This week, more than 100 Windermere brokers from all over the Puget Sound area met at Broadmoor Golf and Country Club to discuss the local luxury real estate market, premier their newest luxury listings, and hear from the featured speaker, Stephanie Pfeffer Anton, Executive Vice President of Luxury Portfolio International. Stephanie discussed a number of things related to luxury consumer trends, but her insights into the younger generation of luxury homeowners were especially interesting.
Wealthy Millennials have predominantly grown up in affluent homes. They know luxury brands very well and, for the most part, are not enamored by them. For them, money buys more than a luxury home or luxury car: It buys time with friends and family, and having amazing experiences that they can share with each other. This behavior is likely even more commonplace in an area like Seattle where understated affluence is the status quo amongst the area’s wealthiest residents.
The top three priorities of young luxury homeowners are travel, dining, and real estate – in that order. Their desires for a luxury home are somewhat different than their Baby Boomer parents before them. For instance, in a world of social media, reality television, and constant internet access – and the attention that it brings – their number one priority in a home is privacy. But that’s not all. According to a study by Luxury Portfolio International, these are the top five amenities that younger generations look for in a luxury home:
- Large Master Suite with amazing bathroom
- Energy Efficient/Smart Homes
- Sustainable Living (convenience without wastefulness + social good)
- High-end kitchen appliances
Windermere is a proud member of Luxury Portfolio International, an exclusive affilition that enables us to market our $1 million+ listings to the largest network of independent real estate firms in the world. For more information about Luxury Portfolio please visit LuxuryPortfolio.com.