Inside five years of moving to Europe, businessman Douglas Loewe “fell in love” with Barcelona, he said.
He decided to purchase a house there, spending about 500,000 euros ($545,000) to buy an apartment in the town’s famous Eixample neighborhood in 1999, the senior operating partner at Macquarie said.
But by 2017, Loewe felt the two-bedroom penthouse needed an overhaul.
The fundamental living area of Loewe’s apartment in Barcelona, called Aribau 133 Sobre Atic.
Douglas Loewe
Inside a 12 months, he had transformed the “deteriorated” two-bedroom penthouse right into a three-bedroom space that’s now price 1.7 million to 2 million euros, Loewe said — greater than double the quantity he spent to buy and renovate the property.
Renovating the apartment
Loewe had renovated the apartment once before, but “it needed refreshing on lots of levels” after almost 20 years, he said.
He hired Matthew Coe, founding father of the property investment firm VistaFutura Associates, to renovate the whole apartment.
In total, Loewe said he spent about 250,000 euros on the renovation. “It was an incredible return on my investment because [Coe] was capable of help bring my vision to life,” he said.
It took lower than a 12 months to renovate and “every stage was right on schedule,” he added.
Loewe on considered one of the 2 terraces in his apartment.
Douglas Loewe
The pair tapped a pool of resources to coordinate the renovation, buying furniture from boutique stores and fascinating a design firm to construct the kitchen, Loewe said.
Coe said considered one of the most important challenges his clients face is imagination, especially relating to old apartments.
“Constructing that confidence that … we are able to find yourself with something that they’ll love … takes an enormous leap of religion,” he said.
Contained in the apartment
The penthouse originally consisted of two top-floor apartments that had once been used as an office, but Loewe decided to mix them when he purchased it, he said. The ultimate renovation displays a use of space that’s “almost surreal,” he added.
The living area before the renovation (top) and after (bottom).
Douglas Loewe
The apartment features an open plan with a microcement floor and wood along one wall, Loewe said. His favorite feature in the house is a Leon Rosen desk that’s his “prized possession.”
He had purchased the lacquered desk in Manhattan from Rosen’s high-end furniture company The Pace Collection, which sold nice contemporary pieces, in response to Incollect magazine. “The Leon Rosen is virtually scratch proof and water repellent … it’s each gorgeous and intensely practical at the identical time,” he said.
Loewe also added furniture that was inexpensive yet comfortable, “so that you didn’t feel like each time you sat down on the sofa you were apprehensive about depreciating the assets,” he quipped.
In trying to find his ideal property, Loewe said, he had in mind a protected neighborhood like Eixample and proximity to “excellent amenities” like a farmer’s market, a good-quality gym and restaurants.
The apartment’s terrace before (top) and after renovation (bottom).
Douglas Loewe
Positioned “across the corner” of the apartment is tapas restaurant Paco Meralgo, which is “a Barcelona institution,” Loewe said.
The penthouse’s two terraces offer “spectacular 360-degree views,” which include the towering La Sagrada Familia, the hill of Tibidabo and the ocean, he said.
Purchasing property in Barcelona
“The true estate market in Spain is open to buyers from all over the world,” Coe said.
Pricing “compares favorably to most U.S. cities, even midsize cities” similar to Denver, Chicago and Miami, he said. Foreigners should purchase property in Barcelona’s city center for “lower than half of what they might pay” in those cities, he added.
The apartment’s kitchen area before the renovation (top) and after (bottom).
Douglas Loewe
Coe’s clients are inclined to be either Northern European or American, although he has had several clients from the Asia-Pacific region. Most Northern Europeans view Barcelona as “a great place to flee to within the winter” and seek for small apartments, he said.
The renovated dining area of the apartment.
Douglas Loewe
Those considering buying a property in Barcelona should first check out short term rentals and get to know the neighborhoods, Coe said.
For Loewe, crucial thing after doing all your research is counting on local expertise.
He recommends finding someone with “experience in that local market … but more importantly, frankly, really good taste and communication skills.”