Case quartiere Palm Beach

Florida Surpasses New York as the Second Most Valuable Housing Market in the United States (Source: New York Post)

In a groundbreaking shift, Florida has dethroned New York, emerging as the second most valuable housing market in the United States. According to a comprehensive survey, the Sunshine State witnessed an astonishing surge in residential property values, surpassing even the Empire State.

Over the course of one year, starting from June 2022, Florida’s residential property values skyrocketed by an astounding $160 billion. This remarkable growth is a testament to the unprecedented demand for living in the state, a trend ignited during the height of the COVID-19 pandemic. The pandemic prompted a mass exodus of residents from high-tax and restrictive “blue” states, seeking refuge in Florida’s welcoming environment. The allure of Florida lies not only in its favorable tax structure but also in its relatively low crime rates and a more relaxed approach to lockdown restrictions, which allowed businesses and schools to remain open for longer durations.

California, while maintaining its status as the nation’s most expensive residential real estate market, saw a 3.3% decrease in property values since June of the previous year, as reported by Bloomberg News. Despite this dip, the total worth of homes in the Golden State, the most populous in the nation, remains a staggering $10.175 trillion. Florida’s meteoric rise to the second position has been underlined by Zillow’s valuation, which places the state’s housing stock at a formidable $3.8 trillion, narrowly outpacing New York’s $3.69 trillion.

The top ten states with the most valuable housing markets, according to Zillow’s data, include Texas ($3.39 trillion), New Jersey ($1.85 trillion), Massachusetts ($1.73 trillion), Washington ($1.7 trillion), Pennsylvania ($1.56 trillion), North Carolina ($1.4 trillion), and Virginia ($1.38 trillion).

Notably, despite soaring interest rates and a lag in housing supply, Zillow reports a nationwide increase of over $2.6 trillion in the total value of housing over the last year. Miami, propelled by Florida’s real estate boom, has surged into the top five metropolitan areas ranked by the value of housing stock. According to Zillow, residential properties in the Miami metro area have appreciated by 8.6% since June of the previous year. This upward trajectory has elevated Miami’s real estate market to a valuation exceeding $1.27 trillion, solidifying its place among the exclusive club of cities where the housing stock is worth more than $1 trillion. Meanwhile, New York City retains its stronghold as the leader in this category, with real estate valued at an impressive $4.24 trillion, representing a 4.2% increase since June of the previous year. Los Angeles follows as the second most valuable city in terms of real estate market worth, with a housing stock valued at $3.71 trillion, according to Zillow.

The remarkable transformation of Florida’s housing market not only signifies its appeal but also reflects the shifting dynamics in the real estate landscape across the United States.

Source: New York Post

Il mercato immobiliare in Lombardia

Investing in Milan’s Real Estate: Where’s the Best Return? (Source: Immobiliare.it and La Repubblica di Milano)

Looking to invest in real estate? Perhaps it’s better to focus on properties in the outskirts rather than the heart of the city. This is the main conclusion of a study conducted by Immobiliare.it exclusively for Repubblica Milano, which examined the gross profitability of various city areas. Experts compared the average selling prices of properties in each neighborhood with market rents, providing an insight into potential real estate investments.

The study results indicate that the most cost-effective area for real estate investments includes Bisceglie, Baggio, and Olmi. In these areas, the average cost of a home (mainly studios or small one-bedroom apartments) is approximately €165,400, with average monthly rents amounting to €950. This translates to an average annual yield of 7.38%, surpassing the citywide average of 5.01%. In second place is the Ponte Lambro-Santa Giulia macroarea, offering an average yield of 6.7%. The third spot goes to the Affori-Bovisa area with 6.62%. Conversely, the Arco della Pace-Arena-Pagano area has an average yield of 3.45%, even lower than the Garibaldi-Moscova-Porta Nuova area at 3.49%. “By purchasing a one-bedroom apartment in the areas outside the 90/91 circular line, the price is nearly 50% lower compared to a property in a central city location (€230,000 versus €430,000)”, explains Antonio Intini, Chief Business Officer of Immobiliare.it. “Furthermore, the rental differential decreases to 25% (€1,100 versus €1,480).

This is primarily due to two factors: on one hand, the rental market is more responsive to socioeconomic changes compared to property transactions, and in a city like Milan, with various attractive areas, growth affects the entire territory. On the other hand, not owning the property often pushes renters to seek alternative solutions if rents in the central and desirable areas exceed their budget, while when purchasing, the choice of location remains a significant factor,” adds the expert.

New York’s Perelman Performing Arts Center: A Beacon of Culture in Lower Manhattan (source: The New York Times)

The Perelman Performing Arts Center, recently unveiled, stands as one of New York’s most opulent civic structures in years. Its official inauguration is set for Wednesday, and if you’ve been near Lower Manhattan’s World Trade Center over the past year, you likely caught sight of its construction. A floating, translucent marble cube, nestled at the base of One World Trade Center, it stands at a mere eight stories tall amidst a cluster of towering commercial skyscrapers, yet commands attention. This $500 million, 129,000-square-foot endeavor arrives at a time starkly different from its conception two decades ago. Back then, New York was consumed by grief and fear, its economy plummeting, and ground zero remained a somber resting place.

Just this week, we were reminded of the toll as the names of the thousands lost were once again solemnly recited. In the wake of September 11, focus rightly centered on the families of victims, some of whom fervently advocated for the entire 16-acre site to be dedicated as a memorial. Officials grappled with reconciling these pleas with the urgent need for economic and downtown revitalization. Shiny new office towers were heralded as defiant symbols in the face of Osama bin Laden, encircled by new checkpoints and bollards, encompassing the twin memorial pools. Simultaneously, downtown residents and others argued that a response to terrorism — and what the neighborhood needed for revival — was a hub for the arts. “The community that stayed was steadfast in supporting a cultural component,” stated Catherine McVay Hughes, former chairwoman of the area’s Community Board 1, in an interview with The New York Times in 2016. “It was important that something alive gets created here, right here, at the World Trade Center site.” A generation has passed, New York has weathered other crises, and more challenges lie ahead. Perelman debuts in a post-pandemic era, with the theater industry hemorrhaging jobs, and uncertainties about the return to office work, let alone venturing to the World Trade Center for an evening of performance. Ground zero remains incomplete, with significant plots still vacant, and Perelman is just one part of the puzzle — albeit the most prominent, welcoming piece yet, distinct from a shopping mall or a Path train station. And also the most promising. Designed by architect Joshua Ramus, the building is referred to as a “mystery box,” a nod to the three ingeniously engineered, shape-shifting theaters it houses. Small, medium, and large, they’re cloaked in modular acoustic wood panels, resting on robust rubber pads that further muffle the vibrations of subways passing beneath. They can be combined and reconfigured into over 60 layouts, with raked or flat floors, collapsible or extended balconies, movable walls, and adjustable stages.

These high-tech theaters are veiled by a facade composed of thousands of half-inch-thick, intricately veined marble panels, sandwiched between delicate layers of glass. The veining forms lozenge-shaped patterns that span all four sides of the building. After nightfall, when the memorial park across the street empties, and office workers head home, Perelman illuminates like a lantern. Its white stone transforms to amber. Chandeliers in the towering corridor along the center’s curtain wall cast the silhouettes of bustling theatergoers onto the radiant marble, beckoning the neighborhood back to life. Lower Manhattan didn’t succumb, it thrived after September 11, with its residential population tripling. However, the World Trade Center has remained an unfamiliar zone. An arts institution was among the early casualties of the chaos. Frank Gehry was initially commissioned to design it, but was subsequently replaced. Tenants came and went. The Port Authority imposed the Oculus, a flamboyant, extravagant showcase building by Santiago Calatrava, to house the Path station and shopping mall. As time passed, dreams of an arts center gradually faded from memory. Yet, they never vanished.

In 2015, Ramus’s marble cube emerged victorious in an international design competition held to reinvigorate the project. The following year, cosmetics mogul Ronald O. Perelman donated $75 million to bolster funding. Ramus, now 54, had previously overseen the design of Seattle’s Central Library, one of the standout buildings of the early 21st century. At the time, he was a partner with Rem Koolhaas, co-owning their New York office. The partners eventually separated, with Ramus taking over the firm and rebranding it as Rex. Seattle’s library evidently served as a precedent for Perelman, marked by a similar obsession with rationalism and its vertiginous, adaptable interiors. It’s likely that Ramus and his team also visited the splendid Chiesa di Nostra Signora della Misericordia in Milan from the 1950s, renowned for its matte glass exterior. Another clear influence is Gordon Bunshaft’s Beinecke Rare Book & Manuscript Library at Yale, not only for its translucent marble but also for its sepulchral atmosphere. In Perelman’s case, the structural challenge was building it atop four underground stories of intricate, immovable infrastructure — a labyrinth of train tracks, ventilation ducts, and truck ramps that service the World Trade Center site. The first 21 feet above the sidewalk also fell under the jurisdiction of the Port Authority, for both practical and security reasons. Ramus collaborated with Davis Brody Bond, a seasoned New York architecture firm, and Jay Taylor, a senior principal at Magnusson Klemencic Associates, the engineering firm that worked on the original Twin Towers. Amidst the tracks and ramps, they identified distant load-bearing points in the bedrock to support a system of belt trusses, which cradle the theaters. Yielding the Port Authority its 21 feet, they elevated Perelman onto a plinth of black granite, concealing an entry stair below the south wall. The cantilevered corner of the building lifts enticingly from the sidewalk, akin to a pleated skirt. This stairway serves as the closest thing the World Trade Center has to a public stoop for gathering, which it sorely needs. Hopefully, security won’t shoo away those who choose to sit on the steps. Visitors who opt for the stairs arrive at a lobby on the building’s lower level, serving as its warm, inviting heart.

Designed by the Rockwell Group, the sculptured ceiling is adorned with lights nestled into spirals of wooden ribs. This floor of the building will be accessible to the public from morning until late at night, featuring a stage, lounge, and a restaurant by Marcus Samuelsson. Additionally, a terrace provides a vantage point akin to that of the High Line, offering a view of Lower Manhattan. Exquisitely crafted, Perelman ultimately exceeded its initial budget twofold — a sum that could have supported numerous existing community arts organizations throughout the city for countless years. The majority of the funding was privately donated, with Michael Bloomberg providing the largest contribution at $130 million. New Yorkers may recall that during his tenure as mayor, he advocated for housing and schools to be included alongside offices and a smaller memorial at the World Trade Center, though his proposal was met with resistance.

Photo via Pac NYC

The Noisy Restaurant of New York: A Welcome Sound for Former Mayor Bloomberg (source: Grub Street, New York)

It’s a common complaint among New York restaurant patrons: restaurants are loud. Very loud! Too loud! However, for former mayor Michael Bloomberg, that cacophony is – at least for the moment – a welcomed and reassuring sound. “I was just at a restaurant last night. You couldn’t hear, the noise was so loud,” he noted while speaking at the ribbon-cutting ceremony for the new Ronald Perelman Performing Arts Center.

The context for these comments: Bloomberg was praising current Mayor Eric Adams for his commitment to “supporting the arts and culture,” and he added that he has “never been more optimistic” about the city’s future or its vitality: “People were standing, literally, looking down at my dinner. I thought they were going to take something from the table.” Once again, this is seen as a positive thing in the eyes of the former mayor. The opening of the center – slated to kick off performances on September 15, with a restaurant by Marcus Samuelsson in its foyer – marks a sort of personal victory for the former mayor, who contributed $130 million towards its construction. But let’s return to the subject of this noisy restaurant. Where was all this wonderful and reassuring commotion coming from?

During his speech, Bloomberg didn’t mention the name of the establishment. However, when ‘questioned’ after the event, he revealed the name: Elio’s, the Italian club of the Upper East Side known for its history as a gathering spot for politicians.

Google Store di Chelsea

In the Last Decade, Tech Titans Redefine Manhattan Real Estate Landscape: Google’s Bold Moves Leading the Way

In the past ten years, Google has taken massive strides in the Manhattan real estate sector, acquiring both the iconic Chelsea Market and the sprawling New York headquarters. The tech giant continued its expansion shortly after the pandemic with a historic $2.1 billion investment in the St. John’s Terminal construction project, marking the largest real estate transaction in the United States since the pandemic’s onset. This surge in real estate acquisition is not exclusive to Google alone. Amazon, Microsoft, Apple, Facebook, and Salesforce have also established their campuses on Manhattan’s West Side. This trend underscores how technology companies are rapidly overshadowing their counterparts in the banking and finance sectors, emerging as the dominant industry in the city post-pandemic.

These tech giants not only lead in employment growth but also dominate in terms of the number of companies. Twenty years ago, Tim Armstrong, now 50, became Google’s first New York-based employee. Reflecting on those early days, Armstrong remarked, “If you were hosting a cocktail party for everyone working on the internet in New York, you could have fit them all in a bar. Now, I imagine you’d have to take over Madison Square Garden and the Javits Center to accommodate everyone.” Data provided by the New York State Comptroller’s Office, as reported by Forbes, paints a vivid picture of this transformation. In 2020, the number of tech companies in the city exceeded 10,000, more than double the count from two decades prior, and nearly double the number of securities companies.

Tech employment has similarly grown, from 108,000 in 2000 to 167,000 in 2020, while the number of securities employees decreased from 190,000 to 176,000 during the same period. The tech industry’s dominance in Manhattan is evident in both overt and subtle ways. For instance, the Salesforce logo now adorns 1095 Sixth Avenue, replacing the previous MetLife sign near Bryant Park. Meanwhile, bank offices have quietly retreated. Since the aftermath of the 2008 financial crisis, the five largest U.S. banks by total assets—JPMorgan, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs—collectively relinquished nearly 5.5 million square feet of office space in Manhattan, according to data provided by Real Capital Analytics. During the same period, just two tech firms—Google and Amazon—acquired approximately 6.5 million square feet of office space. Additionally, Apple, Microsoft, and Facebook secured leases covering millions of square feet across the city. In the midst of the pandemic, Facebook expanded its Manhattan footprint to 2.2 million square feet by leasing 730,000 square feet at the Farley Post Office building in Midtown. Apple also signed a 220,000-square-foot lease nearby at 11 Penn Plaza. Microsoft, on the other hand, holds an additional 200,000 square feet of leased space at 11 Times Square and was recently in negotiations to secure another 100,000 square feet at an undisclosed building in the Flatiron District.

Darcy Stacom, a commercial broker who represented Google in its real estate acquisitions, commented, “The city was always considered a financial services city, and now it’s seen as a financial services and tech city. It has never been said before in my career.” With over four decades of experience in New York City real estate, Stacom believes that this recent surge could position the tech industry to surpass finance as the largest occupier of commercial real estate in New York by the end of the decade. Google asserts that it is strengthening its presence in New York because of the city’s abundant talent pool, a rationale echoed by Amazon, Facebook, and Microsoft. In 2021, in the midst of the pandemic, Google announced its intention to hire an additional 2,000 people in the city, expanding its local workforce to 14,000 individuals, with a focus on sales and marketing personnel at its new property. William Floyd, Google’s head of public policy and government affairs, affirmed, “With concerns about whether New York would bounce back, we thought this would be the perfect illustration of our corporate commitment to New York. In New York, tech is not only an industry but also a vital part of the city’s other industries.”

Estate a Firenze

Tramway-Driven Renaissance: Florence’s Real Estate Market Thrives as New Lines Redefine Property Values and Urban Dynamics

One of the significant effects of the construction of the tram network is the surge in property values in Florence. The city’s real estate agencies are actively assessing which areas are more likely to experience an increase in property valuations. With the initiation of works for Line 3, Bagno a Ripoli and Gavinana are emerging as the primary contenders for this trend. Additionally, buildings along the future Line 4, extending to Campi Bisenzio, have garnered notable interest. Gianluca Testa of Immobiliare Punto e a Casa notes, “Individuals who previously didn’t consider areas like Statuto and Careggi have now witnessed a remarkable 10% increase in property value thanks to the tram project. It is expected that this effect will also extend to areas like Viale Spartaco Lavagnini and the entire south zone of Florence affected by the tramway.” In a city where property values have maintained significant stability over the last decade, the influence of the new tram lines is becoming increasingly evident in the real estate market. The Granducato Immobiliare agency asserts, “In the near future, the presence of the tram in popular areas like Piagge, Via Pistoiese, and Campi Bisenzio is expected to lead to a growth of up to 15% in property values.” Immobiliare Maraldi, an agency operating in Bagno a Ripoli, adds further details, “From the Pino stop to Viola Park, we expect a doubling of demand. However, there remains a concern related to the scarcity of available properties. As a result, many buyers are exploring areas like San Donato in Collina, Antella, Cellai, and Troghi, where properties can currently be purchased at 1500 euros per square meter.” Some investors are betting on Piazza Gualfredotto, while others are showing interest in Varlungo and Piazza Ravenna. However, these areas will have to contend with construction noise and potential traffic congestion, concerns for some residents of District 3.

As reported by Repubblica, the Tecnocasa Group explains, “The over one thousand days of construction work could cause congestion in the neighborhood. With less space and fewer parking spots, an increase in prices for parking spaces and garages is anticipated.” Immobiliare Maraldi emphasizes, “Some homeowners are already selling their properties between Via Kyoto and Via Kiev, partly due to concerns about construction noise and partly because they have not understood the mobility diversions.” This area has already witnessed an increase in prices of almost 1% in the second quarter of 2022 for entire buildings. Even just four used walls now start at a minimum of 3000 euros per square meter. Other areas affected by the new tram lines also testify to the increase in property prices. For example, Novoli and Statuto have witnessed a revival in property values over the last few years, with several industry operators reporting increases “ranging from 5 to 10% for homes available for sale and rent,” despite some areas experiencing prior devaluation. Take, for instance, the upper floors of Via Vittorio Emanuele. “Narrow streets and the constant flow of vehicles in front of homes do not help,” remarks Testa. Expanding our perspective, however, reveals that upscale four-room apartments now command prices starting at a minimum of 4000 euros per square meter.

The rise in interest rates on loans is applying pressure across the entire sector, resulting in increasing difficulties in obtaining bank mortgages for potential homebuyers. The fluctuating prices in the popular neighborhoods of Florence are also generating significant interest. Italiana Immobiliare Novoli reports, “In the last year, there has been an increase in prices of at least 20%.” Now, in front of a Via di Novoli tram stop, an 80-square-meter four-room apartment in need of renovation starts at 260,000-290,000 euros. District 5, in conjunction with Isolotto, has witnessed a revaluation of between 5% and 10% since the introduction of the tram, according to Attilio Annunziata of Dentrocasa. These estimates are corroborated by Italiana Immobiliare Isolotto, stating that “In the past three years, property rates along Viale Talenti and Piazza dell’Isolotto, just a stone’s throw from the tram, have risen by approximately 10%.

Villa by Major Food Group: Elevating Miami’s Skyline with Unparalleled Luxury Living and Gastronomic Delights

In a world where luxury living knows no bounds, the concept of branded residences has transcended the realm of opulent hotels and expanded into diverse domains. Renowned fashion houses such as Diesel and Missoni, alongside prestigious automakers like Porsche and Bentley, have ventured into the creation of residential towers that embody their brand essence. Now, a celebrated name in the hospitality and culinary scene is stepping into this extravagant arena. As the demand for integrated residential communities gains momentum, a discerning segment of buyers with a penchant for the finer things in life seeks to marry their upscale living with gourmet experiences within arm’s reach. Enter Major Food Group (MFG), the culinary powerhouse behind iconic establishments frequented by celebrities, including Carbone, Sadelle’s Parm, Dirty French, and Contessa. MFG is poised to make its foray into the luxury real estate landscape with the unveiling of “Villa,” a residential tower in the vibrant heart of Miami.

Collaborating with esteemed developers Terra and One Thousand Group, as well as the creative genius of Vicky Charles from Charles and Co. for interior design, MFG is set to redefine luxury living. Vicky Charles, a renowned interiors expert and former design director at Soho House, boasts an impressive portfolio that includes homes for luminaries like Mila Kunis, Ashton Kutcher, and David and Victoria Beckham, as well as projects for industry giants like Sony and Goop. Villa will majestically rise 58 stories above Biscayne Bay, offering an unrivaled 360-degree panorama of Miami‘s captivating skyline and waterfront. With its distinctive copper-hued exoskeletal design, this 650-foot-tall crystalline tower is a work of architectural art, housing a mere 50 exclusive units, each occupying an entire floor. Every facet of these residences, designed to evoke the essence of private villas in the sky, has been meticulously curated by the visionaries at Major Food Group. For instance, the kitchens bear the signature touch of chef Mario Carbone, the creative mind behind Carbone restaurants, while services and amenities have been conceived by MFG’s co-founder, Jeff Zalaznick. Zalaznick comments, “To say that this is a natural evolution is an understatement. At MFG, we don’t merely construct restaurants; we craft immersive worlds where every element is executed with an unparalleled sense of luxury and expertise, right down to the minutest detail. Coupled with our illustrious track record of collaborations with the crème de la crème in the realms of hotels, architecture, design, and art—innovators who comprehend the art of conceptualizing holistic experiences.”

The allure of Villa extends beyond its residential marvel. A three-floor MFG restaurant, exclusively designed for this project, is set to redefine culinary experiences, while private lounges, bars, and restaurants reserved for residents will indulge the most discerning palates. A private chef service adds a personalized touch to gastronomic delights. In total, Villa boasts over 20,000 square feet of amenities, promising an array of culinary activations and programming. Expect cooking classes and demonstrations featuring MFG’s roster of skilled chefs, among other enticing offerings. David Martin, CEO of Terra, sums it up succinctly, stating, “The Villa is a transformational project. It brings together the brightest minds in their respective industries to create a building marked by an unparalleled residential experience. MFG’s resounding success in the hospitality sector endows them with an unparalleled understanding of consumer needs, and this attention to detail is seamlessly integrated into every facet of the Villa brand.”

Source: Forbes

box auto

Arts and Real Estate. Rediscover Florence’s Hidden Treasures: The Cultural Associations Festival Returns

From the Complesso di Sant’Orsola to the Teatro del Maggio, from the Certosa of Florence to Villa del Poggio Imperiale, and all the way to Villa Tornabuoni Lemmi: Florence boasts thirty enchanting places, often unjustly overlooked by more traditional tourists, chosen for the third edition of the Cultural Associations Festival. This itinerant celebration, bringing culture to thirty of the city’s most fascinating locations, is scheduled from September 4th to 21st. Get ready for a series of events spanning history, art, literature, and music: a packed calendar featuring exhibitions, lectures, concerts, and performances that will not only entertain the public but also introduce them to the lesser-known side of the cradle of the Renaissance.

The Florence festival will kick off with a concert and a theatrical performance on September 4th, taking place on the captivating stage of Teatro della Pergola. Special guests include Eleonora Bellocci (soprano) and Elisabetta Sepe (pianist), along with Alessio Boni and Marcello Prayer, who will recite the verses of Alda Merini. In addition to guided tours of the spaces within Teatro del Maggio Musicale, Palazzo Ridolfi, and Villa Brewster Garden, the festival will be enriched by conferences dedicated to science, art, and cultural heritage: from meetings at the Complesso di Sant’Orsola to symposiums held at Villa Medicea La Petraia, and celebrations of Margherita Hack, with a series of events dedicated to her at the Fortezza da Basso, as well as events honoring Italo Calvino on the occasion of his centenary, at Villa del Poggio Imperiale. Notable initiatives include “From Residence to Final Rest” and “From House to House,” which will allow the public to get closer to some artists’ residences, such as the studio of the painter Carlo Adolfo Schlattler and the Villa La Pietra New York University.

In addition to the festival’s activities, organized by the Centro Associazioni Culturali Fiorentine APS, led by Antonia Ida Fontana, further events related to music and literature will take place for an entire month, from September 23rd to October 20th, during the “post-festival” period. Among these are “Pinocchio: A Myth” at the National Central Library of Florence and workshops at the Casa Museo Sigfrido Bartolini in Pistoia. “The gathering of associations […] provides the public with a multitude of stimuli aimed at social cohesion and the cultural growth of citizens, thus realizing the purpose expressed in our motto: Together to support culture,” says President Antonia Ida Fontana.

Source: Sky Arte

La Lombardia è la regione con più transazioni in Italia

Nest Seekers Real Estate Expands into Italy with a Focus on Premier Destinations (Source: Vanity Fair Italia)

With 35 offices across the United States and Europe and a team of 1600 agents, Nest Seekers, renowned for its groundbreaking approach to real estate showcased in reality shows like “Million Dollar Listing New York” and “Selling The Hamptons,” is making its debut in Italy, starting in Milan. The agency’s reach will now extend to some of Italy’s most prestigious destinations, including the Amalfi Coast, Tuscany, Lake Como, and Puglia, as reported by Vanity Fair. Heading the Milan offices are Luca and Sara Traverso, two Genoese siblings with over two decades of experience in the international real estate market. While they initially honed their skills within Italy, they have spent the past 20 years navigating both the Milan and New York markets.

Alongside them is Eddie Shapiro, the President, Founder, and CEO of Nest Seekers, working on a TV series to showcase the Italian real estate market. Luca and Sara have two distinct goals: establishing a strong presence in internationally sought-after tourist destinations and focusing on new real estate developments. They recently opened an agency in Capri in early August, with plans to launch another in Naples in mid-September to cover the Amalfi Coast. Milan, on the other hand, will see a particular emphasis on new real estate projects. Demand for properties in Tuscany and Lake Como, especially from international clients, continues to grow. Furthermore, the team is exploring opportunities in other Italian cities. Among their upcoming projects is the unveiling of “Villa Covoni,” an elegant historic residence situated in Florence.

This strategically located villa is just minutes away from Fiesole and Florence’s historic city center. Nest Seekers’ Italian team also includes Bianca D’Alessio, recognized as the top real estate agent in New York for 2022, specializing in new construction properties. In the past, Nest Seekers has served a VIP clientele that includes names like Chiara Ferragni, Mariah Carey, Serena Williams, Rihanna, and Chris Mullin, demonstrating their commitment to delivering high-quality services and an extraordinary real estate experience. Nest Seekers’ entry into Italy promises to bring innovation and extensive real estate expertise to an international clientele seeking the most exclusive destinations in the country.

Source: Vanity Fair Italia

Financial Times Reports: Surge in Demand for Luxury Housing in Miami as Financiers Flock to the City

The migration of New York financiers to Miami has created a shortage of luxury housing in upmarket suburbs, where buyers have purchased multimillion-dollar homes in search of easy commutes, more space, and proximity to prestigious schools. Real estate agents say one firm stands out for driving demand: Citadel. Citadel, the $59 billion hedge fund and market maker run by Ken Griffin, in June 2022 announced it would move its headquarters from Chicago, citing lower crime in Florida and the sunshine state’s lower taxes. “They’ve been buying here aggressively,” said Michael Martinez, a real estate agent with Sotheby’s in Miami, who recently brokered the sale of a $5 million home in Coconut Grove, a quiet salubrious suburb, to a Citadel employee. Most of the luxury homes he has sold in recent months have been to hedge fund buyers, half of them from Griffin’s firm, he estimates. “The Citadel migration is definitely occurring.”

Buyers from Citadel were particularly active in the early spring, agents said, as employees raced to secure properties in time for school enrollment deadlines. “Employees have been enthusiastic about the headquarters’ move to Miami and appreciate the vibrant energy and quality of life the city has to offer,” said Citadel. Citadel has moved almost 300 employees to Miami during what the hedge fund describes as a multiyear effort to shift its operations out of Chicago. One employee said the relocation benefits on offer were “generous”, helping to cover the higher cost of living in a city that has boomed since the pandemic. “The hottest price point in the Gables is between $4 million and $7 million for a five or six thousand square foot house,” said Erin Sykes, a real estate agent in Miami and economist for Nest Seekers, referring to upscale suburb Coral Gables. “That’s what all of these families are looking for.” “These neighborhoods are tropical, they’re lush, kind of like the way Florida is imagined to be,” she said. “In the Grove there’s literally peacocks that walk across the street. You have to be really careful driving.” But a shortage of supply has created a paucity in the high-end home market, as construction backlogs and labor shortages slow development. In July, Florida governor Ron DeSantis, who is running to be the Republican party’s presidential nominee, signed a law targeting illegal immigration that imposes steep fines on employers who do not check workers’ documentation.

The move has resulted in a shortage of construction workers and is expected to slow development of new homes. “A project that would take six months will now take 12,” said Brett Harris, executive director of luxury sales at real estate firm Douglas Elliman. “There is much more of an inventory shortage in those desirable suburbs. Supply is down by half compared to a year ago,” said Sykes. The number of luxury homes between $3 million-$7 million in Coral Gables and Coconut Grove has fallen by more than 50 per cent since the start of the pandemic, according to Zillow data. Homes in this price range now account for 40 per cent of total listings. Sykes said the Citadel effect in Miami was akin to the impact that Google had on Venice Beach in Los Angeles when it opened a large office there. “Every seller was targeting these new Google employees. That’s the only time I’ve seen a single employer-driven market like this.” Citadel bosses moving to the Miami suburbs have been willing to spend more for “turnkey” homes that are ready to move into and require no renovations because they want to settle in before the school year started in mid-August, agents said.

“It’s definitely created a shortage of good properties,” said Jennifer Goldstein, a luxury real estate agent with Official. Buyers like the idea of waterfront living after years of surviving Chicago winters, she added. “We’ve had a lot of Citadel and hedge fund clients that are looking for a resort type house that’s the opposite of what they’ve had . . . They want to play tennis, go fishing and entertain.” Of the 20 properties Goldstein sold in the past 12 months, she said 70 per cent of buyers worked at hedge funds, many of them Citadel. “And they’re all cash buyers.” While agents said the pandemic-era bidding wars have largely abated as prices have plateaued, demand for luxury homes persists. “Even in the higher luxury homes it’s not unusual to receive multiple offers on a $10 million plus home,” Martinez at Sotheby’s said. Shortages were feeding through to homes that were not seen as ultra-luxurious, agents said as Citadel moves not just top earners but also back-office staff to Miami. “When you have an organisation like Citadel, not everyone is making $5 million, $10 million, or $50 million a year,” Sykes said. “They’re not searching for $5 million properties, they’re looking more at the $2 million properties. “They want to go to the same schools, and eat at the same restaurants . . . they want the fairy tale as well.”

Source: Ft


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Columbus International operates in the United States under the aegis of Keller Williams NYC and Living RE srl in Italy