This week, more than 100 Windermere brokers from all over the Puget Sound area came together to discuss the local luxury real estate market, premier their newest luxury listings, and hear from featured speaker, Matthew Gardner, Chief Economist for Windermere Real Estate.
Matthew Gardner gave a lively and engaging presentation on the regional economy and housing market, and how they compare nationally. He spoke of the impact that the technology sector is having on Seattle area housing, as well as King County’s population, which has grown by more than 50,000 since 2011. He said that more and more Silicon Valley-based tech companies are looking at Seattle in order to keep their employees happy, including Apple, Facebook, Google, and others. For some, the lifestyle and relative affordability is seen as a much better choice than cities like San Francisco where even the highest paid employees simply cannot afford to buy a home.
Matthew also discussed the Millennials who he says are incorrectly described as being the “renter generation”. Instead, he said that many of them are delaying their home purchases because of student debt and lack of choice in the current market. But 2016 saw a significant increase in the number of Millennial buyers in Seattle, and he expects to see even more in 2017.
In terms of what to expect in the luxury housing market in the coming year, Matthew says it will generally parallel what we’re seeing in the rest of the market. Competition from Seattle’s growing wealthy population is causing homes to sell quickly and driving up prices. Furthermore, interest rates for jumbo loans remain historically low, making it more accessible for buyers to access large sums of money to purchase higher end homes.
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.
The Spring 2016 edition of Lifestyle Northwest by Windermere Real Estate featuring homes for sale in waterfront and island communities throughout Puget Sound is now available!
Read the online version by clicking the image below.