Sunday, December 10, 2023
Homerealty check with diana olickFor the billionaire who wants it all: A fully loaded home

For the billionaire who wants it all: A fully loaded home

The Macallan is in the master suite, and the Cristal is by the soaking tub—so are the glasses to pour it all in, the tables the bottles sit on, the art on the walls to gaze at while sipping and the designer bath salts to infuse the room with just the right aroma.

To call this brand new $36 million Beverly Hills, Calif., home "fully loaded" might be an understatement. In fact, it could even be an insult to its designer.

"My mandate here was perfection, by the owner, and I think we achieved it," said Michael Palumbo of Palumbo Design.

Source: The Agency

The 11,000-square-foot home is nothing short of stunning, outside and in. From the fully stocked wine cellar to the crystal in the bar, from the Italian furniture, to the sculpture by the infinity pool; needless to say all the home's systems are fully automated.

It is meant for a very particular buyer with a very particular vision of homeownership: One where dealing with decorators and contractors is not in the plan. You buy this home, you get it all.

(Read more: Builder sentiment falls slightly in January)

"They want that immediate satisfaction, move into the house, throw a party the next day, be enjoying it and enjoying life," said Mauricio Umansky, the listing agent for the home. "It's the new billionaire, that young billionaire that doesn't have time to go through all of those things, would rather concentrate on business, on what they're doing."

Source: The Agency

The target is, arguably, the international buyer. Chinese, Russian, they come loaded with cash in search of convenience.

"The buyer who's buying these homes doesn't have time to shop or wait 16 weeks for furniture, or they don't want to do three years of building their own and all the headaches and brain damage that goes along with building your own property," said Palumbo.

(Read more: Mortgage refinances bounce back as rates settle)

Source: The Agency

Developers are taking the idea of staging one step further, and while this home is catering to the ultrawealthy clientele, they believe the trend will trickle down.

"I definitely see this going down market to some of the less-pricey markets," says Umansky, who is already seeing it pop up in condominiums and vacation homes. "A home sold furnished makes a lot of sense."

(Read more: Mortgage rates get a break on fees)

The buyers may not care about choosing color palettes, but they are meticulous about knowing exactly what they're getting. Managers or lawyers working with the clients are requesting full dossiers of every item in the home, every piece of art, every appraisal and information on where the items were procured.

While this trend is nothing new in the vacation home market, this focus on the very highest end could have high-end retailers seeing big opportunities in the home building sector. The only thing the Beverly Hills home is missing? A Bugatti in the driveway.

By CNBC's Diana Olick. Follow her on Twitter @Diana_Olick.



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