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Who Buys Luxury Homes?

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Marketing & Sales

Who Buys Luxury Homes?

Coldwell Banker Real Estate recently released a profile of million-dollar-plus home buyers culled from a survey of its top luxury home sales associates.


By Nikki Rhodes, Managing Editor October 31, 2003
This article first appeared in the CB November 2003 issue of Custom Builder.
Coldwell Banker Real Estate recently released a profile of million-dollar-plus home buyers culled from a survey of its top luxury home sales associates. The chart at right shows some of the results.

Of those who take a mortgage, 17% use a down payment of at least 50%. The survey also shows that despite paying a big price tag, 63% of luxury buyers use a negotiating style characterized as "close to the vest, minimum divulgence," versus "hardball" (24%) or "money no object, I just want it" (13%).

While executive at a large corporation topped the list of occupations, entrepreneur owning a business was a close second. Other top professions (in order) were doctor, banker, lawyer, stockbroker, actor, musician and inventor.

Cash buyers
31%
"New money"
68%
Top listed occupation
large-business executive
Baby boomers age 35-55
67%
Married
88%
Most desired amenity
designer kitchen
Buy four- or five-bedroom home
89%
Top size range
4,000-6,000 square feet

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