Luxury properties are the domain of the wealthy. But did you know that there are two classes of these buyers: wealthy and ultra-wealthy? To be classified as ultra-wealthy, assets over $30 million are required.
A recent survey of 200 agents specializing in luxury properties found that the ultra-wealthy are still buying, despite trade war and recession fears. They’re also behind the rise in all-cash offers. Meanwhile, affluent but less wealthy buyers are more sensitive to interest rates and acting cautiously.
While high-end buyers aren’t shying away from big-ticket purchases, their wish lists have gotten longer. They’re now asking for top-end appliances like smart fridges, spa-level amenities, and indoor-outdoor features like fireplaces and even entire kitchens.
