Hadid-designed buildings may hold unexpected value
Surge in inquires about One Thousand Museum suggests posthumous appreciation potential
April 09, 2016 10:30AM
One Thousand Museum rendering and the late Zaha Hadid
The death of acclaimed architect Zaha Hadid may raise the value of developments she designed, the same way art can appreciate after the artist dies.
For example, buyers of condos at Hadid-designed One Thousand Museum in Miami may get more for their money than they expected. Pre-construction prices per square foot range from $1,200 to more than $2,000.
The Wall Street Journal reported that the developers of One Thousand Museum have seen a surge in inquiries about the development since Hadid died March 31 at age 65 in a Miami hospital.
Jack McCabe, a real estate analyst and consultant in Deerfield Beach, told the Wall Street Journal that investors in Hadid-designed buildings may see these assets appreciate, “similar to how different paintings go up after an artist dies.”
One Thousand Museum, Hadid’s her first high-rise residential design in the Western Hemisphere, is expected to open late next year. It is one of several Hadid-designed developments that are works-in-progress. She also designed a condominium under construction in Manhattan called 520 West 28th Street, where prices range up to $50 million for the biggest penthouse. Sales began in October, but information on unit reservations was unavailable.
Hadid is the first female architect to win the Pritzker Award, sometimes referred to as the Nobel Prize of architecture. [The Wall Street Journal/Mansion Global] — Mike Seemuth
Source: The Real Deal