Latest news with #InsideWealth
CNBC
3 days ago
- Business
- CNBC
Summer rentals in the Hamptons are down 30%
A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Summer rentals in the Hamptons are off to a chilly start to the season, as unrented homes start to pile up and sales slow, according to brokers. Hamptons rentals are down 30% from the same period in previous years, according to Judi Desiderio of William Raveis Real Estate. Brokers who focus on ultra-high-end rentals say their rental business is down between 50% and 75%. "People are holding on to their money," said Enzo Morabito, head of the Hamptons-based Enzo Morabito Team at Douglas Elliman. "They don't like uncertainty." Of course, Hamptons renters often wait until the last minute to book July and August rentals. Brokers say this year may be starting even later due to cold, rainy weather in May. Some renters may also be holding out for better deals in a Hamptons market that has become far more expensive after Covid. Yet brokers and renters say privately that the volatility in the stock market and economic uncertainty sparked by the ever-changing tariff landscape has made some affluent renters and even some buyers hold off on a pricey Hamptons vacation this summer. After the post-election euphoria in markets at the end of last year, brokers saw a surge in interest from potential renters in January and February. But as spring arrived, along with the April tariff announcements, the early interest didn't translate into rentals. Morabito said he represents several homeowners with large waterfront and luxury properties that typically would have been rented by March or April. Today, they're still available. He said some homeowners who rent out three or four homes in the Hamptons during the summer may start to question their investments after this summer if renters don't start emerging. On the plus side, the rise in unrented inventory means potential bargains and choice for renters. Brokers say some listings have started lowering their prices by 10% to 20% in hopes of saving the summer. Some homeowners are adding more flexibility, allowing for shorter one- or two weeks stays in hopes of getting renters. Gary DePersia of My Hampton Homes said the best houses in the Hamptons typically get rented early in the year. "But this year I have great rentals available in every town, from Southampton to Montauk." While tariffs and economic uncertainty may play a role in the slump, he said renters seem to have been waiting longer and longer every year, perhaps holding out for better deals. Eventually, he said, they end up renting. "I think a number of people have deferred decisions, or they weren't sure what [they were] going to do, go to Europe or the West Coast," he said. "They will realize they want to be in the Hamptons; they have lot of friends and colleagues here and then they start scurrying around for rentals." Desiderio said the combination of weather and grim economic headlines made for a slow start that will quickly reverse. "I believe this year there was so much 'dark noise' out there financially, and geopolitically, and the weather was not conducive to thinking of summertime," she said. "There's no doubt that by the time July 1 is upon us, all of the rentals will be taken this year." When it comes to home sales, the Hamptons real estate market remains fairly strong, despite relatively low inventory. Sales in the first quarter were down 12% from a year ago, although the median sales price jumped 13% to a record $2 million. Brokers say when a quality home in the Hamptons is priced right, it sells immediately. They add that the surge in high-end sales in Manhattan over the past two months could also lift the Hamptons market. "I just had two Canadians put a bid on an $18 million house, sight unseen" Morabito said. "When Manhattan comes alive, we always follow."
CNBC
20-05-2025
- Business
- CNBC
Here's JPMorgan's summer reading list for the wealthy for 2025
The top summer reading list for the wealthy this year includes books on happiness, resilience, artificial intelligence and the future of the U.S. dollar. JPMorgan's annual summer reading list, which has become the go-to selection of beach books for the wealthy, offers up 16 titles this year — from Suzy Welch's career guide and Melinda French Gates' reflections on her life and philanthropy to Palantir CEO Alex Karp's predictions for AI and Kenneth Rogoff's treatise on the dollar. The list, now in its 26th year, was compiled from more than 1,000 suggestions from JPMorgan's client advisors and whittled down by a special review committee. "Our focus was around the power of curiosity for this year's list," said Darin Oduyoye, chief communications office for JPMorgan asset and wealth management, who oversees the list. "You can think of it from a reflection standpoint or transformation standpoint." The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them. Subscribe here to get access today. Oduyoye said JPMorgan also received input from family offices — the private investment arms of wealthy families — and many cited the need to guide the next generation of wealth holders. With over $100 trillion expected to pass from older generations to spouses and their children, family offices have made educating and teaching the next generation a top priority. "From our family office survey, what we heard loud and clear was that values are very important to the next generation," he said. "As they're thinking about the adult leadership of the next generation for the family operating committee or business, they want to make sure these people are prepared. It's about how to think about that from a psychological perspective as well, to make sure you're balancing, not just the prosperity of wealth, but also the things that you can do to make impact both within your community and within your business." Along with the list of 16 books, and increase from prior lists, which had 10, this year's Summer Reading List also includes suggested summer experiences, from the DATALAND exhibit at The Grand LA, to the SailGP racing series and the Hill Family Estate in Napa, California. Here is the full list of books:
CNBC
10-05-2025
- Business
- CNBC
A rare platinum Rolex is heading to auction and could fetch $1.7 million
A legendary timepiece is about to step into the spotlight. A 1999 platinum Rolex Daytona is heading to auction on Sunday at Sotheby's Geneva, and could sell for up to $1.7 million. The watch is made from platinum, a material Rolex did not use on Daytona models until 2013. Its face is mother-of-pearl, set with 10 diamonds. Unlike nearly every other Rolex on the market, it was not part of a standard collection. It was privately commissioned, custom-made for a client — something almost unheard of for Rolex. "It's very unusual to come across a commission," said Pedro Reiser, senior watch specialist at Sotheby's. "There are other brands which might be more flexible and do these kinds of exercises, maybe on a regular basis — but not in the space of Rolex pieces where you barely can come across any commission whatsoever." Only four of these watches are known to exist, made for the same family, each with a different dial. The watch heading to the auction block is the last one to be sold. The others have already gone for massive prices, topping $3 million. There is big hype around this small work of metal. It is believed to have been created under the leadership of Patrick Heiniger, Rolex's CEO from 1992 to 2008. He ran the company during a time of major growth and secrecy and helped turn Rolex from a respected watch brand into a global luxury icon. The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them. Subscribe here to get access today. While rumors have swirled that Heiniger personally commissioned or wore a similar platinum Daytona, Reiser cautions that there is no confirmed link to this watch. "That's more of a rumor," Reiser said. "Personally, I've never seen him with this piece, but I know that he used to love platinum watches — mainly Day-Date models. It's a nice story that accompanies the watch, but I think it's more of a myth." The fact that Rolex made a platinum Daytona in 1999, long before it introduced platinum models publicly in 2013, is a major part of the watch's mystique. "Back then, they only existed in stainless steel, yellow gold and white gold," Reiser said. "Having a platinum — the only known platinum Zenith Daytona — is very special." This particular model stands apart even from its siblings. "This is the only one that has a diamond-set dial," Reiser said. "The others had dark mother-of-pearl, lapis lazuli and turquoise stone dials, but no diamonds." As more people, especially wealthy collectors and younger buyers, increasingly see rare watches as investments, the prices of these rare timepieces have climbed. According to Knight Frank's latest index, watches have jumped more than 125% in value over the past decade, ranking them among the top-performing luxury investments, just behind rare whisky and high-end designer furniture. Even after a slight cooling, with prices rising only 1.7% over the past year, the five-year growth rate for watches of 52.7% signals the category remains a reliable long-term play. Demand has only broadened, with more international buyers and a wave of under-30 collectors entering the market, Reiser said.
CNBC
08-05-2025
- Business
- CNBC
Bill Gates doubles giving to $200 billion, says philanthropists can't cover government cuts
Billionaire Bill Gates announced on Thursday that he will double his charitable giving to $200 billion over the next 20 years. In a blog post, the Microsoft co-founder wrote that he was motivated by the many challenges facing the world, such as children's health and climate change, as well as the late Andrew Carnegie's admonishment of wealth hoarding. "People will say a lot of things about me when I die, but I am determined that 'he died rich' will not be one of them," Gates wrote. "There are too many urgent problems to solve for me to hold onto resources that could be used to help people." Gates is currently the world's fifth richest person with a $168 billion fortune, according to the Bloomberg Billionaires Index. The $200 billion commitment assumes his charitable foundation's endowment will grow through investments. The Gates Foundation, founded by Gates and his ex-wife, Melinda French Gates, in 2000, has already given away more than $100 billion. After Bill Gates has given away "virtually all" of his wealth, the foundation will close at the end of 2045, he said. Gates is one of few billionaires to publicly step up their charitable giving as nonprofits and universities reel from federal funding cuts. Despite his increase in giving, he said philanthropists cannot cover the multibillion-dollar foreign aid cuts by the U.S. and other wealthy countries. "The United States, United Kingdom, France, and other countries around the world are cutting their aid budgets by tens of billions of dollars. And no philanthropic organization—even one the size of the Gates Foundation—can make up the gulf in funding that's emerging right now," he wrote. "It's unclear whether the world's richest countries will continue to stand up for its poorest people." The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them. Subscribe here to get access today. In an interview with the Financial Times, Gates criticized Elon Musk for his role in cutting U.S. foreign aid. In February, Musk's so-called Department of Governmental Efficiency effectively shut down the U.S. Agency for International Development. The federal agency disbursed $42.5 billion in 2023, according to government data, that provided lifesaving assistance, including health care, clean water and food across the globe. "The picture of the world's richest man killing the world's poorest children is not a pretty one," Gates told the Financial Times. In early March, the agency estimated that the cuts would have dire consequences, including 1 million children with severe acute malnutrition going untreated and up to 166,000 additional deaths from malaria. Gates, his then-wife and Warren Buffett founded the Giving Pledge in 2010 as a commitment for the world's richest people to give away more than half their wealth in their lifetime or wills. French Gates has since stepped down from the Gates Foundation but has her own philanthropic organization. Musk has signed the Giving Pledge. Gates told the New York Times that he doesn't know whether Musk will follow through. "The Giving Pledge — an unusual aspect of it that you can wait until you die and still fulfill it. So who knows? He could go on to be a great philanthropist," he said before pointing to Musk's involvement in the foreign aid cuts. Musk has given away less than 1% of his wealth, according to Forbes. The publication estimates his out-the-door giving — gifts that have been paid, not just pledged or parked in a foundation — at $620 million over his lifetime through 2023.
CNBC
08-05-2025
- Business
- CNBC
Christie's CEO: Tariffs haven't scared people away from our sale rooms
CNBC's Robert Frank got a special sneak preview of Christie's marquee May auction of 20th and 21st century art in New York City. He spoke with Christie's CEO Bonnie Brennan about how tariffs and global economic uncertainty are impacting the fine art market; the collection of rare works at auction this month including from Mondrian, Picasso and Monet; where Christie's is seeing growth in the luxury space beyond art; and how Christie's is adapting its business to attract a younger generation of collectors. Watch the full conversation above. The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them. Subscribe here to get access today.
