2015 UH Summer Lifestyles Alexander Romanenko_MINI_MAG_SUMMER_2015 : Page 9

of borrowing. Some see this as a similar but different avenue than borrowing against money saved for retirement,” explains Miller. Not just the boomers. More than boomers populate the luxury market today, as the average age of the super-rich continues to decline. Some of the best examples of the trend toward younger buyers can be seen in new developments in Florida. Targeted toward families, they are larger and include a range of amenities and services, so families are even opting to leave the nanny at home. At The Mansions at Acqualina, a sold-out oceanfront residential development in Sunny Isles Beach, Florida, 16 percent of its buyers were 35 years old and younger, with an average age of 45. Also well received by younger buyers is a sister development currently underway, which has an even greater focus on children’s amenities, including an ice skating rink. Hurwitz says two of his largest recent sales were to online game design-ers/owners and he routinely works with buyers, often from Silicon Valley, who are under 40 years of age. In Florida, many second-home buyers are often younger affluents with children. Another trending demographic are second or third marriages, where spouses span generations. Both are dedicated to spending this time with their children and the family. GlobalizatioN of luxury. Few real estate trends have received as much press as the surge in foreign buyers in the U.S. Recent data shows international buyers spent over $100 billion in U.S. properties in the last year, with Florida, California and Texas the top three destinations. Although global interest is focused on select cities, international demand is expanding to more locations. “It’s been happening in pockets, but we are just starting to see it inside of the country,” says Anton, noting, “It’s a movement, and it’s happening, but it’s not the end of local buyers.” Miami ranks third among U.S. cities favored by international buyers. Michael Goldstein, president of sales for The Mansions, says about 60 percent of its buyers hail from North America. There is a strong South American presence, as well as buyers from Russia and Israel. The attraction extends beyond properties and locations. Instead, it’s about privacy and security and, according to Riley, where you want to take your money and your wealth. National developers and local builders have responded to what international buyers want by creating luxury, amenity-rich communities, with a guarded entrance to guarantee privacy, and quality-driven homes with household conveniences and high-end quality interior finishes, says Hewitt of her market, which is a top international destination. Globally, “real estate is starting to process more similarly than differently,” says Anton. “No matter a person’s origin, the affluent consumer today cares about very similar things. Whether it’s their overarching concerns for their family and business to the way they see and invest in the world. They travel to the same places, invest in similar opportunities/markets, et cetera. And they’re spending their money similarly as well. All of this is simply evidence that their confidence is back, in a big way.”

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