Is it possible to sell a house or an apartment as an expression of an unique piece of art work? In my experience, marketing real estate can lead to extremely high prices, totally disregarding conventional and valid reasons.
For instance, there is a formula by which we take the nett square area of an apartment, add half of the size of the balconies and multiply the result by the average acceptable price in the market – e.g. the residential tower at Rothschild 1, Tel Aviv, the sales price per square meter is between NIS 80,000 to NIS 100,000 and above. In the “Meier on Rothschild” Tower the prices are about NIS 70,000 per square meter. In apartments in North Tel Aviv the price is about NIS 30,000 to NIS 40,000 per square meter.
Pictures of villas in Ramat Hasharon and in the moshav, designed by architect Orly Shrem
When we estimate the price of a work of art, we do not set the price according to the intrinsic value of the canvas and the added price of the color paints and brushes plus the hours of work invested by the artist. Recently a work of art by the artist Andy Warhol, “Triple Elvis”, dated 1963, where Elvis Presley is holding a gun in his hand, sold for US$ 82 M. (The auction house estimated that this work of art would, at the most, sell for US$ 60 M).
In other words, the work of that particular artist is unique and makes it possible to obtain almost any price. The question is, can a renowned and reputable architect, bring such a price on a house? Could a villa designed by architect Orly Shrem or a villa designed by architect Pitsou Kedem, or Ilan Pivko or one designed by Alex Meitlis increase the value of a house? Can a top contractor build a house, using the best materials of high-standard finish, and thereby double the value of the property? Can the added international brand names of e.g. a kitchen by BOFFI or of BULTHAUP with electric appliances of VIKING or of GAGGENAU with special audio systems, multiply or triple the price of a villa or is the decisive factor for the property its location?
Is the location on the sea shore with an open vista facing west crucial for the sale of a highly priced property? In the David Promenade Residences opposite the sea, an apartment of 180m2 with a balcony of 12m2 is being sold for NIS 18,950,000. An unobstructed view of the sea increases the price of an apartment by 20% to 50% in comparison to an apartment, in the same building, from which the view to the sea is from the back of the building.
The exterior of a residential tower can attain tremendous added value if it was designed by the likes of e.g. architect Philippe Starck of the Yoo Residential Towers, or the White City Tower designed by Giorgio Armani, or the Meir Tower on Rothschild Boulevard which was designed by architect Richard Meir and bears his name.
Concerning the structure of a public building the answer to the question which is the subject of my article, is affirmative: by awarding the design of the Museum of Modern Art in Bilbao, to Frank Gehry, put the Museum on the map and changed the city into a primary tourist destination. There are people who claim that the building in the Deconstructivism style outshines the art expositions inside.
The Glass Pyramid of I. M. Pei at the Louvre Museum in Paris has become the subject of a controversy in France but a role model for other museums around the world. It was intended to serve as a structure for streamlining the entry of thousands of daily visitors to the Louvre, but has become a tourist attraction in its own right.
The Gulf Tower, “Burj Khalifa”, the Abu Dhabi hotel designed by Giorgio Armani, is a skyscraper with a record number of floors in the world: 163. The tower gives the appearance of a sailboat at sea, and is located on an artificial island, built especially for this purpose. The tower combines indoor shopping, commercial and business areas and hotel facilities and is a tour-de-force representing the power of Abu Dhabi.
The Empire State Building in New York, designed by architect William Frederick Lamb, in the Art Deco style and built in 1931, was considered the tallest building at 381 meters, a record held for 39 years. The Empire Tower is considered the symbol of American culture and one of the seven wonders of the modern world. These properties are architectural icons and are valued accordingly.
Pictures of Caesarea summer estate designed by Frank Meisler and Martin Holt, architects.