Industry News

Survey examines luxury real estate buying habits

About 46% of respondents already own or plan to buy second home

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A study of homeowners whose homes are valued at $1 million or more found that 35 percent plan to remodel or add on to their property, and 8 percent are planning to move to another luxury home. This study, the Coldwell Banker Luxury Index, is based on an August 2004 survey of 300 homeowners. About 85 percent of the index respondents reported an annual household income of $150,000 or more, and half of these respondents said their annual household income was $300,000 or more. The average size of households was four, and several age groups were represented: under 35 (13 percent), 35-44 (43 percent), 45-54 (26 percent), and 55 and over (18 percent). Of the 8 percent who said they are planning to move, 21 percent said they are relocating to another city, 21 said they are upwardly mobile/enjoying greater success, 17 percent said they desire a bigger home, and 13 percent said they are retiring. About 31 percent of respondents said they already own a second property, while 15 percent said ...