Forget about the negative real estate cycle we just came out of. That cycle will soon be a distant dust cloud from the past!
Wealthy younger buyers are driving the luxury real estate market, and they are willing to pay more than similar wealthy buyers over age 55, according to a survey by Coldwell Banker Previews International and the Luxury Institute. More than four out of 10 (43%) young consumers over age 21 wih a minimum gross annual income of $ 250,000 plan to purchase residential property in the next 12 months, compared with only 21% of those age 55 and older. These same younger buyers also love to spend on travel and vacations to Hawaii. Many are vacationing here regularly as a place to explore and rest up from their high powered jobs. And what else do they do here? They are looking at real estate, exploring the idea of owning a second home in Hawaii! Many are buying now and not waiting, as they know the prices will go up in the future if they wait.
Yes, I believe that the young and the wealthy are spurring on the next real estate cycle! And this one is very POSITIVE!