Realty World Luxury Portfolio

P o r t f o l i o | N o t e s

Distinguished Necessities

An old friend of mine has this thing about hand-made leather shoes. He explained to me why he started buying them, though he could barely afford them at the time. His grandfather had taught him to avoid purchasing on price alone. His grandfather’s logic, he said, was that when shopping on price, one would spend far more, over time, again & again for cheaper goods that were arguably less durable. Instead, his grandfather said, purchase the best at the outset and commit to good care during its considerable life span.

Grandpa’s logic is making a comeback as mindful consumption today. From carbon offsets for travel, to using reclaimed wood, to computers designed for recyclability - sustainability is now a consumer concern, along with corporate citizenry and contribution beyond self. In an ideal world, such elements should not be deemed a luxury. Rather, in a world of diminishing resources, consumers are becoming cognizant that everything is finite, that we are stewards to share what we have been gracefully given, and that we should apply care and consideration. Projects such as Oris’ restoration efforts (page 34) and Charity:Water (page 44) are perfect examples of this changing sentiment.

This also holds true for that which is most intrinsic to us, our home. No matter their size, shape, or form, in the end, the properties showcased herein are housing. In its root, housing always remains elementary and requires care, consideration, and the stewardship of mindful owners. The true luxury of any property might be that it enables owners to care for its inhabitants, giving space to friends and family members, allowing memories and the lives of families to unfold. Such care is what turns a house into a home. In the long run, home owners invest up front with the anticipation of benefits for years to come, provided they engage in mindful stewardship over the long life-time of their home — just like my friend, who is still taking good care of his decades-old, hand-made leather shoes.

Joseph Stein Luxury Brand Ambassador, Broker DRE01337170, A.R.M., CAR, NAR, SAMCAR, CDAR, BBAOR