The next generation. How do they define Luxury? | 2/27/18

If you have a luxury home to sell, you may want to consider some updates for the newly minted Affluent.

Average age around 37, according to Luxury Portfolio report, they consider Luxury differently than their parents. Although many of them may have inherited their wealth and are accustomed to living “the lifestyle”; they want to use their own brands, they want their own real estate with their own needs met.

Primarily looking for an urban lifestyle or at the very least close to urban areas. They appear to want the “specialty room” whether that be a media room or a large formal dining room. That might come as a surprise to home builders and Realtors alike, as our local luxury homes have had a more open feeling. These younger buyers expect to entertain family members for special occasions and holidays. Traditional values coming back? Of course, privacy and security are run of the mill requirements. Smartphone technology and home amenities go hand in hand for pretty much any savvy home buyer today. Control, locks, lights, music, security systems including security cameras all from a smart phone.

Home gyms and pools are a welcome addition as this generation really understands the need to stay fit and healthy. A pool might be harder to come by with limited urban space – that’s where the suburbs will shine again. Room to grow their families and perhaps be able to take care of elderly parents under the same roof.
The suburbs that will remain popular are the ones with easy access to the urban areas. Train and drive time will be a large consideration. For the local area the NYC fast ferry is a large factor.
Don’t expect the luxury buyer to disappear any time soon despite the nay sayers of real estate and the economy.  According to the Credit Suisse Global Wealth Report Personal wealth in the U.S. grew by $8.5 trillion in 2017.
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