Martha Stewart’s West Village Triplex Sells for 42% Below Asking; The Up-and-Coming North Bay Village
Aug 11, 2023 | By: Omi Ford
Martha Stewart’s West Village Triplex Sells for 42% Below Asking
Originally listed in 2019 for $59 million, the six-bedroom residence at 165 Charles Street has finally sold for only $31 million. The impressive spread features a gym and a walk-in refrigerator. Stewart purchased the home for her daughter Alexis in 2007 for $35 million. When the listing went up in 2019, Alexis Stewart explained the only thing the 9,500-square-foot triplex lacked was a yard, according to the New York Post. Surely, the sweeping views of the Hudson River and 600 square feet of outdoor space will make up for that.
The Up-and-Coming North Bay Village
Miami isn’t the only Florida town experiencing a development boom, as reported by the Real Deal. South Florida’s North Bay Village has been attracting new developments of all kinds, from hotels to office space to condominium towers. Nearly 3,000 new condominiums and apartments are in the works in North Bay Village, including notable developments such as 7918 West Drive and the Shoma Bay condos at 1850 79th Street Causeway. Shoma Group’s mixed-use project encompasses 327 residences and 43,270 feet of retail space. Pacific & Orient’s 21-story 7918 West Drive tower will comprise 54 residences and 15,224 square feet of common areas, as well as parking spaces and storage areas. Prices for luxury units in the area can range from the mid $400,000s to $500,000 on the lower end and increase from there up to $17 million, with many averaging in the $1-$3 million range.
Michael Dell Asks $35 Million for Boston Penthouse atop City’s Tallest Condo Tower
The chairman and CEO of Dell Technologies is selling his penthouse at the Four Seasons Private Residences One Dalton Street, Boston, for $35 million, reports the Wall Street Journal. Michael Dell purchased the unit only three years ago for $34 million. Sitting at the top of the city’s tallest residential tower, Dell’s 7,200-square-foot duplex penthouse includes five bedrooms and features towering ceilings and double-height terraces with outdoor fireplaces. Residents will also enjoy the building’s collection of amenities, including the private club on the 50th floor, a restaurant, an indoor pool, and a spa.
New York and Palm Beach Markets Cooling Off After Historic Highs
Luxury home sales have slowed down at both ends of the East Coast, with New York experiencing its slowest week in luxury home sales all year just last week, as indicated in Olshan Realty, Inc.’s weekly market report. Only 13 contracts were signed, making a total of $124.36 million. This is a noticeable drop of nearly $40 million less than the previous week’s luxury sales total. According to sources at the Real Deal, Palm Beach County experienced a similar slowdown spread out across the month of July. Only 616 condo sales were made in July, 206 fewer sales than in June. The downward trend is being felt across the country as rising interest rates and population shifts have created hesitancy in both buyers and sellers that leads to homes sitting on the market for months or years. It is unlikely, however, that sales will continue to stagnate. After all, these dips come on the tails of historic heights in condo sales in New York and South Florida. In New York, condos still dominate the luxury sale market when compared to townhouses, coops, and condops.