Luxury brand-name residences are growing in popularity — and commanding a premium

Porsche Design, Aston Martin and Armani are lending their names to developers

National /
Feb.February 18, 2019 08:00 AM

Porsche Design Tower in Sunny Isles Beach

If you brand it, they will come.

That’s the lesson luxury residential developers are learning as more and more buyers are purchasing properties in high-end branded towers.

More than 400 properties are stamped with luxury brand names across the world, and 110 more of these developments will open by 2023, according to Alexandros Moulas, a director of international development at Savills Plc, Bloomberg reported.

Such developments include the 60-story Porsche Design Tower in Sunny Isles Beach and the Aston Martin Residences rising in downtown Miami. At the Porsche tower, residents can park their cars alongside their units using the building’s signature Dezervator, named after the building’s developer, Gil Dezer.

Developers can ask for nearly 31 percent more on average than for comparable non-branded properties, according to data from Savills.

Four Seasons Holdings, a hotel chain, was one of the first to pioneer this trend. It opened private residences in Boston in 1985, before expanding to Europe, the Middle East and Asia, according to Bloomberg.

In addition to luxury cars, ritzy fashion brands have become more popular overseas. Bulgari’s London residences opened in 2012. The company’s Dubai residences were completed last year, with 1,480-square-foot one-bedrooms that start at $1.2 million. [Bloomberg]Keith Larsen


Related Articles

arrow_forward_ios
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Miami's Quadro in the Design District (Quadro Residences)
Alta Developers begins closings at Quadro at Design District
Alta Developers begins closings at Quadro at Design District
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Icon unit tops list of most expensive condo sales in Miami-Dade (Google Maps; Icon Brickell)
Condo sales and dollar volume up from last week
Condo sales and dollar volume up from last week
Richard Swerdlow and Bruce Goldstein 
Betting on distress: Bulk condo website launches, aimed at investors
Betting on distress: Bulk condo website launches, aimed at investors
Nick Pérez and Solemar (Courtesy of Related)
Related Group launches sales of first SoFla condo project since 2016
Related Group launches sales of first SoFla condo project since 2016
From left: Henry Torres, Jorge Perez, Alicia Cervera Lamadrid, Gil Dezer and Joseph Kavana (iStock)
“Anything and everything is negotiable”: Incentives for condo buyers mount in Miami
“Anything and everything is negotiable”: Incentives for condo buyers mount in Miami
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...