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$7.65 Million Condos

Justin Timberlake Purchases SoHo Mews Penthouse

— October 10, 2010 — Art & Design
Celebrities like Justin Timberlake really have it all, especially after singing a $7.65 million contract for a penthouse condo at SoHo Mews. Located on West Broadway in New York City, this condo boasts 2,598 square feet of pure spacious luxury.

The Soho Mews penthouse is an alluring three-bedroom condo with a panoramic terrace that overlooks West Broadway. After this luscious buy, Justin Timberlake has truly embraced 'la dolce vita.'

Implications - Consumers are seeking out a bit of luxury after suffering through the harsh times of the recession. Everyday products injected with a prestigious element are appealing to those who desire a way to be part of the exclusivity. Companies looking to grow its name could focus on developing more items with an elite element in place.
Trend Themes
1. Luxury Home Purchases - As consumers seek luxury items after tough economic times, developing high-end properties may be a major growth opportunity for real estate developers.
2. Celebrity Influence - Celebrities like Justin Timberlake can have a significant impact on consumer behavior, presenting a chance for brands to partner with or be endorsed by famous personalities.
3. Prestigious Products - Consumers desire to feel part of an exclusive group creates opportunities for companies to differentiate everyday products with prestigious elements, such as luxury branding or features.
Industry Implications
1. Real Estate Development - Developing high-end properties, such as luxury condos, can capitalize on consumers' desire for luxury after challenging economic times.
2. Marketing and Advertising - Partnering with celebrities can improve brand exposure and consumer loyalty, presenting opportunities for businesses to strategically collaborate with famous personalities.
3. Consumer Goods - Including luxury branding or features in everyday products can differentiate them and appeal to consumers seeking an exclusive experience.
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