Coldwell Banker Real Estate Corp., headquartered in Parsippany, N.J., recently profiled million-dollar-plus homeowners around the country. The survey found:
- 31 percent are cash buyers;
- 68 percent are considered "new money";
- The No. 1 profession is "large-business executive";
- 66 percent are from the baby-boom generation (between the ages of 35 and 55);
- 88 percent of luxury home buyers are married;
- Designer kitchens are the top priority for luxury-home amenities;
- 89 percent of luxury home buyers request a four- or five-bedroom home;
- Nearly half of these luxury homes are between 4,000 and 6,000 square feet.
The survey also examined the professions, lifestyles, and financial wherewithal of the luxury home clientele. The study, conducted in May, revealed that despite paying a big price tag for top-of-the-line homes and amenities, 41 percent of these luxury home buyers still plan on investing more money in the home by doing major renovations.
In terms of negotiating style, the top luxury home buyer's tactic was described as "close to the vest, minimum divulgence" (63 percent) versus "hardball" (24 percent) and "money is no object, I just want it" (13 percent). Additionally, it seems these home buyers use these negotiation tactics successfully to get the best price -- the survey indicated that only 6 percent actually pay more than the asking price.