I devote a lot of my time thinking about home: what it means and how it is evolving for high-net-worth buyers. Traditionally, home was the place where you lived permanently — you know, it was the place where you set down roots, where you worked, where our kids went to school, where you hosted your annual holiday parties. Technology and the influx of international money have changed that notion completely. Today’s affluent buyers are mobile, and aren’t limited by geography. Many of them own numerous properties all over the world. They’re choosing to own homes in places like London, Paris, New York, Aspen, Honolulu. What’s “home” to them? They’re proving over and over again that it’s not so much about where you live — it’s how you live.
I travel nearly every week as vice president of luxury for Coldwell Banker Real Estate LLC, and I have seen this tectonic shift in the high-end real estate sector first-hand. My last trip solidified it for me. While in Dubai, I witnessed the most incredible homes, properties and gravity-defying architecture I’ve ever seen. The level of quality in the construction and finishes in Dubai is truly exceptional, raising the bar for beauty and luxury on a global scale. The world’s highest building (the Burj Khalifa), the world’s tallest hotel (JW Marriott Marquis Dubai), the world’s largest artificial island (the Palm Jumeirah) and the world’s biggest mall (Dubai Mall) are only a few standouts in this thriving desert metropolis. Ultra high-net-worth internationals, often from London, are buying up slick new modern penthouses designed by globally recognized architects or luxury fashion brands to set up a “home” base in Dubai’s most sought-after corridors. They may only use their residence a few times a year. The same phenomenon is happening in New York and other cities, too. Home? It’s much more than your location. It’s your lifestyle. It’s your personal definition of living well, no matter where you happen to be in the world.
The stories we’ve highlighted this month showcase all the new and exciting ways the affluent are cultivating a refined way of life:
- The Art of Brunch with Sarabeth Levine
- My Chelsea: Victoria Christian
- House Tour: Robert A. M. Stern’s Colorado Castle
- Green, Glamorous and Giving: The Rise of Luxury Ecotourism
- House Hunting in London
- Ryan Brown’s California Chic Design
- House Tour: Fearless Smart Home in Miami Beach’s Tower House
I encourage you to explore the stories in this month’s Previews® Inside Out. Do you see your idea of “home”?
Craig Hogan is the vice president of luxury for Coldwell Banker Real Estate LLC and a 20-year real estate veteran. When he is not traveling or offering his insights on high-end real estate trends, he spends time in Chicago, where he enjoys walking his rescue dog Cooper along the lakefront, collecting wine and satisfying his real estate “addiction” with a luxe open house tour or two.