Millennials who inherited wealth are often called the “New Aristocracy.” Because most millennials have graduate degrees, they are not as likely as the less educated to blow their new-found wealth at gambling casinos. Many are also cautious about the stock market. A growing number of these millennials are looking for smartly designed luxury homes that are livable and meet their family’s needs. New Aristocracy buyers gravitate to neighborhoods throughout Metro Denver – some you may not have thought of. They may buy in Arvada, Golden, Washington Park, Hilltop, Cherry Creek as well as downtown Denver where they live in luxury lofts. According to a report by The Wall Street Journal, one of the country’s largest builder of high-end homes recently saw a 30 percent jump in profit. Toll Brothers Inc. says the surge came, in part, from wealthy millennials interested in customized luxury homes. Whether you want to sell your luxury Denver-area or plan to buy one that maintains its value, consider a few of the New Aristocracy housing trends.
No. 1: Massive living space
Many wealthy millennials desire living space with 5,000 square feet or larger. It’s good news for baby boomers who have sprawling homes but want to sell and downsize. Experts say the millennial generation is actually planning ahead for multigenerational housing needs. They want space for their grown children to live at home. Other popular square footage needs include 7,500 and even 20,000 square feet.
No. 2: Outdoor living spaces
Even though many millennials grew up in front of televisions and computers, they like the outdoor living spaces. When selling, stage the terrace and patios. Hire a landscaper to spruce up the yard so there is a scenic view. If you have a few of the Rocky Mountains, you can command a higher price for your property.
No. 3: Security, high-tech and eco-friendly
Other important home features for wealthy millennial and Generation X buyers ages 25 to 49, include security systems, energy-efficient appliances and high-tech gadgets throughout the home. In other words, don’t get caught with old landline outlets or ceiling fans from the 1980s. Talk to The Principal Team about how to update an older home to appeal to buyers with new money.
At The Principal Team, we work with buyers and sellers in the Denver area with all their luxury real estate questions. For information to help with your Metro Denver luxury home search, please contact us.