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13
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READING THE
MILLENNIAL MIND
e world of wealth is getting younger, as a
majority of the buyers seeking million-dollar-
plus homes are on average 37 years old, married,
and have young families, according to a report
entitled, "Rise of the New Aristocracy,"
published by Luxury Portfolio International, a
part of a global network of independent luxury
brokerages.
According to the report, the majority of
the buyers looking at luxury housing are 25-49
years old and have inherited or plan to inherit
significant wealth. ough this age-group
includes both, millennials and gen-Xers, it is
interesting to note the increased growth of
this market at the younger end of the range.
So what does this growing population
of luxury homebuyers look for in a home?
According to the report, they plan to spend at
least a million dollars in the next one to three
years on buying a home and are looking to
reside in an urban area with around 54 percent
of the buyers saying they would opt to stay in
the city.
e report said that around 53 percent
of these younger buyers were looking for
something over 7,500 square feet. However,
it noted that a large percentage of buyers,
approximately 23 percent, were looking at
20,000 square feet or more and many were
looking for four or more bedrooms and three
or more bathrooms.
Regarding design sensibilities, these buyers
were evenly matched with 28 percent looking
for Victorian building styles, 27 percent
looking at modern designs, and 24 percent
looking at Lofts.
When it came to essential features,
restaurants and dining options close to home
ranked highest on their list of must-haves
followed by outdoor spaces for patios and
terraces, multiple-view surveillance cameras,
monitored security systems, and commercial
grade kitchen appliances.
Luxury buyers in the age-group of 50
years and above who planned to spend at
least $1 million on real estate in the next one
to three years preferred looking for homes in
the suburbs, with 60 percent of buyers in this
age-group wanting to move away from the
city. Around 38 percent of these buyers were
looking at homes that were less than 5,000
square feet.
