Bond, James Bond…returns to Istanbul

http://www.hindustantimes.com/Entertainment/Hollywood/James-Bond-returns-to-Istanbul-on-50th-anniversary/Article1-849054.aspx

There was certainly quite a bit of fan fare during Daniel Craig’s visit to do filming on the new Bond movie in Istanbul. Yet, it was not the first time that Bond as an enterprise has graced Istanbul’s shores. Not only is it the favorite city of the director of the current Bond film, but it was also apparently the favorite of the film series’ prolific writer, Ian Flemming.

Of course, anyone familiar with Istanbul will not be surprised that it has featured in 3 Bond movies…with its winding streets, stunning waterscapes, bridges, steep slopes and grand monuments with every specimen of humanity trampling about…it can hardly be a surprise that film makers of all stripes lust after shoots in Istanbul.

007 looking good in Istanbul in the 60’s

One can just imagine the difference between 1963 and To Russia with Love and today’s skyscraper-filled skies. The new skyscraper center, Atasehir, more closely resembles what some high-tech vision of some emerging giant Chinese city would reveal.
In any event, it seems to the history that adds the magical, surreal element to the city. After all, if it were just stunning modern architecture, there would be countless rivals: Dubai, Singapore, Mumbai, and so on. Istanbul remains unique in its combination of older than old history and blazing modernity.

Not as confident in the 90’s

Unfortunately, the undercover property agent did not get a chance to meet the real undercover agent Bond on this occasion, but I did follow around his stunt crew who seemed to be looking for a little after hours action up in Taksim. Despite their sticking out rather obviously, they seemed to get lost and were asking passers by for directions. I had a chuckle to myself…even the Bond boys were out of their depth in Istanbul.

Back to his best now

If you fancy catching a bit of the Bond spirit, take a stool at the Orient Bar in The Pera Palace Hotel and try one of their divine Martini’s.. http://www.jumeirah.com/en/Hotels-and-Resorts/Destinations/Istanbul/Pera-Palace-Hotel-Jumeirah-Istanbul/Restaurants–Nightlife/Orient-Bar/

What’s going on in Istanbul this fall?

Wondering what you can do in Istanbul during the last warm days of an Indian summer? Well, if the hundreds of trendy new cafes and restaurants that have sprouted up throughout the city don’t keep you busy enough, why not take in one of the many festivals that enrich the city’s cultural life so much?

In October there is a jazz festival, it’s not huge with little commercialism, but very low key and delivering great jazz. Archie Shepp and Cecil Taylor have turned out in the past so dont miss it as they’ll be some laid back legends jamming around. For more info: 0212 334 010. http://www.pozitif.info/tr/festival/2012/akbank-22-caz-festivali/228/

Social Inclusion Band

If you are one of the growing legions who enjoy documentary films check out this festival which runs in November. Most of the venues are located around Beyoglu, so you can just give me a ring when the film is finished! http://www.1001belgesel.net/en/Default.aspx  Admission is free.

Also in November is the popular Istanbul International Short Film Festival (Uluslararası Istanbul Kısa Film Festivali), which has showings in Beyoglu and at the wonderful Istanbul Modern (which is a venue worth whiling away a half day or so in its own right). Admission is free. Who said you need to have millions to enjoy Istanbul?
0212 252 5700  http://www.istanbulfilmfestival.com/

Istanbul Modern

Drop me a line if you know of any other great events coming up and I will be sure to add it to our space. Enjoy, folks!

The Renovation Trap

I often walk into a property that a client or friend has recently renovated with a slight degree of trepidation. I have many things to consider, is it worth telling the truth and alienating a friend…or a client? Have they done what is logical in relation to the market and should I tone down any subjective reaction I may have to what they have done with the property? I rarely enter into detail about what they have spent. That is of less concern. I worry about the final product.

At times, I have had good reason for this fear, as I have seen many a fine property degraded by a poor or personalized renovation. But, happily to say, in Beyoglu particularly in the past few years, I have mostly been happily surprised with property renovations rather than disappointed. There are a lot of creative and bright people around and they invariably come up with something great, at times even jaw dropping and inspirational.

Here’s an example – 

This property is simple with easy clean design, without getting to engrossed in high design. Please see the full listing and photos on http://www.lilimont-istanbul-realestate.com/for-sell/residential-apartment-cihangir-3/

The problem with a poor renovation is that in addition to the expense, it often actually decreases the value or salability of a property. Quite often, it would have been better to leave the property un-renovated and to sell it as is. The paradox, too, is that the same people who implement a poor renovation are the ones who also expect a high premium for their dubious efforts. Of course, there exists a fine line between having a renovation budget and cutting corners. It is also a combination of the quality of materials and the workmanship involved. As finishing and design standards can be a bit low, it is imperative to ensure that the these are in line with the value and location of the property and that the materials used are neither too far above the market norm, nor too far below. Unless the owner has zero need for a future resale it is imperative to assess the salability of a property before embarking on a costly renovation.

Here’s another good one – 

This apartment utilizes a lot of the Turk Ottoman influence invoking an Agatha Christie era without getting too fussy. http://www.lilimont-istanbul-realestate.com/for-sell/residential-apartment-aynali-cesme-3/

I work with a group of International developers who have developed properties throughout Europe and their view is that in an area experiencing redevelopment, such as central Istanbul, an influx of owners from different countries tend to raise the stakes regarding renovation and quality finish. For example, an owner from Berlin may insist on a very high finish level and a Roman owner will quite possibly want to utilize a higher degree of design. This has happened in central Istanbul over the past 10 years and it’s readily evident that local tradesmen and architects are upping their game to meet these requirements. An International influence will also help direct the design trend in-line with the current ‘zeitgeist’ as opposed to lagging behind, which in itself will attract buyers. It is a combination of current International design with a Turkish cultural foundation that provides the most salable properties.

To undertake a renovation project without paying heed to current trends is to invite potential disaster. It is a bit like a surgeon performing surgery without being updated on current research in his or her field.

As a team, my partners and I have now renovated countless properties over the past 15 years, we can confidently say we know how to refurbish an apartment economically and to a degree that allows an easy onward sale. http://www.lilimont-istanbul-realestate.com/

Renting in this big beautiful City

People who are familiar with the Istanbul real estate scene know that the rents in the city center are pretty high and the market is reasonably dynamic, producing a good yield if the property is purchased at the right price.

Not all of our clients are purchasers of Istanbul property, however.  Many come to us seeking long term rental properties in Istanbul city center, normally because they have been relocated by their company or a new job beckons. Luckily, we have lots of expertise in this area and we do our best to help clients find the best value, whether it be for a budget studio or a glamorous penthouse apartment in a luxurious compound.

High end luxury in a signature development

with a view to die for

It is hard to nail down per sqm prices in the neighborhoods because they really vary greatly from street to street and can also be based on the quality of the building.

In general, however, a furnished 1 bedroom apartment in a decent neighborhood with quality construction, starts from around 1800 TL or approx. 1000 USD and 2 bedroom apartments are on average about 20% more. Naturally, the price jumps up significantly with a sea view.

Great value with a superb terrace

http://www.lilimont-istanbul-realestate.com/rent/ 

Contracts are typically one year. If you plan to stay longer than a year, make sure you are aware of any rental increases prior to signing a contract. If you are not familiar with the language, have somebody along to help you with the contract process who is familiar. Mostly, the contracts are standard, but they should be read and understood prior to signing.

A note on the landlords. Unfortunately, in Turkey, the landlords are quite hands off, except when it comes time to collect the rent! You are assumed to take care of small items that need repair by yourself. Larger issues should be brought to their attention and should be handled by them. In our experience, if you pay the rent on time and keep the place in reasonable condition, the tenant/landlord relationship should be amicable.

Have a look at a few of our stunning rental offers this season…. http://www.lilimont-istanbul-realestate.com/rent/ . If there’s nothing to your fancy on my site then give me your needs, we’ll put the feelers out and I’ll don my detective mac…. our team enjoy a task and a city search.

The Tarlabasi File (Part 2)

In this weeks blog I will follow on from my last blog/report and try and breakdown the micro zones of Tarlabasi and offer my view of their future potential.

Currently, the Tarlabasi neighbourhood consists of three distinct small zones: the section that is closest to Taksim square (see map below A), where much organic property regeneration has already occurred, the Municipality backed regeneration zone (see map below B) in the centre where the demolition and construction of the real estate is underway and the last part being the lower area that lies closest to Galatasaray and the Golden Horn (see map below C).

The areas all have a markedly different feel and will all no doubt be influenced by the project.

First of all, perhaps the easiest to predict will be the outcome in the project area (marked B on map). The project company has already set up a sales office on Tarlabasi Blvd and the prices they are quoting for the end product are $5000 per square meter, plus VAT. The brochures are full of glossy pictures of pristine buildings, with plenty of glass and steel and resembling the old style buildings with their signature bay windows ( http://www.tarlabasiyenileniyor.com/)

Currently being flattened and…….

….this is what’s going in

The project is mixed-use, with offices, hotels, commercial, and residential. At these prices, their target market is likely to be wealthy Turks, Western investors and wealthy Arabs. Rumour has it that the marketing is being heavily directed towards the Middle East. We have been buying a few properties on the outskirts of the regeneration for a few years and expect to make an exceptional return. We believe that there are still opportunities especially if you, like us, do believe in an extended price hike once the project is finished.

One of ours bordering the regeneration project

İn the area next to Taksim (marked A on map), there has been a small explosion of property restorations over the past 5 years. Walking through this neighborhood, you can already see the presence of at least twenty apartment style hotels, as well as various short-term residences. Side by side with relatively run-down buildings, these stand out with their newly plastered and painted exteriors. There is also a vibrant rental market here. İt is looking less and less like the old Tarlabasi and fast becoming more like a mini Cihangir everyday.

İn the final area (marked C on map), extending from main artery of Kalyoncu Street to Omer Hayyam the regeneration has been less rapid, but now with a couple of hotel projects underway, as well as the regeneration project itself, it seems set to take off. The prices here are about 20 percent cheaper than non-project Tarlabasi, so we feel it is the target for investment. İn addition, it is within a few yards of İstiklal Street and the highly trendy neighborhoods of Tunel, Galata, and Asmali Mescit.

Bargains to be had here

Needless to say, the mega project will bring much needed infrastructure to the whole Tarlabasi area which will enhance Tarlabasi greatly. Whichever way you look at it, it seems very likely that the area as a whole will smash through the current property price levels of $1250- $1500per square metre very soon and will head Northwards on a steep price trajectory for a good 5-10 years hence.