I have just read a report from the luxury home council for 2007.
It give out some interesting info for those of us in that market.
Here are some facts.;
The largest percentage of luxury home buyers falls into the 40-50 age group (48%) followed closely by the 50-65 age group (44%). These affluent buyers are what marketing experts describe as the "Baby Boomer" market, a 78 million strong segment of the population that has reached its peak earning years and is now benefiting from a rising stock market and historically high home prices. The most common occupation of luxury home buyers is that of an entrepreneur (51%), followed by large business executive (46%) or medical doctor (24%). The number one service affluent home buyers are interested in receiving from their luxury home specialist is help in finding a home (86%) followed by help in managing the transaction (56%), and expert counsel during a negation (43%) The typical luxury home buyer makes a large cash investment in their home purchase amounting to over a third of the overall purchase price. In many metro markets this would exceed a quarter of a million dollars. This compares to the median amount financed by all buyers in 2006 of 91% of the purchase price. The average luxury home buyer spends 11 weeks looking for a home and views 12 homes. Luxury home buyers on average search for homes consisting of at least 3500-4000 square feet, with 4-5 bedrooms, and 3-4 bathrooms. When selecting a home to purchase luxury home buyers often search for a home that will provide a lifestyle not just a place to live. The most popular amenities include gourmet kitchens (95%), master bedroom suites (86%), specialty construction items (66%), high end appliance packages (64%), home office suites (58%), and home theater rooms (55%). By far the vast majority of luxury home buyers active in the market today are best described as "new money". This means that they are not merely living off the successes of past generations. This data is further supported by a report from research firm TNS which reports that the number of millionaires in the US has reached an all time high of 9.3 million households as of mid-2006. The average listing price for luxury homes is nearly $900,000 dollars, or over four times more than the median price of all US Homes as of May 15, 2007 ($212,300). Members report that the most effective method of identifying new luxury home
buyers is through referral or recommendation (75%) followed by the advertising
of luxury home listings (19%) and personal marketing (18%).
To market their services luxury home specialists on average invest $1085 per
month in personal marketing. This compares with the typical agents investment
of just under $100 per month
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