By LISA KLEIN
Miami is a dynamic city that has international homebuyers flocking to Florida’s southern shore.
Home to a collection of high-end residences connected to hospitality brands, luxury lifestyle brands such as Aston Martin, Fendi Casa, Missoni, Porsche, Armani Casa and Baccarat are erecting their own towers to house the global elite.
“We have buyers from all over the world – Miami is a very international city,” said Jesse Ottley, president of development sales for Cervera Real Estate, a Miami brokerage firm working with the Aston Martin Residences.
Global city, global brands
Miami is known for its Latin American population, with buyers coming to the city from all over South and Central America in search of personal and financial security.
There is also a large European influence from Italy and France. North Americans from other parts of the United States and Canada have also started catching on to Miami’s heat.
“Being so diverse and having so much influence from different cultures, it really is a mecca,” Mr. Ottley said.
Branded residences help a luxury development appeal to a wide variety of buyers, no matter their home country.
“One of the reasons that brands work is that I think when you’re dealing with a myriad of different feeder markets, having a brand can communicate the value proposition very quickly,” Mr. Ottley said. “People can immediately understand the quality of the product.”
“If I’m from Mexico, and I’m buying in the Aston Martin Residences – Aston Martin is putting their name on it, and they’re leaning into this project,” he said. “I know I’m buying quality because there’s a bigger player than I am who’s bought into this whole deal.”
Having a brand name tied to the building also helps sell its residences far in advance of opening its doors. The Aston Martin Residences is 80 percent sold and has another year-and-a-half until the building is ready for occupation.
The Aston Martin name conjures up a certain image for buyers, whether that is sleek design, speed or James Bond. The brand appeals to Aston Martin afficionados, of course, but also to consumers who just like what the brand represents.
That luxury lifestyle that Aston Martin embodies and its ethos “for the love of beauty” can be found in all aspects of the Miami building.
“You can see how that translates into every component of this building, from the touch points of arrival, from the materials that they use, from the location and how it interacts with the environment,” Mr. Ottley said.
The building is also entirely residential, rather than have any hospitality component or restaurants inside.
Instead of being on the ground floor the pool, a must in Miami, takes up 42,000 square feet on the 55th floor – about $60 million of prime real estate – to give wealthy and celebrity residents privacy.
“That is where you start to see the influence of the brand – that the developers made those financial decisions to help reflect the level of the brand,” Mr. Ottley said.
A dedicated residential building is good for the brands, too. An automotive brand such as Aston Martin is moving itself into the wider luxury sphere.
“And then to be in a city like Miami that is so globally recognized, it’s a boost to any brand,” Mr. Ottley said.
“Miami is made up of innovative thinkers, it’s a frontier town,” he said. “There’s an energy here that I haven’t experienced in any other city.”
- LUXURY HOUR: Register for December webinar, Luxury Real Estate Outlook for 2023Real Estate
- Village Properties Teacher’s Fund helps students get much-needed suppliesReal Estate
- LuxeSelect November 2022: Curated homes starting at $3 millionReal Estate
- Stackabl customized furnishings pack a sustainable design punchDesign
- LuxeSelect October 2022: Curated homes starting at $3 millionReal Estate