Who is more likely to buy a luxury property? The obvious answer would be high-flying business executives or in the local scene, big political types and wheeler-dealers. The trend is changing, though, according to an article by Mansion Global, which reports that today, a new breed of buyers has entered the scene.
“Forget about the starter home. This new buyer is young, tech savvy, well-informed and often purchasing their first piece of real estate, which just happens to be worth millions of dollars. Their number one goal is simple: achieving and maintaining a lifestyle for themselves that is comfortable and convenient,” said the report. For this group of people, their career paths are much different from the moneyed elite of years past because “this buyer — most likely a millennial tech entrepreneur, or if not, someone in music, entertainment, sports or heading up an already successful family business”.
Their preferred method of interaction is also changing with social media taking precedence over traditional methods of communication. Agents are interacting with these clients on Instagram, WhatsApp and other types of social media. Their working culture is also changing with Mansion Global reporting that these young buyers are keen to have connected homes with access and technology being a key requirement as many are workaholics.
A different article, titled What Millennials Want: Homes Designed for Connection and Convenience says that “these 19- to 35-year-olds are all about their lifestyle, experts say, which is part of why these amenities appeal to them. Many work from home, get around by bike, and put a big emphasis on experiences over possessions”.
Branded bikes, toy sailboats and takeaway picnic baskets, meant to be enjoyed on a Central Park outing. Access to a fun-filled courtyard, with ping-pong tables, fire pits and an adult tree-house...”