Not only are today’s millenial homebuyers seeking urban lifestyles that offer accessibility, walkability, and proximity to entertainment, but they also are technologically savvy.
To cater to this group, developers are building more new properties in the middle of everything—complete with amenities that foster a sense of community and wellness—and also offering the kind of high-tech features that these young people expect to have at their fingertips.
Locations in the middle of it all
Millennial buyers like having the ability to walk out the front door and be around lots of activity. Rather than move to a secluded, exclusive enclave, they prefer busy, urban lifestyles, and proximity to bars, restaurants, and entertainment. In L.A., neighborhoods like Hollywood Hills that have space for large houses with lots of amenities still appeal to wealthy young buyers, but so do luxury condo developments in more densely populated areas like West Hollywood, Venice and downtown L.A. that have walkability and plentiful amenities. The Silver Lake area also is attractive to young buyers, for its hip reputation, abundant food and drink options, and accessibility.
Grade-A amenity spaces
When it comes to amenities, young buyers aren’t as interested in perks like golf simulators and cigar rooms as they are with health, wellness and a sense of community. That means new developments that prioritize wellness, with not only options for working out, but also saunas, steam rooms, plunge pools, and massage areas, and even meditation areas for a holistic experience.
A tech-forward lifestyle
Young buyers are interested in homes with automation that allows them to control lighting, window shades, and doors remotely from their smartphones.
In addition, because so many young people can now work remotely, accommodating this is increasingly a priority of developers. This doesn’t necessarily mean the typical ground-level office area but instead providing multifunctional areas that allow residents to both work and relax.