For wealthy young buyers, bigger is better.
According to a new report, buyers aged 25 to 50 (who are willing to shell out $1 million or more) don’t just want fancy finishes and prime neighborhoods. They want 20,000 square feet or more.
Such buyers account for the majority of those shopping in the $1 million-and-up category, according to Luxury Portfolio International, a network of brokerages.
Nearly 25 percent of wealthy buyers aged 25 to 49 said they want a spread of at least 20,000 square feet, compared to just 6 percent of those 50 or older.
The other “essentials”? Hot tubs (45 percent), commercial-grade kitchen appliances (52 percent) and security cameras (54 percent). Living near great restaurants and family was also a top concern.
According to the report, three out of five respondents aged 50 and under expect to inherit at least $1 million. Thanks to a tax provision passed by former President George W. Bush, more wealthy families have been passing down those richest to the next generation.
Between 2011 and 2014, more than 171,000 families gifted at least $1 million to relatives, compared to 7,600 between 2007 and 2010. [Bloomberg] — E.B. Solomont