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The Changing Face of Luxury Real Estate
The following article is an excerpt from our 20 page Luxury Property Report. The entire report is available by visiting our report page.
Shifting demographics will lead to some long-term changes in the luxury market. The customer for these properties is changing, and with this change comes the need for a different kind of property. 
These new customers are comprised of high-earning millennials, and their interests and uses in a property differ from previous generations. They look for less square footage (according to one builder we spoke with, 5,500 square feet is the sweet spot). They want more open floorplans and less space to care for. Many also have a desire to maintain a smaller environmental footprint. These buyers are also less likely to host multi-generational gatherings than more mature buyers of large homes. 
These younger, luxury buyers usually come from business backgrounds where they have experienced rapid financial gain, and often a couple’s combined income enables them to make purchases in our luxury market.
A second group also entering the market are the children of baby boomers. According to economists, as baby boomers pass on, our country will see the largest transfer of generational wealth in history. 
In the longer term, these two factors will ... more

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