WO-BATH APARTMENT WITH CANAL VIEWS
Dave Yoder for The New York Times
This 120-square-meter (1,290-square-foot) home is in a pink stucco palazzo built in the 17th century. More Photos »
1.349 MILLION EUROS ($1.98 MILLION)
This 120-square-meter (1,290-square-foot) home is in a pink stucco palazzo built in the 17th century. The apartment is a piano nobile, which means it’s on the palazzo’s second floor, and has ceilings 4.2 meters (13.8 feet) high. Off the living room, a 1.5-by-4.5-meter (5-by-15-foot) balcony with a stone balustrade has scenic canal views. The doors leading out to the balcony are original and date to the 19th century; they were restored with hand-blown glass panes.
A renovation in 1992 revealed an original fresco of a lagoon nature scene in the master bedroom. The living room has 70 square meters (about 750 square feet) of space, as well as marble floors, beamed ceilings and decorative ornamental plaster. Overlooking the living area, an open loft area accessible by a flight of stairs is currently used as a meditation space. The dining area is in a sunken alcove off the living area.
The galley-style kitchen has lacquer cabinets; a guest bath has green marble floors and counters, as well as white marble walls inset with colored glass.
The master bedroom has a French marble decorative fireplace and a frescoed ceiling that depicts a mythological scene, as well as the recently discovered partial wall fresco; the master bathtub is encased in mahogany veneer. The second bedroom has an original Venetian stone decorative fireplace, as well as a loft area currently used as an office.
Buyers will have exclusive use of the internal courtyard, which is approximately 100 square meters (about 1,100 square feet), as well as an approximately 47-square-meter (500-square-foot) unfinished two-room studio and a 10-square-meter (110-square-foot) storage room.
The flat is in the residential neighborhood of Cannaregio, which has many boutiques and restaurants. The Grand Canal is a five-minute walk; Piazza San Marco is about 25 minutes. The airport is 25 minutes by boat.
MARKET OVERVIEW
Bolstered about three years ago by changes in local laws that eased restrictions on renovating and renting historic buildings, Venice’s property market was “very buoyant” from the beginning of the decade through last year, according to Ann-Marie Doyle, director of Venice Sothebys Realty.
Previously, homes in Venice were predominantly bought and sold by locals. In general it was common for families not to sell their properties, but to pass them on from generation to generation.
“Traditionally, for Italians, selling a property was a sign of financial weakness,” said Rupert Fawcett, head of the Italian Department at the real estate research company Knight Frank. “Attitudes are certainly changing. The result is that more properties have come onto the market.”
Since 2001, prices have climbed 100 percent for new construction south of the city, and up to 150 percent for premium properties on the Grand Canal, said Serena Bombassei, director of Venice Real Estate.
Today, prices vary widely. At the low end, studios and one-bedroom condos in Giudecca, a neighborhood filled with new construction and conversions south of the center, start at 250,000 to 300,000 euros ($368,000 to $441,000), Mr. Fawcett said. At the high end, an entire building overlooking the Grand Canal — such buildings are rare — can run as much as 20 or 30 million euros ($29 million to $44 million), he added, while a “standard-sized” 100-square-meter (1,100 square foot) two-bedroom in most areas, including the apartment featured here, typically ranges from 750,000 to 2 million euros ($1.1 million to $2.9 million). Although the economic slowdown has ended the market’s upward trend, housing prices have remained relatively stable. What has changed, according to Mr. Fawcett, is that there is now more room for negotiation, with accepted sales prices down approximately 10 percent from asking prices. “There always has been and will be a supply issue in Venice,” he said. “There’s only so much land, and there’s no new land to claim and build on.”
WHO BUYS IN VENICE
The property market in Venice is expensive and draws a very international crowd, according to Ms. Doyle. The number of British and American buyers has dwindled since the economic downturn, Ms. Bombassei said, but at the moment there are many French and Russian buyers, as well as Italians from other cities.
BUYING BASICS
There are no restrictions on foreign property purchases in Venice. Closing costs are based upon the cadastral value — the property’s value according to the public record — which is often considerably less than the sale price, according to Ms. Doyle.
Second-home buyers pay either a 7 percent registry tax or a 10 percent value-added tax (if purchasing new construction); there is also a 2 percent mortgage fee, if applicable, and a 1 percent land registry fee, Ms. Doyle added.
Buyers who declare their home as a primary residence pay either a 3 percent registry tax or a 4 percent value-added tax on new construction, plus 168 euros ($247) for a mortgage fee, where applicable, and 168 euros ($247) for a land registry fee.
The use of a notary is required; fees are 1.5 to 2.5 percent of the purchase price, according to Ms. Doyle. Lawyer’s fees are 3 to 4 percent of the purchase price, she added; real estate agent fees, paid by the buyer, are typically 2 to 3 percent.
USEFUL WEB SITES
Italian tourism board: www.italiantourism.com/
City guide: www.invenicetoday.com/
source nytimes.com
Last month, Miu Miu, the more playful side of the Prada empire, opened a new store in Venice, Italy. The store is in Venice’s Salizada San Moise area and sell ready-to-wear clothing, bags and accessories. Architect Roberto Baciocchi created a space with a glass display window facing the street and combined modern elements with the original features of the palazzo. The same inlaid floor joins the three separate spaces for different wares. In the ready-to-wear area shown above the original wood, stucco and plaster ceiling has been kept and restored. Two more images of the store are after the jump.