Prestige And Pricing: It’s Often in the Stars

When it comes to real estate, some people reach for the stars.

Many affluent buyers are as drawn to properties designed by so-called starchitects—architects who have achieved celebrity status for their exceptional projects—as they are to luxury cars or haute couture.

“Look at Birkin bags. Why are they worth so much? It all comes down to the brand,” said Ryan Serhant of Serhant brokerage in New York.

But starchitect projects also offer quality alongside the cache. Buyers also want to know their investments are safe, especially in a volatile market. Buildings by architects whose past projects have sold well and retained value are a safer bet.

“Buyers are not willing to take risks on those unknown developments, especially if they are not finished or don’t have a good percent sold,” said Vickey Barron, a New York City-based agent with Compass. She served as director of sales for the converted Walker Tower, built in 1929, and two other buildings by Ralph Walker, once called the “architect of the century” by The New York Times.

Ultra-high-net-worth buyers, or masters of the universe as Ms. Barron calls them, may be dazzled by the stars of the architecture world, but they also want value.

Mr. Serhant, who is something of a celebrity himself after nine seasons of Bravo’s television series “Million Dollar Listing New York” and its spinoff “Sell it Like Serhant,” agreed.

“In a new building, what you’re buying is the architect,” he explained. “You’re not just buying concrete and wiring and drywall, wood and metal. Anybody can create that. But if yours was designed, handled, studied, pored over by a famous architect who has a history of creating great properties that hold their value, then it works.”

Big Names Leave Big Impressions

Robert A.M. Stern is one such architect. His classic Manhattan towers are some of the most sought after in the city, according to Ruthie Assouline, a Compass agent in New York and Miami. She and her husband, Ethan, represented Mr. Stern’s 20 East End Avenue, an Upper East Side construction completed by the architect in 2015.

“Whenever we show in his building, and we’re speaking about Robert Stern, it’s always very impressive to people,” she said.

A new residential development by Mr. Stern on the Upper East Side, 150 East 78th, launched sales in January. The 17-story, limestone-clad tower will bring 22 residences to the neighbourhood and feature interiors by designer Robert Couturier and a rooftop terrace with Central Park views. Prices range from $5.2 million to $20 million.

Some high-net-worth buyers even go so far as to collect apartments by the same architect, Ms. Assouline said. One example: Sting and his wife, Trudie Styler, who have bought in several of Mr. Stern’s buildings, including a nearly $66-million penthouse at 220 Central Park South.

An interior view of a residence at 150 East 78th.

Others look to starchitects when they are moving to a new city, Ms. Assouline added.

“In New York, talking about the architect was hugely important, and I see a lot of those same architects are now in Miami,” she said, noting examples such as architects like Renzo Piano, Jean Nouvel and the late Zaha Hadid. “That gives people a sense of trust and comfort, especially people from overseas…They don’t know the location as well, but they know who they’re buying, whether it’s people that they’ve read about, or their friends have bought in homes with that architect.”

Jean Nouvel is another collection-worthy architect. His eponymous firm is behind the new Monad Terrace in the South Beach neighbourhood of Miami, including the interiors and landscaping as well as the architecture. The project will feature a “reflection machine” between its reflective facade and the pool and lounge area, called the lagoon, at the centre of the property.

Exterior view of the new Monad Terrace in the South Beach neighborhood of Miami.

“He’s a master of art and light,” Marci Clark, managing director of strategy at the project’s developer JDS, said of Mr. Nouvel. The reflection machine is “this living art piece that is constantly changing, not just throughout the day and whatever’s happening with the clouds, but also with the seasons and time of year.”

Monad Terrace will have 59 units, with two- to five-bedrooms available. Prices start at US$3.36 million, and move-ins are set to start by early March. Other amenities include extensive outdoor space for residences and one of the largest green walls in Miami, Ms. Clark noted.

Back in New York, Mr. Serhant is representing the soon-to-be-launched 101 West 14th Street by Eran Chen of ODA New York, which will bring 44 homes by the in-demand firm to Greenwich Village in Manhattan.

Exterior rendering of 101 West 14th Street

“[Chen] is a great architect because he’s created buildings that stand out from the crowd while also blending in,” Mr. Serhant explained. “He doesn’t design on a rectangle, then draw it out and see what fits in the rectangle. He created 44 individual homes, then had to put them together like interlocking puzzle pieces, which makes every single unit unique and specific to that owner.”

Many of the residences, which start at US$1.25 million, are duplexes with double-height living areas and private outdoor space. Amenities included a landscaped courtyard and a roof deck with an outdoor kitchen and views of the city.

Interior rendering of a residence at 101 West 14th Street

Word Gets Around

Projects with big names attached to them often mean more publicity, with real estate publications eager to report on the projects of renowned architects. That was the case with the Lost House in London, a 2004 design by architect Sir David Adjaye, which went on the market in the fall, according to listing agent Guy Bradshaw of United Kingdom Sotheby’s International Realty.

“When it first launched, it got picked up all over,” he said. “People were fascinated by it.”

The home’s starchitect pedigree also attracted fashion shows and television filmings, Mr. Bradshaw noted. Scenes from British shows like “Spooks” and “Silent Witness” were shot at the home, which is listed for £6.5 million (US$8.9 million).

The ultrachic backdrop didn’t hurt, either. The three-bedroom, three-bathroom home boasts an open living space with three light wells that flood the space with light and create interior courtyards. It also features an indoor pool, an office above the garage and a sunken entertainment room whose lime-green walls and couches are in stark contrast to the rest of the home’s black walls and floors.

Mr. Adjaye is also the architect behind 130 William, an 800-foot tower with 242 residences in Manhattan’s Financial District. The project also includes five furnished homes designed by the luxury car company Aston Martin that come complete with an Adjaye-designed Aston Martin DBX. Prices range from about $700,000 to $8.2 million.

The building launched sales in 2018, but during the pandemic, people who’d already signed contracts in the project wanted to upgrade, according to Scott Avram, senior vice president of the Lightstone Group, its developer.

Closings began in December, and since then, 12 buyers opted for larger units at 130 William, according to Lightstone. An additional 13 residences were sold in March, and there were no discounts on the closing price.

“People who not only know New York, but also know the building best, are willing to reinvest in the building because they see that value,” he said.

Samantha Stobo was fresh off a breakup and unable to afford her Manhattan two-bedroom alone. So the 29-year-old decided to move in with her mom in Miami until she could get back on her feet. She told herself it would only take a few months.

Now 33-years old, Stobo has no plans to move out.

“I thought it was going to be temporary,” Stobo said. “But it’s been three years now, and I love it.”

Living at home as a 20-something was once viewed as a failure to launch and even a source of embarrassment in a culture that places a premium on independence. That is no longer the case. Living at home is now often viewed as a sign of financial prudence, and for some, a long-term prospect.

Chronically high living costs are helping reshape the milestones of early adulthood in America. The national median home price hovers above $400,000. Rents are at record highs in cities across the U.S., and many recent college graduates are saddled with tens of thousands of dollars in student debt.

Even though some of these young adults pay their folks rent, it tends to be well below the cost of living on their own.

“Everything is just out of reach,” said 28-year-old Megan Talley, who lives at home with her mom in the Atlanta suburbs. If a young person wants to live alone, “you could do it, but you would be dead broke at the end of the month.”

Last year, 49% of adults under age 30 said they lived with a parent, up 12 percentage points from 2019, according to the Federal Reserve’s latest Survey of Household Economics and Decisionmaking. Nearly a third of those adults were 25 or older.

Some economists put that figure lower and note that the Fed study doesn’t distinguish between children living in their parents’ homes versus parents living in their children’s homes.

Still, young people say that living at home in 2026 doesn’t carry the stigma it once did because of how unaffordable life has become. About 55% of young adults who moved back home said it was out of financial necessity, according to a spring survey by financial services firm Thrivent.

So many parents and adult children are living together now that it is beginning to transform aspects of American society—from when members of the younger generation start a family to the way builders think about designing homes.

Far from hiding it, some now broadcast their lives as “stay-at-home daughters” or “stay-at-home sons” on social media. Stobo says posting about her mother-daughter living situation on TikTok has earned her a friendly comment section filled with others in the same position—and makes her some money.

“No one ever judges me,” she said. “The conversation tends to be more like, ‘That’s awesome, and I bet you’re saving money.’”

Casey Wright, 28-years-old, moved back home to Oxford, Mich., three years ago after being laid off from two consecutive jobs. She redecorated her childhood bedroom to match her adult aesthetic, tearing down her Twilight posters and choir awards and hanging a floral tapestry and framed landscapes.

She and her parents have come to an agreement on living together as adults. She no longer has a curfew, for instance. But before she goes out, Wright’s parents require her to tell them where she’s going and what time she expects to be back.

The Wrights have dinner together every night and go golfing or walking together a few times a month. Casey still hangs out in her parents’ room occasionally to talk about movies with her dad or to gossip with her mom.

She just doesn’t spend time with her parents quite as often as she did when she was a child and is more often in her room playing videogames or reading. “It’s not as much as when I was younger, because I feel like there’s almost that separation that’s needed as an adult,” she said. “You’re not just living in your childhood home as a child.”

Multigenerational living has long been more of a norm among Hispanic, Asian and Black households, along with immigrant families.

During the pandemic, a broader swath of 20-somethings returned home. It was supposed to be short-term; then came record inflation and double-digit rent increases.

By July 2020, 52% of young Americans age 18 to 29 lived with at least one parent, according to a Pew Research Center analysis of census data. It was the first time a majority of young adults in the country had lived with parents since the Great Depression. That share has likely dropped since then, but for some people the arrangements have stuck.

Living with parents became a “dominant living arrangement in America for people in this age group,” said Laurence Steinberg, a Temple University psychology professor who recently wrote the book “You and Your Adult Child.”

States such as California and New York have loosened regulations around building accessory dwelling units in recent years. Once nicknamed “granny flats,” ADUs are now used to house budget-squeezed adult children.

Villa Homes, a California home builder, is used to this kind of customer. The firm is seeing more families add detached ADUs for their grown children or other relatives, to live in for a few years and save money for a starter home.

Carmen Johnson, 33, has loved living with her parents in the Detroit metro area since the start of Covid. She doesn’t pay rent, splits grocery bills with her family and invests those savings in her music career and toward a future home. It beats barely making ends meet in her old Los Angeles apartment.

“Covid flipped the script,” Johnson said. “It’s a blessing in disguise.”

She isn’t ashamed of living at home, and doesn’t judge other people for it either. But she wouldn’t necessarily reveal it to a first date unless asked directly.

Bringing home a date also requires a bit of mental calculus.

“It’s like, ‘OK, is my dad going to be in the living room watching TV?’” Johnson said.

Sometimes, that kind of strategizing goes both ways. Jessica Suzio, a 52-year old widow in Michigan, has tried to get back into the dating scene in recent years. But with her two sons living at home, both in their mid-20s, bringing back a new boyfriend is uncomfortable for all involved, she said.

Suzio is happy to have her sons at home, and they help with household expenses by paying her some rent.

“When they were younger, I was daydreaming about the days that I would be an empty-nester,” she said. “But I’ve grown to really appreciate them sticking around.”

Kevin Grolig, a 59-year-old real-estate agent in the D.C. metro area, started noticing that his clients were delaying downsizing their homes because their adult children were still living there. So he came up with a “four-step plan” to get grown children out of the house. The most important: agree on a move-out timeline before the child even steps back in the door.

Casey Wright in Michigan doesn’t pay rent, but her father, Craig, said she has been a big help around the house. She does much of the grocery shopping, helps with the cooking and has learned to use the riding lawn mower, manicuring the yard when Craig is busy.

About five times a day, she says, her mom knocks on her door, often to ask for help with technology.

“If I had the ability to, I would move out tomorrow,” Wright said. Nothing against her parents, “I would just love to have the freedom to do what they were doing at my age.”

Wright’s father wishes the same for his daughter. He and his wife expected to have an empty nest by now.

But he realizes that the housing market is different today than when he was in his 30s in the 1980s and bought a three-bedroom home for $70,000, less than a fifth of today’s median home price. He estimates his salary back then was about $35,000.

Some of Craig’s friends also have adult children living at home. “It’s kind of normal,” he said.

Prestige And Pricing: It’s Often in the Stars

A “starchitect” name adds to a building’s allure—and how much an apartment may sell for.

Nearly half of American adults under 30, pinched by the high cost of housing, are living with a parent. It can be an adjustment for both.