Who are these young and ultra-affluent buyers of homes in Rancho Santa Fe, Palm Beach, La Jolla, Aspen and Manhattan?
Robert Frank, in his best-seller Richistan, calls them instapreneurs (didn’t he coin the term?).
These are the new titans in technologies, who have benefited from a rise in financial speculation and governments that support free trade and wealth.
Instapreneurs are not plodders when it comes to accumulating wealth. They don’t develop companies to last for family generation; rather, they may launch several companies over their career life spans. And the goal for each venture is a lucrative “exit strategy” that will create the fattest windfall possible.
What are these luxury buyers seeking when searching for their trophy home?
1. They are specific in their demands as to age of property, views, room volume, luxury closets, privacy, and entertaining areas.
2. Instapreneurs often wish to be near prestigious country clubs, where they can golf, play tennis and entertain business elite.
3. In San Diego, many of these nouveau uber-wealthy demand ocean frontage, ocean noise–and silent streets. Or the highest penthouse in downtown San Diego. The want what is rare, what is singular.
4. Instapreneurs often have children, and are concerned about the quality of nearby and private schools. How the home works for the kids can be of keen importance. Instaprenerual parents want safety, space and room for kiddie galas.
5. These luxury home buyers often have special room requests, such as a library, multiple offices, servant quarters, guest houses, snoring rooms, home gyms, massage rooms, a conservatory or even a panic room.
6. These busy people often demand to be not far from a major airport because of frequent travel demands and the desire to minimize time spent away from families.
We enjoy working with these interesting folk, not just because we enjoy finding perfect property fits, but also because of the stories we get to hear. Some have been scientists, some movers and shakers in technology, and some who just had the courage to pour everything they had into an idea whose time had come.
They all inspire and the world is a better place because of these producers.
Nice post. Reminds us of who we should be marketing our own “Nouveau” project to. http://philadelphiarealestatehub/new/nouveau.
No country clubs in center city philadelphia, but lots of places to entertain and plenty of ways to get to the airport…
Roberta,
Good to see that your recent “experience” hasn’t stopped you blogging again.
Can I make an article request, please? I’d like you to write something (ideally with pictures) about “home library design.”
The reason I want this is entirely selfish – we’re up to about 8,000 books now, scattered throughout the house and some of them “double-stacked” (ie – one row of books IN FRONT OF ANOTHER in a bookcase.)
So… I’d love some inspiration in terms of adding a room to my own house.
Mark
Hi Roberta – what an interesting post – I always love to read about the Luxury Market in your neck of the woods ….and dying to hear what you put together for libraries.
The most interesting thing about these buyers, is that ‘scarcity’ helps them make buying decisions. If there are only a few, it makes them want it more. It’s always a risk from a marketing perspective to only offer a small, limited quantity, but it works! Lamborghini has done it for years and is on perpetual back order.
Susan
Ryan:
These Instapreneurs can be found in and around almost all large cities–and some smaller ones as well.
Mark: I share your love of books and agree that we need do something about a luxury home for them. Soon!
Ines: It’s in the works. Thanks for stopping by–and I hope all is well in lovely Miami!
I read Richistan but I have to wonder if the “Richistan” era is coming to an end.