Danny's Blog

Luxury Home Market on the Rise: 13% of Consumers Ready to Buy A Luxury Home

Wednesday, May 21, 2014
Tags:   Miami Beach Listings, Miami Beach Waterfront Homes

In a new survey, realtor.com® uncovered the priorities, buying motivations, and expectations of transaction-ready luxury homebuyers. According to the survey, 13% of respondents said they’re ready to buy a luxury home and another 26% are considering a high-end home purchase. Here’s what the article had to say:

Percentages of surveyed consumers currently considering a luxury home purchase:

  • 13% of respondents stated that they are looking to purchase a high-end luxury home;
  • 26% said they might be considering a high-end luxury home;
  • 61% revealed they are not looking for a high-end luxury home.

"The luxury homebuyer is an important contingent of today’s real estate market, as luxury homes tend to drive trends throughout the entire balance of the marketplace,” said Barbara O’Connor, chief marketing officer at Move, Inc. “We are seeing large portions of buyers throughout the country – from 23% in the Northeast region and 23% in the South Atlantic – eyeing luxury homes.”

The article goes on to break down the demographic even further:

Of the survey respondents who are currently looking for a luxury home:

Most popular reasons high-end buyers started their luxury home search:

  • 19% shared that recent career success prompted their home search;
  • 17% of luxury home buyers indicated they entered the market because they are newly retired;
  • 14% indicated that they are entering the market as an investment;
  • 12% revealed they have entered the market to buy their first home.

Biggest challenges of searching for a high-end luxury home:

  • 40% of luxury buyers cited finding a property that meets their family’s needs;
  • 20% shared their biggest challenge is the limited number of properties offered;
  • 11% tout ultra-unique properties with limited universal appeal;
  • 8% are challenged by gaining access to mortgage loans.

Most important home features when considering a luxury purchase:

  • 54% of luxury buyers indicated a chef’s kitchen as an important feature;
  • 44% consider the home’s views of oceans, mountains, or cityscapes as significant;
  • 38% responded that the square footage of the property is key attribute;
  • 36% included the presence of an expansive master suite as an important factor.

Importance of resale value to those in the market for a luxury home:

  • 35% indicated it is very important;
  • 29% shared it is neither important or unimportant
  • 27% of luxury buyers said resale value is extremely important;
  • Only 8% consider resale value to be unimportant.

Miami Beach Waterfront Homes are among the most coveted and luxurious properties in all of South Florida. For more information on Miami Beach Listings, contact Danny Hertzberg by calling 305-505-1950.

 
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