Latest news with #luxuryrentals
Daily Mail
3 days ago
- Business
- Daily Mail
Fears of a US recession force ultra-wealthy to bail on rentals in popular summer hotspot
The rich aren't biting this year — sparking concerns about the state of the economy. The super-wealthy, who flock to the Hamptons every summer to live in the lap of luxury, aren't spending tens of thousands per month to do so anymore. A rental crisis has hit the Eastern end of Long Island, as mansion rentals are down 30 percent this year, according to CNBC. And the luxury rental market that is usually booked every summer doesn't show any signs of improving. New York City residents — who make up the majority of Hamptonites — will likely miss their infinity pools, tennis courts, and ocean views. For ultra high-end rentals, brokers say their business is down between 50 percent and 75 percent. While some people may simply be holding out for better deals, brokers say renters are concerned about economic instability. '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.' For example, one palatial seven-bedroom estate in Bridgehampton, which normally rents for $350,000 from July 20 through Labor Day, is still sitting empty, CNBC reported. Another 11,000-square-foot mansion in Bridgehampton has slashed its summer price tag from $450,000 to $375,000 in a desperate bid to lure renters. Experts say some would-be renters are simply holding out for last-minute bargains or have been turned off by the late season frost in the area. But brokers warn there's deeper trouble. Economic jitters, a turbulent stock market, and Donald Trump's tariffs are forcing wallets shut. The crisis marks a sharp reversal from January and February, when rental inquiries were flying in. But by spring — and with the arrival of tariff chaos — it was nothing but crickets. Luxury broker Gary DePersia of My Hampton Homes says what he's seeing is unprecedented, and that usually, the best homes go early. The super-wealthy who flock to the Hamptons every summer to live in the lap of luxury aren't spending tens of thousands per month to do so anymore 'This year, I have great rentals available in every town, from Southampton to Montauk,' he says. Some nervous landlords have started slashing prices by up to 20 percent. They're also offering concessions like shorter stays instead of full-summer commitments. Morabito warns that homeowners who rely on summer rentals in order to pay a year's long mortgage may now be rethinking their investments. He represents several homeowners with large waterfront properties that typically would have been rented by March or April, but that are still available. Despite the bad news, some brokers remain optimistic. Judi Desiderio of William Raveis Real Estate believes the combination of 'dark noise' out there financially and geopolitically, along with bad weather, was not good. But she thinks that last minute takers will show up and predicts everything will be gone by July 1. The rich and famous, like Christie Brinkley (pictured above), flock to Hamptons hot spots like Surf Lodge starting on Memorial Day weekend Meanwhile, the sales market in the Hamptons is also down by 12 percent. But, sales are still happening, despite the median home price hitting $2 million, a new record. One broker is closing on a big deal. 'I just had two Canadians put in a bid on an $18 million house — sight unseen,' Morabito said. Still, the rentals sit. '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,' DePersia said. Famous residents of the Hamptons are heading to far more exclusive locales this year, too. Many celebrities and the super rich are instead making their way overseas. Jeff Lichtenstein, broker and CEO at Echo Fine Properties in Jupiter, Florida, told the Daily Mail that 'the uber-wealthy are changing it up this year,' adding that he's hearing about more people buying vacation residences in Portugal and heading to Spain on glamorous trips. These moneyed folks are visiting 'anywhere from Lagos to Carvoeiro overlooking the cliffs on the Atlantic to ultra new golf course communities within minutes of the Faro airport,' Lichtenstein said.
News.com.au
13-05-2025
- Entertainment
- News.com.au
Hot new Aussie series Billion Dollar Playground premieres with tense scenes: ‘How f***ing dare she'
Real estate shows are a dime a dozen in today's reality TV landscape, but one promises to stand out from the rest. BINGE 's new Original Series Billion Dollar Playground premieres today and offers a look inside real-life luxury holiday rental company Luxico and its staff of elite service experts consisting of concierges, chefs, butlers and housekeepers. Unlike other 'property porn' shows, on BDP the mega-mansions are just the bait with the hook being the drama that unfolds between the service staff as they attempt to deliver unforgettable stays for their wealthy guests. Lead concierge Salvatore, fellow concierges Heaven and Jasmin, butler JB, housekeeper Elsie, trainee Nicole, tradesman Jay, and chefs and siblings Matt and George, put on a united front for the guests, but behind the scenes it's not exactly smooth sailing. Just like any workplace there is pressure, tension, ambition, rivalry and potential romance so there is no shortage of high-end drama. Stream Billion Dollar Playground on BINGE, available on Hubbl. 'I would never even think of being on other reality television shows because … I'm just going to say that ours has heart,' Heaven, Luxico's second-in-command concierge, told us ahead of today's premiere. 'Anything that I involve myself in, it has to have heart. It has to be about real human connection. It has to have real emotions and dynamics. I understand there's an added layer of being filmed. But I want to stay true to who I am in any environment. And this show this does that for me. I honestly don't know about other reality shows. I just know this is real.' George, who is the resident hot chef along with his brother Matt, agrees that BDP tells it like it is. He points out that the elite crew were not cast in the series – these were their existing jobs therefore viewers can expect to see the 'real, raw stuff'. 'Everyone has access to the cinematic versions. They can see all the pretty stuff, the perfect tableware, the perfectly cooked stake,' George, who has cooked for the wealthy around the world, told us. 'But as we all know, that's not where the juice is. It's all behind the scenes.' Indeed, the first episode sees drama unfold between head concierge Salvatore and Heaven, who clash over a dining event at Luna Park. In Salvatore's eyes, Heaven did not run the show to his standards – and he lets her know it. 'Lift the game up, you're dropping the ball,' he tells her the following morning. 'I don't agree with that. This is sounding really bossy now,' she replies, to which he snaps, 'I am a boss! I'm not going to have this conversation.' He storms off in a huff and tells the other staff that Heaven can 'go f**k herself'. 'I don't need this aggravation in my life. How f***ing dare she. I'm not tolerating this,' he added. Heaven remained unbothered throughout and told that she was disappointed with what transpired with Salvatore. 'I was so excited to learn from him. This man has a wealth of experience and he comes in like, he's a king, he's a boss. I felt there was this competitiveness with him,' she says of her boss, who has worked with celebrities and royals during his decades-long career. 'My job is to impress the guests to make sure that they're happy to put them first. And so if my own supervisor is telling me as a concierge to stay away from the guests, what does that say about what his real intentions are? Is he actually trying to uplift his staff to be the best that we can be? 'I didn't experience that with him, and it's really unfortunate because I was so excited. He talks more about himself. I was ready for him to show up, and I didn't see that happen.' Luckily for the staff, the guests were none the wiser to the drama behind the scenes as their every whim was catered to. In the premiere episode, a fabulous guest named Athanasia brings along her prized poddle, Saki, for a short stay with her girlfriends at a $40 million home in Sydney's Rose Bay. Only problem is, there is a strict no-pets rule at the waterfront mansion that the group were unaware of. After arrangements are made for the dog to stay in exchange for a hefty $1000 cleaning fee, the staff then have the task of cooking a gourmet meal for the little pup. 'Is Saki going to be fed?' Athanasia asks the team. When asked what Saki eats, she playfully replies, 'I'm Greek, we eat lamb.' Athanasia has since praised the service staff for taking good care of herself and Saki, telling 'They very accommodating, polite, professional and went beyond my expectations to accommodate Saki and I. Even had a beautiful dog nanny to look after Saki while we partied at Luna Park.'
