Manhattan Luxury Real Estate Sees Spring Surge: A Glimpse into New York’s High-End Property Market

Spring’s revitalizing touch has finally permeated Manhattan’s prestigious real estate realm, marking a notable upturn in activity, as reported by Olshan Realty. Donna Olshan, President of Olshan Realty and esteemed author of the report, illuminated the market’s resurgence, underscoring a pivotal shift in momentum.

In the week concluding Sunday, Manhattan witnessed the signing of 28 contracts for residences valued at $4 million or more, marking a noteworthy increase compared to the prior week’s lackluster performance. This resurgence, Olshan asserts, is characteristic of April’s prominence as one of the highpoints in the annual real estate calendar.

The contracts inked during this period encompassed a diverse array of properties, including 21 condos, five co-ops, one townhouse, and one condop, collectively commanding a substantial sum exceeding $263 million. Notably, a landmark transaction materialized for a full-floor co-op situated on the Upper East Side, with an asking price of $44.5 million, thus claiming the title of Manhattan’s most expensive co-op sale in nearly two years. The opulent ninth-floor unit boasts four bedrooms and offers sweeping vistas of Central Park, while indulging residents with an array of amenities such as doormen, a state-of-the-art gym, and bespoke wine cellar storage.

In a parallel narrative, the Manhattan luxury real estate landscape continues to captivate with its allure, evidenced by a myriad of enticing offerings. Among these, the second-priciest contract signed last week was for a prestigious Chelsea condo, commanding a princely sum of $25.6 million. Nestled within the esteemed One Highline building on West 18th Street, this resplendent unit affords breathtaking panoramas of the Hudson River, spanning an expansive 5,121 square feet and boasting four bedrooms, a grandiose great room with panoramic river views, and two loggias. The building itself stands as a testament to luxury living, offering an array of amenities including a state-of-the-art fitness center, a lap pool, rejuvenating spa-treatment rooms, a golf simulator, private dining facilities, and a sophisticated games lounge.

However, amidst this surge in luxury real estate activity, concerns linger over the broader trends shaping the market’s trajectory. Donna Olshan, in her discerning analysis, points to a concerning trend of uncharacteristically sluggish performance, with only 18 contracts sealed for properties valued at $4 million or more in the preceding week—a stark departure from historical benchmarks. Olshan cautions that such deviations from the norm warrant vigilant scrutiny, particularly within the context of April, typically heralded as a pinnacle month for real estate transactions.

Indeed, the dichotomy between the flourishing luxury segment and the broader market’s subdued performance remains palpable, reflecting the nuanced interplay of factors such as interest rates and inventory dynamics. While the overall real estate landscape contends with a 4% downturn in sales nationwide, luxury real estate defies the odds, recording a remarkable 2% uptick—a testament to the resilience of affluent buyers amidst prevailing market headwinds.

Notably, the surge in luxury transactions is underpinned by a surge in cash purchases, with nearly half of all luxury homes acquired through all-cash transactions—a trend further accentuated in Manhattan, where all-cash deals comprise a record 68% of total sales. This influx of liquidity not only shields buyers from the impact of rising interest rates but also fuels an upward trajectory in luxury home prices, with median prices soaring by an impressive 9% during the first quarter—a feat unmatched by the broader market.

Yet, amidst the backdrop of this exuberant narrative, regional nuances underscore the diverse tapestry of luxury real estate dynamics. Providence, Rhode Island emerges as an unlikely bastion of luxury price growth, boasting a staggering 16% uptick, followed closely by New Brunswick, New Jersey, with a commendable 15% increase. Conversely, New York City grapples with a 10% decline in luxury prices, highlighting the nuanced variations within the luxury segment.

In a landscape rife with contrasts, Seattle emerges as a beacon of resilience, posting robust growth in luxury home sales, with a staggering 37% increase. Not to be outdone, Austin, Texas, and San Francisco follow suit with commendable upticks of 26% and 24%, respectively—underscoring the diversified nature of luxury real estate dynamics across different metro areas.

As the luxury real estate saga unfolds, characterized by its ebbs and flows, one thing remains abundantly clear—New York City, with its timeless allure and unmatched sophistication, continues to command center stage in the global luxury real estate arena, offering a tantalizing glimpse into the epitome of urban opulence.

Photo via 111 West 57th Street

Iconic ‘Miami Vice’ Cameo House Hits Market for $29.9M After Designer Refresh

In the digital era, the Internet serves as an extensive repository of knowledge, offering unprecedented access to information on any topic. Its vastness not only facilitates the exploration of “quirky” curiosities but also connects individuals with common interests and passions. A striking example of this phenomenon occurred recently when news emerged of a prestigious Coconut Grove home hitting the market for a staggering $29.9 million.

For enthusiasts of Miami’s real estate scene, this leak of information sparked immediate interest. However, it wasn’t just the announcement itself that captured attention, but rather the reference to an ’80s cultural icon: “Miami Vice.” The historic property, located at 3467 N. Moorings Way, with a lineage dating back to 1925, was designed by architect Walter DeGarmo, whose most notable works include Miami City Hall and the Women’s Club of Coconut Grove, a noteworthy detail in itself. In the media, headlines like “Coastal Mansion Featured on ‘Miami Vice’ Breezes Onto the Market for $29.9M” failed to capture the essence of the television series that epitomized the vibrant charm of 1980s Miami.

Similarly, articles like “Inside a $30 Million South Florida Mansion Featured in ‘Miami Vice'” offered little more than a cursory overview, leaving enthusiasts eager to delve into the property’s backstory in the cultural landscape of the time. Enter miamiviceonline.com – a “digital refuge” for “Miami Vice” devotees. Here, two Austrian enthusiasts, Thomas Foltyn and Tom Seifert, stand out as luminaries in their relentless quest for nuances of the show and its profound impact on the portrayal of Miami. Through their meticulous research, Foltyn and Seifert offer insights into the relationship between “Miami Vice” and the city that served as its backdrop. According to Mansion Global, “the seller, who owns several properties, searched for over eight months to find the right property. She had no intention of selling, but I kind of persuaded her – one of the houses in the neighborhood was sold privately for $50 million, and that set the ceiling.” Built in 1929, the Mediterranean Revival-style “Miami Vice” house overlooking Biscayne Bay is located in the prestigious and private gated community of The Moorings, which has only 35 houses.

The estate was featured in the “Main Squeeze” episode, the eleventh of the fifth and final season of “Miami Vice,” starring Don Johnson and Philip Michael Thomas as undercover police detectives and aired from 1984 to 1989. You may recall a scene with Rita Moreno in the living room (the interior decoration looked very different at the time). Situated on two-thirds of an acre, the grand residence, at the mouth of the marina, covers 6,268 square feet and features six bedrooms, six full bathrooms, and one half bath. Outside, the lush garden, reminiscent of an oasis, is punctuated by a swimming pool and spa, a fountain, and a koi pond. The Moorings is one of the few gated communities in Coconut Grove. You can walk to the village center for dinner and shopping.

Additionally, the estate is right next to the Carrollton School of the Sacred Heart, a renowned private girls’ college preparatory school. Coconut Grove is a coveted community because you’re in the middle of the city but can enjoy a small-town life, without too much chaos and stress around. The house was sold twice in quick succession before the current seller bought it. In February 2021, it sold for $9.5 million, in January 2022, it changed hands for $12.4 million, according to property records.

Downtown Brooklyn

Manhattan Investment Market: Foreign Buyers Drive Activity, but Uncertainty Persists

Manhattan’s investment sales market kicked off the year with a bang, boasting its most robust three-month period since 2022. However, the surge in activity primarily stems from affluent foreign investors with their sights set on a handful of select properties. During the first quarter, commercial property transactions across the city amounted to a staggering $3 billion, with Manhattan accounting for $2.2 billion of that sum.

Although the transaction count was lower than any point since Q1 2023, the last instance Manhattan saw CRE sales surpassing $2 billion was in the final three months of 2022. A significant portion of the borough’s sales tally was attributed to a single deal—the $963 million acquisition of 715-717 Fifth Ave. by Gucci’s parent company, Kering, from Wharton Properties and SL Green. James Nelson, Principal and Head of Tri-State Investment Sales at Avison Young, remarked, “This perfectly illustrates the trend of luxury retailers purchasing their own properties within this market.” Another notable transaction was the $153 million sale of retail condos anchored by Home Depot at 401 E. 60th St. from Israeli firm Gazit Horizons to Hennick & Co., the family office of Canadian real estate tycoon Jay Hennick. Reportedly, Chanel and LVMH are vying for another Fifth Avenue tower.

Brandon Polakoff, Principal at Avison Young, noted, “Sales activity and demand primarily stem from the private sector, particularly foreign high-net-worth individuals driving the mid-market, with end-users fueling the high end.” However, these high-end transactions do not reflect the broader market, which still experiences significantly less activity compared to the long-term average. If the pace of Manhattan sales in Q1 persisted throughout the year, it would be 62% lower than the 10-year annual average. Nelson expressed optimism that potential rate cuts could stimulate buyers and sellers, but recent inflation news has dampened investor enthusiasm for the market. Uncertainty continues to shroud office properties as tenants gravitate towards premier offerings, leaving Class-B and C properties in limbo.

Although trophy assets remain unsold, properties at the lower end of the market are changing hands, indicating a significant decline in value. Political uncertainty has also cast a shadow over the housing sector, hampering sales of development sites and existing multifamily properties. Multifamily properties accounted for just a quarter of the total dollar volume in the quarter, despite being the most frequently transacted asset class. The second-largest sale of the quarter was A&R Kalimian Realty’s luxury residential building, The Aire, acquired by a joint venture between The Carlyle Group and Gotham Organization for $265 million. Meanwhile, Kushner Cos. sold its East Village portfolio for $41 million to Penn South Capital. However, the sale of 120-125 Riverside Drive by BGO to Aya Acquisitions for $31 million signaled potential trouble for parts of NYC’s rental market. The lack of significant multifamily sales also impacted development sites, with sales volume down 10% from the previous quarter. Nonetheless, the dollar volume for development sales witnessed a threefold year-over-year increase, reaching $205 million, as more condo developers entered the fray. Investors are eagerly awaiting the outcome of housing legislation in the state budget, as decisions regarding good-cause eviction and 421-a incentives will significantly influence their strategies moving forward.

Source: Bisnow

Climate Crisis Drives Miami Toward Gentrification: At-Risk Neighborhoods Under the Spotlight

Miami‘s scintillating real estate scene blazes like the South Florida sun, with its market ablaze in a frenzy of activity. In recent years, an influx of new residents has set the city’s property values and rental rates ablaze, rendering the dream of living in the Magic City an increasingly unattainable reality for many lower-income Floridians. Yet, amid the allure of ocean views and beachside proximity, the city’s waterfront neighborhoods face a growing menace: the encroaching peril of the climate crisis. Despite their undeniable charm, these low-lying havens are now fraught with the looming threat of rising sea levels, prompting a sobering reassessment of their desirability. Interestingly, some of Miami’s less affluent communities find themselves perched on higher ground, providing a sanctuary from the watery woes besieging their coastal counterparts. However, this sanctuary is not without its own risks, as the specter of “climate gentrification” casts its shadow over these once-overlooked neighborhoods.

With wealthier denizens setting their sights on safer, less flood-prone locales, a wave of change threatens to engulf these resilient communities. The tide of transformation is unmistakable, as neighborhoods like Little Haiti, Overtown, and Liberty City witness a surge in real estate values. Developers, sensing the shifting winds, are redirecting their focus toward areas less vulnerable to flooding, a trend underscored by recent research findings. Moody’s, in a freshly minted report, underscored the socio-economic implications of this migration dance. “Such shifts in migration patterns accelerate the displacement of established residents and inflate property values and taxes, widening the socio-economic divide,” the report warned, serving as a poignant reminder of the collateral damage wrought by Miami’s changing landscape.

A chilling study published last year in Environmental Research Letters hinted at the magnitude of the looming crisis. If sea levels surge by 40 inches, more than half of Miami-Dade County’s 2.6 million inhabitants could find themselves displaced, adding a sense of urgency to the city’s plight. Unfortunately, the forecast offers little solace, as the convergence of rising temperatures, swelling seas, and fiercer storms threatens to compound the city’s woes. Compounding this predicament is the rising influence of millennials, a cohort acutely attuned to the perils of climate change, who are poised to reshape the real estate landscape in the years ahead. Yet, Miami is but one pawn in Mother Nature’s grand chessboard, as coastal flooding and extreme weather events ravage cities across the nation. It is often the most vulnerable among us who bear the brunt of these cataclysms. A sobering analysis by McKinsey in 2023 laid bare the harsh reality: lower-income and predominantly Black neighborhoods are disproportionately exposed to the ravages of climate change, painting a stark picture of inequality in the face of nature’s fury.

Lopez e Affleck

Jeff Bezos Buys Third Mansion in Indian Creek: Controversy Among Residents

Jeff Bezos, the visionary force propelling Amazon to unprecedented heights, continues to fortify his dominion over the esteemed Indian Creek island, securing a third opulent mansion in his illustrious real estate portfolio.

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In a discreet off-market transaction shrouded in exclusivity, the acquisition commands a staggering price tag hovering around the $90 million mark, as reported by Bloomberg, thus elevating Bezos’ standing as a titan in the realm of property acquisitions. Insiders familiar with the matter, who spoke on condition of anonymity to The Post, divulged Bezos’ intentions to make this newly acquired residence his primary abode, while concurrently orchestrating the dismantling of his two preceding island abodes. Nevertheless, this audacious maneuver hasn’t gone unnoticed by the affluent denizens of the island, who covet their own slice of the prestigious enclave. “As the pinnacle destination in the nation, exclusivity reigns supreme on Indian Creek. The wealthy elite are drawn to its allure,” confided a source well-versed in the area’s real estate dynamics.

“With properties on the island already in high demand, Bezos’ clandestine dealings are bound to stir the aspirations of those vying for residency.” The revered Indian Creek island, spanning a scant 300 acres, is home to only 41 residential estates alongside the esteemed Indian Creek Country Club. Representatives for Bezos have remained tight-lipped regarding the transaction. Historical records reveal that the property last changed hands in 1998 for a modest $2.5 million, exemplifying the astronomical surge in its valuation over the intervening years. Bezos’ latest venture into the Miami real estate arena follows swiftly on the heels of his relocation from the Seattle region to the sun-kissed shores of the Sunshine State. With a formidable net worth totaling $203.7 billion, as per the Bloomberg Billionaires Index, Bezos epitomizes the epitome of luxurious living. His prior acquisitions on Indian Creek, amassing a staggering $147 million, firmly entrench him within the echelons of the island’s elite. With his residences boasting prestigious addresses such as 11 Indian Creek Island Rd, 12 Indian Creek Island Rd, and his latest acquisition at 28 Indian Creek Island Road, Bezos’ investment in the area now eclipses a staggering $237 million.

Often dubbed the “Billionaire Bunker,” Indian Creek counts amongst its residents illustrious figures such as power couple Jared Kushner and Ivanka Trump, football maestro Tom Brady, and esteemed investor Carl Icahn. Bezos’ presence on the island adds yet another luminary to its glittering constellation of residents. While Bezos’ financial acumen is undeniably formidable, his recent maneuvers have ignited speculation regarding his long-term strategies and investment trajectories. In February, he divested Amazon shares worth an eye-watering $8.5 billion, marking his first substantial departure from the company since 2021. The allocation of these proceeds remains shrouded in mystery, further fueling conjecture surrounding Bezos’ fiscal machinations.

Beyond his acquisitions in Miami, Bezos boasts an impressive array of properties, including residences in Washington, a sumptuous estate in Maui, and a grandiose mansion in Beverly Hills, procured for a princely sum of $165 million in 2020. The seller of Bezos’ latest acquisition, situated at 28 Indian Creek Island Road, is identified as former banker Javier Holtz, thus adding another chapter to the island’s storied legacy of opulent transactions.

The Private Club Scene in New York: A Haven for the Elite

New York City, often touted as the concrete jungle where dreams are made, is also home to some of the most exclusive and prestigious private clubs in the world. These enclaves cater to the elite, offering not just social status but access to luxurious amenities, culinary delights, and a network of influential individuals. Let’s delve into some of the most notable private clubs shaping the social landscape of the Big Apple.

Core Club: Redefining Luxury and Community
Nestled within the opulent confines of the SHVO-owned building at 711 Fifth Avenue lies the illustrious Core Club. Founded by CEO Jennie Enterprise, Core Club embodies a commitment to curating a global community of individuals driven by curiosity, cultural exploration, and a passion for life without compromise. With initiation fees ranging from $15,000 to $100,000, Core Club offers its members a plethora of amenities spread across its 60,000 square feet of space.

From rejuvenating spa treatments to a meticulously curated wine library overseen by sommelier Yannick Benjamin, Core Club spares no expense in delivering unparalleled experiences. Members can indulge in culinary delights crafted by renowned chefs like Michele Brogioni, whose Mediterranean-inspired cuisine promises to tantalize the taste buds and foster bonds akin to Italian family gatherings.

ZZ’s Club: Where Culinary Excellence Meets Exclusivity
Helmed by the culinary virtuoso Mario Carbone, ZZ’s Club at Hudson Yards beckons discerning palates with its bespoke dining experiences. Carbone’s unwavering dedication to culinary perfection is evident in dishes like the Lobster Risotto all’Arrabbiata, meticulously prepared to order, ensuring each bite is a symphony of flavors. With initiation fees of $20,000 and annual dues of $10,000, ZZ’s Club is a sanctuary for those seeking gastronomic indulgence in an atmosphere of refined elegance.

SoHo House: A Tale of Glamour and Struggle
Once a bastion of coolness, SoHo House finds itself at a crossroads amidst reports of an existential crisis and dwindling appeal among New York’s elite. Despite its storied past and celebrity allure, the club grapples with criticisms of overcrowding and subpar service, prompting questions about its future viability. With speculations of a potential privatization looming, SoHo House stands at a pivotal juncture, navigating the delicate balance between exclusivity and accessibility.

Casa Cipriani: A Symphony of Italian Luxury
Nestled within Lower Manhattan’s historic Battery Maritime Building, Casa Cipriani epitomizes the epitome of contemporary Italian luxury. With its restrained opulence and panoramic views of the East River, Casa Cipriani transports guests to a bygone era of sophistication and refinement. Under the stewardship of design legend Thierry Despont, the club exudes an ambiance reminiscent of vintage luxury ocean liners, offering guests an immersive experience steeped in Italian charm and hospitality.

The Knickerbocker Club: A Legacy of Exclusivity
Established in 1871 by dissatisfied members of the Union Club, The Knickerbocker Club remains a bastion of exclusivity and tradition. With a rich history boasting notable members like Douglas Fairbanks and JP Morgan, The Knick continues to uphold its legacy of elitism, maintaining a strict men-only policy and a code of secrecy shrouded in intrigue.

The Lotus Club: A Haven for Literary and Artistic Minds
Since its inception in 1870, The Lotus Club has served as a sanctuary for literary and artistic luminaries seeking intellectual stimulation and camaraderie. From Mark Twain to Arthur Conan Doyle, the club has played host to some of history’s most renowned figures, embodying its mission to promote literature, art, and culture. With its illustrious past and commitment to fostering creative expression, The Lotus Club remains a beacon of enlightenment in the heart of New York City.

Metropolitan Club: A Symbol of Prestige and Tradition
Founded in 1891 by luminaries like JP Morgan and Cornelius Vanderbilt II, the Metropolitan Club stands as a testament to the union of social duty and intellectual pursuits. Housed within a majestic Renaissance Revival structure, the club exudes an aura of grandeur and refinement, offering members a sanctuary for socializing and intellectual exchange amidst the hustle and bustle of Midtown Manhattan.

University Club: Bridging Academia and Social Life
Rooted in the celebration of intellectual pursuits, the University Club of New York has stood as a beacon of erudition and social camaraderie since its inception in 1865. With its storied history and prestigious membership, the club serves as a nexus for scholars, professionals, and thought leaders, fostering a vibrant community dedicated to the pursuit of knowledge and enlightenment.

In the tapestry of New York’s social landscape, private clubs serve as exclusive sanctuaries where the elite gather to indulge in luxury, foster connections, and bask in the glow of prestige. From culinary extravagance to intellectual stimulation, these enclaves offer a cornucopia of experiences, each contributing to the rich tapestry of New York City’s social fabric.

Florence: the heart of real estate investment still beats. Here’s what emerges from a Tecnocasa study

The real estate market in Florence continues to attract investors, as revealed by a recent study conducted by Tecnocasa. In 2023, 23% of property purchases were made for investment purposes, a figure higher than the national average of 19.5%.

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However, Florence ranks below other Italian cities such as Verona, which boasts a significant 43.1%, followed by Naples (41.2%), Palermo (35.3%), and Milan (35%). The most active age groups in terms of real estate investments are those between 45 and 64 years old, representing 59.2% of the total, with an increasing average age compared to 2022. The two-room apartment remains the preferred housing type for investors, chosen by 38.5% of them, followed by the three-room apartment at 26.9%. The majority of buyers, accounting for 63%, are couples and families, while 37% are single individuals. The latter group has seen a significant increase in market share compared to the previous year, rising from 32.4% to 37%. 81.5% of investors purchase properties paying in cash, while only 18.5% opt for bank financing.

This percentage reflects a further decline compared to previous years, in line with the national trend, attributed by Tecnocasa to the progressive increase in interest rates, prompting investors to avoid bank loans. According to Tecnocasa, in the past year, there has been a further decrease in real estate purchases through mortgages, as the rise in interest rates has encouraged investors to prefer direct purchases without the assistance of financial institutions.

The LEGO Group and Percassi redefine Milan’s real estate space

The Italian real estate landscape is destined for a vigorous evolution, catalyzed by the strategic alliance between the LEGO Group and Percassi, poised to inaugurate their latest endeavor in the heart of Milan.

March 29 marks an unmissable moment with the opening of the 26th LEGO Certified Store, located at Via Dante 4, an enchanting oasis of creativity embraced by the vibrant city center. The inauguration will be anchored by an unprecedented event: facing the store, in Piazza Cordusio, stands a monumental LEGO egg, 4 meters tall and weighing 1,200 kg, a captivating installation destined to enchant passersby. Matteo Morandi, CEO of Percassi Retail, shares the enthusiasm for this adventure, emphasizing the importance of positioning this iconic store in the pulsating heart of Milan, renowned as “the new street of Milan”, destined to become a beacon of creativity for all LEGO enthusiasts. Rossana Mastrosimini, Channel Director LEGO Certified Stores West Europe, reinforces this enthusiasm, celebrating the expansion of LEGO’s presence in Italy and the continuous innovation in the retail concept.

The new flagship store skillfully combines digital and physical elements, offering an ‘immersive’ experience that will enchant both young and old alike. As Milan prepares to welcome this new entry into retail, attention on the real estate market remains lively, especially in the context of a 40% decline in mortgages. However, the luxury segment of the real estate shines as a beacon of stability amidst uncertainties, representing only a small fraction of the total market but significantly contributing to its overall value. According to the Observatory of the Luxury Real Estate Market in Italy 2023, Milan excels as the gravity center for the luxury segment, with a stock of over 6 billion euros, representing 13% of the national total. This data remains surprising considering the solidity and consistency of the sector, with 99% of the stock composed of apartments, reflecting constant demand and sustained growth.

This upward trend has not escaped the LEGO giant, which in 2022 has already made its triumphant entry into Florence, converting spaces previously occupied by the Disney store.

In collaboration with Percassi, this new LEGO emporium introduces unprecedented innovation: the “Mosaic Maker”. Customers now have the opportunity to create personalized portraits using only LEGO bricks, through a process that transforms a photo into a set of 4,500 pieces, making the memory tangible and unique. In a context of continuous transformation, the LEGO Group and Percassi emerge as small but great pioneers, redefining not only the retail landscape but also the real estate space, weaving an increasingly vibrant and creative urban fabric for future generations.

Image: LEGO Firenze

Experience Elevated Living: This Stunning New York Apartment Redefines Luxury Living as an Art Form

Dear friends,

Today our brokers take you to the sixtieth floor of an apartment located in the heart of Central Park and New York City. The direct elevator entry leads to a spacious full-floor residence, comprising three bedrooms and three and a half bathrooms. Stunning in design, the northern views offer postcard panoramas of Central Park and beyond, while to the south, views of the river and the skyline of Manhattan.

The finishes demonstrate an extraordinary commitment to craftsmanship and quality. Direct elevator access leads to the grand entrance gallery finished with white macauba stone floors. Dramatic double doors lead to the spacious living room with intricately patterned floors in smoked solid oak and floor-to-ceiling windows through which to enjoy the views.

The New York real estate market at your service

The beautifully designed open kitchen offers views of Central Park, custom cabinets with a light hand-rubbed finish, and countertops and backsplashes in white quartzite and a full suite of everything.

The luxurious primary bedroom suite boasts views of the city’s southern skyline, a spacious dressing room, and a bathroom with a window clad in veined white onyx with a custom bathtub in polished nickel and custom-designed faucets hand-cast.

The secondary bathrooms are finished with gold quartzite and the powder room features a jewel onyx stone sink, floors, and wainscoting.

Descending, here is a two-lane swimming pool with private cabins, sauna and separate treatment rooms, a double-height fitness center with mezzanine terrace, private dining room and chef’s catering kitchen, resident lounge with panoramic terrace, meeting rooms and study, 24-hour attended entrances and dedicated concierge service. Residents will have access to an on-site paddle court, golf simulator, and children’s playroom.

Want to know more? Contact our real estate agents today: info@columbusintl.com

Investimenti immobiliari a Milano

The effect of luxury neighborhoods on more peripheral ones: the new real estate trend in Milan

A recent real estate report, the “Wealth Report 2024” dedicated to Milan and curated by Knight Frank, an international network specialized in luxury property brokerage, has revealed an interesting phenomenon: the rise in real estate values ​​in luxury neighborhoods such as Porta Nuova is directly influencing prices even in traditionally less central areas like Quarto Oggiaro. Although the report does not explicitly mention these neighborhoods, it highlights the significant impact that the strong demand from foreigners in high-end neighborhoods has had on the growth of real estate prices in Milan in recent years.

Initially, it may seem surprising, considering that the study focuses on Uhnwi, i.e., those with exceptionally high net income (generally exceeding 30 million euros), a rather exclusive buyer segment. However, both Knight Frank’s report and the Tirelli & Partner Observatory confirm that the main buyers of luxury real estate in Milan are precisely these extremely high-income individuals, many of whom are foreigners. The choice of Milan as a destination for high-level business activities in the country is well known, while those seeking a quiet place for retirement or holidays tend to prefer regions such as Tuscany or Sardinia. But what makes Milan so attractive for luxury real estate investments? Christian Dominici, a Milanese accountant, explained that in addition to its status as an important international financial center, Milan also offers a high quality of life, with a vibrant cultural scene and excellent gastronomy. From an investment perspective, Milan stands out as the only Italian city capable of guaranteeing stability in values ​​over time. While a villa in Sardinia may not maintain its value significantly over time, a luxury property in Brera or Corso Magenta offers more concrete profit prospects in the long term. A key factor that has contributed to Milan’s attractiveness for Uhnwi is the favorable tax regime offered by Italian legislation.

Those who transfer their residence to Italy can benefit from a reduced tax of 100,000 euros per year, with an additional 25,000 euros for each additional family member, thus avoiding other taxes on foreign income in countries with which Italy has agreements against double taxation. This tax advantage has led to a significant increase in individuals, including high-level athletes, choosing Milan as their tax residence. Even foreigners with more modest incomes find it advantageous to invest in real estate in Milan thanks to the generous tax incentives offered for the renovation and energy efficiency of homes.

Population registry statistics highlight the significant presence of high-income foreign citizens in Milan, mainly from France, Germany, the United Kingdom, the United States, Switzerland, and Japan, many of whom choose to reside in the central districts of the city. These data confirm the increasingly central role of Milan in the international luxury real estate investment landscape.

Source: Corriere Milano


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