Miami has long been a globally recognized hotspot for luxury real estate development. As in any other world-class city, these buildings often create a brand of their own, rather than coming to be known simply by their address — think Panorama Tower, Brickell Flatiron or One Thousand Museum. In recent years, though, several of Miami’s most exclusive new condo towers have carried the marquee of well-known luxury brands.
Today, at least five towers in Miami carry the name of a luxury brand: Residences by Armani/Casa, the Porsche Design Tower, Missoni Baia, Fendi Chateau Residences and the Aston Martin Miami Residences. Given the success each has seen, there’s a strong chance more could be on the way.
Branded residential properties are something of a novelty in the U.S., which no doubt played a role in the recent influx of such projects in Miami. Beijing, for example, is host to two Armani properties. In Dubai, another burgeoning market for globetrotting homebuyers, Fendi played a role in designing a new high-rise. But it’s still an unfamiliar trend to most Americans, although according to John Reza Parsiani, exclusive real estate agent for the Aston Martin Residences, that is likely to change.
“Gone are the days where one would make his or her real estate purchase decision simply based on location, price or even finishes,” Parsiani said. “More buyers now look for a real estate product that offers a complete lifestyle as well as the identity that comes with their purchase.”
The lifestyle on offer at many of these branded properties often lives up to the name on the front door, to say the least. Within Parisani’s Aston Martin Residences, you’ll find an infinity pool, a two-level fitness center and spa and an art gallery. Residents get access to an exclusive beach club via a private yacht. To top it off, the tower’s three-story penthouse (priced at more than $50 million) comes with a one-of-a-kind supercar, the Aston Martin Vulcan, included with the purchase. But Parsiani said the premium goes beyond products and amenities, speaking more to the lifestyle consumers are buying into.
“More than the comfort buyers take in knowing a powerful brand is behind their purchase, they are also thinking about what their choice of product says about them as a person and their fellow like-minded neighbors who also appreciate and enjoy the same level and style of living,” Parsiani said.
Brands are valuable assets to Miami real estate developers for another reason: stiff competition. Buyers in the market for luxury in Miami have no shortage of options, so the familiarity of a brand may be enough to tip the scale in a seller’s favor. That’s particularly true considering the high volume of luxury sales made to foreign buyers in Miami.
“The relative low land acquisition cost, abundant labor force and ever-increasing foreign buyer influx makes for an ideal environment for developers and brands to offer these spectacular real estate products to those who are fortunate enough to call Miami their home,” Parsiani said.