As a realtor on the Monterey Peninsula selling to luxury buyers I was very interested in this Inman article entitled “Essential Guide to the New Luxury Real Estate Market” where the new luxury buyer of real estate is discussed. We have many lovely luxury homes here in Carmel, Carmel Highlands, Pebble Beach, even Pacific Grove and Monterey, but the article discusses luxury buying trends in the entire country and “what’s happening”! Kind of fun to know what the current trends are in other areas of the country. Curious? click on this link.
A few interesting facts . . . the largest proportion of luxury buyers now are Generation X (ages 38-53) making up 49% of the luxury market! Baby Boomers (ages 54-72) make up 33% of luxury buyers and those aged 72+ only 1.75%. Guess they are all busy down-sizing.
The “New Aristocracy” of well off young people aged 25-40 make up 15% and most of these buyers are heading to the urban centers and looking for contemporary style homes. Not exactly what we have in Carmel. San Francisco seems to attract this demographic.
All of these buyers at looking for something different so it really can boggle the mind of a realtor trying to figure out what is right for their luxury client.
Where are they buying? New places that are particularly getting “hot” are Boston, Florida (with no state income tax), Lake Tahoe (again places like Incline Village in Nevada have no state income tax), Seattle, and New York.
Luxury Portfolio of which Alain Pinel Realtors is a founding member, is quoted throughout the article as are other luxury brands. In any case, we have a changing real estate world!
Interested in luxury property on the Monterey Peninsula?
Give me a call!
