While most of the new developments for 2017 aren’t announced until the spring, there are exciting projects emerging around the world. And experts are already seeing some trends for the new year.
For international buyers looking for new projects in 2017, building services will be paramount, said Naomi Minegishi, U.S. sales and international development manager at Knight Frank.
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“What has been very popular is the full service luxury condo,” she said. “A lot of buyers are investors or secondary owners, and what they really like is a 24 hour concierge, doorman, gym and communal lounge. We’re really focused on bringing these projects to market, which have been popular but are more important now. “
Erin O’Connor, director of sales for new developments at The Agency in Los Angeles, said the commodities boom would be driven by the significant new demographics which “thirst for new developments.”
The three groups of buyers she has seen entering the market are “downsizers, who have lived in a big house for years and seek to simplify”, as well as “young professionals who have busy lives and earn well. their life”. and millennials, who have just entered the market, and who “might work from home or need creative space or pieces of creative space.”
Below are some trends in new developments aimed at these groups of buyers.
Residential condos that are part of larger hotels or at least have hotel-like amenities are the latest trend.
In Beverly Hills, M. C Residences, launched in early 2017, combines five residences with the hotel, Mr C. Beverly Hills, to offer owners the world-renowned Cipriani brand. Residents will have access to the five-star hotel and to the “white glove services” offered by the hotel, including a 24-hour concierge. The hotel will also manage the rental of homes for owners, for easy turnkey ownership. .
And Mandarin Oriental Residences, a new project in Boca Raton, Florida, slated to launch in the first quarter of 2017, offers residents the services of a hotel, but even better. The 12-story tower, with 85 houses, will give residents access to a private club located in the adjoining hotel building itself, as well as a Jack Nicklaus-designed golf course and a golf club at full service.
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In London, Ten Trinity Square in Clerkenwell, near the Tower of London, will house a Four Seasons Hotel London as well as 41 residences managed by the Four Seasons. The building is a refurbished Grade II listed building and features period details such as a marble lobby, inlaid windows and moldings, as well as a private club and amenities including a gym, swimming pool, spa designed by Joseph Caspari, fitness center, elevator and underground parking. The hotel will be inaugurated in January; residences in the second quarter of next year.
In New York City, one of the biggest launches of 2017 is the eleventh, two laps on Highline Park, which will occupy an entire city block. One of its towers will house the very first American hotel and spa from Six Senses, a five-star eco-resort company. The 240 condo units will have access to the luxury services and amenities of the hotel and spa. “It offers a whole lifestyle, not just physical amenities,” said Alicia Goldstein of HFZ Capital Group.
According to Ms. O’Connor, the hotel trend is simply a natural progression of the way amenities are heading, especially in crowded luxury markets. “Each project has tried to outdo itself in terms of anything it can fit in,” she said. “When you’re attached to a hotel it’s even better.”
The hotel connection also makes developers feel comfortable charging the highest price, “she said.” Certainly new online developments related to five-star brands have the potential to drive up the prices because of this idea that you are buying the brand. “
Expanding into “new” neighborhoods
In New York City, some of the most exciting launches are a far cry from the famous “Billionaire’s Row” on 57th Street, which has long attracted foreign buyers and high net worth investors.
The development of luxury, said Ms. Goldstein, “is starting to move beyond real neighborhoods. Buyers are real New Yorkers, not just international buyers or hotel visitors, and they live in these properties.”
According to Ms. Goldstein, the remoteness of downtown has been boosted by the development of downtown Manhattan as a cultural and commercial hub, due to the new Whitney Museum, the development of the Highline and the relocation of businesses to the financial district and Hudson Yards.
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“It’s always been about location and views, but what the location means and what the views mean has changed,” Ms. Goldstein said. “The view can be for beautiful green spaces or a view of the Highline – location doesn’t necessarily mean Park Avenue.”
Interest in the new neighborhoods, Ms. Minegishi said, is reflected in two of her biggest launches right now: 242 Broome in the Lower East Side and 1 seaport, located at South Street Seaport. “Buyers understand that the seaport is changing and FiDi is changing. Investors like a story of regeneration,” she said.
Meanwhile, The Greenpoint in the eponymous north Brooklyn neighborhood is an opportunity for shoppers to live in the first luxury development of its kind in the neighborhood. Condominiums start on the 28th floor (there are rentals below), offering views of the East River and Manhattan. To boot, there are 30,000 square feet of amenities.
In Australia, luxury shoppers are also moving away from the city center. A development called The Lennox is emerging in Parramatta, a Sydney suburb and business district. It will include 441 apartments, shops and a discovery center on the Parramatta river. The third floor of the tower will feature amenities including a building edge cantilever pool into the river, gym, garden, playground and barbecue area. The property also offers valet parking and a concierge.
In Los Angeles, neighborhoods such as the Sunset Strip, which were once considered less than ideal places to live, are experiencing a boom in condominium construction. A new project, 8500 Sunset, comprising 190 condos, retail space and two hotels, is expected to launch early next year.
On the coast, in Santa Barbara, a new project is bringing luxury condominiums to a place where they have been absent until now. the Estancia Santa Barbara, launched in March, is a mix of single-story residences and townhouses, and combines the city’s traditional Spanish Colonial Revival style architecture with a luxurious, semi-personalized interior aesthetic.
Another big trend coming to the Dubai market, in particular, is a greater interest in architecture, said Jason Hayes, managing director of Luxhabitat, a high-end real estate brokerage and interior design firm in Dubai.
He said that this focus is a symptom of the market situation in its development.
“In this mature luxury real estate market, developers will need to focus more on good architecture and compelling designs beyond relying on luxury” branded development names “to sell their properties,” he said. Mr Hayes said. “In Dubai we are incredibly fortunate to have a plethora of buildings designed by world class architects. I foresee a continuing trend in the luxury real estate market towards world class design.”
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In New York City, there is a similar shift towards a focus on buildings with architectural value, despite, or perhaps because of, some market swings. “People really want to buy something that lasts, no matter where you are in the cycle,” Ms. Goldstein said.
In New York, a new development, Waterline Square, a five-acre project that fills one of Manhattan’s last remaining waterfront sites on Manhattan’s Upper West Side, takes the design element to the max, with three shiny glass towers with city and river views. The towers, centered around a park, are built by renowned architects Rafael Viñoly Architects, Richard Meier & Partners Architects and Kohn Pedersen Fox Associates, and have slightly different designs but all fit together. They will launch all sales in 2017.
Experts say clean lines, floor-to-ceiling windows and open-plan living will continue at a brisk pace into the New Year.
“A trend towards spacious, open spaces creating a feeling of light and airy space is what our customers are looking for,” said Mr. Hayes.