The Market for $5 Million-Plus Homes Is Booming in New York’s Posh Hamptons
The luxury segment recorded a robust third quarter
2 min
Deep-pocketed buyers were busy this summer in the Hamptons, as sales of luxury homes in the affluent New York vacation-home market soared, according to third-quarter reports released Thursday.
“Every price range experienced increases in the number of sales in the third quarter, but the transactions over $5 million soared,” Robert Nelson, executive managing director of Brown Harris Stevens of the Hamptons, wrote in the brokerage’s report.
There were 55 transactions above $5 million, up from 31 a year earlier, marking a 77% increase, according to Brown Harris Stevens data.
The 16 ultra-luxury home sales, defined as properties over $10 million, accounted for 4% of sales, but made up 19% of the total dollar volume last quarter.
The median price of a luxury Hamptons home was $8.5 million in the third quarter, surging 38% from a year ago, according to a separate report from Douglas Elliman, which defines luxury as the top 10% of the market.
More properties in the beach towns are joining the $5 million club every year, according to Douglas Elliman, as this category has continued to double in market share.
The Hamptons has been surprisingly unaffected by this pre-election season that tends to temporarily dampen sales, said Philip O’Connell, executive managing director for Brown Harris Stevens in the Hamptons. Instead low rates have fuelled the market, enabling year-on-year sales to climb back up every quarter.
“A large segment of our buyer population comes from New York City. I think they see a bright future economically, which is driving their confidence in the market,” O’Connell said. “We have the expectation that the market will continue to be very active.”
Copyright 2020, Dow Jones & Company, Inc. All Rights Reserved Worldwide. LEARN MORE
Mirzaian is a senior director within CBRE’s Development NSW business, operating across the company’s Western Sydney and North Sydney offices
Singapore’s Formula 1 weekend has always looked different. Held beneath floodlights on the Marina Bay Street Circuit, the race transforms the city into a nocturnal spectacle of speed, heat and saturated colour. It is this distinctive atmosphere — and one of Singapore’s most important natural symbols — that has shaped IWC Schaffhausen’s latest motorsport-inspired watch. …
Continue reading “IWC’s purple Formula 1 chronograph pays tribute to Singapore after dark”
Edge Design Consultants has remained a relatively small studio, allowing Rizk to maintain personal involvement across its projects.
4 min
The most convincing luxury interiors rarely need to announce their value.
Their appeal is revealed more gradually: in the weight of a door, the texture of a natural material, the proportion of the furniture or the way lighting changes the mood of a room after dark.
It is this quieter expression of luxury that has shaped the work of Charlie Rizk, founder and design director of Sydney studio Edge Design Consultants.
Established in 2006, the boutique practice works across residential and commercial interiors, offering services that range from architectural interior design and material selection to bespoke furniture, furnishing and final styling.
Its portfolio spans family homes, waterfront retreats, commercial workplaces and apartments within some of Sydney’s most prominent residential buildings. But according to the studio’s philosophy, the common thread is not a readily identifiable aesthetic.
Instead, it is an emphasis on longevity, personalisation and a close relationship between designer and client.
From the salon to the design studio
Rizk’s route into interior design was unconventional.
Before establishing Edge Design Consultants, he founded the Sydney hair salon Escapadehfb. While the two businesses operate in different creative fields, Rizk’s early career gave him experience in interpreting highly personal client briefs.
That ability to listen — and to distinguish between what a client initially requests and how they ultimately want to feel — became central to his work in interiors.
A client may arrive with a collection of reference images, favourite colours or individual pieces of furniture. The designer’s role is not simply to assemble those elements. It is to identify the underlying preference connecting them and translate it into a coherent environment.
That distinction becomes particularly important in bespoke residential design, where the success of a room is determined by more than its appearance in photographs.
The interior must accommodate routines, collections, entertaining, children, pets, privacy and storage. Materials must also be selected according to how they will perform after years of use.
A deliberately boutique model
Edge Design Consultants has remained a relatively small studio, allowing Rizk to maintain personal involvement across its projects.
For clients, that structure offers continuity. Architectural detailing, fixtures, finishes, furniture and styling can be developed as parts of the same design narrative rather than commissioned as disconnected stages.
The studio’s full-service model can begin with spatial planning and architectural interiors before progressing through mood boards, material selections, custom furniture and the final installation.
This continuity is particularly valuable on complex homes involving architects, builders, specialist trades, suppliers and landscape designers. Decisions made at the beginning of a project can affect everything that follows, from the dimensions of a custom sofa to the placement of lighting, power and joinery.
Bringing the interior designer into the process early can help prevent decorative decisions from being imposed on a largely completed building.
It also creates opportunities for furniture, art and objects to inform the architecture itself.
The case against a signature look
Many successful designers become associated with a recognisable palette or recurring visual device. Edge takes a less prescriptive position.
The studio’s work includes warm, layered family interiors as well as more restrained contemporary apartments and sharper commercial spaces. Its stated priorities are durability, considered materials and an understanding of the way each space will be occupied.
This does not mean abandoning a point of view. Rather, the designer’s sensibility is expressed through proportion, editing and consistency instead of a formula repeated from one project to another.
For affluent homeowners, this can be an important distinction. A heavily trend-driven interior may look current when completed but quickly reveal the moment in which it was designed.
An enduring home needs enough character to feel individual without becoming hostage to a short-lived fashion.
Natural stone, timber, metalwork and well-made furniture can provide that foundation, but material expense alone does not create permanence. The detailing, installation and relationship between the materials matter just as much.
Designing from the building out
Edge’s published portfolio includes residential projects in Pymble, Epping, North Rocks, Strathfield, Pyrmont and Wagstaffe, along with the furnishing and styling of a residence in Crown Sydney. A Pymble residence (below) was featured on Channel Nine’s Australia’s Best House in 2023.
The scope varies between projects.
Some commissions involve complete architectural interior design, furniture and styling. Others focus on furnishing an existing residence, where the challenge is to introduce identity without altering the underlying architecture.
A penthouse, for example, may already possess exceptional views, finishes and proportions. The designer’s task is then to create intimacy, establish visual rhythm and ensure the furniture remains appropriately scaled to the volume of the rooms.
A freestanding family home presents different considerations. Storage, circulation, durability and the relationship between indoor and outdoor areas may take precedence over creating a formal sense of arrival.
The best result is not necessarily the most dramatic. It is the one in which the architecture, finishes, furniture and objects feel as though they were always intended to coexist.
Luxury as a personal experience
After 20 years, Edge Design Consultants sits within a design market transformed by social media and unprecedented access to international references.
Clients can now identify furniture, stone, lighting and interiors from around the world before their first conversation with a designer. That access can broaden a brief, but it can also produce an overwhelming collection of competing ideas.
The designer’s role is increasingly one of curation: deciding what belongs, what should be removed and which references can be translated convincingly into an Australian home.
For Rizk, the boutique scale of Edge allows that process to remain personal.
The studio’s version of luxury is therefore not defined by a single material, brand or visual signature. It lies in the time spent understanding a client, the care with which each element is selected and the sense that the completed space belongs specifically to the people living within it.
Fact box
- Designer: Charlie Rizk
- Role: Founder and design director
- Studio: Edge Design Consultants
- Established: 2006
- Location: Sydney, NSW
- Services: Architectural interior design, spatial planning, mood boards, fixtures and finishes, bespoke furniture, furnishing and styling
- Project types: Luxury residences, apartments, penthouses and boutique commercial interiors
- Selected locations: Pymble, Epping, North Rocks, Strathfield, Pyrmont, Wagstaffe, Macquarie Park and Crown Sydney
- Selected media: Australia’s Best House, Kanebridge Quarterly and Robb Report Australia
- Website: edgedesignconsultants.com.au
- Instagram: @edge_design_consultants
From bushland greens to valley reds, the country’s most awarded designers are proving that the best colour palette was never on a swatch card; it was outside the window all along.
From snow-dusted valleys to festival-filled autumns, Bhutan reveals itself as a rare destination where culture, nature and spirituality unfold year-round.
