Wealthy home buyers who buy multi-million dollar homes are typically self-made millionaires with new money, according to a recent online survey of 683 Coldwell Banker Previews International property specialists. The study revealed the top professions of these affluent customers. According to the respondents, 88 % of their customers are business or corporate executives, 37 % are physicians, 31 % are lawyers, 30 % are financial professional and 14 % are entertainers, entertainment executives or professional athletes.
Wealthy home buyers require their real estate agents to be equipped with special skills, according to the Coldwell Banker's survey. Given the magnitude of the financial transactions involved in luxury home purchases, 78 % of sales associates said that the top most need their clients require from their real estate agents is privacy and confidentiality. The luxury customers also want their real estate agents to exercise discretion while dealing with their multi-million dollar transactions. Almost 70 % of respondents polled that their wealthy clients want their real estate professionals to offer customized services while 44 % said that the luxury home buyers want their agents to have good network and work relationship with executive assistants, CPAs and attorneys.
Wealthy home buyers also want their agents to know the inside scoop on the real estate market, according to 36 % of the respondents in the Coldwell Banker's survey. Seventeen percent of the sales associates surveyed indicated that one of the necessary skills for real estate professionals working with affluent customers was the ability to provide emotional support to their clients. And according to 11 % of respondents, luxury customers want their real estate agents to establish personal rapport with their clients.
We were soundly taught and the curriculum carried no hint that we were young women and not young men. We were not corrupted by home economics or dressmaking or cookery or any such soft substitute for hard thinking. We were compelled to take sciences whether we liked them or not, and mathematics and Latin were emphasized and excellently administered. Each year the student body petitioned for a course in home economics, for in that day no girl thought it possible that she might not marry, and each year the faculty sternly refused to yield to the request.
—Pearl S. Buck (1892–1973)
The study also included queries on the "must have" amenities that the affluent clientele want in their luxury homes. Wealthy home buyers want media rooms in their homes, according to 60 % of respondents and another 60 % polled that their affluent customers want "wired" homes. However, there are a few home design elements that are out among luxury home buyers. Gourmet kitchens, granite countertops and wet bars are no longer counted as luxuries by wealthy home buyers, according to the survey respondents.
The survey also found that the multi-million dollar home buyer pays a typical down payment of 20 % to 30 %, while a quarter of clients put down 30 % to 50 % of the sale price.
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O my Brothers! love your Country. Our Country is our home, the home which God has given us, placing therein a numerous family which we love and are loved by, and with which we have a more intimate and quicker communion of feeling and thought than with others; a family which by its concentration upon a given spot, and by the homogeneous nature of its elements, is destined for a special kind of activity.
—Giuseppe Mazzini (1805–1872)
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