Beverly Hills, California (PRWEB) July 31, 2013
SRE Design & Development, a driving force in Southern California’s real estate investment industry, has today announced a startling new trend. More 20-somethings than ever before are purchasing homes. Moreover, they aren’t average homes –they’re million-dollar homes. Case in point is the purchase of a massive mansion by the Winklevoss twins, purchased with the proceeds they earned from Facebook. According to the Business Insider http://www.businessinsider.com/the-winklevoss-twins-18-million-la-mansion-2012-8 (8/27/2012).
There are dual forces at work behind this new trend, points out SRE Design & Development founder and President Jay Belson. “One force here is the rise of new tech startups – Millennials are increasingly seeing success in their new business ventures on an unprecedented scale. The second factor in play is the affluence of homebuyers’ parents.”
Another example of the power and growing affluence associated with tech startups is a former Facebook employee who originally rented an 800-square foot apartment, but traded up to a 9,000-square foot home valued at $7 million not long ago. Wall Street Journal’s Lauren Schuker Blum reports. The trend isn’t confined to the West Coast, either. TTR Sotheby’s International Realty says the company is seeing a new type of buyer, one that did not exist just a few years ago – young entrepreneurial types interested in homes valued at more than a million dollars.
It’s not all about the profitability of tech startups and chasing down entrepreneurial dreams, though. There is a new culture of wealth transfer prevalent in today’s society. Despite the devastation of the recent recession, today’s parents have more money than any generation since before the Great Depression, and parents aren’t hesitating to put that money to work on behalf of their children.
“I’ve seen more parents purchasing homes for their kids in the last year than at any point during my entire career,” points out Seth Phillips COO of SRE Design & Development. The Baby Boomer generation saw considerable success, and that wealth is being transferred to their children in the form of million-dollar homes in Southern California and across the country.
To find out more about SRE Design & Development, visit http://www.SREdesigndevelopment.com.
About SRE Design & Development: Headquartered in Beverly Hills, SRE Design & Development specializes in Los Angeles real estate investing. Clients are able to participate as owners, lenders or partners in investments.