Marketing & Sales

Who Buys Luxury Homes?

Coldwell Banker Real Estate recently released a profile of million-dollar-plus home buyers culled from a survey of its top luxury home sales associates.
Coldwell Banker Real Estate recently released a profile of million-dollar-plus home buyers culled from a survey of its top luxury home sales associates. The chart at right shows some of the results.

Of those who take a mortgage, 17% use a down payment of at least 50%. The survey also shows that despite paying a big price tag, 63% of luxury buyers use a negotiating style characterized as "close to the vest, minimum divulgence," versus "hardball" (24%) or "money no object, I just want it" (13%).

While executive at a large corporation topped the list of occupations, entrepreneur owning a business was a close second. Other top professions (in order) were doctor, banker, lawyer, stockbroker, actor, musician and inventor.

Cash buyers
31%
"New money"
68%
Top listed occupation
large-business executive
Baby boomers age 35-55
67%
Married
88%
Most desired amenity
designer kitchen
Buy four- or five-bedroom home
89%
Top size range
4,000-6,000 square feet

About the Author

Nikki Rhodes, Managing Editor

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