New attitudes of the wealthy....

"A renewed buying attitude

Laurie Moore said this renewed buying attitude is most likely a result of lifestyle desires and the belief that residential real estate is a smart investment. Billionaire John Caudwell said, “Trophy (property) assets are probably the most resilient and successful investment options at the moment, and will be for the foreseeable future.”
“Caudwell’s quote illustrates the fact that investors feel that an economic turning point is ahead,” Moore said, “and properties purchased at today’s prices will be viewed in the future as smart buys.”

New attitudes of the wealthy

The vast majority of wealthy are business owners, self-employed professionals, and top corporate executives, and as luxury real estate demand has risen, attitudes of the wealthy have changed.
In Moore’s words, the following are the ten new attitudes of the affluent:

1. Although there will always be “flamboyants” who gravitate to McMansions, in general, real estate “bling” is out and artisanship and quality are in. The demand for bigger has shifted to demand for better. Quality is a key purchase factor along with taste and design aesthetic.
2. The majority say they prefer a low key lifestyle and don’t wish to be recognized and acknowledged as wealthy. They prefer the term “very successful” over rich or wealthy
3. When buying, they look for future profitability, value, and the ability to exit easily. They also prefer buying near their affluent peers.
4. They often don’t feel rich. Their view of their wealth is less about the number of zeros and more about how much richer others are. They may own a luxury vehicle, but be thinking, “My friends have a luxury car and full time driver.”
5. They are increasingly global in their tastes, attitudes, and preferences.
6. Their lifestyle has shifted from spending on things to spending on experiences. especially those that create their ability to tell a story.
7. Home purchase decisions may be influenced by opportunities to add value by restoring, expanding, or making a profitable currency play. Some attitudes have stayed the same.
8. They are early adopters of technology and are online. They will shop for a home first using the web. They will also research real estate professionals online.
9. Their time is titanium. (It’s their most valuable resource.)
10. They believe they deserve and have earned the things they have.

“In short, real estate bling is out,” Moore said, adding, “Quality is in. Today, most post-recession luxury home buyers are ignoring ‘super-size-me’ McMansions and focusing instead on lifestyle, uniqueness, artisanship, and future profitability.”"

** from :: The Institute For Luxury Home Marketing !