What Drives the Affluent Homebuyer?
As a Luxury Real Estate Broker/Associate with Michael Saunders & Company I have the privilege of also being an Associate of several carefully curated relationships with international luxury real estate marketing partners. One such group is Luxury Portfolio International, which offers marketing benefits including the opportunity for my listings to have an extended reach through the most prestigious luxury global real estate agents. Along with the marketing benefits, I am also invited to exclusive events and presentations that sometimes only an élite group are offered to participate in.
Two weeks ago Luxury Portfolio International held its annual conference in Miami, which I was fortunate to have been invited to attend. Luxury Portfolio is a division of Leading Real Estate Companies of the World – known as the premier network of the world’s most powerful independent brokerages. Luxury portfolio is where the highest global net-worth buyers are introduced to some of the world’s finest listings, including many represented by Michael Saunders & Co. associates such as myself.
Recently Luxury Portfolio released an excellent white paper on the traits and objectives of “The Affluent Homebuyer.” Together with several qualified partners, the top 10% of consumers in 14 countries were surveyed for learning about affluent homebuyer trends and proclivities. In all, more than 5,000 worldwide interviews were conducted including more than 1,000 million-dollar homebuyers, and along with data provided by a variety of organizations, Luxury Portfolio presented an insightful report on this important group of prospective buyers.
At our Miami conference many of the points raised in the report were shared and discussed in-depth. The full report is attached HERE, as a benefit to my loyal subscribers. After reading it, I would be delighted to hear from any readers who have thoughts and comments about the findings.
Having a better understanding of this important tier of homebuyers is extremely important in the Sarasota Real Estate Market, as this price grouping is a considerable part of our regional housing market. While the majority of my business is in the greater than $1 million domain, what I found interesting in the report, is how reflective the findings are on the mid-price tier, as well. So for those not at the top of the market, I believe this is an interesting read for all.
One of the quotes in the report says, “More and more, the affluent today want something new and different and the once strong push to find ‘the right products’ is giving was to a search for something deeper, unique and more meaningful.” This sounded to me like virtually all of the clients I am working with – whether it’s the new property they are searching for, or in conversations about travel preferences and experiences, favorite consumer products and even the automobiles they drive.
As evidenced by the Sarasota Real Estate Market’s consistent strong price growth, especially at the luxury level. Our region continues to attract buyers who see us as not only more desirable geographically than other cities, but also our rich culture, active lifestyle, family-friendly community, philanthropic spirit and several other motivations.
Many thanks to Michael Saunders for recognizing the importance of these prized global affiliations and for bringing Sarasota into the global spotlight through Luxury Portfolio International and Leading Real Estate Companies of the World.
Read the full report HERE.