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The New Wealthy

Across the country, a new generation of entrepreneurs and executives in the technology, finance and service sectors have become multimillionaires while still in their 30s and early 40s.
 
“These buyers are loaded, and they’re spenders,” says Lewis Goodkin, president of Goodkin Consulting in Miami. “The big question is where do they want to live? In Florida, they prefer highly desirable urban areas to the suburbs, unless they want an equestrian lifestyle. Throughout the state, water is the most powerful attraction.”

Second homes in beachfront locations appeal to these “new-wealthy” buyers, who may also buy a ski chalet in Colorado or a town house in Manhattan, Goodkin adds. “Private vacation clubs and fractional ownership programs at Florida resorts have a strong appeal to this segment.”

In addition to the superwealthy, there are an estimated 6.2 million Americans ages 18 to 35 with household incomes of $100,000 or more, according to a recent study by International Demographics, a company that studies everything from Internet use to brand loyalty. In many cases, they’re looking for luxury homes—on a somewhat smaller scale.

“Many of these affluent young buyers are looking at estate homes in gated communities with sizable lots,” says Lisa Wolfson, an associate with Signature Realty in Valrico, just east of Tampa.
“Because many $1 million-and-up buyers still have young children, the schools are also a key consideration,” she adds.