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Introducing the New Aristocracy of Southern California
Dated: February 28 2018
Let’s be real. We’ve got some serious money swimming around our nation, $96 trillion in personal wealth to be precise, and that number is only growing. While other international markets are also seeing an economic upswing, the US is top of the class in wealth creation and is injecting the luxury economy with fresh life and a new demographic, The New Aristocracy.
When looking to the future of luxury real estate, there’s no better source than Dilbeck partner, Luxury Portfolio International, the largest network of independent luxury real estate brokerages in the world. They boast 565 invitation-only affiliated companies with $368 billion in sales last year alone.
Their latest report defined The New Aristocracy as “consumers aged 25–49, exhibiting a strong preference (78%) for large homes with square footage over 5,000 square feet, generally grew up with wealth and anticipate inheriting on average $4M.”
These 25 to 49-year-old tastemakers are bringing their modern sensibilities and tech-savvy tastes to the entrenched and exclusive luxury real estate scene. According to Luxury Portfolio’s report, unlike the traditional luxury buyer, The New Aristocracy is less interested in downsizing and more interested in expanding and upgrading, making them a potent market for larger estates and lifestyle-centric properties.
So what’s in the mind and hearts of this emerging New Aristocracy?
Not surprisingly, they’re focused less on traditional statistics, like bedrooms and bathrooms, and more on the livability of unique lifestyle-centric spaces. They’re also looking to live that outdoor life. According to Luxury Portfolio’s report, they’re “twice as likely as Luxury Loyalists to say pools are essential and nearly three times as likely to consider a spa/Jacuzzi essential.”
Local entertainment and food are also high on their priority list. The report also sites that 55% of The New Aristocracy consider proximity to dining an essential feature for their next home, and they put amenities like a gym, walking trails and valet parking at the top of their must-have lists.
What does the rise of The New Aristocracy mean for luxury real estate in SoCal?
Well, if swimming pools, prime dining spots, and lifestyle focused property is your thing…then SoCal is where it’s at. Our local entertainment scene, modern tech-infused architecture, and legendary lifestyle makes SoCal the luxury bucket list of this emerging Aristocracy.
Cities like Studio City, Silver Lake, Santa Monica, and Pasadena speak to the trend-obsessed Aristocracy creating a unique blend of entertainment, technology, and Instagram worthy experiences. As the next generation takes the keys from traditional buyers, we welcome a real estate golden age of sprawling, modern, and tech-connected homes owned and dominated by SoCal’s New Aristocracy.