By: Francisco Alvarado
Source: The Real Deal
Recent studies and surveys have shown that most millennials cannot afford to buy a home in major U.S. real estate markets, let alone a pricey condo in a luxury tower in Miami.
Yet, real estate experts who participated in the Asian Real Estate Association of America 2017 Global Luxury Summit this past weekend claim a small, high net-worth segment of the coveted demographic are increasingly shopping for homes in South Florida.
Karen Chau, Asia general manager for real estate tech company Investorist, told attendees at the Four Seasons Hotel in Brickell that Chinese millennials are bullish on real estate. A recent study by HSBC found that nearly 70 percent of young adults in China are already homeowners.
“Many buyers in China are millennials who have been educated in the U.S. and have gone back to China to further careers but still consider U.S. real estate a desirable and sound investment,” Chau said.
During a panel discussion on millennials and luxury real estate, Coldwell Banker’s The Jills sales associate Danny Hertzberg said he’s had success with young entrepreneurial buyers looking to acquire luxury properties in Miami. “They are in their mid-twenties to early thirties and come from a start-up, tech background,” Hertzberg said. “And they are expecting a very high standard from the brokers they hire.”