Who's Who in Luxury Real Estate Members Mike Pappas, Kevin M. Leonard, and Cody Vichinsky Quoted in The Wall Street Journal
Posted by Who’s Who in Luxury Real Estate — August 12, 2015
MIAMI, FL - Mike Pappas, president of the Keyes Company, was interviewed and quoted by Stefanos Chen, real estate reporter and producer for The Wall Street Journal, regarding grocery shopping in upscale neighborhoods. The article, titled "Where Grocery Stores Are Rare, Service is Rarefied," focuses on Palm Beach, Florida, which "tops the list of luxury real-estate markets with the lowest density of grocery stores: only one grocer for 14,327 homes." Pappas credits the lack of stores to the need for privacy and the fact that most luxury areas are not in densely populated areas, thus there's less need for as many grocery stores. “You’re paying for exclusivity in these high-net-worth neighborhoods, and you want privacy,” Pappas said.
The dearth of grocery stores in some affluent markets is also driven in part by high land prices, according to fellow Who's Who in Luxury Real Estate member Cody Vichinsky, co-founder of Bespoke Real Estate in New York’s Hamptons. He also notes that many homeowners are part-time residents who don't generate a lot of business for grocers, and that many of these homeowners err towards eating out instead of trekking to the store.
Kevin M. Leonard of Palm Beach-area brokerage Valore Group, notes that when these residents do make it to the supermarket, it's often "like a car show," with lots filled with expensive foreign cars - his local store, Publix in Palm Beach, even has valet parking. Leonard also adds that the gourmet selection, particularly the wine and cheese, is magnificent.
To read the full article, please visit www.wsj.com/articles/where-grocery-stores-are-rare-service-is-rarefied-1438786527.