The builders’ dilemma - boomers or millennials?
Baby boomers are still pushing demand for new homes but builders are also keeping an eye on the millennials market which is showing strong growth. At a meeting of builders in Las Vegas, Consumer Reports’ Dan DiClerico said that there is a surge in the number of millennials entering the market and they are now the “top home buying demographic despite enormous student debt and soaring apartment rents.”
He said that millennials make up 36 per cent of homebuyers compared to 34 per cent of boomers. He also noted that almost half of the younger buyers are choosing suburban living. Although the millennial market is growing DiClerico noted that America’s aging population is increasing the size of the seniors market which will continue to be a strong part of home sales.
California could get world’s priciest home
A Californian designer is planning to build what could become the most expensive home in the world. The OC Register reports that Paul McClean intends to build a 104,000 square foot mansion in Bel-Air which would have an eye-watering asking price of $500 million! McClean has been hired to design the ‘giga-mansion’ by film producer and actor Nile Niami who says the house would be aimed at the kind of person who already has a $100 million yacht and wants a home that offers almost every amenity a home could have.
The home is already half built and when finished it will have a main house, guest house, casino, nightclub, bowling alley, four swimming pools, gym, hair and nail salon and much more! Everything you might expect for the price, although realtors are not convinced it will fetch $500 million. Linda May of Hilton & Hyland told the OC Register that it could top $301 million while realto Bob Hurwitz said a more reserved “north of $100 million”.
Mike Tyson upgrades to larger Vegas home
Former heavyweight boxer Mike Tyson has bought a 6-bedroom, 6.5-bathroom Mediterranean-style home in Las Vegas near his existing property. The 10,400 square foot mansion cost Tyson $2.5 million according to Zillow but realtor Ken Lowman of Luxury Homes of Las Vegas says he will list his current home.