Latest / The Future of Luxury Podcast with Dr Daniel Langer / #8 The shifting needs of UHNW luxury real estate clientele w: Sally Forster Jones and Julie Faupel

Transcript

#8 The shifting needs of UHNW luxury real estate clientele w: Sally Forster Jones and Julie Faupel · The Future of Luxury Podcast with Dr Daniel Langer

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  [Music]
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  Welcome to the future of luxury podcast
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  where we explore the cutting edge of the
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  luxury industry with the world's leading
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  authority Dr. Daniel Longer.
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  Dr. Longer is the founder and CEO of
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  Ecate Brands, the world's leading brand
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  strategy and activation firm and
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  professor of luxury at Pepperdine
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  University. Join us as we dive into the
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  trends shaping the future of luxury from
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  millennial and Gen Z influence to
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  digital disruption
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  with unique perspectives shared from the
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  world's most knowledgeable experts in
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  the field.
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  Brought to you by Ecote Intelligence,
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  the global leader in luxury strategy and
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  brand innovation. This podcast is your
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  backstage path to the world of extreme
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  value creation and luxury's next big
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  moves. So without further ado, Dr.
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  Daniel Longer.
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  So it's my absolute pleasure and
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  privilege to be here today. Um and one
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  once I have here to my left, Sally um
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  Foster Jones, uh the principal of Sy
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  Foster Jones International. Did I say
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  this right?
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  >> For Jones International.
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  >> Foster Jones International. And Julie
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  Feler, um the CEO and founder of Realm,
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  Freom Global. And um we are just saying
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  before we we started that every time um
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  we meet we kind of talk forever about
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  luxury. And I think to me this is a very
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  very special um uh day because we are
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  here in Los Angeles in Beverly Hills and
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  we are in probably one of the most
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  spectacular buildings um here in the
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  Rosewood residences and we will talk a
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  little bit about um the life in a
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  residence and um what changed. So maybe
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  I I hand over to you um and I would be
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  quite interested to to learn from you
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  over the last couple of years how you
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  see the market evolving and what the
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  client expectations are today.
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  Per
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  >> perfect. Well, that's a pleasure. But so
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  I specialize in luxury real estate and
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  so my clientele is primarily high- netw
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  worth individuals and they are there
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  they look for certain things. One of the
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  things that they're looking for
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  specifically is uh you know lifestyle uh
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  quality. They recognize quality uh and
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  you know in in at Los Angeles
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  particularly we have there are certain
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  certain things that are you know
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  specific to the area. So we have
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  wonderful weather. So indoor outdoor
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  living is very very important. Uh
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  secondarily, and this is something
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  that's really throughout the world right
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  now, security is a very important
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  component and people think about that on
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  a continual basis. Yeah.
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  >> And privacy.
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  >> Privacy particularly high- netw worth
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  individuals really are privacy is a key
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  component.
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  >> Uh and and just overall just really
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  lifestyle. One of the things that we
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  have here is that we have uh Rosewood
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  residences in Beverly Hills. So Beverly
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  Hills is, you know, worldrenowned. Our
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  zip codes are worldrenowned and everyone
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  really identifies and understands just
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  what Beverly Hills in general is all
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  about. Uh and the key feature here is we
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  are in the heart of Beverly Hills. We
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  are close to everything that's really
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  important as far as shopping, as far as
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  restaurants, as far as you know, Rodeo
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  Drive. Uh, and so it's it's a primary,
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  you know, primary location. Um, and
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  there's just a, you know, the best of
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  everything that's really close by. So,
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  we have that. The residences being
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  Rosewood
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  branded, our residences have a certain
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  quality. and what expectations. So many
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  of the um you know many of our clientele
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  have been to Rosewoods throughout the
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  world and they know what rosewoods are
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  all about and they have expectations on
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  what the quality of the services what
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  the uh you know and what they can
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  expect. So, we have everything here just
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  from uh lifestyle that you would expect
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  or want
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  >> in a Rosewood residence or resort
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  anywhere in the world. And the you know
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  and it's just from the every type of
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  service just really bespoke curated
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  service you know from you know just from
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  the moment that you drive up to the
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  property through every aspect of
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  greeting of every aspect of whatever
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  needs they would have just 247 service
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  on on every level. And so we have all of
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  that
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  >> and we have everything that a hotel
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  would have but there is no hotel
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  component. It is just the residences
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  here
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  >> and that's that's you know just so from
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  equality and from the privacy. So we're
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  a boutique project of only 17
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  residences.
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  Each one is is really a home there. you
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  know, the smallest one is 3,200 square
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  feet and it goes up from there to about
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  7,500 square feet with about 3,000
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  square ft of outdoor space. So, one of
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  the key components that that I was
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  talking about is in and and and this
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  goes back for a moment to
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  >> the the fact that my clientele as a
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  whole are luxury, you know, high- netw
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  worth individuals. And so there is, you
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  know, and in in looking at this project,
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  there's nothing nothing in Los Angeles
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  or anywhere in the surrounding areas
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  that is any there's no competition. I'm
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  going to say there's nothing that really
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  meets the needs of all of the buyers,
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  you know, that have are purchasing here.
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  And prior to the development here, I've
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  been working on the project for about
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  six years with the developer and the
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  architect and just what is missing? What
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  are my buyers? What have they not been
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  able to find? And we search and search
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  and and it doesn't exist. So that is the
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  you know that is the impetus for really
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  what we offer here and what the
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  developer who has been amazing you know
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  it's Nala uh knowledge development out
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  of uh out of New York so is that they
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  really actually listened to what the you
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  know what the needs were and so we wind
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  up with you know great project the
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  architect Thomas Jewel Hansen is also
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  worldrenown and he's also out of New
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  York but his projects are all over the
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  world. And so we had meetings on a
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  weekly basis just on developing really
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  ex, you know, the exclusivity,
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  the lifestyle, everything that's that's
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  been,
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  >> you know, missing that doesn't exist
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  here in our greater Los Angeles area and
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  how to incorporate that into the floor
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  plans into the needs of what the high
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  netw worth individuals are looking for.
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  >> Yeah. Wonderful. Sally, I have a
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  question because I think um one of the
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  things that you brought up before was
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  this idea that there's a trend
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  >> that this is estate living
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  >> without necessarily the grounds. Will
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  you speak a little bit more to that?
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  >> Yeah, absolutely. And this goes to Los
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  Angeles. Los Angeles as a whole has been
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  a residential market. So, the buyers
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  here we have more land. The estates are
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  grand. they you know just uh you know
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  with rolling grounds and a certain type
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  of lifestyle and
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  you know and so there's now there's a
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  okay security is an issue do I really
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  want to take care of you know these
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  grounds and and just the all of the work
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  that's involved in having an estate
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  manager and and all of that so the trend
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  has been more toward condo living which
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  has never been the case in Los Angeles.
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  Los Angeles has been single family
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  residence. So now it's much more so
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  toward condo living. So the condos then
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  you know if you're coming from a huge
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  property or big estate with rolling
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  rolling grounds and certain types of
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  amenities
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  and and they don't exist in condo
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  living. This is what this is all about.
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  This is where the you know just the
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  impetus for this project. Mhm.
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  >> Yeah. So, and there's many features that
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  we can talk about that we incorporated.
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  >> Yeah. I would be I would be curious um
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  you know when you said that um the
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  development process was six years and um
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  that you were really trying to listen to
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  um you and you also said the from the
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  architects and developers, everyone was
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  listening to what the market wanted,
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  what were the demands that were unmet.
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  um tell us maybe a little bit more about
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  those insights that you generated um of
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  what the the super high-end buyers were
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  really looking for.
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  >> So this project actually has been 10
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  years in the making. So I've been
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  involved with developers uh really from
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  the start of the programming of the
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  actual residences and and you know uh
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  you know and just what what we were
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  really developing here but there is a
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  pro a process here in the city of
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  Beverly Hills. It's not you know they're
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  very particular on what they want. So uh
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  so that was just an entitlements but
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  I've been working with the developer and
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  the architect just to incorporate so the
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  key components are indooroutdoor living
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  okay that is very very much on uh you
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  know on on the minds of you know of the
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  buyers who would be looking here. And so
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  each of the units here, every every one
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  of them from the entry level, which is
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  still an estate home,
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  >> has a lot of outdoor living, you know,
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  just a lot of outdoor space. So, you
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  know, you know, so our our entry level
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  project, you know, our lowest, I'm going
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  to say, you know, which is not really
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  entry level for anyone, but is is um,
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  you know, a two-bedroom and a den, 3,200
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  square ft, but it still has about 6 or
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  700 square ft of outdoor living.
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  >> That is unheard of.
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  >> That's unheard of. So many of these
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  residents, we have 17, six of the 17
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  have their own pools, which is in a
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  condo project also unheard of. So you
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  walk out of, you know, your your
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  residence really is indooroutdoor
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  living. So your outdoor space is very
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  much part of your home.
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  >> It is not just within the walls. So that
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  is a a key key feature.
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  the kitchens. I mean, and this was a
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  novel idea because, you know, our
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  developer and uh architect are New
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  York-based, which are small galley
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  kitchens for condos. Our kitchens here,
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  each of them have two islands. So, you
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  know, which is again what you would find
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  in an estate home. two islands for in,
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  you know, that is the kitchen and family
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  room are the center of the home, which
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  is what you would find in a home as
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  opposed to a condo. And that goes
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  through, you know, just with the the
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  quality of the of the uh finishes, you
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  know, throughout just um the same
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  finishes that you would expect in a very
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  very exclusive home from the marbles.
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  The marbles, you know, are I mean, it's
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  all natural stone. The marbles are from
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  a quarry, the same quarry that, you
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  know, that the Acropolis used, you know,
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  uh to, you know, for building the
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  Acropolis in in Greece. The just the
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  cabinetry and all of the carpentry is
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  all, you know, Maltini just all from,
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  you know, from, you know, specifically
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  designed for this, you know, for these
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  for the residences. the quality is is
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  really is is really beyond. Um the
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  homeowners here also security and
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  privacy. So the way the property is
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  built, each of the residences, you can
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  come directly, you can either have valet
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  or you can come directly from your own
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  garage within the garage up to your
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  elevator just going to your residence
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  opening into a grand foyer and having
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  that as the privacy in addition to just
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  back of house elevator that is secured
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  so you can have all the services as
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  well. So you have security and privacy.
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  security again 24/7.
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  There's, you know, staff, there's, you
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  know, concierge, there's your valet,
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  there's, you know, someone to take care
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  of your services. There's, you know,
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  security 24/7 armed security, you know,
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  uh, which is again a this only condo
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  project that has that in our greater Los
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  Angeles area. So these are key features
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  uh that are very very important and
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  there's also for sense of community
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  there still is a community beautiful
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  community pool on the rooftop you know a
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  you huge state-of-the-art techno gym a
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  fully you know fully stocked bar area
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  for the residents owner's lounges you
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  know indooroutdoor living as far as you
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  know alfresco dining and and all of that
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  so it has all you know all of the needs
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  that are specifically curated for the
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  high netw worth individual.
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  I think it's so interesting that um that
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  you've got these layers of trust marks,
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  right? Where you've got Forester Jones
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  Group International like you've got um
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  and I just missed so we got to edit
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  that. Forester Jones International,
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  sorry, Forester Jones International
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  as um the representing the property and
• 14:55
  helping to plan it, you know, and so you
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  think about that and like that gives
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  integrity to the property. You have the
• 15:01
  Rosewood brand which gives a heightened
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  level of kind of service and amenity
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  that not everybody has. And then you
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  have Beverly Hills which is one of like
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  the most iconic trust marks. But it it
• 15:14
  gives that sense of certainty and you're
• 15:18
  over 50% sold out or about 50% sold out.
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  I mean Sally speak a little bit to kind
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  of that performance and I believe it's
• 15:27
  setting record prices.
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  Yes, we um yeah, we have you know half
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  of the building already they they you
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  know we're still completing the
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  building. Some of the amenities were
• 15:38
  still under you know are not fully
• 15:40
  complete but almost but we were selling
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  started pre-selling uh prior to it being
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  fully completed which does not happen in
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  Los Angeles. Again this may happen in
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  different parts of the country or the
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  world. Los Angeles it does not. So it is
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  it's really been you know quite
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  fantastic uh to for us to really you
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  know be able to accomplish this. So um
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  yeah so it it's been you know very very
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  very wellreceived you know just and
• 16:14
  again to our buyer pool because I I know
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  you you know you're interested in that.
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  We have uh many of our buyers happen to
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  be local who are downsizing from these
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  big estates that they don't want to have
• 16:30
  that responsibility anymore and then do
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  have other residences in different parts
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  of the country or the world. And we have
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  you know you know some you know
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  residents some uh some of the uh buyers
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  who have purchased also uh this is not
• 16:48
  their primary residence. They you know
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  have primary residences elsewhere but
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  this is a very very important residence
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  for them. I mean, Los Angeles, Beverly
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  Hills particularly, uh, has always been
• 17:00
  a draw for, you know, if you have a home
• 17:03
  somewhere, you want to have a home also
• 17:05
  in in Beverly Hills.
• 17:08
  >> Yeah. Wonderful. One question maybe
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  Julie to to you. How do you see the the
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  development of residences kind of
• 17:17
  globally um also among um you know the
• 17:20
  the network of of rail for what you can
• 17:23
  oversee and are the trends that Sally
• 17:26
  has mentioned for um for Beverly Hills
• 17:29
  do you see similar trends also globally?
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  I think that, you know, this is there's
• 17:35
  a lot to what Sally just spoke to that I
• 17:39
  that are definitely global trends, but I
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  think one of the things there's a
• 17:43
  difference between developing and
• 17:44
  developing something that's successful,
• 17:46
  you know, and I I think that there's,
• 17:48
  you know, we've had such a distinct lack
• 17:49
  of inventory and we've had people that
• 17:52
  have come in and thrown up kind of, you
• 17:54
  know, new developments in places that
• 17:56
  are highly desirable and and they'll put
• 17:58
  a brand on them and then they don't
• 18:00
  stand behind the brand. And I think that
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  that's one of the things here that is so
• 18:04
  remarkable is the attention to detail
• 18:06
  here. When you think about the interiors
• 18:09
  and the finishes and the just the no
• 18:12
  sparing of expense, like there's a
• 18:15
  timelessness that will always appeal and
• 18:18
  have value to the affluent. And I think
• 18:20
  that this project speaks to that. And I
• 18:22
  think that that's the overriding trend,
• 18:25
  right? Where it's kind of like the
• 18:27
  aesthetic may change by destination. you
• 18:30
  know, you look at um hospitality
• 18:32
  experiences and what people want. It's
• 18:34
  funny because you think, okay, well, if
• 18:35
  you're going to buy a condo, you know,
• 18:37
  maybe you don't want the indoor outdoor
• 18:39
  living, but that's not true at all. You
• 18:41
  you want you want the best of all
• 18:43
  things, you know, and or you want us you
• 18:45
  want a swimming pool, but you want
• 18:46
  privacy. Okay, so I want my own private
• 18:50
  pool in my condo in an elevated
• 18:52
  situation, you know, and and so it just
• 18:55
  you start to layer on all of those
• 18:56
  things. And that's
• 18:58
  >> um you know I guess what I heard from
• 19:01
  Sally most though was you have to listen
• 19:04
  to what the the client is asking for and
• 19:06
  then advise the developers
• 19:09
  >> that are willing to build it because
• 19:11
  that's really how we get great projects.
• 19:12
  Don't you agree?
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  >> No. And that was the key because this
• 19:17
  was absolutely a need that was not being
• 19:20
  met. And and also just one other feature
• 19:24
  here is again and this goes to
• 19:27
  exclusivity and it goes to you know just
• 19:32
  >> I'm sorry we have that just the noise
• 19:36
  it goes to exclusivity and to the
• 19:38
  privacy and and and that's so important
• 19:42
  to uh you know to many of these buyers.
• 19:45
  >> It's only it's a boutique project. It's
• 19:47
  only 17 residences. Each one is a home.
• 19:52
  Each of these are special. They're
• 19:55
  they're you know there's not two that
• 19:57
  are alike.
• 19:58
  >> So they are very very bespoke and very
• 20:02
  very personal. Uh and it just meets
• 20:05
  those needs, you know, that these buyers
• 20:08
  really are looking for.
• 20:09
  >> Yeah.
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  What what I found interesting, what I
• 20:12
  noticed is um you know the first thing
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  when I walked in and because I was
• 20:16
  traveling here this morning um I had my
• 20:19
  my my uh my trolley with me and you know
• 20:22
  the first thing that someone opened the
• 20:23
  door which actually even in many luxury
• 20:26
  hotels today I miss you know I was I
• 20:29
  just came back from Europe and we were
• 20:30
  in a couple of hotels that were marketed
• 20:33
  at luxury hotels and you know no one
• 20:36
  opened the door no one took the the bag
• 20:38
  and so on. all happened here. Um, which
• 20:40
  I find remarkable for residents. And
• 20:42
  then also I I realized when I came out
• 20:45
  of the elevator um it the immediately it
• 20:49
  almost it didn't feel like I'm on a um
• 20:52
  I'm not on the ground floor. It fels you
• 20:54
  come out and um it feels like as you
• 20:57
  said it almost feels like an estate
• 20:59
  although uh it's a condo. You you can
• 21:01
  hardly hardly see that. And I think this
• 21:04
  indooroutdoor living which hopefully we
• 21:05
  can see a little bit on the screen um is
• 21:09
  um I think is really something very very
• 21:10
  special. Um in terms of the you already
• 21:13
  described the um the bias a little bit
• 21:16
  or the profile of the of the buyers. Um
• 21:19
  do you see now with your experience over
• 21:22
  the last couple of years um a change in
• 21:26
  the profile of buyers of super high-end
• 21:29
  residencies or homes? um how are they
• 21:32
  changing? What are things that maybe a
• 21:34
  few years ago were not um top of mind
• 21:37
  but today is top of mind. Um can you
• 21:40
  elaborate a little bit on that? I would
• 21:42
  be very fascinated by that.
• 21:44
  >> Uh yes, Los Angeles is different. I'm
• 21:48
  going to you know just say because I do
• 21:52
  sell throughout the country and
• 21:54
  throughout the world in that Los Angeles
• 21:56
  again was never a condo market. So our
• 22:00
  needs here,
• 22:02
  you know, have evolved. We've had condo
• 22:06
  projects uh that were, you know, were
• 22:09
  I'm going to say did not exactly meet
• 22:12
  everyone's needs. And so it took some
• 22:14
  time for them to sell, you know, and so
• 22:18
  here it is just paying attention to what
• 22:20
  those needs are of the buyers. The needs
• 22:22
  of the buyers have changed because again
• 22:25
  this is you know just Los Angeles which
• 22:27
  is has been residential. We have
• 22:30
  sprawling estates you know that people
• 22:33
  have seen you know that's you know just
• 22:35
  really that they identify with Los
• 22:38
  Angeles. So the fact that we are moving
• 22:40
  into a condo market in itself is really
• 22:44
  unique
• 22:45
  >> and then it has to be you know meeting
• 22:49
  the needs of the specific buyers. So
• 22:51
  there are condos uh we're we're talking
• 22:54
  luxury here. Yeah. So on the luxury it's
• 22:57
  very it's different than where a typical
• 23:00
  buyer who says look I'm just going to
• 23:03
  live in an apartment that is a condo. We
• 23:06
  don't have that here that we don't have
• 23:07
  that here in in our project. Um you know
• 23:11
  and that's a very very different type of
• 23:14
  a buyer than our luxury buyer. So the
• 23:17
  luxury buyer, you know, again, this
• 23:19
  luxury buyer may have an apartment in
• 23:22
  New York or, you know, anywhere else in
• 23:24
  the world that is different than what
• 23:26
  they have here because it's a different
• 23:29
  different type of a climate, a different
• 23:32
  type of a situation. You know, our
• 23:34
  indoor outdoor swimming pool may not be
• 23:37
  what is needed in in an environment that
• 23:40
  doesn't have this weather.
• 23:41
  >> Yeah. You know, so it's and to one of
• 23:44
  the questions that you had, you know,
• 23:45
  that you brought up, we have the, you
• 23:49
  know, we have the pool, we have the the
• 23:51
  the garden that is part of the
• 23:53
  ownership, but it is maintained,
• 23:57
  you know, by the building for you. Even
• 23:59
  though you own it, it is still taken
• 24:01
  care of. So it meets the needs of I want
• 24:05
  uh you know I just want to be able to
• 24:07
  lock the door and and feel good that
• 24:10
  everything is handled for me. I can go
• 24:12
  travel. I can enjoy while I'm here and
• 24:15
  I'm living in a home while I'm here. So
• 24:17
  we have a specific project and a
• 24:20
  specific type of of property here that
• 24:23
  meets the needs of those you know of the
• 24:25
  luxury buyer. Sally, so you but you
• 24:28
  advise
• 24:31
  I mean global citizens and really you
• 24:33
  have built your business kind of
• 24:36
  accommodating the demands that have been
• 24:39
  changed not just domestically but
• 24:42
  internationally.
• 24:43
  What advice would you give others that
• 24:45
  are working kind of in this global
• 24:47
  environment from a I mean somebody that
• 24:50
  is a successful icon in our industry?
• 24:53
  Yeah, just really looking at and again
• 24:56
  it's going to be different in different
• 24:59
  cities in different parts of the of the
• 25:01
  world. But um you know but it's really
• 25:04
  looking at what are the needs, what is
• 25:07
  special about that particular location
• 25:10
  that is going to bring that buyer that
• 25:13
  really that they're going to want to be
• 25:14
  there that they're going to want to that
• 25:17
  meets their needs. And so it's going to
• 25:19
  be, you know, it's really studying that
• 25:22
  particular marketplace and making sure
• 25:24
  that you're meeting those needs. Again,
• 25:26
  this was this evolved over, you know,
• 25:30
  just through my experience and again, I
• 25:32
  do work throughout the world and I do
• 25:35
  know that there's different areas that
• 25:38
  are going to be very very different than
• 25:40
  what we have here. So it's really
• 25:41
  understanding what the needs are for
• 25:44
  specific projects. But you bring that
• 25:47
  worldwide like then you get the benefit
• 25:49
  and your clients get the benefit of
• 25:51
  bringing that worldwide perspective back
• 25:53
  and saying it could be something that I
• 25:56
  mean well like this is a perfect
• 25:58
  example. It could be something that the
• 26:00
  buyer didn't even really realize they
• 26:02
  wanted until you showed it to them.
• 26:05
  >> Oh for sure. And there's you know and
• 26:07
  and then it's like you know light bulb
• 26:11
  you know whoa this is really this is
• 26:13
  fantastic. And uh you know and and for
• 26:16
  buyers you know frequently they don't
• 26:18
  know what they want. You know they just
• 26:21
  like and they come in and then it's ex
• 26:23
  you know it just they walk in and they
• 26:25
  know literally within the first 30
• 26:27
  seconds if this meets their needs or not
• 26:30
  and it may not have been something that
• 26:31
  they were thinking about but there it
• 26:33
  is.
• 26:34
  >> Do you create that emotion? I mean, I
• 26:36
  think that that's it's something Daniel
• 26:38
  and I talk a lot about where it's like
• 26:39
  it is there is all of a sudden you see
• 26:42
  it with where a client starts to
• 26:44
  resonate. So, they step off of this
• 26:46
  private elevator and I mean, how do you
• 26:49
  do that? Do you let them take it in?
• 26:51
  What's kind of your secret?
• 26:53
  >> Well, it it starts from the moment that
• 26:55
  they pull up to to the property. And as
• 26:58
  you were saying, Daniel, okay, so you
• 27:00
  pulled up and you you know it
• 27:04
  immediately you felt someone was taking
• 27:06
  care of me.
• 27:07
  >> So it starts from really what you're
• 27:09
  presenting. Um and and you have to you
• 27:13
  have to present it. The buyer then you
• 27:15
  know the client the buyer just then
• 27:17
  takes it in. So, you know, we do that,
• 27:21
  you know, in in trying to create that
• 27:24
  environment for them so that they then
• 27:27
  have that moment of coming in and
• 27:29
  saying,
• 27:30
  >> you know, wow, when you walk off of the
• 27:33
  private elevator, you're not coming into
• 27:36
  you're coming into a grand foyer of your
• 27:40
  own residence here. So, you immediately
• 27:42
  feel at home. you immediately feel like,
• 27:46
  wow, this is really special. And so it's
• 27:50
  creating that that moment for them, you
• 27:53
  know, each of the moments. And again,
• 27:54
  the buyers literally and and and you can
• 27:57
  attest to this, too. I'm sure they know
• 28:02
  mo, you know, within the first, you
• 28:04
  know, minutes, 30 seconds, whether they
• 28:08
  want to buy it or not, if it works or if
• 28:10
  it doesn't. And then the rest of your
• 28:12
  the rest of the time they're either
• 28:14
  talking themselves in or talking
• 28:16
  themselves out of the purchase. And so,
• 28:19
  you know, so yes, we want to build that
• 28:21
  excitement and no, we don't want to
• 28:23
  interfere and talk them out of it. You
• 28:25
  know, that's right.
• 28:28
  But what I what I find fascinating is
• 28:31
  that um you know when you when you
• 28:33
  talked about the bias and you know this
• 28:35
  emotion and the the the decision-m
• 28:38
  process that it seems that the decisions
• 28:41
  are not necessarily done in a
• 28:44
  traditional way and what I mean in a
• 28:46
  traditional way is typically when um for
• 28:49
  example when I do trainings um in for
• 28:52
  salespeople in in luxury I always say
• 28:54
  it's not always about the features it's
• 28:55
  so much more about the feeling. as the
• 28:57
  emotion, the inspiration and so on. And
• 28:59
  then at some point we have to speak
• 29:00
  about features because for sure people
• 29:02
  want to know how how big the the the the
• 29:04
  place is and and so on. And but um it's
• 29:07
  it's much it's much more so the
• 29:09
  inspirational part is so so much more
• 29:11
  important. And I also think that what
• 29:14
  you said for example the convenience if
• 29:16
  you have someone that travels in and out
• 29:18
  all the time not having to worry when
• 29:20
  they when they leave you know we had
• 29:22
  this just when when we left for um for
• 29:26
  um our vacation then I forgot to take
• 29:28
  something out of the fridge and then
• 29:29
  when I came back I came back two weeks
• 29:31
  later and then you know we had to kind
• 29:33
  of clean the whole fridge because they
• 29:35
  kind of life life evolved there and and
• 29:38
  and these are things that um that
• 29:40
  basically I think a lot of the clients
• 29:42
  until coming here if they have several
• 29:44
  homes they will be here maybe for a
• 29:45
  while maybe for an event then then go to
• 29:47
  the next place and you always want the
• 29:49
  place to be to be looking nice and
• 29:51
  perfect and effortless. So I what I was
• 29:53
  listening a little bit and maybe you can
• 29:55
  elaborate a bit more on that that this
• 29:57
  idea of convenience effortlessness
• 30:00
  and even what you said about the
• 30:02
  security I would say securityurities to
• 30:04
  me is something that ideally you never
• 30:06
  need so but when you need it you want it
• 30:09
  to be there so it's also a kind of
• 30:10
  something that makes your life easier
• 30:12
  makes your life more effortless just
• 30:14
  knowing that you don't have to to worry
• 30:16
  about anything and I find this
• 30:18
  fascinating because you would think
• 30:20
  sometimes that at a very high price
• 30:22
  points really all about the amenities
• 30:24
  and they have to be there but there's
• 30:26
  probably completely different things
• 30:28
  that make a buyer tick to go for
• 30:31
  something or go against something
• 30:34
  >> all of the buyers I mean you know it is
• 30:38
  it's emotional it is emotional so there
• 30:40
  are features and as you say you know you
• 30:43
  can go into those and those are part of
• 30:46
  talking them into or out of the purchase
• 30:49
  but it is an emotional experience I mean
• 30:52
  residential real estate is lifestyle.
• 30:56
  It's totally emotional. It is you know
• 30:58
  do you picture yourself living there and
• 31:02
  that is you know that's my job and
• 31:05
  that's the job of you know uh you know a
• 31:07
  good residential know professional is
• 31:11
  what how are you going to feel how are
• 31:13
  you going to be living here you know and
• 31:16
  and painting that picture that is that's
• 31:19
  the key component. So the rest of it is,
• 31:23
  you know, is is the backdrop,
• 31:25
  >> you know, but the feeling of security.
• 31:27
  You know, our our world is complicated.
• 31:30
  People are, if they're feeling insecure,
• 31:32
  we want to build on that and have them
• 31:35
  feel secure. This is their home. They
• 31:38
  want to feel secure.
• 31:40
  You know, they want to have, you know,
• 31:42
  for most of these buyers, they don't
• 31:45
  have to buy, okay? they are living
• 31:48
  somewhere and it is you know it's a
• 31:51
  discretionary purchase. So it's
• 31:53
  discretionary. Do they want to have a
• 31:56
  change in lifestyle or do they want to
• 31:59
  have an additional residence that they
• 32:02
  can, you know, picture themselves, you
• 32:04
  know, just enjoying and what that life
• 32:07
  will feel like. And it's it's a totally
• 32:09
  emotional purchase. And so, uh, it's
• 32:13
  really, you know, features are
• 32:14
  important. Those are just really on how
• 32:18
  those features will make them feel
• 32:21
  >> and and how they will enjoy those
• 32:23
  >> more so than you know you know a a you
• 32:27
  know this is you know this is exactly
• 32:30
  you know this they just in looking at
• 32:32
  the feel of the property just and the
• 32:35
  residents quality is important. So, you
• 32:38
  know, we we talk about quality, but it's
• 32:40
  again, you know, that's that's just the
• 32:43
  emotional impact is really the most
• 32:45
  important,
• 32:47
  >> I think, too. Um, it there's a
• 32:49
  timelessness in like when as you pull up
• 32:53
  to the building, there's no brand on the
• 32:56
  building at all, or at least that I saw.
• 32:59
  And but there there's like it's known,
• 33:02
  it gives people a sense of comfort that
• 33:04
  they're like, "No, this is a rosewood
• 33:06
  product." And and so you mentioned the
• 33:08
  demographic is people that are
• 33:10
  downsizing. So a little bit, you know,
• 33:12
  older demographic, but it's interesting
• 33:14
  because it's the values of the younger
• 33:17
  generations that are more understated.
• 33:19
  Don't you agree?
• 33:20
  >> It's not, you know, that is one part of
• 33:22
  the clientele. So many of our high netw
• 33:26
  worth individuals are not older, you
• 33:28
  know, you know, they have, you know,
• 33:31
  they've been quite successful at very
• 33:32
  young ages. But um uh yeah, but it's
• 33:36
  it's it's again the building and the you
• 33:40
  know the way it's the architect and this
• 33:42
  goes a lot to the credit of the
• 33:44
  architect Thomas Shel Hansen is is
• 33:46
  brilliant but and his and his you know
• 33:49
  his masterpieces are all timeless you
• 33:52
  know they are they're not trendy you
• 33:55
  know is the use of the materials you
• 33:56
  know it's it's quality you know it's
• 33:58
  stone it's it's metal it's it's glass it
• 34:01
  is it is not you know it's not trendy
• 34:04
  and and you know we can all walk in and
• 34:06
  say, "Oh my gosh, I know that was, you
• 34:08
  know, 1990 or whatever and it's got
• 34:11
  airmarked and it's like it or it was
• 34:14
  built and it's dated within several
• 34:16
  years." That's right.
• 34:17
  >> This is not that at all. This is classic
• 34:20
  timeless and and that's really what
• 34:23
  you're referring to because you pull up
• 34:25
  and you know it from the moment that
• 34:27
  that you you know that you pull up to
• 34:29
  the to the building to the property.
• 34:31
  >> It's pretty special.
• 34:32
  >> Yeah.
• 34:33
  Where do you see the um where do you see
• 34:37
  the the future of let's say even the
• 34:40
  future of luxury real estate going? Um,
• 34:43
  if you again if you compare maybe like 5
• 34:46
  years ago, 10 years ago, what you see in
• 34:48
  terms of trends, is it basically what we
• 34:50
  just said, is it more like overall going
• 34:53
  more into this timelessness? Is it much
• 34:55
  more individual expressions? Um, and I'm
• 34:58
  particularly interested in the high end
• 34:59
  and maybe you know I maybe I add
• 35:01
  something. I had a recently I was doing
• 35:04
  a training um with some of the top
• 35:07
  architects in the world. So we spend two
• 35:09
  days together um discussing about you
• 35:12
  know their own brands and how they can
• 35:13
  be more successful and some of these
• 35:15
  architects um because they the very high
• 35:18
  end they have billionaire clients and
• 35:21
  very very famous clients and I remember
• 35:23
  over dinner one one person told me that
• 35:27
  um some of their clients they have one
• 35:30
  criteria and this is that nothing in the
• 35:32
  home can be the same as in any other
• 35:35
  home in the world because they they will
• 35:37
  they all their friends also have
• 35:39
  unlimited funds and the only thing they
• 35:41
  can really so they cannot impress
• 35:43
  anymore with money. The only thing they
• 35:45
  can impress is maybe with something that
• 35:47
  someone else doesn't have access to or
• 35:49
  or doesn't doesn't have. So I would be
• 35:51
  quite interested as you're dealing also
• 35:53
  with this this kind of clientele what
• 35:55
  you are seeing here in terms of trends.
• 35:57
  What are things that maybe a few years
• 35:59
  ago you didn't see at any residence and
• 36:02
  now starts to become um starts to become
• 36:05
  more standard here? For example, um I
• 36:08
  have in my home a hyperbaric oxygen
• 36:10
  chamber and um when I bought it um the
• 36:13
  person who who sold it to me said, "Oh,
• 36:15
  in Hollywood all the celebrities have
• 36:17
  one and some some even have their
• 36:19
  bedrooms modified into one." So maybe
• 36:22
  tell me a little bit or tell us a little
• 36:23
  bit more about you know maybe things
• 36:25
  that you see demands that you see that
• 36:27
  are maybe a little bit unusual or um
• 36:30
  just that we get a bit of a more glimpse
• 36:32
  into this world of super high-end
• 36:35
  residences and you know the tastes
• 36:37
  behind also maybe the the desires of of
• 36:40
  people.
• 36:42
  So uh again you know you're absolutely
• 36:45
  correct uh you know just on the very
• 36:49
  wealthy and the billionaire clients do
• 36:53
  not want I mean they want something
• 36:55
  special they want something unique you
• 36:57
  know that's one of the appeals here you
• 36:59
  know is that there's only 17 each one is
• 37:02
  different okay so we start with that um
• 37:06
  you know then on in general on luxury
• 37:09
  real estate absolutely I you're talking
• 37:12
  about, you know, cold plunge. We talk
• 37:14
  about, you know, and things come and go.
• 37:16
  I'm just going to say it can be very,
• 37:18
  very popular at this moment and then it
• 37:22
  changes. So, I mean, certain things are
• 37:26
  almost standard. Everyone has, you know,
• 37:29
  a home movie theater. Okay, that is
• 37:32
  that's just checking a box where it's
• 37:34
  not a novelty anymore, you know. So, and
• 37:36
  again this is in homes you know you know
• 37:39
  just or you know the cold plunge I'm I'm
• 37:43
  I haven't done that myself. I mean I
• 37:45
  just think of it and I start to shiver
• 37:47
  but but you know very popular now. I
• 37:50
  can't you know I can't tell you if it's
• 37:52
  going to be um so there's just so many
• 37:56
  things that people are looking at but
• 37:58
  they do not want to have the same thing
• 38:01
  that they don't want the same material.
• 38:03
  They don't want the same look. They
• 38:05
  don't want something that looks really
• 38:07
  just trendy for the moment,
• 38:09
  >> you know. So, in the end, they want
• 38:11
  something that's going to last, but they
• 38:13
  don't want the same thing that everyone
• 38:14
  else. And so, you know, here in Los
• 38:17
  Angeles, health and wellness is is
• 38:20
  primary. Um, people want to look
• 38:22
  beautiful. you know there's you know a
• 38:25
  project where you have you know a
• 38:28
  special place for you know your cosmetic
• 38:30
  surgery within you know with within your
• 38:34
  home you know so you have the privacy so
• 38:36
  you have all of that but Los Angeles you
• 38:38
  know Beverly Hills is you know there's
• 38:40
  there's health and wellness so critical
• 38:42
  so all of the hyperbaric chambers you
• 38:45
  know the the you know ultra you know the
• 38:48
  saunas you know the the cold plunges
• 38:51
  anything that is health and wellness is
• 38:55
  really people look at that that's
• 38:57
  probably you know more so throughout the
• 39:00
  world right now but we're we're really
• 39:02
  at the center most of that um and not
• 39:06
  just very very unique and special you
• 39:09
  know there's and and and I'm just going
• 39:11
  to say for me
• 39:13
  >> when I walk in and I represent a lot of
• 39:16
  beautiful properties and I walk into
• 39:18
  other properties that I will visit and I
• 39:21
  I'm saying Oh my goodness.
• 39:24
  You know, and I'm bored. This is like
• 39:26
  another $50 million house. I mean, it's
• 39:30
  it's outrageous for me to even think
• 39:32
  that because unless they have something
• 39:36
  unique or special.
• 39:39
  >> It's it's not exciting, you know, and
• 39:41
  it's not exciting for these, you know,
• 39:43
  uh very wealthy individuals.
• 39:47
  I I really love what you just said
• 39:48
  because I think that um in in luxury
• 39:52
  this is something that you know I've
• 39:53
  been writing for the last decades even
• 39:57
  um that luxury in a sense is re
• 40:00
  perpetually surprising people um always
• 40:03
  kind of thinking of something new and I
• 40:05
  remember you know one podcast episode um
• 40:08
  that that I had recently with Tossen
• 40:10
  Miller Edver um the former CEO of
• 40:13
  Rolls-Royce Motorcars and he als he he
• 40:16
  said in in the podcast episode that
• 40:17
  whenever they did an event that was
• 40:20
  really successful. They said this now we
• 40:21
  check all we we we um can do all the
• 40:24
  checks here then they decided never to
• 40:27
  repeat it again because that clientele
• 40:29
  sees everything and is then bought if
• 40:31
  the same thing happened again. And I
• 40:33
  really liked how you just said it.
• 40:35
  There's so many so many um things that
• 40:40
  supposedly are luxury but then you go
• 40:42
  there and you say, "Okay, I've seen it
• 40:44
  before. it's not exciting. And I think
• 40:46
  that we sometimes forget this excitement
• 40:47
  factor. Um, and for sure if also like in
• 40:51
  in a residence like this one when you
• 40:53
  walk in and if you immediately feel that
• 40:56
  there's something that I've not seen
• 40:58
  before or felt before, that is then what
• 41:00
  what really makes makes something
• 41:02
  special. Well, so Sally and so to expand
• 41:05
  on that, I'm so curious about like how
• 41:08
  you advised the developer, you know,
• 41:11
  when you think about the taking the risk
• 41:13
  of the pools, the infrastructure that
• 41:15
  goes into something and then having
• 41:17
  different floor plans. I mean, what was
• 41:19
  the dialogue like and how how did that
• 41:21
  inspiration come because a lot of it is
• 41:23
  the execution of your vision in line
• 41:26
  with the developer's vision.
• 41:27
  >> Yeah. So, you know, we're this
• 41:30
  particular site was uh really earmarked,
• 41:34
  you know, for just a greater
• 41:36
  development. You could have built more
• 41:39
  condo units, you know, and that is
• 41:41
  typical. Typical developer goes for the
• 41:44
  maximum, you know, maximum that they can
• 41:46
  develop. Um and so this was a leap of
• 41:49
  faith you know on on our developer and
• 41:53
  architect's uh you know side just on
• 41:57
  this is but it checks boxes that were
• 42:01
  missing clearly missing um and so and
• 42:04
  this goes to if you're looking in
• 42:06
  different cities and different
• 42:08
  environments what is really what has
• 42:11
  been the demands and the needs of those
• 42:14
  you know buyers that have not been Yet
• 42:17
  there is nothing that compares to this.
• 42:21
  >> So someone who is you know a buyer who
• 42:24
  walks in from the moment that they are
• 42:27
  greeted you know pull their car pulls up
• 42:30
  you know and we have a house car if they
• 42:32
  don't want to pull up in case you've got
• 42:34
  all the bases that you have you know
• 42:36
  then they can be picked up and and and
• 42:38
  and you know and delivered but um so it
• 42:41
  checks you know it just like you know it
• 42:44
  it their eyes open. So, in just walking
• 42:47
  in, you know, just walking coming off of
• 42:49
  the elevator here from, you know, just
• 42:51
  into the resident self and you walk in
• 42:54
  and you look and you're walking in to
• 42:57
  the grand foyer and then you're looking
• 42:58
  out, you know, your first visual is a
• 43:01
  pool, you know, and all the outdoor
• 43:04
  space. It is, you know, you know, it's
• 43:07
  just, wow, who would have thought? And
• 43:10
  so it's it's really checking boxes that
• 43:14
  have not been met before. So it it's
• 43:17
  really, you know, and and and thank you
• 43:20
  to my developer.
• 43:21
  >> I was just going to say like that's the
• 43:23
  trust, right? Like that is
• 43:25
  >> for them to kind of say, "Okay, we're
• 43:27
  going to we're going to follow your lead
• 43:29
  and build something that has never been
• 43:31
  built before is
• 43:34
  >> speaks volumes to that relationship."
• 43:36
  >> Totally. Yeah. So appreciate that.
• 43:38
  >> Yeah.
• 43:40
  Wonder wonderful. So this was an
• 43:42
  absolutely enlightening conversation and
• 43:44
  you know thank you for having us here in
• 43:46
  this in this wonderful space and um I
• 43:49
  think the insights were really you know
• 43:52
  I would say eye opening and again also
• 43:55
  as we already elaborated during the
• 43:57
  conversation a great reminder that uh in
• 43:59
  luxury nothing is the ordinary we have
• 44:01
  to and I I really also liked what you
• 44:03
  said in the in towards the end uh when
• 44:06
  you said it's a leap of faith so
• 44:07
  sometimes the easy solution would have
• 44:10
  been okay we have all the permits, let's
• 44:12
  put here two or three times the amount
• 44:14
  of condos and um and they would sell
• 44:17
  because you know then pro potentially
• 44:19
  they will be at a different price point
• 44:21
  and and so on. But to really say okay
• 44:23
  now we do something really special. We
• 44:25
  do something that no one else has ever
• 44:27
  been been doing at least not in in this
• 44:29
  in this area and then really stand out.
• 44:31
  I think you kudos to you that you were
• 44:33
  the the um you know you were also um
• 44:37
  pushing then everyone in this project in
• 44:39
  that direction but also to everyone
• 44:41
  involved in this in this project. It's a
• 44:43
  very rare gem and uh you know very we
• 44:46
  are very um grateful that we could get a
• 44:49
  little bit of a glimpse in into this
• 44:50
  today.
• 44:51
  >> Well, thank you.
• 44:52
  >> Thank you.
• 44:52
  >> Yeah. Thanks.
• 44:53
  >> Yes. Thank you, Sally.
• 44:58
  [Music]