March 6, 2016

CITIES WERE A MISTAKE:

If It's March, It Must Be Miami: When Home Changes With the Season (ROBERT FRANK, MARCH 5, 2016, NY Times)

Oren Alexander, the Miami-based real estate agent to the rich, no longer thinks of his clients as second-home buyers. Today's ultrawealthy, he says, are often looking for "the four-pack" -- a pied-à-terre in New York, a beach house in the Hamptons, a ski villa in Aspen and a winter condo in Miami.

"They're not really looking for full-time residences anymore," said Mr. Alexander, a broker with Douglas Elliman. "They want stops on the big circuit."

While the rich have always been migratory creatures, drifting in what F. Scott Fitzgerald described as an "unrestful" tour of "wherever people played polo and were rich together," today's wealthy have turned the traditional grand tour into more of a racing circuit. They have property everywhere but live nowhere, moving with the sun, seasons and an increasingly crowded calendar of V.I.P. events.

And as the rich own a greater share of real estate, major cities like New York, Los Angeles and London are going through a kind of "resortification," familiar to posh beach towns or ski resorts, as their populations become more seasonal.

Disney is the proper model ; theme parks where the wealthy stay on campus while they sample the entertainment, the middle class makes day trips to visit or work, and the poor live elsewhere.

Posted by at March 6, 2016 9:44 AM

  

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