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The Allure of Living Abroad: Exploring Real Estate Opportunities for Americans

By Columbus International,15 March 2024

In recent years, the allure of living abroad has transformed from a distant dream into a tangible reality for many Americans. Fueled by various factors such as a robust U.S. dollar, increased accessibility through direct international flights, and the adoption of flexible hybrid work models, markets around the globe have witnessed a surge in interest from American buyers. However, before embarking on the journey of international homeownership, there are several essential considerations to ponder.

One of the critical factors influencing the decision to purchase property abroad is the cost per square foot, which closely mirrors the familiar adage of “location, location, location.” For instance, in Italy’s Como province, the average price per square foot stands at $147. However, prime waterfront properties in sought-after regions like Lake Como command significantly higher prices, exceeding $1,000 per square foot. Such disparities underscore the importance of thorough research and financial planning when venturing into the international real estate market. While the prospect of purchasing an existing property may be enticing, many expats opt for building anew or embarking on renovation projects to achieve their desired level of luxury.

Despite the initial challenges and delays in return on investment, the appeal of customizing one’s living space to suit individual preferences outweighs the convenience of turnkey properties, especially in markets where supply is limited. According to the 2023 U.S. Residential Real Estate Study by WSJ Intelligence, Europe and the Caribbean emerge as the top two regions where American buyers contemplate purchasing homes. Among European destinations, Italy holds particular appeal, with Tuscany standing out as a favored choice. Motivated by factors ranging from retirement to a desire for a change in lifestyle or a vacation home in the heart of Europe, American buyers are drawn to Tuscany’s picturesque landscapes, rich history, and cultural heritage. Moreover, for many American buyers, acquiring property abroad serves as a pathway to permanent residency, particularly among retirees.

The concept of “golden visas,” which grant permanent residency to property owners, gained traction during the pandemic. As such programs evolve and some expire, prospective buyers must navigate the intricacies of residency requirements to ensure a seamless transition to their new global home. In recent years, Tuscany has emerged as a hotspot for international real estate investment, witnessing a remarkable surge in inquiries from American investors. The region’s timeless allure, characterized by rolling countryside, vineyards, and historic towns such as Florence and Lucca, has captivated the imaginations of buyers seeking a slice of Italian paradise.

From quaint villas with picturesque vistas to charming apartments nestled in bustling city centers, Tuscany offers a diverse range of options to suit varying lifestyles and preferences. In conclusion, the dream of living abroad is no longer confined to the realm of fantasy for many Americans. With favorable market conditions, evolving work dynamics, and a renewed appreciation for quality of life, the prospect of owning property in international destinations like Tuscany has never been more attainable. However, thorough research, careful planning, and an understanding of local regulations are essential prerequisites for turning this dream into a fulfilling reality.

From Covid era to 2024, the return to the office in New York City is still a “work in progress”

By Columbus International,11 March 2024

After nearly four years since the initiation of pandemic-induced lockdown measures, New York City‘s journey towards a full return to office life remains a work in progress. Along this path, the city is approaching two significant milestones, one presenting a positive outlook while the other brings a more somber tone.

The first milestone involves office attendance rebounding to nearly 80 percent of its pre-pandemic levels. New York stands out as one of the top-performing markets in this regard, with workplace visitations in 2023 reaching 77.5 percent of the figures seen in 2019, as reported by Placer.ai. This marked a significant leap forward from the preceding year, witnessing a foot traffic surge of over 30 percent compared to 2022. (Placer.ai’s metrics gauge activity within a building, encompassing ground-floor retail spaces, rather than merely the presence of office workers at their desks.)

Despite this progress, as any office owner would attest, New York still has a considerable distance to traverse. However, the situation appears graver elsewhere across the country. In cities like San Francisco, Los Angeles, Dallas, and Washington D.C., office attendance figures for 2023 lingered at levels well below half of pre-pandemic norms. Only Miami has managed to surpass New York’s performance, with 78.1 percent of 2019’s office attendance levels. Despite frequent anticipations of a game-changing return-to-office wave, progress has been incremental. Optimism surged once more at the onset of the new year, fueled by headlines proclaiming that “90% of Companies Will Return to Office By the End of 2024.”

This narrative echoes previous predictions, such as those made by Resume Builder in late 2022, asserting that “9 in 10 companies will require employees to work from the office in 2023,” based on a survey of 1,000 major business leaders. However, the actual implementation of return-to-office policies has proven sluggish. Even among companies that have succeeded in recalling most of their employees to the office, the transition to a full five-day workweek onsite has been challenging. Nationwide, office attendance remains down by approximately 33 percent on Tuesdays, Wednesdays, and Thursdays, dropping by nearly 50 percent on Mondays and Fridays. Only a handful of firms adhering to strict return-to-office protocols continue to utilize office space at pre-pandemic levels.

Many have adopted a hybrid model, allowing for a reduction in their physical footprints. Consequently, despite the gradual progress of the return-to-office movement, office owners continue to face significant challenges. Manhattan’s availability rate reached a record high of 18.2 percent in February, as reported by Colliers, edging closer to another milestone: 100 million square feet of available office space.

Across the borough’s primary office districts, total office absorption plummeted by 1.43 million square feet, bringing the cumulative available office space to 98.05 million square feet. Thus, while forecasts may paint an increasingly optimistic picture of an imminent return to office normalcy, healthy skepticism remains warranted regarding the immediate prospects for improvement in New York’s office market.

Source: The Real Deal

Riding the Real Estate Rollercoaster: New York City Market Trends Unveiled

By Columbus International,11 March 2024

Here are the latest developments in the New York City real estate market.

In the current landscape of the New York City housing market, the equilibrium between buyers and sellers holds significant importance. With a consistent decrease in housing inventory and a rise in median prices, the market tends to favor sellers. The limited availability of homes places sellers in advantageous positions, potentially leading to more favorable deals. However, this doesn’t necessarily translate to a gloomy outlook for buyers. The increased demand and fluctuating market dynamics offer opportunities for those looking to make strategic investments in real estate. The surge in home prices in New York reflects the impact of dwindling housing inventory and heightened demand. Consequently, the prevailing trend indicates that home prices aren’t declining but rather experiencing growth, signaling a robust market with the potential for lucrative returns for sellers.

The year 2024 began much like its predecessor, with low housing inventory and fluctuating interest rates around 6.5 percent, as reported by the New York State Association of REALTORS. The average rate on a 30-year fixed-rate mortgage saw a slight decrease from 6.82 percent in December 2023 to 6.64 percent in January 2024. However, compared to the same period last year, the interest rate has shown an increase from 6.27 percent, highlighting the dynamic nature of the real estate market. One notable shift in the market is the continued decline in housing inventory, persisting for 11 consecutive months in year-over-year comparisons. Across New York, the inventory of homes for sale decreased by 10.2 percent, dropping from 39,544 homes in 2023 to 35,492 units in 2024. This limited supply presents challenges for buyers but also creates an environment where sellers may find opportunities to capitalize on the scarcity of available homes. New listings experienced a modest decline of 1.5 percent, totaling 9,279 in January 2024 compared to 9,423 in the same month of the previous year. Closed sales witnessed a more significant decrease, dropping by 3.8 percent from 7,486 to 7,203 homes in January 2024. Conversely, pending sales increased by 8.9 percent, indicating a potential rebound and heightened activity in the coming months. January saw a 6.7% increase in the number of homes entering into contracts, marking a positive turn as buyers returned amidst declining mortgage rates. This surge, slightly higher than the average over the past five years, is attributed to the drop in mortgage rates during November and December, enticing buyers back into the market post-year-end holidays. However, despite this uptick, challenges remain. Highly-priced homes are staying on the market for longer periods, keeping the city’s median asking price elevated.

Elevated asking prices, coupled with rising mortgage rates, are prompting sellers to make concessions to attract buyers, illustrating a nuanced market scenario. As of January, the median asking price in NYC stood at $1.095 million, reflecting an 11.7% increase from a year ago. This uptick is largely due to a slowdown in the luxury market, where homes priced at $4.975 million and above are taking longer to sell. The median asking price in Manhattan rose by 8.4% year-over-year to $1.68 million, indicating a resilient market experiencing notable shifts. While luxury listings in Manhattan witnessed an increase in median asking prices, the typical luxury listing received only 93.2% of its initial asking price, indicating a shift in power from sellers to buyers at the highest end of the market. In Brooklyn, where inventory is limited, the median asking price surged by 16.8% to $1.05 million. Meanwhile, Queens offers a more affordable option, with a 4.2% year-over-year increase, resulting in a median asking price of $624,900. The NYC housing market grapples with the aftermath of elevated mortgage rates and median asking prices, limiting the pool of potential buyers. While the monthly mortgage payment on a median-priced home rose by 16.1% year-over-year to $5,619 in January, the median asking rent increased by just 0.1% to $3,500. With a considerable number of potential buyers still on the sidelines, those who can afford to stay in the market now have more room for negotiation. The median asking price for homes entering into contracts in January was $925,000, 15.5% lower than the overall median asking price of homes on the market. This disparity indicates a market where more affordable homes are gaining traction among buyers, while the luxury segment experiences a slowdown. Despite the recent decline in mortgage rates, the outlook for the New York City housing market remains complex. Seller concessions, aimed at attracting buyers, have become more prevalent. In September 2023, when mortgage rates were above 7%, 2.7% of for-sale listings mentioned seller concessions. Despite a subsequent decline in average mortgage rates to 6.7%, concessions in January held steady at 2.3%, showcasing a significant increase from the 1.4% average in 2021.

Regarding negotiations, buyers are finding more areas to maneuver. NYC sellers are increasingly willing to offer concessions explicitly in their listings, helping to reduce closing costs for buyers without reducing the asking price. One notable concession gaining popularity is the rate buydown, with 1.7% of sponsor condos offering this option in January, a significant increase from the 0.1% average in 2021.

Shore Club Stunner: $120M Penthouse Sets Record as Miami’s Priciest Pad

By Columbus International,11 March 2024

An extraordinary ocean-view penthouse in Miami Beach is set to be sold for a staggering amount exceeding $120 million, as reported by the Wall Street Journal. If finalized, the transaction would surpass previous records, making the condominium the most expensive ever sold in the Miami area. Situated within the prestigious Shore Club Private Collection, this lavish unit boasts a living space complete with terraces and a private rooftop pool, offering unparalleled luxury, comfort, and breathtaking ocean views. The identity of the buyer remains a mystery as the developers, the Witkoff Group and Monroe Capital, have chosen not to comment, fueling speculation. Real estate record-breaker and billionaire hedge fund magnate Ken Griffin had previously set a record for Miami condos in 2015 when he acquired two penthouses at Faena House for $60 million. Griffin later sold those units for a lower price: $46.2 million. His passion for high-value real estate transactions continued in 2022 with the purchase of the waterfront property at Adrienne Arsht in Coconut Grove, Miami, for an incredible sum of $106.87 million, marking a historic moment: the first nine-figure residential sale ever in the city. This recent monumental sale underscores an unprecedented surge in Miami’s luxury real estate market, with affluent individuals eagerly vying to secure their piece of paradise.

The Shore Club redevelopment project has been in the works for years, involving the transformation of two iconic hotels – the 1940s-era Shore Club Hotel and the historic Cromwell Hotel, a gem of Art Deco architecture from the 1930s. Designed by esteemed architects Robert A.M. Stern, the development features 49 residences spread across the original Cromwell Hotel and a new imposing structure rising above the beach. Additionally, an ocean-facing standalone villa and a luxurious five-star resort managed by Auberge Resorts Collection are set to enhance the complex. Sales of Shore Club apartments began early last year, with prices ranging from approximately $6 million to $40 million, excluding the jewel penthouse. Excitement is palpable for the project’s completion (expected in 2026). Kobi Karp Architecture & Interior Design, in collaboration with RAMSA, is the firm responsible for the architecture. The interiors, overseen by RAMSA, will embody a yacht-inspired aesthetic, featuring a serene color palette evocative of the surrounding natural elements.

Photo via The Boundary (Rendering)

Record number of cash offers show New York property is only for the rich

By Columbus International,7 March 2024

The latest data reveals a striking trend in Manhattan’s real estate landscape: a surge in cash purchases accounting for over two-thirds of home sales last quarter, marking a record high. The driving force behind this shift is the soaring mortgage rates, which have soared to around 6 per cent, dissuading all but the wealthiest buyers from taking on loans.

Pamela Liebman, CEO of Corcoran, a prominent real estate brokerage, highlighted this phenomenon, stating that nearly 70 per cent of Manhattan properties were acquired without mortgages in the final quarter of 2023, a significant leap from the 55 per cent seen in the same period in 2022. High mortgage rates are creating a significant barrier for potential buyers without substantial financial resources, leading many to opt for renting instead. Corcoran’s report further underscores this trend, indicating a 4 per cent increase in new leases in Manhattan and Brooklyn in January 2024 compared to the previous year, alongside a record median rent of $3,950.

The reluctance to incur mortgage debt has led to a “void in the middle” of the property market, with affluent buyers dominating while those unable to pay cash face challenges amid escalating rents. The median sales price for Manhattan apartments reached $1.15 million in the fourth quarter, up 5 per cent from a year earlier, approaching the record high of $1.25 million set in the second quarter of 2022. However, the pace of buying has slowed, with prime properties lingering on the market for extended periods, contrasting with more affordable markets like Charlotte, North Carolina, where homes sell rapidly.

Despite a slight uptick in transactions in January, Thomas Ryan, a property economist at Capital Economics, notes that the US housing market remains stagnant, with transactions significantly below the 2010s average. Erin Sykes, a real estate agent and economist, attributes the surge in cash purchases to buyers seizing opportunities amid rising mortgage rates, viewing them as an advantageous time to strike deals. The challenges facing buyers in New York are further compounded by a severe housing shortage attributed to regulations limiting rent increases and the expiration of tax incentives for new construction projects. Mayor Eric Adams has proposed converting obsolete office buildings into residential towers as a potential solution, although this presents technical and cost-related hurdles.

The supply crunch has significantly reduced vacancy rates, plummeting from nearly 4.5 per cent in 2021 to 1.4 per cent, exacerbating affordability concerns and pricing many out of the market. As Liebman aptly summarizes, New York’s housing market is currently facing rough terrain, posing significant challenges for aspiring buyers.

Ken Griffin’s Plan for a Miami Headquarters Finally Begins to Take Shape

By Columbus International,5 March 20249 November 2024

Ken Griffin, the billionaire founder of Citadel, caused quite a stir when he announced the relocation of his hedge-fund giant from Chicago to Miami. This move marked the most significant shift of any financial institution to the Miami scene. However, nearly two years down the line, the waterfront property Griffin secured for his planned $1 billion headquarters remains barren.

Citadel’s employees continue to toil away in temporary offices in the financial district, awaiting the fruition of their grand relocation plans. Nevertheless, the vision for Griffin’s Miami headquarters is gradually taking shape. Foster + Partners have been entrusted with the design, aiming to erect one of the city’s tallest skyscrapers. Renderings seen by The Wall Street Journal reveal plans for a luxury hotel atop the building, reflecting Griffin’s ambition to leave an indelible mark on Miami’s skyline. Gerald Beeson, Citadel’s chief operating officer, sees this as a pivotal opportunity to craft an iconic edifice befitting Citadel’s future.

Miami, often touted by Griffin as “Wall Street South,” is slated to be the firm’s primary hub, with expansions planned for New York City and London. Griffin’s conspicuous presence in Miami has drawn parallels to the impact LeBron James had on the city, attracting both businesses and wealth, and igniting pockets of growth in the real estate market. Born in Daytona Beach, Florida, Griffin founded Citadel in 1990, propelling himself into the upper echelons of the financial world. With approximately $58 billion in assets under management, Citadel stands as one of the globe’s foremost hedge-fund managers. Griffin’s high-profile acquisitions in Miami, including a record-breaking purchase of a sprawling estate in Coconut Grove, further underscore his commitment to the city. Before publicly announcing his relocation plans in 2022, Griffin quietly acquired a prime waterfront parcel on Brickell Bay, setting the stage for his envisioned headquarters. However, his collaboration with Sterling Bay, the initial developer, came to an abrupt end amid concerns about their ability to see the project through. Citadel’s subsequent search for an experienced developer with a solid track record in South Florida ensued.

Amidst uncertainties surrounding the fate of Citadel’s future headquarters, the company appointed Paul Darrah, formerly of Alphabet’s Google, as its chief workplace officer. Darrah, renowned for his role in developing Google’s corporate campus in Manhattan, aims to establish a temporary space within the 830 Brickell building. This interim solution will provide Citadel with a platform to experiment and refine its vision for the ultimate headquarters, a decision facilitated by the flexibility of the lease agreement. Griffin’s real estate endeavors, however, face challenges, with several acquisitions made but development hindered by existing structures, notably a condo building. Despite these hurdles, Griffin’s determination to establish Citadel’s presence in Miami remains unwavering, signaling a continued evolution of the city’s financial landscape under his stewardship.

La Lombardia è la regione con più transazioni in Italia

A million-dollar deal: Campari purchases headquarters in Milan from Bnp. All the latest information here (source: Sole24Ore)

By Columbus International,4 March 202411 March 2024

An operation that reinvigorates Milan’s real estate market, which has been declining since the beginning of the year. The transaction in question sees Campari as the buyer and Bnp Paribas Reim, an investment management company specializing in real estate and part of the Bnp Paribas Group, as the seller.

The real estate company has sold, on behalf of a managed real estate fund, an office building located at Corso Europa 2, a stone’s throw from Milan’s Duomo. Here, Campari will establish its headquarters. The transaction was completed for a sum of approximately 110 million euros, to which renovation costs are added. The building covers a total area of approximately 10,000 square meters, spread over nine above-ground floors and four underground floors. The building faces both Corso Europa and Via Larga. After the sale, the building will undergo renovation and modernization by the buyer, as it is currently divided into spaces previously rented to various Italian and international tenants.

Many of them have already left the building, including the Bpm branch, and soon Commerzbank and the Molteni store will follow suit. This will give rise to the new headquarters where Campari Group will move in 2027, as stated by the company. Currently, Campari’s headquarters is located in Sesto San Giovanni, in a complex designed by architect Mario Botta and inaugurated in 2009. Returning to the building on Corso Europa, it was purchased in 2016 by the real estate company of the banking group through the Fundamenta fund, paid 91 million euros at the time. The asset was sold by the Borromeo family, assisted in the operation by JLL Italia.

The Borromeo family remains active in the real estate sector also through Merope Asset Management, an investment and real estate development company founded and led by Pietro Croce, of which they hold 10%. “The sale of the asset on Corso Europa to an international and prestigious company like Campari demonstrates how Bnp Paribas Reim is able to offer high-level solutions in the active management of real estate investments,” commented Vincenzo Nocerino, CEO of Bnp Paribas Reim Italy at Sole24Ore. “It shows interest in a building with solid fundamentals and located in a strategic position in the center of Milan, the beating heart of a metropolis increasingly oriented towards Europe, essential characteristics for a property destined to host the headquarters of a large group.”

Rents Yield Like Never Before. Since 1998, Real Estate in Milan Appreciated by +130% (source: Tecnocasa Group)

By Columbus International,27 February 2024

Real estate investments are experiencing a steady increase, driven by stable returns that demonstrate gradual yet consistent growth over the years. The appreciation of property values has become a widespread trend, with double and triple-digit increases occurring in almost all regions over the past 25 years.

According to an analysis conducted by the Research Office of the Tecnocasa Group, in the first half of 2023, 19.6% of real estate transactions were made for investment purposes. This figure represents a slight increase compared to the same period the previous year, when the percentage was around 16.8%. Rising inflation is prompting more and more people to invest in bricks and mortar, traditionally considered an excellent form of investment.

The return of tourists has also contributed to revitalizing the real estate market, with an increase in purchases of properties intended for accommodation in both popular cities and tourist destinations. The analysis primarily focuses on the long-term rental market rather than seasonal rentals. The prospect of earning steady rental income induces greater caution among property owners, especially considering the current economic uncertainty and rising energy costs. However, annual rental yields remain attractive, with an average rate of around 5.2% for two-bedroom apartments of 65 square meters in major Italian cities. Among the metropolises, Genoa, Palermo, and Verona stand out for the highest yields, at 6.6%, 6.4%, and 6.3%, respectively.

Real estate investors are not only aiming for rental income but also for the growth in property value over time. In recent years, there has been a recovery in property prices, with a preference for areas characterized by the presence of universities, services, and urban redevelopment projects. Fabiana Megliola, head of the Research Office at Tecnocasa, emphasized that real estate investors are interested not only in rental returns but also and above all in the appreciation of the property value over time. Between 1998 and 2023, major Italian cities saw an average price increase of 46%. Milan recorded the highest appreciation, with an increase of 132.1%, followed by Naples with 72.1% and Florence with 71.2%.

Source: Sole24Ore

Introducing E11EVEN Residences Beyond: Redefining Luxury Living in Miami

By Columbus International,26 February 2024

Nestled within the prestigious District 11 of Miami, E11EVEN Residences Beyond emerges as the epitome of opulent living, introducing a lifestyle coined as “24/11”. This visionary development, the second phase of the esteemed E11EVEN Hotel & Residences Miami project, is poised to transcend the ordinary and set new standards in Miami’s residential landscape.

With bespoke amenities empowering residents to transcend the mundane and a cadre of esteemed partners crafting immersive, entertainment-filled experiences, E11EVEN Residences Beyond promises a life of unparalleled luxury. Embark on an immersive journey into the realm of extravagance with a visit to the state-of-the-art sales gallery located at 1018 N Miami Avenue, where the essence of E11EVEN Residences Beyond comes to life through a meta-reality experience showcasing the new residential collection. At the heart of this visionary development lies the integration of holistic wellness practices, courtesy of the globally renowned wellness brand Chopra Global. Marking their inaugural residential and hotel partnership, Chopra Global brings the ancient healing traditions of Ayurveda to the towers of E11EVEN Hotel & Residences. The Chopra Spa & Studio invites residents and guests into a sanctuary of tranquility, featuring a sublime reception area designed to instill a sense of serenity. From a breathtaking indoor pool to a revolutionary somatic room offering immersive sensory experiences, the spa promises a holistic approach to well-being, complemented by yoga sessions, personalized treatments, and nutrition coaching.

Elevating the social and culinary landscape of E11EVEN Residences Beyond is The Clayton, an exclusive premium social club hailing from Chicago. Exuding an air of sophistication, The Clayton offers residents an array of curated cocktail and dining experiences, alongside private meeting spaces and secluded cigar hideaways, promising the epitome of a lavish night out. Further enriching the culinary tapestry of E11EVEN Residences Beyond is the Riviera Dining Group, renowned for its innovative hospitality concepts. Residents can indulge in a gastronomic journey at the experiential restaurant and lounge nestled within E11EVEN Hotel & Residences, or ascend to the rooftop lounge for panoramic vistas of the Downtown Miami skyline and Biscayne Bay. Beyond its luxurious amenities, E11EVEN Residences Beyond offers a realm of adventure, granting residents access to an expansive resort-style dual-level pool deck and a vibrant day club overlooking the cityscape. Sports enthusiasts can revel in the thrill of major sporting events at the casino-style sports lounge, complete with state-of-the-art amenities and a beer garden. For those seeking a seamless blend of leisure and business, E11EVEN Residences Beyond presents an array of services curated to facilitate every aspect of life. From fully staffed executive office suites to a private helipad for optimal convenience, every detail is meticulously crafted to elevate the resident experience.

Comprising studio to two-bedroom residences, the new residential collection at E11EVEN Residences Beyond epitomizes luxury living, boasting fully integrated “smart building” features, Subzero and Wolf appliances, custom ITALKRAFT Italian cabinetry, and designer-curated furnishings. The recently unveiled Speakeasy Collection adds a touch of sophistication, featuring studios with integrated modern cocktail bars stocked with premium liquors, transforming each residence into a swanky entertainment destination. Embrace a life of limitless possibilities at E11EVEN Residences Beyond, where luxury knows no bounds. With exclusive amenities and world-class partners, this visionary development epitomizes the ultimate live, work, play experience, inviting residents to embark on a journey of unrivaled sophistication and indulgence.

Photos via E11EVEN

Unveiling the Epitome of Luxury: Miami’s Starchitect-Driven Real Estate Revolution

By Columbus International,22 February 2024

In the world of luxury real estate in Miami, the mere mention of the name of a world-renowned architect can evoke prices that defy imagination. Imagine this: a penthouse spanning over 13,000 square meters ready to enter the market at a price of $150 million, equivalent to the astronomical figure of $11,000 per square meter. Welcome to The Raleigh, an illustrious Art Deco hotel currently undergoing renovation under the guidance of developer Michael Shvo, ready to unveil the epitome of opulence in collaboration with Rosewood Hotel and Residences. The allure behind these stratospheric prices? A design led by architect and visionary Peter Marino, celebrated globally for his creations. Marino and his “colleagues,” often referred to as “starchitects,” are the driving force behind many of Miami’s most coveted residential skyscrapers. Their involvement goes beyond aesthetics; it symbolizes exclusivity and prestige, elevating Miami’s already rich real estate landscape to unprecedented levels. According to some brokers, “in the Miami market, it is a true mark of credibility, of quality.” The intrinsic value associated with properties bearing the imprint of these architectural luminaries is emphasized, where ownership goes beyond mere real estate investment to embody a symbol of enduring value and sophistication. A glaring example of this phenomenon is One Thousand Museum, a beacon of architectural skill conceived by the late Zaha Hadid. The residences within this colossus have consistently commanded premium prices, with resales reaching up to $2,100 per square meter, a testament to the profound impact of alignment with a renowned architect. There is a trust instilled in buyers by the mere association with famous architects, citing the example of the St. Regis Residences by RAMSA in Brickell, where buyers have shown absolute confidence in the architect’s pedigree. To illustrate the tangible impact of the touch of a famous architect, let’s compare five upcoming towers in Miami, each crafted by the most eminent of starchitects, with their non-starchitect counterparts:

The Baccarat, a collaboration between the Related Group and GTIS Partners, boasts the design skill of Arquitectonica, a pillar in the architectural landscape of South Florida. The penthouse at The Baccarat commands a price of $21.7 million, translating to approximately $3,200 per square meter, representing a competitive advantage over non-starchitect offerings nearby.

The Shore Club, undergoing a revitalization under the transformative guidance of RAMSA, sets a new standard in luxury living. With penthouse prices kept discreet, the $6,250 per square meter for the Beach House sets an ambitious benchmark, surpassing nearby competitors.

The collaboration between Related Group and Integra Investments with RAMSA for the St. Regis Residences in Brickell embodies unparalleled luxury. Despite a 35% premium attributed to Stern’s involvement, the price of $4,500 per square meter for the upper penthouse remains competitive in the market.

The visionary project of Mast Capital and Starwood Capital Group, conceived by Rem Koolhaas’s OMA, embodies avant-garde design. The $37 million penthouse, sold at $6,500 per square meter, represents a significant premium over nearby offerings, underscoring the intrinsic value of architectural distinction.

The pinnacle of luxury finds its zenith in the legendary beachfront enclave reimagined by SHVO and designed by Peter Marino. With the crown jewel, a luxurious penthouse commanding an extraordinary price of $150 million, or $11,000 per square meter, it eclipses its competitors, embodying the pinnacle of exclusivity and luxury.

In the landscape of luxury real estate in Miami, the name behind the design is more than a mere recognition; it is a mark of unparalleled excellence and sophistication, capable of transforming residences into true works of art. As Miami continues its ascent as a global epicenter of luxury living, the influence of these visionary architects remains unparalleled, shaping the city’s skyline and redefining the very essence of luxury living.

Source: New York Post