Has Gen Y Gone to the Burbs?

What is driving these younger affluent buyers to more traditional properties?

Gen Y…”They Know What They Want and They Want It Now!” But what is it that this up and coming group of buyers are attracted to? Elise Ramer, Senior Public Relations Specialist with NRT Florida teamed up with Felise Eber to provide some insight.

Felise Eber, a prominent team member of The Jills, the #1 Coldwell Banker team worldwide (and sister to Jill Eber), first spotted an emerging trend that could be a gamechanger in Miami and other real estate hot spots.

Miami Beach is a bastion for young singles, who flock to South Beach for its white sandy beaches, trendy night clubs, international flavor and sleek modern condos.  But the trend toward high-tech condos with stunning beach views is taking a surprising shift – Gen Y buyers are beginning to move toward traditional single family homes.

Felise has closed five Alton Road properties in the past year, and increasingly these are sold by Baby Boomers and being snatched up by Gen Y buyers.

What is driving these younger affluent buyers to more traditional properties?

Location, location, location

A recent report from the National Association of Realtors revealed Gen Y places the highest preference compared to other generations on convenience to jobs. As buyers start to have children in school, the quality of school districts and convenience to schools starts to have a larger importance.

“These Alton Road homes are centrally located to everything,” said Eber. “You are blocks from Lincoln Road, close to the up and across the street from the Miami Beach Golf Club. Buyers can ride bikes to the beach and just drive across the causeway to the new Miami Design District.”

Felise has noticed an increase in showings of her properties to families with children. The proximity to wonderful schools like North Beach Elementary and ample childcare facilities make Alton Road extremely desirable to affluent younger couples who are just starting their families.

Historical Homes in Need of Love

Many of the gorgeous 1920’s homes on Alton Road have been lovingly cared for and had the same owner for decades. But as their owner’s grow older, the desire and energy to maintain these gems dwindle.

“Today’s younger buyers were brought up watching renovation shows on HGTV, so they’re scooping up several Alton Road properties in need of some TLC,” says Eber. “They see these properties as a good investment and enjoy putting their own personal stamp on them.”

Eber points to a beautiful Alton Road property that underwent a complete renovation and exemplifies old Miami glamour with modern luxuries.

Counseling Alton Road Sellers

Eber has become an expert on working with multigenerational buyers and sellers.

“Often the sellers are older couples who are moving on to the next chapter in their lives. They’re usually downsizing and looking for something with less maintenance,” said Eber. “It’s almost like the buyers and sellers are switching places. We’re seeing more mature sellers flock to the condos that used to be dominated by younger buyers, who are now looking more and more to traditional homes. Of course, Gen Y still loves the condos, too!”

 

Lindsay is the the Director of Media Engagement for Coldwell Banker Real Estate and manages the brand’s media and social media department. She is also a licensed real estate professional. In 2017 & 2018, she was named a top 20 social influencer in the real estate industry in the annual Swanepoel 200 power rankings.

Lindsay lives in Livingston, NJ with her college sweetheart and now husband Joe and rwelcomed another Joe into her life as she became a mom in June 2016.

Subscribe to Blue Matter and get the latest updates

Welcome Fall! What You Need to Know about the September Housing Numbers
Happy Autumnal Equinox! What You Need to Know about the August Housing Numbers