From high-profile design commissions to exciting listings, there is always something new happening in the world of real estate. In this roundup, AD PRO has everything you need to know.
On the Market
Brooklyn Beckham and Nicola Peltz quickly re-list Beverly Hills mansion
Celebrity scion Brooklyn Beckham and actress fiancée Nicola Peltz are reselling their five-bedroom contemporary in Beverly Hills Post Office just eight months after purchasing it for $10.5 million, according to Dirt.
While they reportedly paid a million over the asking price, the couple are re-listing the home on Readcrest Drive for a dollar under $11 million.
Compass’ Carl Gambino, who has the listing, calls the gated residence, known as the OM House, “an exceptional modern home centered on wellness and tranquility.”
The 7,700-square-foot property is keenly aligned with feng shui and New Age principles: The entrance welcomes guests with a smokey quartz crystal that neutralizes unwanted energy, while the back of the house is covered in hundreds of floor-to-ceiling black-frame windows to let in ample sunlight.
‘Real Housewife’ Dorinda Medley selling UES condo
Former Real Housewives of New York star Dorinda Medley is unloading her Park Avenue–adjacent condo for $2.495 million.
Medley bought the two-bedroom, two-bath apartment at 87th Street’s Park Avenue Court for $1.2 million in 2007, two years after marrying her now-late second husband, hedge fund advisor Richard Medley.
The 1,200-square-foot “decorator-done” residence has loft-like 14-foot ceilings and oversized windows, according to the listing. A just-completed renovation added new hardwood floors and an all-white kitchen with top-end appliances and marble countertops.
Douglas Elliman’s Gladys (Laurie) Cooper, no stranger to RHONY watchers, is sharing the listing with her realtor son, Michael Cooper.
Meanwhile, the 57-year-old Medley isn’t saying farewell to Manhattan. “Not leaving,” she told the New York Post. “Just a change after 21 years.”
The reality star can still “make it nice” at Blue Stone Manor, her 11,000-square-foot Tudor mansion in the Berkshires.
Milestones
St. Regis Residences launch in Miami
Sales launched this week at the St. Regis Residences in Miami, a two-tower complex that will offer 354 bespoke residences in the historic Brickell district.
A partnership between Related Group and Integra Investments, the property’s 47-and 48-story buildings were designed by Robert A.M. Stern, with Rockwell Group handling the interiors.
Boasting “hotel-inspired living”—without the actual hotel—the condominiums include sprawling views of Biscayne Bay, an indoor lap pool, butler service, and access to the iconic St. Regis Tea Room.
Related president Jon Paul Pérez calls Brickell the “epicenter” of the new Miami. “Much like the first St. Regis Hotel solidified New York City as the global hub for culture, commerce, and society 100-plus years ago, our plans for this property cement Brickell as an international metropolis for a new era of connoisseurs,” Pérez said in a statement.
Homes range from one-bedrooms to duplexes and start at $2 million, with ONE Sotheby’s International Realty in charge of sales and marketing.
First look inside Brooklyn’s Olympia DUMBO
The developers of Olympia DUMBO, the new 33-story Brooklyn high-rise, have shared a first look inside the interiors of what’s poised to be the tallest (and most expensive) residential tower in the borough.
Designed by Hill West Architecture, with interiors from AD100 firm Workstead, the 76-unit tower takes inspiration from “the story of the neighborhood,” Workstead cofounder Ryan Mahoney tells AD PRO, with nods to the architecture and millwork of maritime culture, as well as nearby New York Harbor. “We arrived at the word ‘oceanic,’ because it evokes both sparkling water and the beauty of a storm at sea,” says senior designer Nadine Lynch.
Listing for $19.5 million, Olympia’s 32nd-floor penthouse could become the priciest property in Brooklyn.
Riding a million-dollar half-pipe
Waterline Square just made a cameo on And Just Like That…, but the 1,132-unit luxury development isn’t out of touch with the kids.
This month, developers cut the ribbon on the five-acre complex’s in-house skate park, the first of its kind in a residential development in New York.
Located within the 100,000-square-foot Waterline Club amenity center, the park features a 42-foot-long half-pipe and 10-foot mini ramp, as well as an original mural from street artist Valentino Mikalef incorporating iconic New York elements like a hot dog stand and a checkered cab.
“Our art helped transform the space into a NYC experience we could only dream of having grown up in the Big Apple,” Mikalef tells AD PRO.
In the News
L.A. is king, Austin a rising star, in $10 million–plus market
More than 2,300 residential properties sold for $10 million dollars or above across the 30 top markets last year, according to Compass’s first ultra-luxury real estate report, adding up to more than $40 billion dollars laid out for ultra-high-end homes.
Los Angeles was the top market, home to 628 sales—more than a quarter (27.3%) of all transactions—with a total of $10.6 billion changing hands.
Carl Gambino, an L.A. Compass agent, wrote in the report that his clients look at luxury real estate “as a safe and appreciating asset that’s a hedge against inflation.” But the limited stock and large pool of buyers is causing prices to explode, he adds.
Rounding out the top five regions in the $10 million-plus market were Manhattan (326 homes), Palm Beach (203), Miami (181), the Bay Area (171), and the Hamptons (112).
The town with the biggest year-on-year bump was Austin. Though only 11 residences closed at the $10 million-plus price point in 2021, that represented a 450% increase in transactions and a 562% increase in sales volume.
The Texas capital is attracting the luxury-minded tech sector: Facebook, Tesla, Apple, Google, and Amazon are expanding their presence and Apple is slated to open a three-million-square-foot campus there this year.
“We are projecting a very strong 2022 overall in Austin and central Texas,” said local Compass agent Gary Dolch in the report. “We already see solid tailwinds for Q1 and Q2 with limited supply and strong demand we’re already receiving multiple offers.” Dolch predicts an even greater uptick over the next five years “especially in executive estates, waterfront, and ranch properties.”
