Luxury homes - the silver lining in a stormy real estate market
From Manhattan to Los Angeles, the luxury home market is strong and baby boomers seem to be the driving force. Boomers are the target market for luxury home builders, developers, and real estate agents, according to Realty Times, because almost one in four boomers has a net worth of $500,000 or more. Virtually all of these high net-worth households are home owners and 47 percent own more than one home. According to a study by the National Association of Realtors®, boomers want amenities where they retire, including cultural activities such as museums and art galleries.
