A Miami penthouse has become one of South Beach’s most expensive residences after being put up for sale for $53 million by Sotheby’s. The penthouse covers 6,800 square feet and spans the ninth and 10th floors of the Ocean 321 site.
It features four bedrooms, seven bathrooms, an office, den, and media room. The open plan design means that ocean and city views can be seen from every side of the apartment. On the rooftop is a private decked terrace that in itself offers 6,400 square feet of outdoor space and encompasses a 36-foot infinity pool, lounge area, fire pit, bar, outdoor kitchen, and a timber table that seats 40 people.
Designed by Enrique Norten, a renowned Mexican architect, the penthouse was bought at more than half the price for $20 million last summer. That initial sale price was a figure that had been agreed in 2013 during the pre-construction phase. The existing owners have spent over $6 million in upgrades, according to Sotheby’s Senior VP Jorge Uribe. A luxurious interior has been fitted throughout with a blend of natural materials — marble worktops, stone columns, and oak furniture.
It this type of luxury property and renovation that has boosted the global luxury furniture market. An increase in demand around the world, particularly for luxury and solid wood pieces to furnish high-end developments, renovate, and satisfy the tastes of aspirational consumers, has seen furniture sales grow 7 percent in 2015 to $46.404 billion. The world home decor market is expected to grow annually at 4.2% until 2020 with continued expansion in the real estate industry. Online retail platforms that offer round the clock availability are becoming more popular along with increased demand for high-end furnishings that cater to the luxury home buyer, according to David Goodman, Managing Director of the Oak Furniture Company. Additionally, decline in fuel prices and an economic downturn in China has reduced costs for some manufacturers with production moving to other Asian countries such as Indonesia and Vietnam.
Consumer desire for luxury combined with price inflation in property markets has led to some novel solutions in New York and London — “coliving.” Many young professionals in theses cities have resorted to shares in order to make living more financially affordable, but traditional flat/house shares can be problematic.
Problems of privacy, sharing bills, standards of cleanliness, and making sure everyone contributes equally can all be sources of disharmony. Companies like WeWork, The Collective, and Roam are evolving the concept of sharing by offering compact boutique studio bedrooms, luxury facilities, and a “hassle-free” living experience, including all inclusive billing, concierge service, room cleaning, fully stocked bars, and large entertaining spaces.
WeWork last month moved about 80 members and employees into 45 apartment units in its first “coliving” space at 110 Wall Street. The New York apartment block, which will eventually house about 600 people on 20 floors, offers similarly luxurious facilities, including yoga studios, movie theaters, and a specially developed activity-booking app. But WeWork is not alone in its battle for America’s cities and faces competition from companies like the Brooklyn-based Common, founded by Brad Hargreaves of General Assembly, and Krash, which has venues in Boston, Chicago, Los Angeles, New York, and Washington, D.C.
Desire and demand for luxury have been fueled by media coverage of super homes like the $53 million Miami penthouse, but also, the window people now have on celebrity lifestyles. Images were published by Homedit last week of a new building belonging to Hollywood director Michael Bay, the man who brought Transformers to live-action cinema with his four-movie franchise. The Transformers films have made a combined gross of $3.7 billion, so it’s no surprise Bay would have some spare bucks to commission a bespoke luxury home.
The concept for the building was originally developed by Chad Oppenheim, founder of the firm Oppenheim Architecture. It remained just a concept, displayed on the company’s homepage for a number of years, before catching Michael Bay’s eye. Together with collaborators Rios Clementi Hale Studios and designers Lorraine Letendre and Lynda Murray, they created this 30,000-square-foot hillside villa built on a steep eight-acre lot in Los Angeles.
Two separate rectangular floors were stacked on top of a ground floor to form a cantilever structure. The building has spectacular panoramic views of Los Angeles from one side and Santa Monica mountain range from another. The ground level is immersed in the hillside and houses a large parking bay, spa, museum space, and home theater with state-of-the-art acoustics. The cantilever blocks that form the first and second and floor of the villa contain two bedroom suites and guest quarters. A set of steps leads down to an infinity edge swimming pool, which sits on the edge of the cliff and even extends beyond it.
A view of the life many want but very few can afford.
[Image via Sotheby’s]