Il mercato immobiliare in Lombardia

Milan’s Luxury Real Estate Market Reaches New Heights Despite Supply Constraints

Based on the latest Exclusive Residences Observatory by Tirelli & Partners, Milan’s luxury real estate sector is exhibiting exceptional resilience. The prestigious Quadrilatero district has achieved unprecedented valuations, reaching €37,000 per square meter in 2024—representing a remarkable 40% appreciation since 2020. This trajectory has solidified Milan’s position as a premier destination for global real estate investment.

From our vantage point at Columbus International—a boutique real estate firm strategically located at Via San Raffaele 1, 20121, Milan—we’ve identified a clear bifurcation in Milan’s luxury market: The ultra-premium sector (above €6 million) maintains robust performance, propelled by international investors and returning Italian expatriates leveraging favorable tax incentives. Meanwhile, the €1-3 million segment demonstrates more conservative growth patterns.

Market Dynamics The premium segment (€3+ million) and ultra-luxury tier (€6+ million) continue attracting substantial interest, predominantly from tax-advantaged international buyers. Supply constraints and stringent quality requirements pose ongoing challenges, though premium properties consistently secure motivated buyers swiftly with minimal price negotiation.

Entry-level luxury (€1-2 million) and mid-tier segments (€2-3 million) reflect more measured domestic demand, characterized by upgrade-oriented rather than expansionary purchases. An increasing quality differential between new developments and existing inventory has emerged, with contemporary technological amenities and architectural innovations diminishing the competitiveness of legacy properties.

Key Performance Metrics

  • Market absorption rates declined 3.5%, most notably in prime locations like Brera, where quality inventory remains scarce
  • Sales cycles now exceed 6 months—a threshold unseen in four years
  • Price negotiations average 6.7%, though premium properties frequently command full asking prices
  • The Quadrilatero leads value appreciation, while peripheral areas such as Magenta register modest 1% gains

Market Outlook The entry-level luxury segment anticipates stable transaction volume, potentially catalyzed by favorable interest rates and robust equity markets. The ultra-luxury segment is positioned for continued growth, driven by international demand and Milan’s enduring tax advantages, despite recent flat tax modifications.

Columbus International’s strategic position bridging Italian and American real estate markets enables us to serve both international investors and local clientele seeking premium properties. We welcome interested parties to our offices at Via San Raffaele 1, where our expert team provides comprehensive insights into Milan’s evolving luxury real estate landscape.

Revolutionary Market Analysis Reveals: Manhattan Condo Price Could Secure a Majestic Tuscan Villa

A groundbreaking market analysis, capturing the attention of both savvy investors and lifestyle seekers, reveals that the price of a modest Manhattan apartment could secure a majestic Tuscan villa – a discovery that’s redefining how international buyers approach luxury real estate investments.

The Value Proposition

Recent market data analyzed by Columbus International, a leading real estate firm managing opportunities between New York/Miami and Florence/Milan, confirms research from My Dolce Casa demonstrating that $750,000 – the current price point for a 500-square-foot Manhattan apartment – could secure a magnificent 3,200-square-foot villa among Tuscany’s renowned landscapes. This value disparity is driving a new wave of strategic investment decisions among discerning buyers.

What we’re observing is a fundamental shift in how sophisticated investors approach the luxury real estate market. Our clients increasingly recognize that Tuscany offers not just lifestyle benefits, but also compelling investment opportunities with strong appreciation potential.

Breaking Down the Numbers

The current Manhattan real estate market presents sobering statistics:

  • Median listing price: $1,500 per square foot
  • Average 500-square-foot apartment: $750,000
  • Limited appreciation potential in an oversaturated market

In contrast, Tuscan properties offer:

  • Average price: $237 per square foot
  • Equivalent investment yields: 3,200 square feet
  • Additional amenities: private grounds, historic architecture, and often, olive groves or vineyards

The Columbus International Advantage

With years of experience bridging U.S. and Italian luxury real estate markets, Columbus International has developed unparalleled expertise in managing “overseas” transactions. Our company’s dedicated team of brokers, with offices in New York, Miami, Milan, and Florence, offers:

  • Comprehensive market intelligence across both continents
  • Expert guidance on international property laws and regulations
  • Access to exclusive off-market properties
  • Full-service support from initial search through closing and beyond

Investment Outlook

The Tuscan real estate market presents a unique combination of stability and growth potential. Unlike the volatility we’re observing in major U.S. urban markets, Tuscan properties have historically demonstrated steady appreciation while offering immediate lifestyle benefits and potential rental income streams.

Recent market trends indicate:

  • 5-7% annual appreciation in prime Tuscan locations
  • Growing demand from international investors
  • Increasing scarcity of historic properties in premier locations

Beyond the Investment

While the financial advantages are compelling, Columbus International’s clients frequently cite additional benefits:

  • Rich cultural heritage
  • World-renowned culinary scene
  • Excellent healthcare system
  • Strategic location for European travel
  • Strong expat communities

Making the Transition

Columbus International has the advantage of simplifying the property acquisition process by guiding clients through every aspect of their investment journey, from property selection to relocation services.

For those considering this investment strategy, Columbus International offers private consultations with our team of expert brokers, specialized in both New York and Tuscan real estate markets.

Our deep understanding of both markets ensures clients receive comprehensive guidance tailored to their specific investment goals and lifestyle aspirations.

To learn more about investing in Tuscan properties or to schedule a consultation with a Columbus International broker, email info@columbusintl.com.

Billy Joel Lists Long Island Estate for $49.9 Million

The legendary rockstar is selling the property he once admired as a teenager while dredging oysters.

“Piano Man” Billy Joel has listed his grand Centre Island estate in Long Island for $49.9 million. According to The New York Times, the 26-acre property, dubbed “MiddleSea,” features a main house, a beach house, and two guest houses, totaling 18 bedrooms and 16 bathrooms.

The property’s acquisition story is particularly meaningful: Joel first spotted the mansion as a teenager while working as an oyster dredger in the surrounding waters. Living in working-class Hicksville at the time, young William Martin Joel could never have imagined he would one day own the very same mansion he gazed at from his boat.

The estate, purchased in 2002, includes three swimming pools, a bowling alley, a helipad, and over 2,000 feet of private beach – a rare feature in Long Island’s “Gold Coast.”

Joel, 75, has decided to sell the property primarily for family reasons, having relocated to Florida where his two youngest daughters attend school.

Photo via Instagram

Rockefeller Legacy: From Personal Drama to Real Estate Triumph

In the ever-evolving landscape of New York City real estate, few names carry as much weight as Rockefeller. From scandalous personal histories to groundbreaking new attractions and high-stakes financial maneuvers, the Rockefeller legacy continues to shape the city’s skyline and capture the public’s imagination.

The Woman Behind the Legend

The recent passing of Megan Marshack at 70 has reignited interest in one of the most intriguing chapters of the Rockefeller saga. As a young aide to Nelson A. Rockefeller, Marshack found herself at the center of a media storm following the former vice president’s sudden death in 1979. For decades, she maintained a steadfast silence about their relationship, fueling endless speculation.

In a final act of discretion – or perhaps revelation – Marshack penned her own obituary, offering tantalizing hints about her association with Rockefeller. Quoting the musical “A Chorus Line,” she wrote that she “won’t forget, can’t regret what I did for love.” This cryptic farewell leaves real estate enthusiasts and history buffs alike to ponder the true nature of their connection and its impact on the Rockefeller empire.

Rockefeller Center: Rising to New Heights

While the past may be shrouded in mystery, Rockefeller Center is firmly focused on the future. The iconic complex has unveiled its latest attraction: Skylift, a jaw-dropping ride that elevates visitors 900 feet above the city for breathtaking 360-degree views.

This $35 add-on to the Top of the Rock experience represents more than just a thrilling ride; it’s a bold statement about the enduring appeal of prime real estate. In a city where views are currency, Rockefeller Center is literally raising the bar, offering an unparalleled perspective on the Manhattan skyline.

Financial Fortitude in Uncertain Times

As impressive as the new Skylift may be, the real high-wire act is happening behind the scenes. Tishman Speyer, the owner of Rockefeller Center, is seeking a staggering $3.5 billion refinancing deal. In a market where office properties are struggling, this move is being closely watched as a potential bellwether for the industry.

With a 95% occupancy rate and diverse income streams from office tenants, retail spaces, NBC Studios, and tourist attractions, Rockefeller Center stands out as a beacon of stability in choppy waters. If successful, this refinancing could signal a turning point for high-quality office properties, separating the wheat from the chaff in a sector battered by remote work trends and economic uncertainty.

The Future of Urban Real Estate

The Rockefeller Center saga encapsulates the challenges and opportunities facing urban real estate in the post-pandemic era. While many office buildings struggle with high vacancy rates and uncertain futures, prime properties in iconic locations are proving their resilience.

Investors and lenders are becoming increasingly discerning, favoring well-maintained, amenity-rich buildings in prime locations. The success or failure of Rockefeller Center’s refinancing bid could set the tone for the market, potentially unlocking capital for other top-tier properties while leaving less desirable assets out in the cold.

As New York City and other urban centers grapple with the changing nature of work and city life, the Rockefeller name once again finds itself at the center of the conversation. From personal intrigue to architectural innovation and high-stakes finance, the Rockefeller legacy continues to shape the very fabric of the city – one story, and one skyscraper, at a time.

Photo via Rockefeller Center

Iconic New York City Restaurant Property Leaps into New Era

In a surprising turn of events that marks the end of an era in New York City’s culinary scene, the historic building that housed the renowned French restaurant La Grenouille for over six decades has been sold for a staggering $14.3 million. This transaction not only represents a significant real estate deal but also signals a shift in the cultural landscape of Midtown Manhattan.

A New Chapter Begins

The property at 3 E. 52nd St., a 6,200-square-foot, three-story building with a charming cottage-like facade, has been acquired by a shell company identified as 8162024, LLC. Sources close to the deal suggest that the iconic space is set to transform into an Asian cuisine establishment, potentially a Chinese restaurant, marking a dramatic departure from its French culinary heritage.

From Stable to Culinary Stardom

The building’s history is as rich and varied as the city itself. Originally a stable, it was converted in 1913 and has since housed various businesses, including:

  • An interior decorating firm
  • The Elm Tree Tea Room
  • A luxury clothing shop
  • A nightclub
  • La Vie Parisienne, another French restaurant

Its most famous incarnation, La Grenouille, opened its doors in 1962 under the stewardship of Charles Masson and his wife Gisèle. For decades, it served as a magnet for celebrities, fashion icons, and the global elite, including luminaries such as Frank Sinatra, Madonna, and Yves Saint Laurent.

The End of an Era

The sale marks the conclusion of La Grenouille’s storied run, which saw its fair share of family drama and management changes. Philippe Masson, the restaurant’s most recent owner, announced its closure last month, citing the end of “a veritable who’s who of the world’s most beautiful and celebrated” patrons.

Market Insights

The sale was brokered by a partnership of real estate professionals:

  • Perry Rothenberg of Creative Leasing Concepts
  • Peter Howard from Oxford Property Group NY
  • Joseph Caputo from Exit Premier Real Estate

This team recently orchestrated another high-profile restaurant property sale, the Frechette Restaurant’s building at 241 West Broadway, for $15.3 million.

Looking Ahead

As New York City’s dining scene continues to evolve, the transformation of this iconic property reflects broader trends in urban development and changing consumer preferences. The shift from classic French cuisine to Asian flavors in this historic location may well be indicative of the city’s ever-changing culinary landscape and real estate market dynamics.

While longtime patrons may lament the loss of a beloved institution, the substantial investment in this property suggests a confident outlook for the future of Manhattan’s high-end dining and real estate sectors, even in the face of ongoing economic uncertainties.

Photo via La Grenouille 

The “Casa” Trend: Luxury Living in Milan’s Exclusive Residences

Milan, the fashion capital of Italy, is experiencing a new trend in luxury accommodations that bridges the gap between high-end hotels and private residences. The “Casa” concept offers discerning travelers and expatriates a unique blend of comfort, privacy, and exclusivity. Let’s explore some of the most notable “Casa” properties in Milan that are redefining luxury living.

Casa Cipriani: A Modern Private Members Club

Casa Cipriani Milan brings the legendary hospitality of Harry’s Bar in Venice to the heart of Milan. This exclusive private members club creates an eclectic community for those who appreciate life’s simple pleasures. With its vibrant atmosphere and world-class amenities, Casa Cipriani offers a sophisticated yet relaxed environment for socializing, dining, and enjoying the dolce vita.

Casa Brera: A Gateway to Milanese Culture

Located just steps away from the iconic Sforza Castle, Casa Brera is a 5-star hotel that seamlessly blends rationalist architecture with modern luxury. Designed by the renowned Studio Urquiola, the hotel features 116 beautifully appointed rooms, including 15 suites and the stunning Milanese Suite. Casa Brera goes beyond accommodation, offering a true Milanese lifestyle experience with its rooftop bar, outdoor pool, and diverse dining options that showcase both local and international cuisines.

Rocco Forte House: Unrivaled Privacy in a Historic Palazzo

Situated in the heart of Milan’s fashion district, Rocco Forte House occupies a beautifully restored 19th-century palazzo. With just 11 exclusive apartments, this property offers the ultimate in privacy and bespoke luxury. Each apartment is a masterpiece of design, combining historical elements with contemporary comforts. The dedicated House Concierge ensures every guest’s needs are met, from housekeeping to personalized experiences in the city.

Casa Baglioni: Sixties Italian Elegance

Casa Baglioni brings a fresh perspective to Milan’s luxury hotel scene. Located in the artistic Brera district, this boutique hotel pays homage to 1960s Italian design while offering modern amenities and a Michelin-starred restaurant. The carefully curated art collection and elegant rooms make Casa Baglioni a haven for design enthusiasts and food lovers alike.

The “Casa” trend in Milan represents a new era of luxury accommodations, where the lines between hotels and private residences blur. These properties offer not just a place to stay, but a lifestyle – one that embraces Italian elegance, culture, and hospitality. For those seeking an authentic Milanese experience with all the comforts of home and the services of a world-class hotel, the “Casa” concept provides the perfect solution.

Whether you’re a frequent visitor to Milan or considering an extended stay, these “Casa” properties offer a unique opportunity to immerse yourself in the city’s rich culture and vibrant lifestyle. Experience the best of Milan from the comfort of your own Italian “home away from home.”

Photo via Casa Cipriani Milano

OpenAI Stakes Its Claim In Manhattan, Signals AI Industry’s Growing Real Estate Appetite

In a move that signals the artificial intelligence sector’s growing influence on commercial real estate, OpenAI, the creator of ChatGPT, has inked a deal for its first New York City office space. The AI powerhouse is set to occupy 90,000 square feet in the historic Puck Building, nestled in Manhattan’s coveted Soho neighborhood, according to sources close to the negotiations.

AI Giants Fuel Real Estate Renaissance

This strategic expansion comes on the heels of OpenAI’s significant real estate plays in San Francisco, where the company recently:

  • Leased an entire six-story tower in Mission Bay
  • Subleased two buildings from Uber Technologies

The company’s aggressive growth strategy doesn’t stop there, with additional office locations reportedly in the pipeline.

Industry-Wide Trend

OpenAI isn’t alone in its real estate ambitions. Fellow AI titans are making similar moves:

  • Anthropic
  • Palantir

These companies are rapidly expanding their footprints across major tech hubs:

  • New York
  • San Francisco Bay Area
  • Denver
  • Atlanta
  • Seattle

Market Impact

After weathering a challenging period marked by:

  • Rising vacancies
  • Rent reductions
  • Fire-sale transactions

The office market is showing signs of revival, particularly in New York, where Q3 saw increased leasing activity.

“AI isn’t going to be a single solution for the office market,” notes Jacob Rowden, head of office research at JLL, “but it’s a crucial component of the broader recovery narrative.”

San Francisco: Ground Zero for AI Real Estate

The impact is particularly pronounced in San Francisco, where:

  • AI businesses have claimed approximately 5 million square feet
  • This represents over 5% of the city’s total office space
  • 57 office leases signed by AI companies this year alone
  • 40 of these are first-time office spaces for small and midsize AI firms

The Puck Building Connection

OpenAI’s choice of the 140-year-old Puck Building isn’t just about location. The historic property, owned by Kushner Cos., also houses Thrive Capital, a venture capital firm that:

  • Recently led a $6.6 billion funding round for OpenAI
  • Was founded by Joshua Kushner, brother of Jared Kushner

Looking Ahead

According to Chris Roeder, head of brokerage at JLL’s San Francisco office, the AI sector’s appetite for office space “could quadruple in size in the next six years.” As traditional tech giants like Google, Microsoft, and Apple double down on AI investments, this trend shows no signs of slowing.

Source: WSJ

La Lombardia è la regione con più transazioni in Italia

Real Estate Boom: Milan Leads Italy’s Property Market Surge

In a striking display of resilience, Italy’s northern real estate market continues to defy economic headwinds, with Milan and Monza emerging as frontrunners in property value appreciation. The latest data from the Chamber of Commerce of Milan, Monza, and Lodi reveals a robust growth trajectory, particularly in these key urban centers, despite a concurrent slowdown in transaction volumes.

Milan: The Unstoppable Metropolis

Milan, Italy’s financial and fashion capital, maintains its allure for property investors, recording a 2% increase in residential real estate prices during the first half of 2024. This uptick brings the average price per square meter to a substantial €6,520, reinforcing the city’s status as a prime real estate market in Europe.

The city’s southern district has emerged as the hotspot for growth, experiencing a remarkable 6% surge in property values. This trend underscores the evolving dynamics of Milan’s urban landscape, with previously overlooked areas now capturing investor interest.

Monza: The Dark Horse of Italian Real Estate

In a surprising turn of events, Monza has outpaced its more famous neighbor, posting an impressive 7% growth in property prices. With average values now reaching €3,444 per square meter, Monza is rapidly positioning itself as an attractive alternative for investors priced out of Milan’s premium market.

The city’s northern sector has been particularly dynamic, with prices soaring by 9% to reach an average of €3,869 per square meter. This surge indicates a growing recognition of Monza’s potential as a residential and investment destination.

Market Challenges and Future Outlook

Despite the positive price trends, both Milan and Monza face headwinds in terms of transaction volumes. Milan witnessed a 13% decline in residential property transactions in the first quarter of 2024 compared to the previous year, with similar trends observed in Monza and Lodi.

Guido Bardelli, Milan’s Housing Councilor, acknowledges the pressing need to address affordability concerns. “Milan’s attractiveness now poses a challenge: ensuring housing accessibility for the middle class struggling with current market costs,” Bardelli states, highlighting the city’s commitment to expanding social housing initiatives.

Investment Implications

For investors, the current market dynamics present both opportunities and challenges. The continued price appreciation in prime locations suggests potential for capital gains, particularly in emerging areas like Milan’s southern district or Monza’s northern sector. However, the decline in transaction volumes signals a need for cautious strategy, with a focus on long-term value rather than quick turnovers.

As Italy’s northern real estate market navigates through these complex trends, it remains a beacon of growth in Europe’s property landscape. With strategic policy interventions and innovative development approaches, cities like Milan and Monza are poised to maintain their appeal, balancing growth with accessibility in the years to come.

Florence’s Premier Art Event Draws Global Elite With Titian, Michelangelo Masterpieces

The 33rd Florence International Biennial of Antiques (BIAF) is set to transform the historic Palazzo Corsini into a luxurious marketplace of museum-quality art from September 28 to October 6, 2024. This year’s edition marks a significant expansion with 80 galleries participating, including 14 new prestigious international exhibitors, cementing its position as one of the world’s premier art events.

Star-Studded Affair Merges Art, Fashion, and Philanthropy

The Biennale kicks off with an exclusive gala dinner for 780 global VIPs, orchestrated by Gucci Osteria da Massimo Bottura. Gucci’s sponsorship underscores the event’s fusion of high art and haute couture. A highlight of the opening festivities is a charity auction featuring world-renowned tenor Andrea Bocelli in the magnificent Salone dei Cinquecento at Palazzo Vecchio.

“This edition promises to be one of the finest under my management,” says Fabrizio Moretti, Secretary General of BIAF. “We have the world’s best dealers bringing their masterpieces to Palazzo Corsini, effectively creating a museum for sale.”

Blue-Chip Galleries Showcase Rare Treasures

The exhibitor list reads like a who’s who of the art world:

  • Colnaghi: Founded in the 18th century
  • Agnews: A London stalwart since 1817
  • Enrico Frascione: A family dynasty in antique paintings since the late 1800s
  • Dickinson: Known for discovering works by Botticelli, Titian, and Rubens

Investment-Grade Masterpieces on Display

Notable works include:

  1. A Titian Madonna and Child with St. Mary Magdalene (c. 1555-1560) at Carlo Orsi’s stand, authenticated by renowned expert Federico Zeri
  2. Michelangelo’s Study of Jupiter from Dickinson Gallery
  3. A Bronzino Madonna and Child presented by Maurizio Canesso
  4. A recently discovered Portrait of Grand Duchess Vittoria Della Rovere by Camilla Guerrieri (1628-1690)

Modern Masters Join Old World Treasures

The Biennale isn’t limited to antiquities. Twentieth-century highlights include:

  • Le Corbusier works from Tornabuoni Arte
  • A 1950 “Nocturne” by Alberto Savinio from Sperone Westwater
  • Giorgio de Chirico’s 1933 “The Daughters of Minos” from Farsetti

Market Impact and Investment Potential

With most participating galleries boasting 30-50 years of market expertise, the Biennale represents a unique opportunity for serious collectors and investors. These galleries have shaped international collecting trends and have placed works in the world’s leading museums.

Each piece exhibited undergoes rigorous authentication, restoration, and research, ensuring maximum value and investment potential. As Mayor Sara Funaro notes, the Biennale remains “a fundamental reference point for international collecting.”

Photo via BIAF

New York’s Sky-High Rents Show Signs of Leveling Off, But Don’t Celebrate Just Yet

In a city renowned for its stratospheric living costs, a glimmer of hope emerges for New York’s beleaguered renters. Recent data suggests that the Big Apple‘s notoriously high apartment rents may have finally reached their zenith, offering a potential respite in one of the world’s most competitive housing markets.

According to the latest monthly leasing report from Douglas Elliman, compiled by appraisal firm Miller Samuel, Manhattan’s median rental price in July dipped to $4,300, marking a 2.3% decrease from the previous year. This $100 drop, while modest, signals a potential shift in the market’s trajectory. Similar trends were observed in Brooklyn and Northwest Queens, with median rents falling to $3,600 and $3,450 respectively.

Jonathan Miller, president and CEO of Miller Samuel, confirms this turning point: “Rents have peaked,” he stated in an email to CoStar News. This assertion is backed by several key indicators, most notably the declining average size of rented apartments across the three boroughs.

In Manhattan, the average square footage rented in July shrank by 9.5% year-over-year to 945 square feet, marking the 11th consecutive monthly decline. Brooklyn and Northwest Queens experienced similar contractions, with average sizes decreasing by 7.3% and 14.5% respectively. Miller attributes this trend to a post-pandemic normalization of space preferences and tenants’ efforts to reduce costs.

The rental market’s cooling may also be influenced by shifting dynamics in the homebuyers’ market. With the Federal Reserve expected to cut interest rates, potentially lowering mortgage rates, some renters are revisiting the prospect of homeownership. This reversal of the previous trend, where prospective buyers flooded the rental market, could help ease rental demand.

Furthermore, the supply side of the equation is showing signs of expansion. Manhattan’s listing inventory surged by 44% year-over-year to 10,634 units in July, while the vacancy rate inched up to 2.87% from 2.63% a year earlier.

However, industry experts caution against expectations of a dramatic market correction. “It’s still a landlords’ market,” Miller emphasized, noting that one in five renters continue to pay above asking price. In Manhattan, listing discounts remain at near-record lows, often representing premiums above asking prices.

The resilience of New York’s rental market is underpinned by the city’s robust economy. With 54,000 jobs added over the past year and a diverse economic landscape, renter demand remains strong despite the eye-watering costs.

As the New York housing market enters this new phase, both renters and investors will be watching closely. While the days of relentless rent hikes may be waning, the road to truly affordable housing in America’s largest city remains long and winding. For now, New Yorkers can take solace in the fact that, at least for the moment, the upward spiral of rental costs seems to have found its limit.

Source: CoStar News


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