Beach House From HBO’s ‘Succession’ Back up for Sale Asking $55 Million
3 min
An uber-contemporary waterfront home in the Hamptons, the exclusive pocket of New York’s Long Island beloved by the well-to-do set, has come to the market for $55 million.
The angular and glass-covered house may look familiar to eagle-eyed viewers of HBO’s “Succession.” In season three of the award-winning series, the house starred as the beachfront mansion owned by billionaire investor Josh Aaronson, played by Adrien Brody, and visited by Kendall and Logan Roy.
However, “its celebrity status has relatively little impact,” said Cody Vichinsky, founding partner and president of Bespoke Real Estate, which listed the home earlier this week. “Buyers of such high-end assets are more interested in the nuances that create unique value than in the celebrity factor.”
Luckily, off screen, the house is every bit as lavish as it was portrayed.
Built in 2018 in the hamlet of Wainscott, the property was designed by Barnes Coy Architects.
They designed the roughly 11,000-square-foot house to be broken down “into three smaller pavilions attached by an elongated breezeway, almost as if three smaller beach houses—each with its own distinctive character—had been joined at the hip,” according to the architecture firm’s website.
Each pavilion houses something different. The primary suite is in one; the middle is the communal space; and the third has the remaining five bedrooms.
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A particularly distinct feature is in the giant open-plan living, dining and kitchen space, where the home’s jaunty inverted roofline translates inside to an upside-down teak pyramid in the centre of room.
The custom kitchen occupies one end of the space with a statement marble backsplash—which made an appearance in the show. At the other end is a towering stone fireplace—you’ll spot that during the episode, too.
The scale of the space, “with [its] double-height walls of glass that capture the ocean views in one of the most impressive ways we have ever seen, was likely the defining reason why this setting was chosen to be a home on Succession,” Mr. Vichinsky said.
The primary suite has vaulted ceilings, more walls of glass and two bathrooms.
On the lower floor, meanwhile, all the bells and whistles can be found, from a screening room with stadium seating, to a concrete-floored gym and a spa with a steam room, according to Dirt, which first reported the listing.
Outside, the home has a covered deck with an outdoor kitchen and a private path leads straight to the beach.
The house last changed hands in December 2021, when it was snapped up by a limited liability company for $45 million, records with PropertyShark show.
“Oceanfront properties, specifically turn-key oceanfront ones, have become increasingly rare, while the costs and time required to build them have significantly increased,” Mr. Vichinsky added. “This, coupled with the pedigree of the location and architecture, positions this property to continually increase in value.”
This article originally appeared on Mansion Global.
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This may be contributing to continually rising weekly rents
2 min
There has been a substantial increase in the number of Australians earning high incomes who are renting their homes instead of owning them, and this may be another element contributing to higher market demand and continually rising rents, according to new research.
The portion of households with an annual income of $140,000 per year (in 2021 dollars), went from 8 percent of the private rental market in 1996 to 24 percent in 2021, according to research by the Australian Housing and Urban Research Institute (AHURI). The AHURI study highlights that longer-term declines in the rate of home ownership in Australia are likely the cause of this trend.
The biggest challenge this creates is the flow-on effect on lower-income households because they may face stronger competition for a limited supply of rental stock, and they also have less capacity to cope with rising rents that look likely to keep going up due to the entrenched undersupply.
The 2024 ANZ CoreLogic Housing Affordability Report notes that weekly rents have been rising strongly since the pandemic and are currently re-accelerating. “Nationally, annual rent growth has lifted from a recent low of 8.1 percent year-on-year in October 2023, to 8.6 percent year-on-year in March 2024,” according to the report. “The re-acceleration was particularly evident in house rents, where annual growth bottomed out at 6.8 percent in the year to September, and rose to 8.4 percent in the year to March 2024.”
Rents are also rising in markets that have experienced recent declines. “In Hobart, rent values saw a downturn of -6 percent between March and October 2023. Since bottoming out in October, rents have now moved 5 percent higher to the end of March, and are just 1 percent off the record highs in March 2023. The Canberra rental market was the only other capital city to see a decline in rents in recent years, where rent values fell -3.8 percent between June 2022 and September 2023. Since then, Canberra rents have risen 3.5 percent, and are 1 percent from the record high.”
The Productivity Commission’s review of the National Housing and Homelessness Agreement points out that high-income earners also have more capacity to relocate to cheaper markets when rents rise, which creates more competition for lower-income households competing for homes in those same areas.
ANZ CoreLogic notes that rents in lower-cost markets have risen the most in recent years, so much so that the portion of earnings that lower-income households have to dedicate to rent has reached a record high 54.3 percent. For middle-income households, it’s 32.2 percent and for high-income households, it’s just 22.9 percent. ‘Housing stress’ has long been defined as requiring more than 30 percent of income to put a roof over your head.
While some high-income households may aspire to own their own homes, rising property values have made that a difficult and long process given the years it takes to save a deposit. ANZ CoreLogic data shows it now takes a median 10.1 years in the capital cities and 9.9 years in regional areas to save a 20 percent deposit to buy a property.
It also takes 48.3 percent of income in the cities and 47.1 percent in the regions to cover mortgage repayments at today’s home loan interest rates, which is far greater than the portion of income required to service rents at a median 30.4 percent in cities and 33.3 percent in the regions.
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