When it comes to luxury real estate, admit it, you like to watch
More and more, the mega-rich aren’t content with simply wearing luxury brands
For some people, a designer wardrobe just won’t cut it.
In recent years, luxury brands have been getting into the real estate game. One of New York’s newest exclusive addresses, for example, is the Baccarat Hotel & Residences, the second branded property from the French fine crystal firm. Ritz-Carlton Residences at L.A. Live has just unveiled the multimillion-dollar Fendi Casa penthouse, with signature design elements provided by the venerable Italian label. Then there are Palazzo Versace, Bulgari and Armani/Casa—luxury hospitality brands that offer residential options.
“Real estate is about selling and curating a lifestyle,” says Mauricio Umansky, the Beverly Hills realtor whose agency currently handles Ritz-Carlton Residences. “We have just the one Fendi, and if it sells we will outfit another one for sure.”
The trend shows no signs of slowing down. And why should it? According to Knight Frank, realtor to the super-rich, developers can boost profits by as much as 30 percent by attaching a prestigious name to a property. Bob Posner, whose New York advertising firm represents many luxury brands, sees benefits on the consumer side, too. “Brand enthusiasts,” he says, “are naturally attracted to the prestige as well as the perceived financial security.”—Boyd Farrow