View From the Top: What the 1% Want in a Penthouse

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Dec. 11 (Bloomberg) -- Douglas Elliman's Susan De Franca discusses what the 1% look for in a penthouse with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

Worth about $15 billion.

Susan, thank you so much for coming in.

Let's start off talking about the market in south florida.

Is it different than the market in the rest of the country?


If you think the miami heat is hot, the south florida market is hotter.

We have seen the prices go up exponentially in the last year and recognized an incredible record but -- record-breaking sale.

We are seeing a very robust real estate market in south florida.

Where is all this money coming from?

From everywhere around the world, but in particular, a lot from new york city.

At $3000 a square foot, that is a bargain.

What has changed in the market in south florida?

There are booms and busts, national as well as local.

What has changed to make this so attractive?

Miami has become a very internationally diverse city.

It has become a very cultural capital, which is one reason why we participated this past weekend so we could net with our global clientele.

We have purchases from russia, from india, south america, all over europe.

It has become a very diverse population and it is not a seasonal community anymore, it is year round.

A lot of fine restaurants and just wonderful weather.

Let's talk about, for example, the residences at miami beach edition.

Tell us about the project.

It is a series of 26 one-of- a-kind residences and it's nothing like miami has ever seen in terms of the level of design and sophistication.

Miami really has not seen this degree of architecture and design, which is increasingly becoming more prevalent in south florida.

What are some of the amenities, some of the scale we are talking about?

How many square feet?

Anywhere from 2000 square feet up to 7000 square feet.

There is a demand for very large residences in south florida.

Any people bring their families for vacation and it has become the hot spot in america.

What about the other areas of the country, for example, new york city?

That also has a reputation for high-priced real estate.

New york city and london continue to run neck and neck in terms of being the top most desirable locations for people to own homes.

The building in soho is quite extraordinary, because we only have 61-of-a-kind penthouses with barrel vaulted brick ceilings.

You have these authentic features with all the contemporary amenities and conveniences that a buyer looks for today.

Master bedrooms have wood- burning fireplaces.

They are very unique, custom homes.

How much does it cost?

A cool $21 million, up to $60 million.

For $60 million, you get 7000 square feet of interior space and over 5000 square feet of exterior space.

It is really a rarefied gem.

Is this an all cash market?

Indeed it is.

Both in south florida and new york.

Another project you are working on -- it is truly a unique proposition.

We are developing a new district in miami between 32nd and 35th street on collins avenue.

The building is designed by foster and partners.

Only 44 condominium residences, and what is truly amazing is that it is indoor and outdoor living.

You have continuous balconies

This text has been automatically generated. It may not be 100% accurate.


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