Shape the narrative
SIR – Pepper Culpepper is right to warn of a growing backlash against billionaires (Books, Spear’s 98). However, the answer cannot be for them to retreat quietly and ‘stick to their knitting’. In today’s climate, a low profile is no longer a viable strategy. Silence creates a vacuum that critics – politicians included – are eager to fill.
Billionaires should instead take a more proactive approach to managing their reputations. This should involve transparency in communicating the jobs they create, the innovation they drive, and the tax revenues and philanthropy that support public services. Effective engagement is not hubris; it is responsible leadership in an era of scrutiny. If reform is coming, those who generate economic value must help shape the conversation, not simply react to it.
Mayfair’s might
SIR – As a law firm partner working in the prime and super-prime London residential property field for over 33 years, your article ‘The darling buds of Mayfair’ (Briefing, Spear’s 98) rings 100 per cent true.
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Edwin Smith articulates eloquently the upward trend in Mayfair’s fortunes that I have been witnessing firsthand over the past 10 years. Investment by luxury developers into the area has created some of London’s finest new apartment buildings. Clarges Mayfair by British Land, 20 Grosvenor Square by Finchatton, 1 Grosvenor Square by Lodha, 36-37 Hertford Street by CIT and Bain Capital, and 60 Curzon Street (with sales now managed by Valouran) have together added world-class residences, with outstanding supporting facilities.
[See also: Mayfair ‘back to the top of the Monopoly board’ as £4 billion makeover gathers momentum]
We have advised clients who have traded at prices ranging from a few million to in excess of £135 million per individual property in recent years.
From the evidence crossing my desk each week, the allure of Mayfair to the global elite seems to be stronger than ever. Perhaps this is down to the quality of stock and the proximity to key businesses, designer shops, top restaurants, private members’ clubs and all the services the internationally mobile über-rich seek. This, combined with major infrastructure improvements such as the upgrading of Shepherd Market, the improvements to the Grosvenor Square communal gardens and the possible pedestrianisation of the southbound side of Park Lane, make me confident that Mayfair’s star will continue to shine bright.
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District counsel
SIR – The most successful neighbourhoods (Briefing, Spear’s 98) have always depended upon a genuinely mixed demographic. Whilst super-prime developments such as 1 Mayfair, The Chancery Rosewood and Cambridge House act as prestigious flag bearers, it is the broader evolution of the district that will ultimately determine Mayfair’s long-term appeal.
The revitalisation of Shepherd Market, the emergence of unique destination venues such as Mercato Mayfair, and the continued investment in the public realm will together strengthen the area’s sense of place and day-to-day vitality.
[See also: Billionaires’ Rows: where do the world’s wealthiest UHNWs live?]
It is this balance of global capital, heritage and glamour, combined with vibrant street-level energy that will sustain Mayfair’s desirability for generations to come.
Suburban song
SIR – Sarah Grant’s article about the popularity of Scarsdale (Spear’s 98) reflects a trend that is playing out across high-end real estate markets all over the US – not just in the tri-state area.
There are many parallels between Scarsdale and Palm Beach, where I work. Buyers like the fact that the ‘town fathers’ who run the local government protect and preserve these towns to keep them the way that they are. They want the conveniences of having everything at their fingertips, without having to deal with the rat race of commuting and traffic.
[See also: The priorities guiding the world’s top buyers of super-prime homes]
The most desirable real estate markets all over the US have limited inventory for sale. It’s driving prices higher, and it makes those markets very competitive for buyers.
Dana Koch, Corcoran Group
To submit a letter for publication in Spear’s, please email alice.coleman@spearswms.com. All correspondence will be considered for publication unless otherwise stated.
This article first appeared in Spear’s Magazine Issue 99. Click here to subscribe
