PENTHOUSE. /’pent?hous/. Noun. An apartment on the top floor of a tall building, typically luxuriously fitted and offering fine views.
And the Gold Coast certainly has no shortage of them.
Since the idea of a penthouse was born during New York City’s construction boom in The Roaring Twenties, they have been associated with high society, lifestyles of the rich and famous, highfalutin businessmen and millionaire heiresses and those who enjoy life at the very top.
This prestige extends to the Gold Coast where dozens dot the skyline with spectacular 360-degree vistas by day and a stunning fairyland by night encompassing bejewelled suburbs, winding rivers, the impressive hinterland and our famed beaches.
The newest penthouses are vertical versions of waterfront mansions super-sized. The sky homes stretch multiple levels, measure in excess of 1000sqm and comprise a raft of prestige rooms from libraries, home cinemas and gymnasiums to temperature-controlled wine cellars, pools and steam rooms.
Executed with opulence, their luxe qualities range from Italian marble floors, 24 carat gold-leaf ceilings and Swarovksi crystal chandeliers.
Their price-tags are just as impressive. And despite eight-figure settlement prices having softened in recent times they still command top figures.
Rumours had a past offer on Surfer Paradise’s Jade penthouse at $40 million well before it sold last year for $7 million; Soul was originally bought off the plan for $16.85 million and is now rumoured to be seeking offers above $10 million; $9.2 million was paid by Melbourne builder and racing identity Peter Devitt for Main Beach’s Liberty Panorama penthouse in 2011; and $7.8 million was shelled out by a Japanese buyer in 2002 for the Q1 penthouse which he re-sold for $4.8 million in 2010.
They are certified bargains when compared to the $88 million forked out by a Russian billionaire for 15 Central Park West, a New York penthouse with a wraparound terrace overlooking Central park New York City; or the $220 million spent on a penthouse in London’s One Hyde Park; and the $308 million paid for La Belle Epoque, a palatial penthouse in Monaco which has a panic room.
At least a dozen penthouses are currently on the market ranging from Main Beach’s sumptuous Axis sky home at $9 million, Ocean Isles at $6 million, the Palazzo Versace ground-floor penthouse at $5.29 million and beachfront renovator Pacific Point at $1.75 million.
In Surfers Paradise the Hilton penthouse South is on offer for $9.75 million and Artique is calling for offers above $1.85 million.
In Broadbeach, Ultra penthouse is asking for offers above $10 million while the Aria penthouse is marketed at $3.85 million and a boutique Point Danger hill penthouse is asking $1.95 million.
Recent sales show $1.67 million was paid for Modena on Chevron penthouse last month and $3 million for an Ephraim Island penthouse in April.
Faye Tyson of Coldwell Banker GC Property Group said owners often talked about the prestige of their address and the privacy entailed.
“Penthouses come in all shapes and sizes, the bottom line is they are all on top of the building and have the privacy, the views and the prestige,” she said.
Ray White Surfers Paradise Group boss Andrew Bell has marketed penthouses for the past 24 years and said if you have the money, it’s pretty fascinating – real estate at the top.
“In reality it’s nice to own the very top of a building where there is no one above you and you have that added privacy. As a general rule you have a swimming pool and a rooftop entertaining or relaxation area so if you don’t want to live in a house or don’t want the common area of a unit then a penthouse is appealing.
“For the premium dollars people are looking for the newest, but in the last few years there hasn’t been quite the attraction for the big, tall buildings, buyers have preferred the more boutique buildings and will pay more for those.
“The other factor that shouldn’t be overlooked… is the body corporate levy is extremely high because it’s based on your floor area. Often a penthouse is two or three levels so you have a lot of floor space to add up.”
Original article published at www.news.com.au by Shae Johnson, Gold Coast Bulletin 20/7/2013