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Miami’s Sizzling Real Estate Market Defies Gravity

By Columbus International,12 June 2024

Over the past decade, Miami’s real estate landscape has undergone a staggering transformation, solidifying its status as one of the nation’s hottest housing markets. From the first quarter of 2013 to the first quarter of 2023, the median single-family home prices in Miami-Dade, Broward, and Palm Beach counties have nearly tripled, resulting in an average home price gain of a whopping $340,000. This surge has left traditional investment returns in the dust, even outpacing the relentless bull run of the stock market. The numbers speak for themselves: Between 2013 Q1 and 2023 Q1, home prices across the tri-county area witnessed a jaw-dropping increase.

In the last five years alone (2018 Q1 to 2023 Q1), median single-family home prices soared by an average of 64%, translating to an average price gain of a cool $220,000. Certain municipalities within this real estate hotbed have experienced particularly stratospheric home price gains over the last decade. Palm Beach takes the crown with an average home price increase of a staggering $6 million, followed by Miami Beach ($2.5 million), Lighthouse Point ($1.4 million), Pinecrest Village ($1.3 million), and Coral Gables ($1 million). The city of Miami itself saw homes appreciate by $400,000, slightly higher than Fort Lauderdale ($387,000) and West Palm Beach ($337,500). Remarkably, the Miami real estate market continues to display robust growth, defying challenging market conditions. According to recent data, home prices in Miami have seen an impressive 8.7% increase in April 2024 compared to the same period last year, with the median home price now a cool $625,000.

Homes are selling slightly slower, averaging 69 days on the market compared to 68 days last year, indicating a relatively stable market despite the price surge. Sales activity, however, has slightly declined, with 583 homes sold in April 2024, down from 634 in April 2023. This trend reflects a broader pattern of fluctuating demand, as evidenced by the 27% of Miami homebuyers searching to move out of the city between February and April 2024. However, a significant 73% of buyers expressed interest in staying within the Miami metropolitan area, underscoring the city’s enduring appeal. Miami remains a top destination for homebuyers from other major cities, particularly from New York, Washington, D.C., and Boston.

Nationally, 3% of homebuyers considered moving to Miami from outside metropolitan areas, highlighting the city’s attractiveness on a broader scale. As of February, new listings in Miami had increased for six consecutive months, nearing pre-pandemic levels. In fact, February 2024 saw a 25.87% year-over-year increase in new listings, providing more options for homebuyers and contributing to a more balanced market. While the Miami real estate market may be experiencing some turbulence, its resilience and allure continue to captivate investors and homebuyers alike, solidifying its position as one of the nation’s most coveted and dynamic housing markets.

Fifth Avenue Reclaims Its Crown As The Ultimate Billionaire Playground

By Columbus International,11 June 2024

It was immortalized by Audrey Hepburn gazing wistfully into Tiffany’s windows in the 1961 classic Breakfast at Tiffany’s. Now, Fifth Avenue between the Plaza Hotel and Central Park has firmly re-established itself as the global ultra-wealthy’s real estate playground of choice, with a new crop of outrageously luxurious residential developments commanding some of the highest prices in America.

Leading the charge is Aman New York, which occupies the Crown Building, formerly home to the Museum of Modern Art. When sales launched in January 2020, it marked “the first new development in New York in that top luxury category,” according to developer Michael Shvo, who co-developed the property. One of its penthouses traded for a staggering $49 million this past winter. Not to be outdone, the newly completed Mandarin Oriental Residences boasts fully-furnished, turnkey condos and an embarrassment of over-the-top amenities like a private rooftop restaurant, pool, and fitness facilities. It set a new record for Manhattan’s priciest studio at $3.88 million. Next up is 520 Fifth Avenue, an 88-story tower with 100 condos that launched sales last month starting at $1.7 million for a one-bedroom. Its retail tenants will include elite private club Moss among other ultra-luxury brands.

“This kind of product doesn’t come along very often,” says Josh Rabina of developer Rabina, which painstakingly assembled the parcels over 10 years. “Getting half a million square feet together on this block is quite a feat.” The buying frenzy is driven by a new breed of wealthy, largely from out-of-town and overseas, who view these ultra-pricey pieds-à-terre as trophies more than full-time residences, according to Shvo. “These residents have homes in St. Moritz, Madrid, Miami, all over…these are ‘want’ homes, not ‘need’ homes.” The allure, of course, is the unmatched confluence of retail opulence (Tiffany’s recently unveiled renovation is the crown jewel), cultural institutions mere steps away, and the perfect vantage just off Central Park. As luxury architect Peter Marino puts it after transforming office properties like 711 Fifth Ave: “Fifth has the beauty of New York street life. You definitely don’t have the energy anywhere else in the city.” Fifth Avenue is reclaiming its golden age as the address for the new titans to see and be seen. Forget Park Avenue, this iconic stretch is once again the billionaire’s address of choice.

Photo: Aman New York
Source: New York Post

In Milan, B&B Hotels Creates High-Tech Urban Sanctuary for Pollinators

By Columbus International,6 June 20249 November 2024

For modern travelers, luxury transcends mere comfort and premium services. A new trend is emerging where sustainability and environmental stewardship are becoming indispensable elements of an elevated travel experience.

B&B Hotels, a rapidly expanding European hotel chain, has astutely capitalized on this burgeoning movement. In the vibrant Cenisio Garibaldi district of Milan, B&B Hotels has unveiled “B&Bees” – an authentic urban biodiversity oasis on the terrace of one of their properties. This unspoiled natural enclave provides wild bees, butterflies, and other crucial pollinators with a sanctuary to find nourishment and refuge, facilitating the rejuvenation of local ecosystems.

“Environmental responsibility is woven into the fabric of our corporate ethos,” declares Liliana Comitini, the dynamic CEO of B&B Hotels Italia. “With B&Bees, we sought to curate an immersive space where our guests can bask in nature’s splendor while nestled in the heart of the city.” This initiative is the fruit of a collaboration with Beeing, a trailblazing urban beekeeping startup. Gracing the terrace are specially designed “Bee Hotels” – natural havens where pollinators can forage and propagate, shielded from the perils of the urban landscape. Surrounding these sanctuaries, a meticulously curated array of nectar-rich plants like lavender, jasmine, and wildflowers beckons these invaluable insect denizens. For Comitini, however, B&Bees represents merely the latest milestone in a longstanding journey. “Reverence for the environment is a paramount priority for us. This commitment is epitomized by our recent Socotec certification, which evaluates our impact on biodiversity, local economies, and community engagement.”

Significantly, 73% of travelers now deem a brand’s dedication to society and the planet as paramount. A proportion poised to escalate as environmental consciousness becomes an increasingly defining hallmark of true 21st-century luxury. B&B Hotels resolutely aspires to spearhead this sustainable revolution.

The Revival of New York City’s Office Market

By Columbus International,5 June 20245 June 2024

New York’s iconic skyline is undergoing a transformation as major companies capitalize on the city’s weakened office market to revamp their workspaces. In the wake of the pandemic’s disruption to traditional office life, savvy firms are seizing opportunities to enhance their brands and create environments that foster collaboration and attract top talent.

The New York Bargain Hunters With office vacancies soaring and prices dropping, 2023 became a prime year for companies to go trophy hunting in New York. Investment sales of office properties plunged 59% citywide to just $3.2 billion as hybrid work took hold. The average value of Manhattan offices fell 22% to $848 per square foot. But this shakeup opened a rare window for prospective buyers.

Wells Fargo snagged over 400,000 square feet at the coveted 20 Hudson Yards development for $408 million. Hyundai acquired a newly redeveloped Tribeca building for $275 million to house its showroom. And NYU purchased prime real estate in Manhattan and Brooklyn totaling nearly $220 million. Even luxury retailers got in on the New York fire sale. Prada claimed a $822 million Fifth Avenue flagship location, while Gucci‘s parent company Kering paid close to $1 billion for another stretch of the iconic shopping corridor. Revamping the Office Experience For companies taking the plunge, the goal is to redesign the office environment itself. Google‘s vibrancy is on full display at its new $2 billion St. John’s Terminal campus. The 1.3 million square foot former rail terminal has been reimagined as an urban oasis with terraces, gardens, and ultra-modern workspaces. “It’s a testament to New York’s… diverse talent pool that keep us rooted here,” said Sean Downey, President of Google’s Americas operations. With 14,000 New York employees, Google is doubling down on flexible, amenity-rich spaces that enhance the in-office experience.

The “office” is being redefined for a hybrid age. No longer simply spaces to work, tomorrow’s corporate headquarters aim to inspire collaboration, rejuvenation and pride. As the pandemic catalyzes evolving workplace models, controlling the physical workspace has become a competitive advantage.

The revamp isn’t limited to offices either. Amid skyrocketing e-commerce demand, companies are reinventing New York’s industrial spaces as well. FedEx alone dropped $248 million acquiring a massive distribution facility in Brooklyn’s Sunset Park neighborhood. Amazon, which had already established a significant logistics footprint in the borough, saw two of its Brooklyn warehouses trade for over $560 million combined in 2023. With its unbeatable access to Manhattan and surrounding areas, Brooklyn is rapidly emerging as an e-commerce distribution hub. From glitzy corporate campuses to gritty warehouses, New York’s urbanscape is being remade by forward-thinking companies. The pandemic’s disruption has created a unique opportunity to transform the very nature of the workplace. And in the ultimate live-work-play city, companies are going all-in.

Main source: Forbes

Formula 1’s Rising Star Charles Leclerc Scores Multimillion-Dollar Miami Waterfront Condo

By Columbus International,4 June 2024

Fresh off his podium finish at the Miami Grand Prix, Formula 1 sensation Charles Leclerc is celebrating another milestone: his first luxury real estate acquisition in the United States. The 26-year-old Ferrari driver, who boasts a staggering 15 million Instagram followers, recently announced his purchase of a signature sky residence at the Edition Residences, an ultra-luxury condominium development in Miami’s desirable Edgewater neighborhood. In a Instagram post that garnered over 1.3 million likes, Leclerc shared a photo slideshow captioned “Miami, feeling at home already … Can’t wait,” hinting at his excitement about his new waterfront property.

While the exact purchase price remains undisclosed, signature sky residences at the 55-story glass tower start at a cool $3.1 million and range from 2,315 to 2,709 square feet, offering spacious two- to three-bedroom layouts with high-end finishes and breathtaking bay views. Scheduled for completion in 2027, the Edition Residences promises to be a true oasis for the global elite. Designed by renowned architect Bernardo Fort-Brescia and featuring interiors by Alessandro Munge, the 649-foot tower will boast an impressive 800 feet of coveted Biscayne Bay frontage. Residents can indulge in a curated collection of amenities spanning 45,000 square feet of indoor and outdoor spaces, including a state-of-the-art racing simulator – a fitting addition for the Formula 1 star. Leclerc’s acquisition comes on the heels of his third-place finish at the recent Formula 1 Miami Grand Prix, where he shared the podium with race winner Lando Norris and runner-up Max Verstappen.

The highly anticipated event, held on a $40 million custom track funded by real estate mogul and Miami Dolphins owner Stephen Ross, solidified Miami’s status as a premier destination for motorsports enthusiasts. “A little bit of blue and 2 trophies to take back home. Miami, thank you,” Leclerc posted on Instagram, alongside a photo of himself proudly holding one of his trophies aloft. The Edition Residences marks the global hotel brand’s first independent collection of luxury condominiums, promising an unparalleled level of amenities and services. In addition to the racing simulator, residents will enjoy access to an indoor/outdoor poolside garden lounge with a wet bar, a cabana-lined pool, a cinema, golf simulators, a state-of-the-art fitness center with private training studios, yoga and spinning areas, onsite fine dining, a library lounge, and six guest suites. With his meteoric rise in Formula 1 and his recent foray into luxury real estate, Charles Leclerc’s star continues to shine brightly, both on and off the racetrack.

Source: New York Post
Photo Credit: Edition Residences

The Branded Tower Frenzy of Miami’s Real Estate

By Columbus International,3 June 20243 June 2024

In Miami, developers are taking branding to new heights with an explosion of luxury residential towers carrying the cachet of famous names like Porsche, Armani, and even fashion magazine Elle. Attaching prestigious brands to condo projects has become the norm in this sunny metropolis, where foreign buyers crave the assurance of an aspirational lifestyle.

Major Food Group, the hospitality juggernaut behind hot spots like Carbone and Dirty French, is the latest big name leveraging its brand power beyond restaurants. Their upcoming 58-story Villa Miami tower promises residents an immersive experience steeped in the group’s culinary DNA, from kitchens designed by founders Mario Carbone and Rich Torrisi to a double-decker signature restaurant and poolside refreshments. “It’s not about having a label,” says David Martin, CEO of co-developer Terra. “It’s about trying to create an ethos.” This brand-centric approach has been a gamechanger for Miami’s real estate market over the past decade. In a city where addresses lack the same prestigious air as New York’s Park Avenue or Central Park West, luxe branded residences provide an instant status symbol and lifestyle association prized by moneyed buyers, particularly from overseas markets.

“What they do know is brands,” says Oren Alexander of brokerage Official, noting most international purchasers are unfamiliar with Miami’s diverse crop of developers. “In Miami, the brand is the brand.” For developers, landing marquee partnerships accelerates condo sales and pricing premiums as high as 30%. Meanwhile, brands earn lucrative licensing fees and global marketing for their core business. The formula has fueled a gold rush of branded Miami towers by everyone from haute couture houses like Fendi and Missoni to seemingly unlikely luxury purveyors like Diesel jeans and wellness club The Well.

Real estate insiders say the branded residence craze stems from a desire to craft a tangible, marketable lifestyle experience beyond just upscale finishes – a pull particularly potent in brand-obsessed Miami. And they expect this evolution to new extremes. “I think the next phase will be a stack of brands on any given project,” says development advisor Peter Bazeli, pointing to the Four Seasons Residences at The Surf Club, which layers branded components like celebrity chef Thomas Keller’s cuisine atop architecture by Richard Meier.

“Luxury buyers are attracted to the idea that every facet of their lifestyle is effectively branded,” Bazeli adds. Not everyone is sold on the branded residential mania. Some brokers question whether most fashion or automotive brands truly enhance the living experience beyond some branded furniture and accent pieces. There are also buyers staunchly loyal to specific marques who would never inhabit a rival condo tower. Still, in Miami’s spectacle of one-upmanship, branded real estate shows no signs of abating as developers continue one-upping each other to court elite buyers chasing the latest ultra-luxe residential “it” factor. From helicopter-pad topped penthouses to private garage elevators that whisk owners’ Porsches directly into their units, brands are fueling a relentless escalation of opulent residential experiences. For global elites, the name on the building has become the ultimate status symbol.

Photo: Cutting a sail-like silhouette, the 66-story Aston Martin tower soars as a striking presence on the Miami skyline.
Credit: Aston Martin

Tuscany’s Triple Threat: 3 Prized Properties Not To Miss This Summer

By Columbus International,30 May 2024

As the warm winds of summer caress the Tuscan landscape, a trifecta of rare real estate jewels emerges, beckoning discerning investors and connoisseurs of la dolce vita.

From a historic villa nestled in the Florentine hills to a seaside oasis on the Maremma coast and a prestigious office steps from the iconic Ponte Vecchio, these properties promise an unparalleled immersion into Tuscany’s enchanting milieu.

The regional real estate market is sizzling, with sales up 1.4% and rents surging 4.3% in Q1 2024, according to Immobiliare.it Insights’ data. The average home sale price stands at €2,536 per square meter, while rental rates command €15.3 per meter. Unsated buyer demand continues driving a 16.3% uptick amidst dwindling inventory, up 5.1%. In the perennially coveted Florence, prices average nearly €4,200 per meter after a 0.8% quarterly hike, with rents now at €22.6 per meter.

Villa Covoni, Fiesole’s Aristocratic Sanctuary

A mere 7 km from Florence’s beating heart, the 18th-century Villa Covoni reigns over the Fiesole hills, an aristocratic sanctuary fusing history with modern refinement. Part of the Villa Sant’Ignazio complex, sumptuous living spaces adorned with frescoes and curated furnishings offer breathtaking vistas of the Renaissance capital. The exclusive condominium park, featuring a pool and scenic walking trails, provides a verdant respite for residents.

Waterfront Glamour At Punta Ala

On the shimmering Maremma coast, an extraordinary Punta Ala villa seduces with panoramic sea views. The impeccably designed single-level residence with basement quarters boasts a spacious layout anchored by a gourmet kitchen, expansive living areas, four bedrooms and three baths. A private pool and garage complete this mediterranean dream home, epitomizing luxurious coastal living amidst tranquil surroundings.

A Renaissance Workspace On Ponte Vecchio

In Florence’s pulsating historic center, a rare office opportunity awaits on the fabled Ponte Vecchio. Available from February 2024, this 140-square-meter gem has undergone immaculate renovations, revealing marble floors, parquet accents and refined architectural details. Floor-to-ceiling windows flood interiors with natural light while framing iconic cityscapes – an inspiring backdrop for receiving clients amidst unmatched old-world ambiance.

As summer casts its brilliant glow, Tuscany’s irresistible allure intensifies with these premier residential and commercial offerings. For those seeking to savor the region’s timeless grandeur, acted upon swiftly, a slice of real estate nirvana awaits.

Milan’s Real Estate Frenzy: Where Savvy Families Strike Gold

By Columbus International,29 May 2024

When it comes to secure investments, real estate remains an evergreen favorite among Italians, especially in the vibrant city of Milan. The Milanese metropolis cements its position as a highly coveted destination for property investors, ranking an impressive third nationwide with a staggering 35% of purchases driven by investment motives – surpassed only by Pavia and Mantua. This figure represents a remarkable uptick compared to 2022 when the percentage hovered at a modest 23.5%. Remarkably, a commanding 85% of these savvy investors opt for cash transactions, underscoring their formidable financial prowess.

Milan’s Magnetic Pull for Real Estate Enthusiasts

While the majority of Milanese buyers (65%) acquire properties for residential purposes, the remaining contingent wholeheartedly embraces the age-old adage that real estate is the supreme investment. Purchasing apartments to leverage the lucrative rental market is an entrenched strategy, particularly in a city like Milan – a veritable crossroads for students and professionals seeking temporary lodgings. In 2023, a notable 16.6% of real estate transactions across the Lombardy region were spearheaded by investors, marking an approximate 2% escalation from the preceding year. The most active age bracket driving these investments falls between 45 and 54 years old, accounting for an impressive 31% of real estate investment activities. This demographic enjoys heightened economic stability and enhanced access to mortgage financing, although only 15% of Lombard investors opt for this payment route.

The Cornerstone of Family Investment Portfolios

A staggering nearly 70% of real estate investors in Lombardy hail from family units, underscoring the pivotal role of property as a strategic asset for numerous households. The two-room apartment emerges as the preferred property type among investors, captivating 47% of buyers, closely trailed by the three-room apartment at 23.3% of preferences. These compact dwellings cater to the burgeoning demand for affordable and conveniently sized accommodations from the city’s student and professional denizens.

An Enduring Investment Bastion

Despite the ebbs and flows of the real estate market, investing in property continues to represent a prudent choice for many Italians, with Milan at the forefront of this trend. The city presents an enticing environment for investors, bolstered by an unwavering demand for rental accommodations and the potential to generate stable, long-term income streams. While some opt for outright cash purchases, others strategically leverage mortgage financing to diversify their investment portfolios. Irrespective of the chosen path, real estate remains an unassailably tangible and reassuring investment for countless Italian families.

Fotografiska Gears Up for Relocation: New Home for New York’s Photography Museum

By Columbus International,28 May 2024

Fotografiska, the renowned global photography museum network, is preparing for a significant change in its New York City presence. After four years of operating from the historic Church Missions House on Park Avenue South, Fotografiska will bid farewell to its current location on September 29th, 2024.

The decision to relocate stems from the museum’s ambitious vision to showcase exceptional artistic talent in a grander, more conducive space. Fotografiska’s commitment to inspiring new perspectives and amplifying the works of celebrated photographers has outgrown the confines of its current home. Before closing its doors on Park Avenue South, Fotografiska will present two captivating exhibitions. From May 31st, visitors can immerse themselves in the enigmatic world of Vivian Maier, the self-taught photographer whose work gained posthumous acclaim. On June 21st, the museum will unveil a showcase dedicated to Bruce Gilden, the renowned New York street photographer. Fotografiska’s popular bar, housed in a former chapel, and its restaurant, Verōnika, will continue to operate until mid-June, allowing patrons to savor the ambiance one last time before the relocation.

Yoram Roth, the executive chairman of Fotografiska’s board, expressed the museum’s unwavering commitment to the city’s art scene, stating, “At the core of Fotografiska is a dedication to inspiring new perspectives by amplifying some of the greatest artists of our time. As it’s become clear that our current space is not conducive to this vision, our commitment to the city’s art scene remains unwavering.” After vacating its current premises, Fotografiska plans to temporarily exhibit a century of New York nightlife photography while actively seeking a larger, more suitable location to continue its mission of showcasing exceptional photography.

The Church Missions House, Fotografiska’s current home, is owned by RFR Holding, the real estate company of art collector Aby Rosen. In 2022, RFR Holding put the property up for sale with an asking price of $135 million, a significant increase from the $50 million they paid for it in 2014. As Fotografiska embarks on this new chapter, the anticipation builds for the museum’s next grand showcase, where it can continue to inspire and captivate audiences with the power of photography.

Photo via Instagram

Dream Home in the Hamptons: How a Restaurateur Spent $3M Transforming Her Waterfront Retreat

By Columbus International,24 May 202424 May 2024

For Donna Lennard, owner of the renowned Il Buco hospitality empire, finding the perfect Hamptons haven was a labor of love that spanned years and millions. But the payoff was a luxurious waterfront oasis tailored to her exacting tastes. When Lennard set her sights on the bucolic hamlet of Springs in 2017, she knew precisely where she wanted to put down roots – the enviable Gerard Drive peninsula jutting into both Gardiners Bay and Accabonac Harbor.

“From one side to the other, you see water,” gushes the entrepreneur over 50. Her gambit paid off when a 1,700 square foot cottage from 1960 hit the market. Swooping in with an all-cash $1.7 million offer, Lennard made the keys her own that August. But for the hospitality magnate behind hotspots like Il Buco Alimentari & Vineria, the dated digs wouldn’t do. A serendipitous reunion with college pal and architect Stuart Basseches set the wheels in motion for a start-to-finish overhaul that snowballed into a head-turning $3 million investment.

Over several years of meticulous planning alongside Basseches, Lennard’s original concept for a bedroom addition morphed into a full-scale transformation. The reimagined floor plan fuses old and new – relocating the light-filled kitchen and living room to the heart of the residence while tacking on a striking 1,100 square foot two-story extension housing a dining room, media lounge and lavish upstairs owner’s suite. No expense was spared in the bespoke finishes. Sun-drenched living spaces boast reclaimed oak floors, vaulted wood-beamed ceilings and artisanal Venetian plaster walls.

The showstopping kitchen island crafted by Sakonnet Furniture Makers tops a slab of repurposed Slovenian wood. And the serene upstairs retreat flaunts an antique Umbrian marble sink alongside a mobile vanity revealing dreamy water vistas. While the splurge surpassed her original budget, for Lennard, the over-the-top transformation was well worth it. “What came out of it was very much the house I’d been dreaming of,” she confides of her ultra-luxe oceanside compound expertly melding modern amenities with an eclectic, lived-in aesthetic reflective of her well-traveled tastemaker persona.