Buyers aged 25-49 are considerably shaping the upper-end market, according to recently released research by Luxury Portfolio International®.
Seventy-eight percent of buyers in the 25-49 group—”The New Aristocracy”—are interested in 5,000-square-foot-plus homes, the research reveals. They also have a preference for Brick Georgian, Modern, Victorian or Tudor homes, but with commercial-grade kitchens and security systems. Fifty-five percent desire to live near restaurants.
“This group is unlike any American generation before it,” said Stephanie Anton, executive vice president of Luxury Portfolio International, during the Luxury Portfolio SUMMIT, held recently in Las Vegas. “Their economic power and conversance with the world of luxury make them savvy consumers with very refined and focused tastes.
“For luxury real estate agents, understanding the buying preferences of The New Aristocracy is very important,” Anton said. “This buyer has very defined tastes and seeks a residence that matches and augments their high-performance lifestyle.”
At the other end of the spectrum are those over aged 50: the Luxury Loyalists. Buyers in this group are likely to move to the suburbs, and are interested in amenities like a butler’s pantry, a laundry room and outdoor space.