Luxury High Rise Grows Despite Market Glut
One of the most luxurious real estate properties is located in the US West Coast. The property is simply named 181 Fremont and was developed by Jay Paul Company, according to a report from Forbes. Providing the vision for the design is renowned architect Orlando Diaz-Azcuy.
The high rise has 55 residences built on top of 16 floors of glass and steel. At its completion, the property would be the third tallest building in the San Francisco Bay area, changing the residential high-rise landscape in the region.
According to the architect, "I found inspiration in timeless materials, natural luxury and the history of San Francisco. The care and quality that went into the smallest details of this building make the greatest impact- it is the ultimate expression of luxury."
Such care and planning went into the design, with the architect spending three years laying out the grand 25-foot entrance with a gold leaf dome. There is also an open seating area under a flowing fabric shade that would create a different lighting for the lobby.
He added, "To enter the lobby of this building is like walking into a living sculpture."
The luxury market though for the year is expected to become rather cold, in light of the information brought to light by the so-called Panama papers. In a report from Global Legal Post, one of the major concerns for the market is the crackdown on the use of 'dirty money' in the purchase of luxury homes worldwide.
The first reaction is the imposition of new regulations enforcing greater transparency in the purchase of property by corporations and other entities. The new rules, which are now being enforced from the United Kingdom to the United States, requires the identification of 'natural persons' behind the use of shell companies in the purchase of properties worth above a certain threshold amount.