Interview with Martin Eiden

  • I am looking for prices at which the ultra luxury segment begins as well as the highest priced property in your market.
  • How has this part of your market changed in recent years? This could be a change in buyers, products offered, new construction, consumer attitudes.
  • What are the main characteristics and qualities buyers expect in these properties?
Martin: The ultra-luxury segment starts at 10 Million but the "wow factor" is in the 18-40 million range. Trophy "I made it big" properties are in the 60-300 million range.
Martin: New York City is having a "Tulip mania" moment in the ultra-luxury segment. Prices are down 15-30% on average from the high of Summer 2015. The causes are oversupply (developers thought there would be a limitless pool of high net worth people buying) and change in government policies (the US not welcoming foreigners and China not allowing exodus of capital). These leaves buyers with a lot of options at great deals. One trend change of consumer attitudes is finding value in townhomes. For 20 million you could get a 4000 apartment with drop-dead views in a building where you have to abide by its rules or get double the space in a townhouse located in a stunning neighborhood where you own the entire building. The latter also affords more privacy.
Martin: While most buyers in the ultra-luxury segment will ultimately do something to make the space their own, they want it delivered completely finished with high-end, unique details. Door hardware made just for the building, marble floors that came from a quarry that the developer bought in Italy so no one else will have it, collaborations with luxury brands like Baccarat that offer "only in this building" experiences.

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