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iCrowdNewswire Oct 22, 2020 1:45 PM ET

Real Estate Trailblazers Represent New Wealth Demographic in Unexpected Markets, Coldwell Banker Luxury Report Reveals


Real Estate Trailblazers Represent New Wealth Demographic in Unexpected Markets, Coldwell Banker Luxury Report Reveals

iCrowd Newswire - Oct 22, 2020

 Coldwell Banker Real Estate LLC and the Coldwell Banker Global Luxury® program today released its “New Affluent Trailblazers” report, part of the annual “A Look at Wealth” series. With priorities shifting towards family, friends, health and wellness, combined with other factors such as teleworking, this year’s report highlights the luxury home buying preferences of a new set of affluent demographics migrating their wealth to new, unexpected markets.

Driven by unparalleled change and uncertainty in 2020, Trailblazers are defying traditional migration patterns and demographic factors such as net worth, age, and gender. These potential home buyers are turning their attention away from cities and opting to move to new locations that better accommodate their family needs, placing emphasis on health and safety, privacy, access to more space, and intangible luxury items such as on-demand healthcare and additional passports.  

Coldwell Banker Real Estate gathered the most current wealth research generated by WealthEngine, Wealth-X, and other third-party sources and combined it with anecdotal evidence from Coldwell Banker Global Luxury® Property Specialists in the field to identify three archetypes that are having a major impact on the luxury real estate landscape in 2020:

To identify the top nine luxury real estate markets on the rise among Trailblazers, the Coldwell Banker Global Luxury® program and the Institute for Luxury Home Marketing began with 24 markets that fall into the category of hidden gems, suburbs and vacation destinations and then used the “Affluent Relocation Index” to score these markets based on 12 key drivers of affluent relocation for 2020. To obtain an Affluent Relocation Score, each of these key indicators (qualities like Safety and Security; Cost of Living; and Schools) was given a ranking between 1 and 12, based on analysis from local experts in the Coldwell Banker network.

Explorers

New Suburbanites

Resorters

A main takeaway from the report is the decentralization of wealth as buyers have put down roots in suburban pockets across the country. The pandemic has changed habits, including those of luxury homeowners, and the longer it continues, these new behaviors and lifestyle choices may become more permanent, reinforcing the Trailblazer preferences and mentality.

QUOTE:

“Once again, our local market experts were key in analyzing the available data that was suggesting people were interested in these unlikely locales. They were able to look at the data and say what’s really important to buyers and sellers on the ground. These preference shifts are real, but they are also subtle and gradual – shifts like teleworking, cost of living and lifestyle changes due to the pandemic – so it’s the anecdotal evidence that truly brings this report to life. After all, luxury whispers, it doesn’t shout.”
–      Craig Hogan, vice president of luxury for Coldwell Banker Real Estate LLC

About the Report

A Look at Wealth is a collaboration between the Coldwell Banker Global Luxury® program and WealthEngine. Released once a year, A Look at Wealth is a supplement to The Report, which combines industry research with anecdotal insights from local market experts affiliated with the Coldwell Banker® brand.

Methodology

The Coldwell Banker Global Luxury® program collaborated with WealthEngine, Wealth-X and The Institute for Luxury Home Marketing to provide insights into wealth creation, real estate and property investment, luxury spending preferences and new emerging trends regarding demographic and geographic changes.

Data was collected from the WealthEngine platform, which is powered by more than 1,500 wealth and lifestyle attributes that support half a trillion data points, and uses proprietary learning science to create unique WealthEngine Profiles for more than 250 million people in the U.S. Information was gathered on individuals ages 23 and above, with a net worth (assets minus liabilities) of over $1 million, between the periods of September 1, 2020 and October 6, 2020.

For more information on the methodology used in this survey, please refer to page 42 of the report.

About Coldwell Banker Global Luxury®

The Coldwell Banker Global Luxury® program legacy traces its roots to 1933 and has been a world leader in luxury real estate since. Coldwell Banker Global Luxury Property Specialists are an exclusive group within the Coldwell Banker organization, making up under ten percent of independent sales associates affiliated with the brand worldwide. Coldwell Banker affiliated agents conducted 27,595 transactions of homes priced at $1 million or more in 2019, more than any other national real estate brand. This equates to $144.4 million in sales every day with an average sales price of $1.9 million in this category. Coldwell Banker, the Coldwell Banker logo Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo are registered marks owned by Coldwell Banker Real Estate LLC. Each franchise is independently owned and operated.

 

Media Inquiries:

 
   

Athena Snow

Kristen Carmen

Coldwell Banker Real Estate LLC

G&S for Coldwell Banker Real Estate LLC

973.407.5590

973.580.3518

Athena.Snow@coldwellbanker.com

KCarmen@gscommunications.com 

Contact Information:

Athena Snow
Coldwell Banker Real Estate LLC
973.407.5590
Athena.Snow@coldwellbanker.com








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