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NYT: Poor People Have Second Homes, Rich People Have "The Four-Pack"

Separating the wheat from the chaff.
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Promise me this isn't your only house.

Do you consider yourself well-off? You might think you are, but here's a good test to see if you've been laboring under an embarrassing and false assumption: count the number of homes you own, and if the number is any fewer than four, whether or not the value of 1-3 add up to tens of millions of dollars, you're a poor person. If your winter clothes co-mingle with your summer clothes; if a shopping trip to New York has you staying in a hotel; if you sleep in the same place in November as you do in February, you're poor. Or just run of the mill rich, which is basically the same thing.

Oren Alexander, the Miami-based real estate agent to the rich, no longer thinks of his clients as second-home buyers. Today’s ultrawealthy, he says, are often looking for “the four-pack” — a pied-à-terre in New York, a beach house in the Hamptons, a ski villa in Aspen and a winter condo in Miami...clients these days have a “portfolio of homes” that they bounce around to from month to month. “For an overseas buyer, New York is the place they buy for when the wife wants to go on a shopping trip, or for a place for their kids to stay when they’re in school,” said Jonathan Miller, the president of Miller Samuel, a New York appraisal and research firm. The American rich, he says, are moving from second-home ownership to more of a hub-and-spoke model. New York serves as a base for seasonal migrations to Miami, the Hamptons and Aspen.

If It’s March, It Must Be Miami: When Home Changes With the Season [NYT]


Steve Cohen Gives 215 Million (And Counting) Fingers To The Universe

In the news this week you will find two stories of men soothing what ails them through retail therapy: that of Friday Night Lights writer Buzz Bissinger, who confessed in the pages of GQ to spending over $600,000 at the House of Gucci in a leather fetish/bondage binge that resulted in him coming to own 'eighty-one leather jackets, seventy-five pairs of boots, forty-one pairs of leather pants, thirty-two pairs of haute couture jeans, ten evening jackets, and 115 pairs of leather gloves' and Steve Cohen, who will not be held down by SEC settlements topping half a billion dollars or bulls-eyes on his back. Earlier this week it was reported that the SAC Capital founder had picked up Picasso's Le RĂªve for $155 million as "a gift to himself" and now he's got a place to put it: