What The Rich Think Of Real Estate.
August 2nd, 2008 Categories: "Say What? Just Some Real Estate Talk
A recent survey was conducted by Coldwell Banker of affluent homeowners focus.
This survey consisted of 305 U.S. homeowners whose primary residence were valued over $ 1,000,000 ($2,000,000 in California) and who have investable assets of more than $ 1,000,000. The average annual income of respondents was $ 754,000.
Summary points of the survey.
Real Estate Prices. 85% of the high end homeowners surveyed in 2008 were optimistic that real estate values would increase significantly to moderate over the next 5 years. The 2007 survey figure was 67%. A sizeable increase from prior year.
Primary Home Dream Locations.
When asked about where they would build their primary dream home:
- 27% indicated an island location;
- 22% indicated a rural location;
- 18% said suburbs;
- and 18% felt that some foreign country would be their dream home location.
Second Home Locations.
When those surveyed were asked about locations for a second home the replies were:
- 45% near a beach;
- 23% near a lake or river;
- 23% in a warm climate;
- and the other responses were in the mountains, near a ski resort or in another country.
Must Have Home Amenities. The must have amenities in the home that the affluent either have or plan on getting were:
- 86% either have or plan on getting a designer kitchen.
- 74% either have or plan on getting a customized home entertainment center.
- 57% either have or plan on getting an indoor gym/fitness room.
Surrounding Home Features: When the respondents were asked what surrounding features they wanted around their primary residence:
- formal landscaping (77%)
- water views (43%)
- swimming pool (38%)
- hot tub (35%)
- boat dock (17%)
- putting green/golf course (16%)
- and some stated a tennis court or basketball court.
Other points of the survey.
The living room was the primary room that is used to impress house-guests and entertain.
Lastly the survey also noted that 17% would move if they could obtain a specific zip code and 80% stated that they move to keep up with friends. So location is of extreme importance to the affluent.
The basis for this article was the 2008 Coldwell Banker Luxury Survey. In addition review my article http://www.venturacountyretalk.com/2008/03/15/when-luxury-items-become-necessities/. I do think that the InterNet will influence many home luxury items in the very near future.
Your comments are welcomed.
