Demand for luxury homes is surging as buyers look to invest in comfortable, well-appointed spaces in which to ride out the pandemic. A recent study found some generational differences in amenities affluent consumers said would help them get more satisfaction from their houses.
The study, conducted this fall by Luxury Portfolio International and YouGov, found buyers outnumber sellers three-to-two. Knowing what buyers might want based on their life stages can help sellers with their marketing pitches and give agents an edge in helping their buyers on the hunt.
Here a few key takeaways, by generation, from the report titled The Modern Luxury Home: Reimagined:
Millennials (ages 24-41): They’re looking for balance, and they like separate spaces to serve life’s demands, the study found. Amenities they desire in a $1 million+ home include a wet bar, formal living, dining rooms, and a butler pantry/storage.
Generation X (ages 42-55): An increased sophistication level will appeal to Gen Xers. Perhaps more toward the prime of their careers – with all the demands that entails – these buyers want to be able to relax at home. Sought-after indulgences: Spa/hot tub, dual primary closets and bathrooms, and a dedicated home office.
Boomers (ages 56-74): These buyers are looking to relax and really enjoy resort living at home, with a focus on wellness. They want outdoor kitchens, swimming pools, gym/fitness areas, steam showers and home offices.
The authors of the report noted that “age and life stage plays an influential factor in how well the home is working for its owners.”
Part I of this series dealt with how affluent consumers’ real estate desires have changed during the pandemic, according to the YouGov/LPI survey.