If you’ve been following the state of high-end real estate in Miami, you’ve probably started to notice something — namely, that a lot of new buildings have connections to companies not necessarily associated with residential living. Automakers like Porsche, Bentley and Aston Martin have all partnered with developers to lend their cachet to new buildings in the city. And they’re not alone in this — far from it.
In a new article for Curbed, Kim Velsey explored the phenomenon, including the odds of whether or not other cities could see a similar surge of branded properties. Velsey observed that Dubai has gone a similar route — Mercedes announced a residential tower there earlier this year, in fact — but argued that what works in Miami might not go as smoothly elsewhere.
One real estate professional took a more candid approach, arguing that when it comes to Miami real estate, the branding goes a long way. “New York is the brand — there’s an authenticity to the city and the neighborhoods,” they told Curbed. “In Miami, the brand is the brand.”
It also sounds likely that this trend has built up momentum in Miami, leading to more and more developers to embrace the branded concept. “The traditional residential model of just building a really nice building is not enough anymore,” real estate advisor Patrick Bazeli told Curbed. “Each new development has to have a brand, has to conjure up the idea of what the lifestyle can be.”
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Looking for a bar at 4:30 a.m.? Let the experts point you in the right direction.It’s not hard to see the appeal of a branded tower, if your brand is something that affluent buyers are looking to align themselves with. Whether or not there’s a ceiling on the luxury brands that can translate to luxury real estate is something Miami’s planners and developers will be watching very closely.
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