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A TREND TOWARD FIVE STAR AMENITIES

“Location, location, location” has always been the mantra when buying real estate. Today, in addition to location, buyers of luxury properties are looking for amenities consistent with their lifestyle and often found in five star hotels. Developers are accommodating these buyers by creating opulent, service oriented, and technology enhanced residences. In addition to offering a luxurious lifestyle, developers are also branding their buildings with name brands that exude luxury. Branding is especially important to international buyers who often are more familiar with a condo project’s brand than the developer or the address. The developer of a branded condominium usually pays the brand two to five percent of the sale price when each unit is closed. Some examples of branded condominiums currently available are: Porsche Design Tower, Aston Martin Residences, Fendi Chateau Residences, Missoni Baia, Four Seasons Residences, and Residences by Armani/Casa. South Florida seems to be the unofficial center of new condominiums bearing luxury brands, with five additional branded condominiums expected to open by 2021.

Upscale buyers who want the luxurious South Florida lifestyle also want the luxury amenities that go along with a beautiful residence. This trend is important for the associations of older luxury buildings to recognize. Buildings in prime waterfront locations will always be very appealing, but high-end buyers are also expecting high-end amenities. Valet service, state-of-the- art gyms, wellness classes, massage rooms, spa services and enhanced security are just some of the amenities expected. Owners of older buildings must recognize that in order to remain competitive, they must meet or exceed current expectations of high-end buyers. Renovating older existing spaces to a high standard and offering services to enhance lifestyle is a must in order to remain competitive and to enhance values in an ever increasing field of new luxury offerings.

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