Oh yes beautiful... that looks very much like what I know to be a Magnolia... there's a few different varieties and they come in a range of colours - white, yellow and various pinks and purples. There's an evergreen variety too : )

I just recently bought what I know to be a Tulip Tree (here in Australia), it is a huge growing green tree with a really strange shaped leaf with a yellow and orange flower. : ) It's funny how in different places they're called different things.

I LOVE magnolias, I almost bought one once... they are quite expensive and I was worried it wasn't going to be cold enough where I live for me to keep it alive/or flower so I didn't : ( They're so beautiful though!!