A Generation Ready to Invest in a Lifestyle
How baby boomers are evaluating the luxury market
With new developments continuing to rise across growing suburban areas in the U.S., developers are customizing their offerings to appeal to the homebuyer demographics in their markets. One of the largest homebuyer-pools is composed of baby boomers – a generation spanning from 1946 to 1964, mostly made up of empty nesters and many retirees. This generation makes up a group of the most astute buyers in the market, and when it comes to new construction homes, they highly value three distinct features when making a home-buying decision:
Lifestyle and flexibility
Retirement communities aren’t to everyone’s appeal. Owning a home near loved ones and a personal network is important, but many want the opportunity to diversify their surroundings, whether it’s owning a second home or traveling around the country. Investing in a place that offers a retreat-like experience is the ideal opportunity for those in search of a place where they can enjoy activities and amenities. Coastal communities and mountain retreats are some of the more popular options among retirees.
For those who plan to travel or visit a second home for part of the year, a home that requires minimal upkeep is important. Hard-wood floors versus carpets, stain-resistant countertops, or not having to worry about yard maintenance, can go a long way. A low-maintenance home also makes renting out a property a more feasible and convenient process. Finding a Home Owners Association (HOA) that provides the right services can be particular to the needs of the buyer.
Custom, luxury features
Life-long experience in homeownership has provided many baby boomers with a clear idea of what they want and value in a home, which is why many invest in the opportunities that offer customizable features. Generally, baby boomers on the market are looking to invest in their last home and want features that fulfill their long-term needs. Whether it’s convenient, high-end kitchen appliances or an expansive, one-floor open layout – these can be the deciding selling points for this generation.
Golden Eagle is an example of a community that appeals to buyers looking to invest in an active lifestyle with plenty of outdoor activities. This new community is located outside of Park City, where hiking, swimming, cycling and skiing are just some of the recreational activities available. Because location has always been an essential point in the homebuying decision, Golden Eagle wisely combines this ideal location, low-maintenance living and the option to an extended rental period of 90 days, for those who are interested in traveling for part of their year.
The community will ultimately have 300 single-family custom homes with 25% of its 600 acres designated to open space, making walking trails and outdoor amenities and integral part of the development.
Currently in Phase One, lots ranging in size are to be occupied by custom built homes with a range of 3,200 square feet to 7,200 square feet of living space. The homes will offer a mountain-contemporary design and spectacular mountain views. The lots range in price between $225,000 to $475,000. Team Schlopy, an affiliated sales team with Coldwell Banker Residential Brokerage in Park City, is exclusively representing this impressive development project.
“This unique community will cater to those interested in the comfort of low-maintenance living combined with the luxury of its breathtaking views of Deer Valley, Timpanogas and the Jordanelle Reservoir,” said Marny Schlopy of Team Schlopy. “We also know that many buyers in our market want to have a beautiful place to call home and still be able travel during seasons, so the long-term rental is a great benefit.”
To help guide you through your real estate needs, contact an affiliated Coldwell Banker professional or visit ColdwellBanker.com.