The new wave in luxury real estate is all about the new generation. Developers in Los Angeles, Miami, and New York are adding luxurious amenities for kids in their designs.
From 3D gaming room and IMAX theaters to "kid concierge" service that organizes activities, staff apartments for nannies and housekeepers, luxury developments are “in an arms race," competing to appeal to kids and young wealthy families, says Leonard Steinberg of Compass Realty in New York City. Millennials are now the largest homebuying group in the nation, and one in six have at least $100,000 in savings, making them a buyer group with buying power, MarketWatch reports.
Many young, and (of course) wealthy, families are now staying in the city to raise their children rather than heading out to the suburbs, Steinberg explains. Indeed, more than a million Millennial women are becoming moms each year — and they and their partners often prefer the city. Millennials are living in urban areas at a higher rate than any other generation, and 40 percent say they plan to live in an urban area in the future, according to Nielsen.