The Wall Street Journal is reporting a boom in younger demographics purchasing luxury real estate! As the market continues to heat up, buyers in their 20's and 30's are getting in on the high-end action. In a never before seen trend, young adults across the country are skipping the "starter home" and investing $1M+ in their first real estate purchase. As Riskin Associates reported in a recent blog post, foreign buyers are a large market for real estate investment and as the WSJ reports, many of those buyers are young heirs, looking to purchase property in the US. Domestic parents are also offering a helping hand to their adult offspring's real estate endeavors, often gifting or loaning substantial down payments or combining resources with their adult children to purchase a home at a higher price point. While Montecito holds a reputation for boasting ultra-luxury real estate and a casual, relaxed community, near-by Santa Barbara offers a plethora of fun and exciting adventures for young adults and families alike to explore while searching for the perfect luxury home.
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