Sotheby’s International Realty Delivers New Custom Developments Buyers Crave
While Sotheby’s International Realty is a global leader in luxury real estate, it does more than market existing properties. Its rapidly expanding Sotheby’s International Realty Development Advisors (SIRDA) division assists top developers with planning, marketing and sales to optimize their most exceptional projects.
“It’s a very exciting time for us as we have been expanding extremely quickly, with several new projects on the horizon for summer,” says David Slinko, Vice President of Development for Sotheby’s International Realty. “SIRDA’s approach is to partner our new development knowledge and skill with the best agents in the industry, then leverage Sotheby’s International Realty’s credibility and access to ultra-high net worth individuals with our global reach to exceed developers’ expectations.”
Today’s discerning buyer is drawn to the high level of design inherent in new developments.Each detail of the residence is considered thoughtfully and appointed with the finest materials and appliances, Slinko says. The properties are uniquely designed to fit the way target purchasers envision their lives.
Here is a closer look at five of these recent exciting developments and the accompanying trends that are driving demand in these exclusive locales around the world.
Seeking Convenience in New York
The downtown Manhattan market is seeing strong demand for new construction products by the many young buyers moving back to the city or entering the market as first-time buyers, according to Mae Bagai, Senior Global Real Estate Advisor Associate Broker with Sotheby’s International Realty in New York. “Most young buyers do not want to go through the uncertainty and complications of co-op board approval and therefore prefer to invest in turnkey, newly built residences with low monthlies,” she says.
That’s leading to limited supply in prime locations, which is why a new development at 225 West 17th Street in Chelsea recently was successfully sold out, earning a record-breaking price per square foot in the neighborhood. Bagai was able to place all 10 units in contract within seven months of the relaunch, with keen interest from buyers in the technology and finance industries who had offices within walking distance to the project.
She also recently sold 90% of the available inventory at The Avant in East Village, leveraging multiple price increases as the market progressed during the sales period. Throughout the process, she lent her expertise to the developer and architect to restructure floor plans and add amenities that were suited to buyers’ evolving tastes. Now Bagai is currently in the process of launching a project in Midtown East where the Sotheby’s International Realty Development Advisors team supported the developer in selecting finishes and amenities to better align with buyers’ preferences in that particular sub-market.
Spotlighting Dazzling Views in West Palm Beach
The keyword in West Palm Beach is “demand,” according to Greg Forest, Senior Global Real Estate Advisor at Sotheby’s International Realty’s Palm Beach Brokerage. “Incredible demand has collided with the desirable real estate available in this area, which is unparalleled due to its weather, amenities and tax advantages. The proximity to what I consider the easiest international airport to ever navigate is the icing on the cake.”
His most recent project sellout was ICON Palm Beach Shores, a waterfront property on the Palm Beach Inlet within Singer Island that features stunning views of the Atlantic Ocean, Palm Beach Island, the Inlet waterway and the Breakers Hotel. The project consisted of 15 condominium units, housed in three boutique buildings.
When ICON Equity Group took over the project, Forest knew they had to come up with a strategic plan to execute a successful sellout, with strong relationships and communication as the foundation. They developed gorgeous, realistic renderings that showcased the project’s prize location, spectacular views and modern finishes, then enticed buyers with small but impactful incentives. The plan ultimately attracted a flurry of buyers in a very short period of time.
Because of our team mentality and working with such a top-notch developer as Icon Equity Group, we were able to sell out the entire project prior to even breaking ground.
Exploring New Footprints in the Bay Area
The pandemic dramatically changed how and where we work and live, an evolution that continues as many consumers seek to decrease their footprint yet remain in urban environments, close to business, culture, cuisine and/or sports, notes Gregg Lynn with Sotheby’s International Realty’s San Francisco brokerage.
These preferences are spurring Bay Area residents to seek new condominium developments that feature unique amenity programs to offer consumers a fresh perspective on city living.
Currently, he is one of three sales partners involved in a 42-unit luxury development, Mill District, in Healdsburg, CA. “We tapped Sotheby’s International Realty Development Advisors early in our pitch process because of its reputation for assisting groups in winning competitive engagements and then actively coordinating strategy for all phases of development sales,” Lynn says. The SIRDA partnership was extremely successful because it allowed the sales team to focus on its core competency – marketing throughout the Sotheby’s International Realty sphere.
Going forward, he expects the market to stay strong, citing three key trends: the continuation of the evolutionary trend of consumers downsizing to high-amenity condos; an increased volume of retirees seeking part- and full-time homes in San Francisco; and the return of international buyers seeking real estate near family and friends, either for investment or future personal use.
Exploring the Lush Beauty of St. Kitts and Nevis
St. Kitts and Nevis are one of the last and most extraordinary destinations in the world,” according to Brenda Powers and Elizabeth Sample, top Global Real Estate Advisors with Sotheby’s International Realty in New York. “Many residents are drawn to the wellness component inherent in the year-round trade winds that infuse the air with oxygen.”
They are currently selling a new luxury development – Solterre at Cockleshell Bay. The 36 two and three-bedroom turnkey residences offer breathtaking panoramic views of the Caribbean and the Atlantic Ocean, which features lush landscaping, private plunge pools and spacious terraces. A complementary development, the Solterre Villas, offers the same fine quality and opulence, accompanied by traditional resort services. Lavish amenities are available to both properties, including an infinity pool, fitness center, water sports, beachside concierge and various eateries.
While St. Kitts is desirable for many reasons – including its tax-advantaged status and rugged natural beauty, “There are numerous reasons to buy or invest in property on one of the last paradises on earth where you have a melting pot of diverse cultures, languages and global backgrounds.” Powers notes it’s a magical place where you will be able to connect with planet earth and find your spirituality.
Discovering how New Development is Expanding in Houston
“We are seeing a resounding shift in the single-family market in Houston,” says Ruthie Porterfield, a highly regarded Realtor with more than 30 years of experience. “Interest in new developments is at an all-time high as the ‘lock and leave’ lifestyle usually offers 24-hour service and security,” she says, noting that many of her clients believe this is the most important luxury amenity today.
Reflecting that desire and demand, Porterfield is leading sales for 1661 Tanglewood, a 33-floor residential condominium. Residences will range from 2,700 to 12,000 square feet with soaring 11- and 12-foot ceilings, no more than two units per floor, with downtown and uptown views. Pricing and floor plans will be available at the new 1661 Tanglewood sales center when it opens mid year in Uptown Park.
Porterfield’s ability to work directly with her clients to ensure all their needs are met when it comes to the ins and out of new developments showcases her deep understanding of the growing market in Houston. As highlighted in a previous discussion with the Martha Turner team, Houston is on target to overtake Chicago as the third-largest city in the next few years, underscoring the need for new development.
Developers Turn to Sotheby’s International Realty for Success
”We like to become involved with a development as early as possible, this allows us to utilize our knowledge and experience to help the development team create an offering that connects with purchasers and adds to the community,” says Slinko.
For more information on how they can make your next project a success, contact Sotheby’s International Realty
212.606.4162 || developadvisors@sothebys.realty