Lagoons, luxury bunkers and other real estate trends for 2023
The Thierry Despont-designed building is the Brazilian hotel brand’s first property in New York. City regulations limit the building’s ability to offer short-term reservations, so to stay in one of Fasano’s four duplexes or seven clubhouse suites, you must be a member or guest of one. .
Aries has also brokered sales for penthouses at The Ritz-Carlton NoMadwhere are the owners limited to stay 29 consecutive days (and 120 days per year cumulatively) as the hotel is zoned for commercial and non-residential use. When they’re not around, landlords can rent out their apartments without violating New York’s short-term rental restrictions. “The trend this indicates is to allow you to have your foot in the city without the commitment of a traditional apartment,” says Aries. “It’s for a client who wants to be in New York but doesn’t want to make it their primary residence. Or does not want to deal with the cooperative process, which is so arduous.
Aries adds that these types of properties give owners the flexibility to come and go. “Some customers drop off their suitcases and then they go to another part of the world.” The prospect is attractive, but it’s not cheap: a duplex in Fasano can cost upwards of $100,000 a month. And, as reported The real deala Ritz-Carlton Nomad penthouse recently sold for $7.8 million, a record in the neighborhood.
In October, the related companies began to rent units in All, a 270-unit hotel-inspired rental property in Hudson Yards. Designed by Handel Architects with interiors by March and White Design (MAWD), the 44-story tower offers residences, a social club and an office all rolled into one. Furnished studios, one-bedroom and two-bedroom apartments cost from $5,200 per month with six-month and one-year leases.
MAWD co-founder Elliot March said in a statement that The Set is “recasting the home base for a new era”. Hailey Sarage, vice president of Related Companies, tells AD PRO that the arrangement appeals to customers who left New York during the pandemic, but need a place in the city a few days a week. “We made our plans before COVID, but the pandemic accelerated things,” says Sarage. “This is where luxury real estate meets luxury hospitality. It is very well served and very well equipped. You get housekeeping and room service, but the place is yours.
Realty One Group’s Jewgieniew agrees that luxury buyers are looking to regain a foothold in destinations without the burden of full-time ownership. It also inspired other hybrid life forms, he said, such as pacaso, a start-up specializing in luxury timeshares for high-end customers. “Also, just sharing your home is going to become more popular,” adds Jewgieniew. It designates companies like Inspiration, a self-proclaimed “luxury travel subscription brand” that allows members to book an unlimited number of stays for a monthly fee. “There’s more trust at stake than Airbnb,” he says.
Beachfront properties have always been in high demand. But what do we do when there is no beach? In 2023, the answer might just be that you build one.
When the 32 floors of Arquitectonica A park tower by Turnberry is completed in North Miami, residents will have access to a seven-acre private lagoon, Laguna SoLè. “There’s tremendous value in adding lagoons to high-end properties,” says Carlos Rosso, a developer behind One Park Tower. “You can create a waterfront community with incredible views in urban areas where it wasn’t possible before.”
Laguna SoLè is the equivalent of 21 Olympic swimming pools, with a private island, access to stand-up paddleboards and kayaks, and shaded loungers on the beach. The equipment is not unique either: crystal lagoons, the company that built it, has more than 1,000 projects worldwide and more than 200 in the United States alone. “Our pipeline has grown significantly over the past few years,” Ivan Manzur, senior vice president of sales for Crystal Lagoons, told AD PRO.
The company has developed lagoons for resorts, but lately it has also been exploited for more residential developments. Crystal Lagoons actually built Florida’s first man-made lagoon in 2018 at Epperson, a community in Wesley Chapel, Florida. (It offers 16 million gallons of crystal-clear water, plus a resort-style beach and amenities.)
Crystal Lagoons has also built dozens of lagoons in the Texas interior, such as Windsong Ranch in North Dallas, Lago Mar near Galveston and, soon, Sources of Leander outside of Austin.
According to Manzur, an artificial lagoon is better than a real beach in some respects. “There are no sharks and there will be no flooding,” he said.