Beach House From HBO’s ‘Succession’ Back up for Sale Asking $55 Million
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Beach House From HBO’s ‘Succession’ Back up for Sale Asking $55 Million

By LIZ LUCKING
Wed, Apr 26, 2023 8:37amGrey Clock 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.”

The open-plan great room is flooded with light from walls of windows. BESPOKE REAL ESTATE

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.

More: Step Into Han Solo’s Millennium Falcon at This $19 Million Mansion Inside Disney World

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.

Macall B. Polay/HBO

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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Stronger demand in some areas is pushing unit rents up faster than houses

By Bronwyn Allen
Tue, Mar 5, 2024 3 min

Renters are returning to the apartment market, leading to higher growth in weekly rents for units than houses over the past year, according to REA data. As workers return to their corporate offices, tenants are coming back to the inner city and choosing apartment living for its affordability.

This is a reversal of the pandemic trend which saw many renters leave their inner city units to rent affordable houses on the outskirts. Working from home meant they did not have to commute to the CBD, so they moved into large houses in outer areas where they could enjoy more space and privacy.

REA Group economic analyst Megan Lieu said the return to apartment living among tenants began in late 2021, when most lockdown restrictions were lifted, and accelerated in 2022 after Australia’s international border reopened.

Following the reopening of offices and in-person work, living within close proximity to CBDs has regained importance,” Ms Lieu said.Units not only tend to be located closer to public transport and in inner city areas, but are also cheaper to rent compared to houses in similar areas. For these reasons, it is unsurprising that units, particularly those in inner city areas, are growing in popularity among renters.

But the return to work in the CBD is not the only factor driving demand for apartment rentals. Rapidly rising weekly rents for all types of property, coupled with a cost-of-living crisis created by high inflation, has forced tenants to look for cheaper accommodation. This typically means compromising on space, with many families embracing apartment living again. At the same time, a huge wave of migration led by international students has turbocharged demand for unit rentals in inner city areas, in particular, because this is where many universities are located.

But it’s not simply a demand-side equation. Lockdowns put a pause on building activity, which reduced the supply of new rental homes to the market. People had to wait longer for their new houses to be built, which meant many of them were forced to remain in rental homes longer than expected. On top of that, a chronic shortage of social housing continued to push more people into the private rental market. After the world reopened, disrupted supply chains meant the cost of building increased, the supply of materials was strained, and a shortage of labour delayed projects.

All of this has driven up rents for all types of property, and the strength of demand has allowed landlords to raise rents more than usual to help them recover the increased costs of servicing their mortgages following 13 interest rate rises since May 2022. Many applicants for rentals are also offering more rent than advertised just to secure a home, which is pushing rental values even higher.

Tenants’ reversion to preferring apartments over houses is a nationwide trend that has led to stronger rental growth for units than houses, especially in the capital cities, says Ms Lieu. “Year-on-year, national weekly house rents have increased by 10.5 percent, an increase of $55 per week,” she said.However, unit rents have increased by 17 percent, which equates to an $80 weekly increase.

The variance is greatest in the capital cities where unit rents have risen twice as fast as house rents. Sydney is the most expensive city to rent in today, according to REA data. The house rent median is $720 per week, up 10.8 percent over the past year. The apartment rental median is $650 per week, up 18.2 percent. In Brisbane, the median house rent is $600 per week, up 9.1 percent over the past year, while the median rent for units is $535 per week, up 18.9 percent. In Melbourne, the median house rent is $540 per week, up 13.7 percent, while the apartment median is $500 per week, up 16.3 percent.

In regional markets, Queensland is the most expensive place to rent either a house or an apartment. The house median rent in regional Queensland is $600 per week, up 9.1 percent year-onyear, while the apartment median rent is $525, up 16.7 percent.

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