate’s vineyard.

Soren Skou wouldn’t comment on how much they paid, but cited a current listing on the estate, somewhat smaller than his, with an asking price of $4.1 million. He says he plans to tweak the existing interior by spending about $100,000 to create a new home office. Taking a more active role than many other turnkey-vineyard buyers, the couple and their three adult children join in a post-harvest blending session, when they get to fine-tune their personal cuvée. Wine-related service costs start at about $17,300, says Le Melonera founder Jorge Viladomiu. The charge includes 450 bottles of private-label wine. The couple, who live in Copenhagen, have decided to spend several months a year at La Melonera. They were initially drawn to the development by the minimalist architecture and by the chance to “stay at home, barbecue and enjoy life” on the large lot, says Soren Skou. But the turnkey-vineyard option helped seal the deal. “We thought having our own vineyard and our own wine would be fun,” he says. “And La Melonera makes it easy for us.”

Source: The Wall Street Journal