Follow the-money - The New Luxury and Resort Buyer
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- The number of billionaires is expected to double to 2,200 by 2020, which will have trickle down effects on smaller markets. - 55% of rich homeowners prefer owning multiple lifestyle-focused homes for activities like skiing, golf, and beach-going, and 58% already own multiple homes. - While bigger homes were once preferred, 60% now choose upgrades over square footage, and 94% would give up 1,000 square feet for amenities like better neighborhoods, character homes, land, and access to entertainment. - In addition to tech features, the rich also value non-tech amenities like outdoor living spaces, fire pits, and separate guest houses.
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Follow the-money - The New Luxury and Resort Buyer
- 3. RICHER • 2,200 Billionaires • Set to double by 2020 • Trickle down effects into smaller markets
- 6. Photo by WanderingtheWorld (www.ChrisFord.com) - Creative Commons Attribution-NonCommercial License https://www.flickr.com/photos/44028103@N07 Created with Haiku Deck
- 7. Photo by Matt. Create. - Creative Commons Attribution-NonCommercial-ShareAlike License https://www.flickr.com/photos/76583692@N00 Created with Haiku Deck
- 10. Photo by Stuck in Customs - Creative Commons Attribution-NonCommercial-ShareAlike License https://www.flickr.com/photos/95572727@N00 Created with Haiku Deck
- 12. Photo by The Wolf - Creative Commons Attribution License https://www.flickr.com/photos/56658705@N00 Created with Haiku Deck
- 14. Photo by Nick Kenrick., off to Rome/one week - Creative Commons Attribution-NonCommercial-ShareAlike License https://www.flickr.com/photos/33363480@N05Created with Haiku Deck
- 16. Photo by Armando Maynez - Creative Commons Attribution License https://www.flickr.com/photos/91148289@N00 Created with Haiku Deck
- 23. Forbes app
- 31. MULTIPLE PROPERTIES Investing in more than one home has become a trend • 55% prefer multiple lifestyle homes • Skiing • Theater going • Golf /Beach • 58% already own multiple homes
- 38. Photo by DanWendell - Creative Commons Attribution-NonCommercial-ShareAlike License https://www.flickr.com/photos/12659736@N02 Created with Haiku Deck
- 40. B I G G E R I S N ’ T B E T T E R • 60% choose more upgrades over SF • 94% would give up 1,000 SF to get lifestyle amenities such as • 54% Better neighborhood • 51% House with “character” • 51% More land • 44% Access to dining and entertainment • 39% Shorter commute
- 44. NON-TECH ESSENTIALS • 53% - Outdoor oriented living space with garden oasis • 50% - outdoor fireplace or fire pit • 47% - separate guest house outside main house
- 45. Photo by MillenniumLuxuryCoaches - Creative Commons Attribution-NonCommercial-ShareAlike License https://www.flickr.com/photos/45460389@N07 Created with Haiku Deck
- 47. Photo by kruder396 - Creative Commons Attribution-ShareAlike License https://www.flickr.com/photos/10427128@N00 Created with Haiku Deck
- 48. WIRED FOR LUXURY Affinity for high tech features • 66% - Smart home is more important than a Green home • 87% - desire a tech friendly home
- 52. THE AGENT EXPERIENCE Love Internet but need Agent • 96% depend on their RE Professional • 65% insight into neighborhood lifestyle • 64% advanced new listing notices • 55% advice on housing trends • 53% support on a personal level through buying process
- 55. THANK YOU! @amychorew @robynerlenbush www.amychorew.com
Notas do Editor
- AC Join us for a fast paced look at what the new generation of luxury and resorts buyers demand from their agent, how they chose their perfect home and the latest trends and designs that influence their buying decision. Identify what buyers value most in a luxury/resort buyer’s agent. Uncover the latest trends in interior and exterior housing design that influence the luxury buyer’s choice. Discover the most popular marketing channels high-end buyers use to find their perfect property. AC Today’s luxury homeowners and buyers are savvier and more confident than ever. They know what they want and have the resources and capabilities to get it, allowing them to transform luxury living spaces into ultra-comfortable, high-tech homes. Gone are the days when overwhelming amounts of square footage equate to a dream home. The affluent consumer now seeks multiple homes to fit their lifestyle needs and extra amenities, with an affinity for high-tech features.
- RE – We have collected, complied and most importantly distilled extensive research on fascinating trends in these 5 next wave categories. Our sources include several NAR profiles, Forbes, PEW Institute, BHG Clean Slate Survey and other trusted wealth groups.
- AC Currently there are 220 billionaires and that is set to double by 2020 They are focused on major markets (or NFL cities) in the Us but we are already seeing a trickle down effect into smaller markets Some of those markets may include State capital - College towns - 100,000 population and above Austin is also a good example – second tier
- AC This is an interesting group as it really impacted real estate. Overnight multi millionaires They want the latest shiny object High tech WANT IT NOW New money – equal flashy? Any ideas of major markets they are interested In? San Francisco By they also love remote i.e. Original shareholder of FB – sold out and bought a ranch in Ennis, Montana – everyone wants a ranch in Montana since the move “A River Runs Through It” hit the big screen in 1992 Also there are many millionaires and decided to stay working Example, live and work by day in San Jose, Silicon Valley and vacation by weekend in Livermore in the wine country – one plus hour away
- AC The Uber rick don’t measure their real estate experience against a previous real estate experience, they measure it against their last great experience at a luxury store, or a hotel. Ritz Carlton Embracing the Concierge Lifestyle Quality of Life that we have come expect from Hotel experience Will pay more for perfect No request is impossible Seek privacy, solitude, like minded families and and individuals We will show some examples of where they hang later
- RE 35% increase in sales year over year. This is one to watch, growing by leaps and bounds. EB-5 "Regional Center" Immigrant Investor Program Permanent Residence through a $500,000 Investment Under the EB-5 Visa Program, a $500,000 investment in a "Regional Center" enables foreign investors to qualify for the Green Card without the constraints of having to set-up and manage a U.S. business. This immigration option allows investors to live in any U.S. state and engage in a business, employment, or any activity of the investor's choice, or just retire. Anthony Olson, P.A. has successfully processed numerous EB-5 investor visa petitions on behalf of investors who qualified for the Green Card through a $500,000 investment in a "Regional Center" Project.
- A report published in June by the National Association of Realtors® gives an in-depth look at the numbers in the form of the 2014 Profile of International Home Buying Activity. It summarizes sales during the 12 month time period which ended March 2014. The most interesting figure included is that the dollar volume of sales to international clients rose to approximately $92.2 billion, which was a jump from $68.2 billion the year prior. This 35% increase comprised about 7% of all existing home sales in the United State during that time period. The bulk of the international buyers have appeared from Canada, China, India, Mexico and the United Kingdom, with China ranked first in volume at $22 billion in sales (up from $12.8 billion the previous year). Buyers from China often purchase above average priced homes and in high-end markets. A larger than normal proportion of international purchases are made with cash versus domestic sales. Though there is action throughout the U.S., the five states of Florida, California, Arizona, Texas, and New York made up 55% of international sales. As these and other large markets start heating up, some sellers are taking their profits and moving to more rural or remote settings, such as Montana, to retire or find another dream vacation home.
- RE China find the US a great value. From Condos in New York, some families are buying and enrolling their children in pre-school. Want to Americanize their families. Want US education. West coast Seattle, SF, LA and San Diego are also highly popular with Asia buyers. Feel safe in the city. Purchase mostly in highly recognizable cities. Buyers from China often purchase above average priced homes and in high-end markets.
- California is the #1 state for purchases, 76% cash, 56% VK rentals 83% prefer suburb and city
- More wide spread distribution. CA still leads. 77% cash, over 80% is for primary residence. Moving multiple generations to US. Suburb and central city make up 85%
- AC Notes from Inman Luxury UK;s hot spot is Manhattan, looking for a global city NYC is cheap in comparison to $5000 sq in London, NYC $2300-2400 sq ft NYC is safe, foreign money can be put in LLC. BVI maintain accounts Different cultures for different reasons. Asia spending for high school education, Europeans for vacation. $3 m to $60 m $90 m apartments. Flight of middle class out of London. use 2 to 4 weeks out of the year. just to park their boat.
- Primarily vacation rental Resort areas UK has some of the highest prices per square foot in the world We are perceived as an incredible value
- RE Unlike UK Canda buyers consist of mostly investors. Attracted to depressed cities. Looking for blood flowing in the streets as far as discount opportunities. Huge buy up in Florida, Phoenix and Las Vegas. Some for second homes, use as vacation rentals. Tend to buy in investors groups and acquire multiple properties.
- Florida rules at 40%, buy mostly with cash 82%, primary purchase is residential rentals, some use a few weeks for themselves, Prefer communities with amenities, water, golf, skiing. Highest resort buyers 28%
- AC Lots of family relocation to CA, AZ, TEXAS.
- Brazil very hot and pouring money into Miami – Irma Zapor Moving morning to El Paso and San Diego and large border cities Looking to purchase Multi-generational properties and moving their families permanently
- AC These numbers are available through some of the reports from NAR –international buyer report. What thrills us is that they are spot on We demonstrated that these are some of top zips Miami – Mexico San Diego Asia Mexico Seattle Asia San Francisco – Asian and India New York China Las Vegas Canada Defer to Robyn
- Amy start with questions The next trend the young Millennial want to make a difference Will inherit great sums of money Charity/Mission Vacations And they love Real Estate
- RE $41 to $136 trillion in Inheritance in the next 30 years What does the next generation of old money look like Investing in Legacy Properties Places to pass from one generation to the next So Amy and I fit the generation test, except that we do not have large estates to pass, so any single women in the room in their late 20s who might be inheriting large sum of money?
- Also a millennial trend The new escape is… at the heart of the action Walk to dining, shopping and entertainment Downtown lofts and condo hotels Live-work settings Google relocating offices into the heart of San Fran so they can live and work I epicenter Zillow move to NY
- Amy – Ask about the article? Great Forbes Article with Hottest Zip app.
- AC Sample
- RE _ THIS IS A ONCE IN A LIFETIME OPPORTUNITY TO OWN A TOTAL OF 5.37 ACRES. 50 BELBROOK (3.37 ACRES) AND 80 BELBROOK (2 ACRES). THIS STRIKING CONTEMPORARY HOME DESIGNED BY JOSEPH ESHERICK ON A KNOLL-TOP AT THE END OF BELBROOK OFFERS THE ULTIMATE IN PRIVACY AND SWEEPING VIEWS...A ONE-OF-A KIND HOME AND PROPERTY. POOL...STUNNING VISTAS. LIVING ROOM AND ATRIUM WITH 13 FT. CEILINGS. LAS LOMITAS SCHOOLS Price: $21,800,000 In Atherton, Calif., 94027, the most expensive home currently on the market is a 12,840-square-foot Mediterranean mansion with a $21.988 million price tag. Not a millionaire? Good luck finding a place to live in this Silicon Valley enclave. The least expensive home for sale in the 94027 ZIP code is a 1,370-square-foot, two-bedroom, two-bath bungalow. In other words, a starter home–with an asking price of $1.499 million. The median price of the 24 homes listed for sale over the summer was $9.03 million, making Atherton the most expensive ZIP code in America for the second year in a row. “Atherton is drawing a lot of young executives: CIOs, CFOs, and CEOs,” says Ken DeLeon, a Silicon Valley broker whose firm, DeLeon Realty, has $480 million in sales closed or pending to date this year. “And the international buyers really draw on the prestige.” For Silicon Valley’s wealthy, Atherton offers proximity to the area’s tech start-ups as well as its big public companies, including Apple in Cupertino, and Facebook and Google in Mountain View. Another advantage over prestigious, yet further out areas (such as Woodside, home to billionaires Larry Ellison of Oracle and Scott Cook of Intuit) is Atherton’s relatively relaxed building regulations. “If you drive up and down Atherton Avenue all you see are huge construction, 12,000-square-foot homes,” DeLeon says. Younger, tech-rich buyers who want a more urban feel like that Atherton is just minutes away from downtown Menlo Park and Palo Alto, DeLeon says. But Atherton 94027 is the only Bay Area ZIP—or California ZIP code, for that matter–to crack the top 10 on our 2014 list of America’s Most Expensive ZIP Codes.
- AC. This year New York City dominates the list, with six ZIP codes among the top 10. Long Island’s Sagaponack 11962, in the town of Southampton, grabs the No. 2 slot, followed by three consecutive New York City ZIPS: Lower Manhattan’s 10013 (No. 3), the Upper East Side’s 10065 (No. 4) and 10075 (No. 5).
- 156 E 89th St NYC
- 505 W 19th St, NYC
- Midtown 20 W 53rd St NYC $60 million
- 10 Sullivan Street Soho $25,000,000
- RE Downsizing Main Residence, in Exchange for 2nd, 3rd, 4th homes Many luxury homeowners who fall into higher age ranges/travel often on business, will downsize their primary residence and take second, third, even fourth homes. While major US cities like Chicago, SF and NY act as locations for second residences (think Ritz Carlton or Trump Residences), this reinvigoration of the outdoors has also led luxury homeowners to take homes off the beaten path for leisure purposes. Luxury communities such as Gozzer in Idaho (this photo is Gozzer), Yellowstone Club in Montana cater to the super affluent, while there are luxury projects being built in Lake Martin, Alabama and Palmetto Bluff, SC. Nashville is viewed as an up and coming city for quality materials and also properties and there is money to be spent beyond the super rich country stars that hail from the city. Decide which slide for content
- 81 Liberty Ln, Woody Creek, CO - Presented by Laura Maggos $7,975,000 3 bed, 3 full 1/2 bath, 5,050 sq ft image taken from Realtor.com
- Yellowstone Club is a 13,600 acre private residential community set amidst the grandeur of the Rocky Mountains. The Club's superior amenities, easy Montana charm and overwhelming natural beauty present an incomparable venue for mountain living, year-round recreation, and cherished family traditions. Explore the spectacular beauty of the World's only private ski and golf community and the benefits of membership in this exclusive one-of-a-kind club. In addition to the 2,200 acres of powder drenched trails of world-class skiing in the winter and an 18-hole Tom Weiskopf-designed mountain golf course for the summer months,
- AC Fueled by country music and gospel artist, retirees. Brentwood, TN one of the Top ZIPS
- RE Lake Martin Alabama is truly the land of opportunity where many families are seeking solace on this beautiful 44,000 acre lake located in central Alabfama in Tallapoosa, Coosa and Elmore Counties. Lake Martin AL has been slated as one of the best retirement communities in Alabama and fthe USA. Its 700 miles of shoreline offers pristine waters and an unsurpassable quality of life. For years this has been a cabin weekend retreat for many and more recently the real estate market on f has seen a huge demand for luxury second homes, cottages, water access properties and condos by retirement seekers due to the close proximity to Birmingham, Atlanta, Auburn/Opelika and Montgomery
- Amy to set it up for Robyn with question about $1.8 million estate at Disney World Ski-in/Ski-out at Big Sky MT Beach Front, Lake Front, River Front On the Golf Course Not just near, but at the heart of recreation and amusement AC Blake are Friendly Ice Cream, own in Main Vermont, Florida, Connecticut. 1 to 2 hour commute for weekend.
- Ac – I recently a great interview with some of the top luxury editors from the Meredith corporation let me share with you what they said on Quality and Purpose vs. Grandeur While this trend seems to transcend various income brackets, in the luxury market there has been a shift from square footage to quality, craftsmanship and personalization in the home. The luxury market is still spending significantly, but putting their money into high-end materials that can separate their home from the rest and are much more thoughtful about how the space will be used. Many luxury homeowners in the markets that Meredith serves want their homes to look traditional on the outside, but modern in the inside – this relates to everything from kitchen islands, cabinetry, appliances (multiple appliances are not uncommon), wifi-enabled technologies, automation, etc Architecturally, detailing in the home is an expectation. They want crown moldings, coppered ceilings, plank wood, fire places, etc. Hard wood floor continue to prevail Often couples will have separate offices for the husband and wife, who both want to be connected to work in the home There are still mansions that feature dedicated rooms: home theater rooms (though they are going away from rows and rows of lazy boys, to be a more cohesively designed room), dog grooming rooms, wrapping/crafting rooms. What will differentiate the luxury homeowner from the mass spec’d kitchen/home will be the details. For example, while granite is still by and large a major countertop stone, people are mixing stones, such as Quartzite, which is very expensive, can act as a talking point and is more “elegant” Downsizing Main Residence, in Exchange for 2nd, 3rd, 4th homes Many luxury homeowners who fall into higher age ranges/travel often on business, will downsize their primary residence and take second, third, even fourth homes.
- AC
- RE - In vacation homes, there is a trend towards individualizing rooms based on guests. For example, one Hamptons home they profiled featured bunk bed rooms for grandchildren – this is very common. Every bedroom has a bath, living area, play area, private-like hotel suites
- RE Each room will have a purpose and living areas are becoming more integrated and fluid for all members of the family (including children): while dining rooms are still alive in the luxury home there is a trend away from formal entertaining to incorporating the dining room into the home in a different way. Entertaining at home is hot. Cocooning is the term. Stay in to watch a movie in the ultimate home-theater. Most expensive listing in the US $139 Le Palais Royal in Florida. 11 BR 17 baths, and home to first-ever IMAX Theater contracted for private use. 50X27 ft screen, seating for 18 and a bar. 492 ft dock, parking in garage for 30 cars.
- AC Reinvigoration of the Outdoors Many homes are now focused on both outdoors and indoor entertaining, the idea of separate spaces is fading and you see this particularly with the prevalence of windows and light in creating a connection to the outdoors. There is a trend to have master bedrooms open directly to the outdoors – use of French Doors to do so. More than ever there are outdoor televisions and sound systems; they’ve even found indoor/outdoor kitchens that will open up into the yard. Traditional Home just shot a total outdoor kitchen in Napa.
- AC Top 3 non tech essentials 53% - outdoor oriented including a garden oasis 50% - outdoor fireplace or fire pit 47% - separate guest house outside of the main home
- RE
- RE ask Amy question Kitchen as the Center of the Home The kitchen is still the center of the home, both physically and metaphorically and there has never been a greater interest in appliances, cabinetry, islands that look like furniture as spaces are becoming more open and multipurpose
- RE to put data here
- RE I might want it I google it I order it It ships in 48 hours with Amazon+ …or I want to touch and feel in a store near me
- Think Real Estate…I might want it I goggle it I research every aspect, photos, video, neighborhood amenities …I want to touch, feel and see it
- RE Think Real Estate…I might want it I goggle it I research every aspect, photos, video, neighborhood amenities …I want to touch, feel and see it
- AC Now for the Agent Experience 96% still leaning on their real estate professional 65% - insight into neighborhood lifestyle 64% advanced new listing notices 55% advice on housing trends 53% support on a personal level throughout buying process
- Mention on line Search data from NAR 1. Lifestyle marketing 2. event marketing events 3. Networking Amy to ask Robyn – high touch and example High profile charity events Non profit boards Event marketing Geo farm own the neighborhood Lifestyle blogs
- Bit.ly link FollowtheMoney2014 and twitter handles
- AC Now for the Agent Experience 96% still leaning on their real estate professional 65% - insight into neighborhood lifestyle 64% advanced new listing notices 55% advice on housing trends 53% support on a personal level throughout buying process