The New Urban Luxury Home
September 23, 2015
Founder, Cambridge Properties
It’s no secret the market is back in the Valley. When you look around there is construction in the works – everywhere. For the first time in years, tower cranes are in place to build some of the most luxurious, unique and not to mention tall residential buildings this city has seen yet. Change is clearly on the horizon, so what are the factors influencing the resurgence of multifamily development and giving it a luxury twist?
Believe it or not, the millennials are in the Valley and they do have money to spend. However, this isn’t the ‘wet behind the ears’ first time homebuyer. By nature, the millennial is a wide cast net that includes everyone from the approximate age of late teens to late 30s. Many from this group have been in the business world, saved cash and are ready to buy – something very particular. Millennial buyers are looking for a home to reflect their personalities and lifestyle. They want homes that are at the center of urban energy, in hip locations, design driven both inside and out and not to mention affordable.
AMERICAN DREAMERS PART 2
Gone are the days of the little house with the white picket fence. That dream comes with a lot of extra insurance, maintenance and who knows what else. The new American dream is one that moves as quickly as those that aspire to own it, the next generation of ‘lock and leave’ luxury homes that require little maintenance and yet still afford a timeless and luxury lifestyle that’s perfect for entertaining. This group says ‘Hasta la Vista’ the minute Southwest Airlines drops their ticket prices and they demand a home that can make a fast-paced transient lifestyle possible.
NEXT GENERATION SNOWBIRDS
In an up market or a down market, one buyer that always remains consistent is the snowbird. In a recession, you can count on Canadians; when the U.S. economic outlook is good, buyers pour in from traditional Arizona winter migration markets like New York, Chicago, Wisconsin, Portland and Seattle; when the market is on the continued uptick, coupled with tremendously luxurious and unique new developments on the horizon, the traditional snowbird population gets younger, comes from further away and ultimately drives the stakes for vacation homebuyers higher. The next generation snowbird also encompasses the “been there, done that” mentality and may have owned a single-family Arizona vacation home in the past. This group now looks for all the luxury, convenience and security of a gated neighborhood – in a spacious multifamily product.
Thanks to zoning and forward-thinking developers, the luxury “live, work, play” lifestyle has finally come to fruition with a number of hot projects under construction in the Valley – slated for completion as early as spring 2016. Some of these projects include: Two Biltmore Estates at Arizona Biltmore, The Douglas in the Old Town Scottsdale Arts District, Monterey Ridge in North Scottsdale Resort/Scottsdale Airpark and Serenity at Fulton Ranch in Chandler. I will be providing details to these projects and more at the Luxury Home Seminar on October, 16th at ASREB Scottsdale.