July 13, 2024 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

Millennials will have larger impact on the real estate market

Bess Hochman is a top Westside real estate broker of more than 20 years.
Bess Hochman is a top Westside real estate broker of more than 20 years.

Millennials, also known as Generation Y, make up the generational group aged 18-34. So far they have left quite an impact on the consumer environment marked by a drastic divergence from preceding generations.

Their biggest variation from other generations has been the way they spend their money, notably by putting off large investments including home ownership. However Zillow, a leading internet real estate data company, reports it expects Millennial buyers to be the largest group of homebuyers for 2015 by year end.

Many Millennials who delayed home ownership because of student loan debt, lack of savings and strict lending policies are becoming better positioned to buy. Their buying power is expected to boost housing demand for the next decade.

The vast buying power of the Millennials makes their preferences important, especially how they interact with others. Millennials operate and communicate differently than the generations before them. They are used to constant connection to everyone through the Internet, social media and smartphones.

Millennial consumers choose how to spend their money mostly based on blogger reviews, getting an unbiased evaluation of a product rather than advertisements generated by the companies creating the product. The brands that give back to society are also more likely to create loyal Millennial consumers.

The shift to Millennials as the largest group of homebuyers is supported by the 2015 National Association of Realtors Home Buyer and Seller Generational Trends study. It found for the second consecutive year, 32 percent of all buyers came from the Millennial group, higher than any other generational group.

Most Millennials like the thought of home ownership as an avenue to long term financial stability and lower fixed monthly payments that are no longer found in the rental market.

In response to these considerations, “full-service” condos are a great opportunity for first time Millennial home buyers. Condos give the advantages of home ownership such as tax breaks and customization, with a sense of community and less responsibility, as well as the same built-in sense of community that a suburban neighborhood can offer.

Century Park East is a great option for those in the market for a full- service condo. Sitting on an expansive 5-acre property, it is also more affordable than other condos in the area and is highly desirable due to its proximity to Beverly Hills and Westwood. Because it is so close to the 10 Freeway the commute to Downtown Los Angeles remains relatively easy.

Century Park East offers many amenities such as 24-hour valet service and guest parking, as well as a doorman and switchboard. The Fitness Center is newly renovated and  features state-of-the-art exercise equipment. Other amenities include tennis courts, a heated pool and sauna. The Homeowners Association allows pets and the grounds feature a private pet area.

As we continue to see the impact that Millennials have on the real estate market, Century Park East presents a worthy option to those Generation-Yers looking to purchase their first home.

For a free courtesy consultation, or information regarding mortgage brokers, contact Bess Hochman, a top Westside Real Estate Broker for more than 20 years. Bess is also distinguished by holding a law degree. This article expresses the opinion of the author. You are advised to consult attorneys & others experts specializing in the issues referenced in this article. Contact Bess by phone at 310.291.4111 or email Bess.CenturyCityNews@yahoo.com.

“Bess is a master negotiator!” says Michael Donaldson, attorney and author of “Negotiating For Dummies.”

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