Curtains Up for the One Percent

Rob Satran thinks of it as Hoshizaki syndrome.

Early last March, when the world went into lockdown and it became clear that, as Mr. Sutran said, “people were not going to spend their disposable income on ordinary things,” the trade in high-end devices abruptly stopped. Done.

Mr. Satran is a part of Royal Green Appliances, a boutique dealership in New York, which may be for refrigerators what a Rolls Royce showroom is for automobiles. “Kovid immediately domesticated people,” he said. “They were looking around and wondering where to invest in their homes.”

If, as the saying goes, old appliances are like old friendships – barely functional but too heavy to dispose of – this was the year when homeowners woke up to take a fresh look at a tired refrigerator, silky dishwasher, pilot lights. Range with: stubborn refusal to fire

That was the year in which some near the top of the income pyramid concluded that there was no reason to settle for a simple ice tray, or even cubes produced by some hoodrum household appliance, when they were capable of transparent cranking Could upgrade to commercial machine. crescents or lucid spheres or gelid top hats such as you used to see in the upscale bar clinging to the glass. Why not buy a Hoshizaki?

“Traditionally, the high-end appliance business has been tied to the stock market,” said Mr. Satran, when, by the third quarter of last year, it became clear that the market was unlikely to crash, the Wolf range, all- The Zero Refrigerator and the $ 4, 000 Ice Machine took off. Subsequently a combination of increased demand and supply-chain bottlenecks that produced a backlog was most acutely felt by a population of professionals, and he was an interior designer.

Despite its dire human consequences, the epidemic made an impact in the design trades of spewing a gold rush, a development perhaps more surprising when you consider the fact that everyone in the Internet age is a DIY expert in decorating . “That’s crazy word,” said David Netto, an interior designer in Los Angeles, about the growth in business mentioned in interviews with more than a dozen decorators and designers.

If at the beginning of the lockdown, Mr. Netto had assumed a “brace position”, anticipating a career crash, he now finds himself in the midst of an extraordinary speedup, with far more offers for work than his firm actually does. Can take.

“I am a boutique shop and never before have we had more than four jobs,” he said. “Now we have 12.”

For Brad Dunning, a designer in West Hollywood who emerged decades before the city’s punk rock scene and to set up a top-tier practice to restore homes by modernist heroes such as John Lautner and Richard Neutra, one feared that In the contracted global economy, the doom would be unfounded for its business.

“I was, and still am, completely surprised that people were buying so much real estate and remodeling their homes,” Mr. Dunning wrote in an email.

“I have come to know that ever since people were stuck at home, they were focusing on their surroundings,” he said. “But I still found it strange that when we were all wiping our groceries with disinfectant sprays to avoid death, people were willing to spend money. Won’t you save every penny?”

The answer to his questions was nothing but rhetoric for Americans for whom the $ 1,400 government stimulus was the fiscal lifeline. Yet for the wealthiest, whom the design elite has traditionally served, last year sparked a domestic revamp as people replaced their work-life safety bubble with layers of comfort and convenience. Wine cellars with computerized inventory systems are required. Basic facilities. Experts said that not only was Amir doing repetitions, reopening his curtains and refreshing.

“It’s bananas,” Mr. Dunning said. “As long as I’ve been doing this – for over 25 years – I’ve never been a busy or heard contractor or real estate agent that says the same.”

When Todd a. Romano, a decorator whose innards are regularly featured in asylum magazines, then left New York in 2016 to return to his hometown, San Antonio, a move that was to ease the demands of a practice he once had for Manhattan. It was necessary to go to Paris. To fumble on the roster of customers on monthly shopping trips and across the country.

“I wanted a more low-key quality of life,” Mr. Romano said. Planned before the epidemic began, Mr. Romano has interior design projects booked by the end of 2022, he said.

“It’s not just about feathering their nests of rich people,” he said. “I mean, Home Depot is out of construction supplies.”

Yet while Holly Polloi is shopping for do-it-the-flooring and bathroom vanity units, which helped the home improvement giant achieve $ 32.3 billion in sales in the last quarter of 2020 – 25.1 in the same period in 2019 Percent increase – min. Romano’s customers are building homes in places like Montecito, Palm Beach and Telluride.

“We work for one-half of one percent,” he said.

“Of course, every time I stop myself on my tracks and say, ‘Sheesh, that’s a lot of money,'” he said, recently commissioned from a Long Island City workroom for West Texas Referring to things like the $ 31,000 sectional couch. Ranch from the fifth-generation French fabric house, Priel – at a cost of about $ 396 a yard, or a pair of $ 8,200 club chairs covered in hand-held linen.

“But this is also what it costs to do things at this level,” he said of UltraReak’s Olympian expectations.

It was accompanied by a minor set when Elaine Griffin, a decorator who cut her teeth like architect Peter Marino in Manhattan, returned home to South Carolina before the epidemic to set up Elaine Griffin Interior Design to care for her ailing mother. Expectations.

“Before the epidemic, in a customer interview, I was like, ‘Pick me up! Pick me up! Pick me up!'” Now I like, ‘We have a lot of amazing New Yorkers who are going through here, and if I got your Don’t like … ‘Well, I’ll leave it at that. “

It is unclear whether the epidemic flight from major cities will reverse itself as more Americans are vaccinated. For now, Victor Long of Banker Real Estate, singing on St. Simons Island, has combined the epidemic, a strong stock market, the flight from urban centers to tax-friendly states and what he called “a major lifestyle reset”. Produce a “perfect storm” in real estate.

“I went from $ 30 million in sales in 2019 to $ 53 million in 2020,” said Mr. Long, who had booked $ 36 million in sales by early March 2021.

“You always have people who are struggling to get a million a year in New York,” Ms. Griffin said. “South of the Mason-Dixon Line, the money moves forward completely.”

He said a living room designed by him in 2021 could replace a $ 21,000 sectional sofa, a $ 12,000 rug, a $ 6,000 coffee table and a pair of armchairs for $ 14,0000. “My beloved place as a Georgia designer,” she said, “able to cater to those New York customers, because guess what? New Yorkers are going to Sea Island in droves and draws.”

It’s not just Georgia, of course. “We have people coming here and buying horse farms,” ​​said Lee Robinson of the Lee W. Robinson Company, a Louisville decorating company. The old guard has a lot to sell, and the new guard is a new one of the money. The level represents, because, in my opinion, there has been a large distance between the haves and the haves. “

By Mr. Robinson’s calculations, to be not in the current scenario of wealth creation is to achieve with a total wealth of only $ 10 million. Few, if any, fit the description for the 34 customers for whom Mr. Robinson is currently designing the house. He said, “‘Howe’ nowadays has people with assets of more than $ 100 million.” “If you want to see what it looks like, go to Palm Beach.”

According to designer and author Steven Stolman, in today’s Palm Beach, there are more than a dozen Maseratis and Lamborghins. A longtime resident of the 16-mile barrier island. “A convertible Bentley is an entry-level car.”

If Palm Beach was once the sleeping resort of Eastern mystics, it is now a “billionaire bedlam” of sorts, Mr. Stolman said. “Beverly Hills by the Sea.”

A bellwester blue chip is the unexpected arrival of a group of New York galleries: Pace, Paula Cooper, Aquavella, Lehman Moopin, among them. They have established pop-ups, in some cases, more permanent beaches that cater to similar deep-pocketed shoppers at restaurants such as Le Bilbocet, La Gouloué and Saint Ambroius or to luxury goods such as Bruno Cucinelli, Saint Laurent Cleaning the shelves at the stores. And Hermes.

Real estate agents in Palm Beach have found themselves complaining about the accuracy of the inventory, with bidding wars now common and many homes being broked and before they are even listed Can.

“We don’t have anything,” said Lisa Pulitzer, a realtor with Brown Harris Stevens. In a quarter-century of selling property in Palm Beach, Ms. Pulitzer, a third-generation resident (her mother was beloved socialite and designer Lily Pulitzer), said she had seen nothing similar to the frenzied market of the past 12 months. .

“Typically, we would see 180 or 190 homes,” for sale at any given time, Ms. Pulitzer said. “Right now there are 42 homes all over the island. The ‘other 20 range is as high as $ 120 million.” Everything revolves around the real-estate boom, “she said.” Gallerists are insanely busy. Contractors are busy with insanity. . There is not a decorator that I know is not maximized. “

So, this year also equipment dealers are meeting such fantastic needs, such as the La Grande Cuisine 2000 from L’Atelfield Paris. With six brass gas burners, a Groveld electric grill, two ovens, and a central storage cabinet, embellished with copper trim in a blue frame in mats, it features trademark flier-de-lis appliqués on the doors and about $ Comes with a price tag of 40,000.

“I think the prime time is one year,” Mr. Stolman said of the iconic categories. (Contacted by a reporter, a representative from L’Atelier Paris kept the wait close to three months.)

“If two things are rich hatred, it is to wait or not to be told,” Mr. Stolman said.

Still have to wait. “I used to tell people that on the back of my card it says, in very fine print,” It gets when you get here, “said Paul Vincent Wiseman, designer’s dine for the California Bay Area elite. Mr. Wisman Said, “I’ve worked with very rich people all my career.” When there was no end to the lockdown in sight.

“It’s clear that people are a lot more wealthy than they were two years ago, but they’re focusing a bit more inward,” he said. “We all looked around and suddenly realized that our homes needed help. I call it ‘what a dump’ syndrome.

Source link

Leave a Comment