I read an interesting article from Coldwell Banker Global Luxury regarding the Millennial Millionaires and the future ahead. As the large demographic Baby Boomers continue to age, they will make way for the Millennials in purchasing luxury second homes in Crested Butte.

We are already seeing evidence of the Millennial’s influence on the buying decisions of their parents. Most second homeowners in Crested Butte want a second home so they can create memories with their family (kids and grandkids), friends, and clients.  The kids generally have some input on the type of home, location and amenities. I have had a number of clients either transfer or sell their second homes to their kids…

Millionaire Millennials And The Future In Crested Butte – Real Estate Clients

Did you know that by 2030, millennials will have 5x as much wealth as they have today? Wow!

Craig Hogan, the vice president of luxury for Coldwell Banker, states, “If you want to have a future in luxury real estate, it’s imperative that you learn how to connect with them in authentic ways and create lifelong clients.” And he’s so right. You need to be able to connect with millennials especially in the Crested Butte area if you want to be able to do business and get them to like, respect and trust you!

The Pew Research Center posted that millennials are about to surpass baby boomers as the nations largest living adult generation. This means that they are now the largest group of homebuyers. So, will these millennials who inherit luxury properties from their parents in Crested Butte, sell or keep the properties? We’ll eventually find out and that’s something to look out for as a buyer.

Millionaire Millennials And Their Crested Butte Home

Many millennials want different things when buying a home than maybe the baby boomers wanted. For example, some millennials put off marriage or children, so the home they buy in Crested Butte could have different features and priorities.

You might also see that many of these millennial millionaires are interested in the “fixer-upper” mountain homes. Many are expected to choose a desirable area with a great view or land and do a little bit of work on a home, rather than choose a new construction property with the big price tag. But what home improvement means may be differentially viewed to these millennials. They are gravitating towards buying homes that have an open floor plan and personalizing the space. For example, changing the flooring, countertops in the kitchen, etc. Just giving it a hint of “themselves”.

Millennial Millionaires also seem to view real estate as wealth creation so you may see many of them holding on to their first property and renting it out after they buy a new home.

Technology is a huge interest to this generation. They are 3x more likely to watch a video than baby boomers. So, on the real estate side, using technology for your platform is that more important. They’ll be more likely to watch my home tour videos, scroll through my Facebook and check out my blog, than their parents probably would. Since technology is very important to many of them, a “smart home” could be of interest to them in Crested Butte.

Millennial Millionaires and the future in Crested Butte could really change. Wants and desires. Selling and Buying. Fixer uppers and technology. This generation could affect how many homes are sold down the road or how many rentals are offered. This is something to look out for in the future here in Crested Butte.

How can I help you?

I have over 30 years of business experience and am a top real estate agent in the mountain town of Crested Butte, Colorado representing affluent clients who are buying and selling their homes and properties. To see featured properties or search the MLS – visit chriskopf.com.

Are You Considering Buying or Selling a Home in the Crested Butte Area?

Chris Kopf
Broker / Owner
Global Luxury Property Specialist
Coldwell Banker Mountain Properties
Chris.Kopf@CBMP.com
(970) 209-5405