REAL ESTATE TRENDS: The New Aristocracy
Yesterday’s tweens are today’s buyers. Having grown up with a greater exposure to luxury and more personal knowledge of the finer things in life, these new buyers are more educated and keenly attuned to their likes and dislikes. They know the best brands and they demand quality.
Thanks to parental affluence, they are innately familiar with fine real estate, quality fashion, frequent travel, and comfortable living. This comfort with the luxury lifestyle has churned out a generation of savvy consumers with discerning tastes. A growing high-net-worth consuming group, today’s new aristocracy, range from 25 to 49 and encompass the younger portion of Gen X and the Millennial.
Generally boasting a varied design sensibility, this new aristocracy has a passion for clean lines and open spaces. However, such design is tempered with more complex lines and details akin to traditional elements. While the modern aesthetic continues to grow in popularity, classical styles such as Victorian, Tudor and Brick Georgian homes prove just as popular.
While on the surface these mixed styles stand in stark contrast, one complex and the other minimalistic, this trend is consistent with what the homebuyer looks for. A home with architectural significance and provenance, blending into its surroundings, housing an interior that is open, contemporary, and modern.
The new aristocratic buyer is primarily looking for an urban local close to easy transportation, great culinary options, and optional indoor and outdoor activities. In this time of increased community living, wealthy buyers do not want to be far from loved ones. Given the potential of living with multiple generations under the same roof, many are looking for four or more bedrooms and three or more bathrooms with living areas of 5,000 square feet or larger.
Desired Features and Amenities
Quite surprising for a generation that has grown up revealing their personal lives online, this new aristocracy has a need for security and privacy. Top in their must-haves are homes with great entertaining options such as comfortable outdoor spaces, home fitness centers, commercial-grade kitchen appliances, and nearby restaurants; and security features like monitored security systems.
A well-outfitted gym and spa are highly practical and desired for the time-starved, high-net-worth buyer with physical health ringing in as a top priority.
In-home technology is officially part of daily life. Voice-controlled devices and smart home technology centered around sustainable living is the new hot item. High-efficiency windows and doors and smartphone integrated efficient HVAC system is a prime selling feature for today’s buyer regardless of their purchasing spectrum.
The kitchen is still the heart of the home with a keen focus on specialized cooking areas. Commercial-grade appliances, dual refrigerators and dual dishwashers on the priority list as are separate catering kitchens/butler’s pantry and outdoor kitchen space for poolside entertaining.
This new buying aristocracy loves the idea of specialty rooms such as home theatres and game rooms. They see such features as integral parts of the home and the overall living and entertaining experience.
As price point climbs so does demand for increased home automation. Today’s luxury buyer wants a whole house-controlled system synchronizing products across multiple manufacturers allowing for a single, secure point of contact.
Whatever the life-stage of this new aristocracy, they know what they want and are willing to pay top dollar to acquire the home and amenities of their dreams.
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