“We make tall buildings to be singular… to be noticed… to be seen as special. This is true for those who build them, design them, and live in them.”
—John Torti, President of Torti Gallas and Partners
In the competitive world of luxury real estate, ultra high-rise towers can be trophies for the rich and famous.
The skies of Hong Kong, Shanghai, Dubai, and New York are now the locations of an exclusive club of some the world’s wealthiest buyers who seek out amenity-rich luxury buildings, pampering themselves with everything imaginable.
The residential tower of 432 Park Ave is the perfect example. It offers extravagant amenities to draw in the wealthy crowd.
Projected to be completed in 2015, this luxury high-rise residential tower will be 1,396 feet in the air, making it New York City’s third-tallest building behind the One World Trade Center and the Empire State Building. With exceptional views of the entire city, units will start at $7 million each.
The Race to the Sky
Builders are racing to develop these high-rise residential condos. But why?
First of all, they are trying to set themselves apart. They want to grab the attention of the deep-pocketed luxury buyers.
The demand for this type of structure is mainly coming from international buyers and corporate bigwigs, Chinese businessmen, hedge fund managers, and Russian oil billionaires — all looking for bragging rights.
Because space is very limited, these condo buildings are climbing even higher and growing increasingly thinner. Builders are trying to capitalize on the land, and tall and skinny is the way to do that.
Yes, luxury living just became slimmer and sexier.
According to Eric Trump, executive Vice President for Donald Trump’s Trump Organization, the taller it is, the more prestigious it is. People want trophy homes.
A $90 Million Penthouse
So what are some of the most successful projects around the world today?
Well, the trend is vastly popular overseas, but we are now seeing it grow in the United States as well, mainly in New York City.
One57, one of New York City’s iconic transformations, is 90 stories of elevated living. Located in Manhattan’s famed Plaza District and boasting 360-degree views, this residential high-rise is the definition of luxury. At 1,005 feet, it is New York’s tallest residential building.
This particular building is designed by the same architects as the Burj Khalifa, the tallest building in the world, with two penthouses going for more $90 million each.
And let’s revisit 432 Park Ave. Standing at 96 stories, its penthouses are marketed for $95 million each.
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What are the top five luxury high-rise condos for residential use in the world? According to the Emporis Standards Committee, the list includes:
- Burj Khalifa, Dubai, with 163 floors at 2,717 ft. tall
- Shanghai Tower, Shanghai, with 121 floors at 2,074 ft. tall
- Makkah Clock Royal Tower, Makkah, with 120 floors at 1,972 ft. tall
- CTF Financial Center, Guangzhou, with 116 floors at 1,739 ft. tall
- Trump International Tower Hotel & Tower, Chicago, with 98 floors at 1,388 ft. tall
So how do you profit in this market when prices are so high?
Yes, I have shown that the world’s most prestigious cities host some of the world’s most exclusive towers. This indicates a clear confidence from the most powerful and richest influencers.
But we need to understand the message, and that message is that we have a trend line showing convenience and location are the drivers of this market.
Buyers want a full-service building with amenities and views, located within walking distance of everything needed for everyday life. Less flashy cities will take a couple years to catch up to top-tiered city trends, but they will catch up.
This means you should look for the cities that are growing in population and wealth and pick out the buildings that are about to go up in the right location.
The prices may not seem like a value, but they will be far below the $7,000 a foot that One57 and other buildings have obtained. There will be growth, and there will be momentum. There will always be buyers for “the location” and the amenities of the right building.
Buy in phase one. Rent it, sit on it, or enjoy it as long as you hold it, and let the value grow.
These locations get harder to find by the year, and costs to duplicate get more expensive annually, so take a look now. I’ll be revealing my top choices next month.
Until next time,
Paul Benson
