Today I attended the Coldwell Banker Previews Luxury Symposium; a training and educational event for the luxury property specialists. I thought the following profiles were interesting.
The Luxury Home Seller
- They’ve owned their current home for 8.8 years vs. 6 years.
- The majority are under 55 and 89% are married.
- Often self-made (6% inherited 20% or more of their net worth).
- Most are top executives, self-employed or business owners.
- They are keenly aware of what it takes to be successful and are typically hands-on with strong viewpoints.
- They trust their own instincts, are driven to succeed.
- They maintain a middle-class outlook and are pragmatic toward money and investments.
The Luxury Home Buyer
- 31% are cash buyers
- 35% are retired (Millionaires)
- 36% are business owners (Millionaires)
- 67% are 35-55
- 88% are married
- Their most important home feature is a “Designer Kitchen”