Page 15 - Reside Magazine Lusk Associates

Above: An elegant waterfront saunas” are popular. Millennials are not like an olive grove, a vineyard, or orange or
residence in Freeland, Washington, unique in prioritizing health-related assets: lemon trees.” Equally concerned about the
offers the Old World glamour the Global Wellness Institute notes that the health of the planet, they are also looking
younger buyers are seeking
“wellness real estate” market—homes for homes that are sustainable.
Left: Millennials are moving to Italy,
where a villa like this offers a historic designed to support holistic health—may While the media has always shaped
home set in a beautiful park with reach a value of $887 billion by 2027. perceptions of luxury, the increasing
views of Lake Maggiore
Diletta Giorgolo Spinola, head of presence of streaming has changed the
Photos: Italy Sotheby’s International Realty, Realogics Sotheby’s International Realty.
residential, Italy Sotheby’s International game. Hit shows and films such as
might want a walk-in scullery or a breakfast Realty, has seen a surge in Millennial buyers. “Bridgerton” and “Saltburn” are feeding
nook.” This generation is “savvy, smart and The quality of life relative to the expense in a taste for Old World glamour, and Giorgolo
much more knowledgeable about what Italy is more affordable when compared to Spinola saw “‘The White Lotus’ effect”
luxury is,” she says. “They expect wine places such as Paris and London, she says. first-hand after the HBO comedy-drama
storage, bars and outdoor entertainment, While families are more inclined to buy set its 2022 season in Sicily, Italy. “Two
and for their home to be wired for sound homes in cities such as Milan and Rome, months later, we had twice as many
and media. Many also want golf simulators wealthy younger buyers, including “digital American and British buyers looking there,”
and music rooms.” nomads” and those in venture capital or she says. “It could be that, thanks to these
Millennial buyers are looking for “turnkey tech, are more likely to buy in places such shows, younger people understand that
properties,” says Heider. “They don’t want to as Lake Como and Lake Maggiore. owning a piece of history is a status symbol.
deal with improvements. They want it ready, These buyers also want a mixture of TV shows are definitely shaping their
down to the landscaping, and they’re willing the old and the contemporary in their new perceptions of what luxury is.”
to pay for it.” That could include amenities, homes. “The dream is a 21st-century home Brian Boucher is a New York-based writer.
of which “wellness facilities, cold plunges, in a historic building,” says Giorgolo Spinola. His work has appeared in The New York Times,
steam rooms, pickleball courts and infrared “They want to buy properties with features CNN, New York Magazine and Art in America

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