Luxury real estate is once again emphasizing premium materials, distinctive features, and skilled craftsmanship after decades of teardowns replaced by cookie-cutter mansions and quickly built new residences.
Because they may be spending a little more time at home since 2020, the wealthy are paying more attention to what goes into their homes and how long they will last.
At a Luxury Portfolio International webinar, Peter Pennoyer, the founder and managing partner of New York-based Peter Pennoyer Architects, said that “people are thinking much more carefully about the quality of their homes.”
Although our clients ultimately decide on their level of investment, he continued, “when given the choice, the majority of them select quality and longevity.”
Mr. Pennoyer spoke with Mickey Alam Khan, president of Luxury Portfolio, during the Luxury Hour webinar last week.
In the specifics
Clients of Peter Pennoyer Architects are paying much more attention to the quality of the materials used, as well as their provenance and suppliers, in their homes.
In a New York brownstone renovation, master plasterers were employed to create distinctive moldings on walls, arches, and ceilings.
Mr. Pennoyer said the proprietor was entranced. They loved the story of the beginning and were ecstatic to find that a group of painters had a studio where they could produce such art.
For a house in Palm Beach, Florida, the couple spent additional money on specialty materials like glazed green roof tiles. Mr. Pennoyer traveled all the way to Italy with a customer from Ohio to select the appropriate marble for his fireplace mantle.
The tendency to be interested in how things are constructed, how they are completed, where the stone and plaster come from, and who makes them, according to Mr. Pennoyer, is a tremendous motivator for investment.
According to him, customers do feel as though their possessions are important and unique to them.
Even multifamily high- and mid-rise buildings have their charms.
The company built a limestone-only building with distinctive metal windows in New York. Another building has carved limestone on the façade, bronze doors, and balconies constructed of custom metalwork.
New is old
Furthermore, Mr. Pennoyer has seen that people are drawn to ancient homes that have endured the test of time and are methodically renovating them.
People are acquiring structures that were once regarded as “white elephants”—extraordinarily beautiful but dilapidated, old mansions—he said.
“Buyers just did not have the willingness to invest in high-end restoration for years, particularly in extremely high-end areas in the suburbs around New York. That has changed.
The business, which includes a conservation section and frequently works on older properties, restored one such building that had declined north of Boston.
According to Mr. Pennoyer, there is unquestionably the appearance of an older home. It was so much fun for us to restore all the masonry.
Old high- and mid-rise buildings in urban areas have also received attention from people, who frequently look for structures designed by certain architects, like the business that restored a co-op from the 1920s that Rosario Candela had originally designed.
Old co-ops are among the buildings that were at one time thought to be quite dowdy, according to Mr. Pennoyer. We might update these, in my opinion. It’s a good thing that consumers are aware of who created products.
Enduring way of life
In order to create their own legacy, many of the company’s clients choose to construct their own homes from the ground up.
One of the patrons who, in the words of Mr. Pennoyer, “we have been really lucky to have over the years” is the American modern artist Jeff Koons.
In Ohio, a client who enjoys collecting modern art purchased a family home that was made to accommodate his collection.
According to Mr. Pennoyer, it is situated atop a subterranean art gallery. On the property alone, there are 37 sculptures of note in the world of museums.
He said, “This house will be deeded to the Cleveland Art Museum.” This individual is passionate about design and is working on a passion project related to it.
Even on a smaller scale, clients like another Peter Pennoyer client who resides outside of Cleveland are building homes that not only house them but also the things they value.
According to Mr. Pennoyer, the residence initially seems to be for an elderly couple, but it actually belongs to a young family. With the notion that one day they would get married on the lawn, they wanted to construct a house where they could raise their kids and celebrate their way of life.
According to Luxury Portfolio International research, many people claim they are seeking homes that will last for generations. Mr. Pennoyer finds this devotion to a home to be promising, not just for the interior workmanship but also for the sustainability of something designed properly and will last for decades.
“That kind of long-term commitment to the real estate seems to be increasing,” Mr. Pennoyer continued.
He continued, “We work with a group of families who are interested in building, if not a multigenerational environment, then at least a house for life.