Gustave White Sotheby’s and The Carnegie Abbey Club Host New England Sotheby’s International Realty Summit

Posted by Lisa Babbitt — May 7, 2013

1367968267NEWPORT COUNTY, RHODE ISLAND - Gustave White Sotheby’s International Realty in partnership with The Carnegie Abbey Club, hosted nearly 100 Sotheby’s International Realty brokers from New England and New York for an exclusive look at trends in the high-end real estate market, including shrinking inventory and increased activity in coastal communities.

Brian O’Neill, Developer of The Carnegie Abbey Club, led the conversation, offering comparisons among three top condo markets: Boston, New York City, and Miami. In the greater Boston area, condo prices have risen 40% from 2012 while inventory has shrunk: 1,554 condos were available in January 2010; 1,000 in December 2012; and fewer than 500 in March 2013. In New York City, the average condo is $6,000 per square foot and is seeing record breaking condo sales. For example, according to O’Neill, the ONE57 Penthouse recently sold for more than $90 million; Fifteen Central Park West was purchased in 2011 for $88 million and has already been relisted at $130 million; and the Pierre Penthouse is listed at more than $100 million. In Miami, 2013 condo sales increased 64% from 2012 with prices rising 40%. Inventory is at an all-time low, dropping 24% since 2012, and ultra-luxury condo sales are at record highs, as seen at the ICON South Beach Penthouse 2 ($21 million), Continuum South Penthouse 1 ($25 million), and the Continuum North Penthouse 1 ($16.2 million).

1367968330“This trend in the luxury condominium market is attributed to a way of life,” commented O’Neill. “The Tower at The Carnegie Abbey Club offers a maintenance free lifestyle, allowing residents to come and go as they please and get all of their needs met while traveling the world, without worrying about the roof and gardens.” The Carnegie Penthouse at The Carnegie Abbey Club, listed by Gustave White Sotheby’s International Realty, was recently reduced to $7,900,000, a savings of nearly 50% of its original list price of $14,500,000. The exquisite “Estate in the Sky” on the 22nd floor offers 6,375 sq. of living space with 5 bedrooms, 5 baths, 3 powder rooms, a chef's kitchen equipped with Sub-Zero® and Wolf® appliances, butler's pantry, formal dining and living room, media room, and library with exotic hardwoods throughout. Six balconies and a rooftop terrace total 1,875 of outdoor living space, complete with Jacuzzi, kitchen and sky bar, perfect for entertaining and the enjoyment of 360-degrees of unobstructed views. The epitome of luxury living, The Carnegie Penthouse also includes a 622 sq. poolside cabana ($580,948 value) and 2 covered garage parking spaces ($70,000 value). A full golf membership, including the $175,000 initiation fee, is also included in the sale price.

In addition to the Carnegie Penthouse, The Tower at Carnegie Abbey offers a variety of residences and price ranges, all with top-of-the-line finishing’s, spectacular views, and maintenance free living. Starting at $588,000, residences range from one- to five-bedrooms and 900 to 6,735 square feet, and are crafted with the care, attention to detail, and expertly-designed layouts that reflect a true understanding and appreciation of life at its finest. All residences feature full concierge service, as well as access to club amenities and services.

About Gustave White Sotheby’s International Realty

Gustave White Sotheby’s International Realty is a full-service agency specializing in waterfront and luxury real estate and serving all of Rhode Island, including Block Island, as well as southeast Connecticut and coastal Massachusetts. Gustave White has been in business for over 80 years as a leader in the luxury market and is the sole Sotheby’s affiliate for Rhode Island and the Rhode Island Regent member of Who’s Who in Luxury Real Estate. Paul A. Leys, Co-owner of Gustave White Sotheby’s Int’l Realty, may be reached at 401-848-6706 or at pleys@gustavewhite.com for more information.

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