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Nouveau Luxury Home Buyers: Instapreneurs
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.
April 24th, 2008 at 10:00 am
[…] Luxury Home Digest: All about the young luxury home buyers  […]
April 24th, 2008 at 10:19 am
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…
April 24th, 2008 at 10:35 am
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
April 24th, 2008 at 7:25 pm
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.
April 25th, 2008 at 4:43 am
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
April 25th, 2008 at 6:22 am
Ryan:
These Instapreneurs can be found in and around almost all large cities–and some smaller ones as well.
April 25th, 2008 at 6:24 am
Mark: I share your love of books and agree that we need do something about a luxury home for them. Soon!
April 25th, 2008 at 6:26 am
Ines: It’s in the works. Thanks for stopping by–and I hope all is well in lovely Miami!
April 29th, 2008 at 8:57 am
[…] that kept most first time buyers out of the market. Occasionally, we would have a well heeled Instapreneur who had been too busy to shop for a home in the past–and was now in the market for a […]
June 15th, 2008 at 9:28 pm
I read Richistan but I have to wonder if the “Richistan” era is coming to an end.
June 27th, 2008 at 4:19 pm
[…] From Luxury Home Digest by Roberta Murphy […]
June 27th, 2008 at 4:26 pm
[…] From Luxury Home Digest by Roberta Murphy […]