There are many preconceptions out there about the lifestyles of the rich and famous. Yet experts say the game is changing as a recent influx of younger buyers moves into the luxury marketplace. CooperKatz client Coldwell Banker Real Estate hosted a luxury roundtable call that included 11 of the world’s top luxury real estate agents from Coldwell Banker Previews International, providing the media with a first-hand account of luxury market trends across the country. Together, Coldwell Banker and CooperKatz presented unique insights on buyers, sellers and properties in the most in-demand global luxury markets.
The luxury market has been continuing to heat up as wealthy entrepreneurs, business owners and celebrities drive demand in key markets around the world. An increasing percentage of today’s high-end buyers are in their 30s and 40s, either living the single life or raising young families. Coldwell Banker’s top luxury agents shared the factors that have been motivating buyers and sellers of high-end properties in global markets including Aspen, Paris, Beverly Hills, Malibu, Miami, San Francisco, Seattle and Kelowna, British Columbia, among others.
These experts reported that growth in younger buyers is driving new preferences in luxury properties, including strong public schools (as opposed to just private options) and spaces ideal for children such as spacious mudrooms for dropping shoes, coats and bookbags. In addition, several agents cited other “must have” amenities as an open floor plans, ample outdoor spaces and lots of natural light. Some buyers are even requesting options such as subterranean garages and outdoor livings rooms.
In preparation for the roundtable call, CooperKatz conducted interviews with each participating Previews agent to help identify and define these trends. The roundtable attracted reporters from 20 media outlets, including CNNMoney, NBC, Reuters, Wall Street Journal, Luxury Daily, iRealty Times and the San Francisco Chronicle.
As interest in the luxury market grows, buyers will continue to be highly selective in their preferences for a high-end home. And, in turn, Coldwell Banker’s top agents will continue to report on the front lines of the luxury lifestyle.