Douglas Loewe, a businessman who relocated to Europe, quickly developed a deep affinity for Barcelona. In 1999, he made the decision to invest around 500,000 euros ($545,000) to purchase a two-bedroom penthouse in the renowned Eixample neighborhood. However, by 2017, Loewe felt that the penthouse needed a complete overhaul.
Within a year, Loewe successfully transformed the deteriorated penthouse into a stunning three-bedroom space. Its current market value is estimated to be between 1.7 and 2 million euros, more than double the amount he initially spent on purchasing and renovating the property.
To execute the renovation, Loewe enlisted the expertise of Matthew Coe, the founder of VistaFutura Associates, a property investment firm. The entire renovation process took less than a year and was meticulously executed according to schedule.
Loewe and Coe pooled their resources to coordinate the renovation, sourcing furniture from boutique stores and engaging a design firm to construct the kitchen. Coe emphasized that one of the main challenges with renovating old apartments is helping clients envision the possibilities and gain confidence in the outcome.
The penthouse, originally two separate top-floor apartments utilized as office spaces, was creatively merged by Loewe upon purchase. The final result is a layout that defies expectations, showcasing a clever use of space.
The renovated apartment features an open plan design with a microcement floor and a striking wood feature wall. One of Loewe’s favorite additions is a Leon Rosen desk, which he acquired from The Pace Collection in Manhattan. The desk is not only aesthetically pleasing but also highly durable and practical.
Loewe also prioritized affordability and comfort when selecting furniture for the apartment. He sought a neighborhood like Eixample, known for its safety, excellent amenities such as a farmer’s market, a high-quality gym, and restaurants.
The penthouse boasts two gorgeous terraces that offer breathtaking 360-degree views of Barcelona, including iconic landmarks like La Sagrada Familia, Tibidabo hill, and the ocean.
According to Coe, the real estate market in Barcelona welcomes buyers from all over the world. Compared to cities in the United States like Denver, Chicago, and Miami, Barcelona’s property prices are considerably more favorable. Foreign buyers can acquire properties in Barcelona’s city center for less than half the price they would pay in those American cities.
Coe’s clients predominantly come from Northern Europe and the United States, although he has also worked with clients from the Asia-Pacific region. For Northern Europeans, Barcelona is an appealing destination to escape to during the winter, and they often seek smaller apartments.
Coe advises individuals considering purchasing property in Barcelona to first experience the city through short-term rentals and familiarize themselves with the different neighborhoods. In addition to research, Loewe emphasizes the importance of relying on local expertise, specifically individuals with a strong understanding of the local market and outstanding taste and communication skills.
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