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Younger buyers entering luxury real estate market

Long-time estate managers from the Los Angeles or New York City areas may be more familiar with employers who are older, established professionals, but a new type of home owner is emerging on the market. In a recent post, we detailed the luxury vehicle purchases of young, affluent buyers, and now it seems like these same individuals are making a major push into to the luxury real estate market.

According to a survey conducted by Coldwell Banker and the Luxury Institute, Americans aged 21 or older who have a minimum household income of $250,000 are willing to spend more on a home than individuals who are in the same income bracket but are over the age of 55.

"Luxury homes are for more than successful and retired empty nesters," said Milton Pedraza, CEO of the Luxury Institute, in a press release. "Today's luxury buyer is both dynamic and diverse, and it's reflected in the homes and products they're buying."

The survey suggests that younger buyers are more likely to want homes with a pool, outdoor kitchen, home gym, home theater and a garage that holds at least four cars. They are also more than twice as likely than older buyers to seek out green or LEED-certified properties. Another major difference between younger buyers is the geographic location of their homes. Despite being jet-setters and international travelers, only 6 percent of the younger buyers owned property outside of the United States. 

If you are looking for estate manager positions in New York or Los Angeles, contact Colonial Domestic Agency today. Our counselors can assist you with finding the jobs that can help you make the next step in your career.