Young Buyers Redefine the Luxury Housing Market
Wednesday, October 9, 2019
Millennials may be one of the most misunderstood and mislabeled cohorts to date. They’re often accused of being entitled or financially irresponsible, when the statistics actually prove otherwise. The reality is that they’re incredibly tech-savvy, educated, and environmentally conscious, and their values and traits are visible in their real estate purchases.
In fact, millennials are buying luxury homes in surprising numbers, and many are in exotic locations like East Cape Baja.
How millennials are able to buy luxury housing
The reason behind millennial’s buying power is partially attributed to getting married and having kids later in life.
Many are skipping the idea of buying a “starter home” and instead, saving up for a down payment on a higher-priced alternative. In 2017, nearly a quarter of homes constructed by Toll Brothers, the largest luxury homebuilder in the U.S., were sold to buyers under 35, reports Bloomberg.
But Generation Y isn’t set on only buying in the United States. Having spent most of their adult life with smartphones, high-speed internet and Wi-Fi, their options for remote work allow them to telecommute from almost anywhere in the world, a concept that developers are taking into consideration when building luxury homes abroad.
In Costa Palmas in East Cape, for example, East Cape real estate homebuilders are listening to the features young buyers want and need most, providing a peaceful oasis on the Sea of Cortez that offers luxury accommodations for work and play.
Exactly what features are East Cape real estate developers incorporating into their luxury home builds at Costa Palmas to attract young buyers? Here’s a look at some of the rave-worthy features that millennials love about East Cape real estate:
- Extended living spaces
Young buyers have a different definition of luxury than their grandparents. For city-dwellers, outdoor living spaces were prime real estate, allowing them to entertain friends on rooftops and balconies for a glimpse of gardens during the day or constellations at night.
With East Cape real estate, stretching a living space beyond the indoors comes to fruition through moveable doors, open-air living spaces, outdoor kitchens, and beachfront balconies. With more than 350 days of sunshine, millennials love that East Cape real estate gives them the chance to enjoy both the weather and the scenic views.
- Eco-friendly features
At Costa Palmas, the comprehensive plan of East Cape real estate developers has always focused on walkability—a green-living feature that has proven to appeal to most buyers, but especially younger generations.
Of course, a decreased carbon footprint isn’t just about driving less. From gas and electricity to waste and water, today’s young homebuyers often make real estate decisions based on energy-efficient features.
Sixty-nine percent of realtors say promoting energy-efficient features in listings is beneficial, according to the National Association of REALTORS 2019 Sustainability Report. Green property assets range from solar panels and tankless water heaters to indoor air purification systems and geothermal energy systems.
In Los Cabos, many of these eco-friendly features are built into homes, but there are also plenty of options to custom build to ensure young buyers incorporate every possible option on their environmentally-friendly features wish list.
- Constant connectedness
With so many of today’s young luxury homebuyers telecommuting for work, these digital nomads require reliable, high-speed internet access. But, having grown up in the age of hyper-connectivity, these buyers are also looking for homes with built-in smart features.
At Costa Palmas, East Cape real estate developers are well aware that smart climate controls, security systems and even kitchen appliances are must-haves for a generation that has come to rely on automation and voice activation.
- Flexible, functional spaces
Young homebuyers are much more environmentally aware than their previous generations, and that means bigger isn’t always better. Instead, East Cape real estate developers work with some of the world’s most respected architects to design homes that are functional without using a large footprint.
This translates into open concept living spaces, rooms that can serve multiple purposes, and making smart use of square footage by maximizing vertical space.
- Experiential amenities
Beyond the crowded tourist traps of Cabo, East Cape offers sandy beaches, paths through private orchards, and hidden blue lagoons. For busy young professionals, these sanctuaries serve as a break from work and a way to commune with nature, but also as a locale for fun activities.
The amenities available on East Cape real estate is a draw for young buyers. In a centralized location, homeowners can play a round of 18-holes, take a dip in the ocean, take their boat out from the super-yacht marina, or plan excursions with an adventure team.
From snorkeling, swimming, and kayaking to boating, golfing and spa experiences – there’s always activities within a short walk that don’t require pre-booking.
- Low-maintenance living
For many young homebuyers, making the move from an urban setting to oceanside luxury living is about finding a balance of work and leisure, but this equation typically doesn’t include yard work or home maintenance.
At Costa Palmas, every whim can be taken care of—from boat maintenance and landscaping to cleaning and having meals prepared by world-renowned chefs. Even the most self-sufficient East Cape real estate owners appreciate having the option to be pampered.
The details of luxury living have all been addressed by East Cape real estate developers, architects, and homebuilders, ensuring that homebuyers won’t spend their days repairing sprinkler systems, scrubbing their seaside decks, or trying to hunt down help to maintain their yacht in the marina.
In today’s luxury housing market, no features should be out of reach. While older homes may provide the traditional look and feel that elite Baby Boomers sought, new custom luxury homes in international destinations are more attractive to younger buyers.
While luxury homes were once reserved for older generations that had saved for decades, the trend is shifting. Millennials are now posed to make luxury home purchases, and many up-and-coming builders are making sure they offer homes that this generation is looking for.