Hello everyone and welcome to the real estate minute. I’m your host Ivan Estrada with Ivan Estrada properties coming to you from the Douglas Elliman office in Beverly Hills. It’s 2017 and hopefully it’s been a good one so far. Now this episode is all about Millennials. Who are they? What are they? What are they eating? Maybe not they’re eating but what do they buy in real estate? Well after this episode you’ll know all this information. The real estate minute is going to work this way. There are three segments one minute each, three minutes total. Let the real estate minute begin.
What is a Millennial? Well me. Generations, like people, have personalities. We’re honest. We’re outspoken. We’re liberal and we like change and we like it now. Between the ages of 18 and 34 and the biggest misconception is that we’re generation rent. We’re poor. We can’t buy anything. Well, that’s completely incorrect. Zillow put out a report and in 2016 fifty percent of buyers in the entire country were under the age of 36 and half of those were first-time home buyers. Now who are these buyers? Well mostly in LA county they’re couples. LA is very expensive and you need money for a down payment. So it makes a lot of sense. Now some of these areas that Millennials like are close to transportation, restaurants and shopping such as Venice, Culver City, West Hollywood, Hollywood, Silverlake, downtown LA, and to the east Eagle Rock.
So, the biggest question a Millennial has for himself or herself is should I buy, or should I rent? In LA it’s very expensive and there’s also tons of competition. As a millennial I can tell you we don’t like commitment. We like to move around. We like to travel and the biggest problem is saving up for that down payment. If you do save for that down payment it’ll save you tons of money tenfold in the future. How much? Well 32% in seven years. Don’t believe me. Here’s an example. You could either buy this home for $700,000 or continue renting for twenty-seven hundred dollars a month. Same value. Now here’s another example, you could buy this home for a million dollars or you can continue paying rent at 3900 dollars a month. As you can see for the same amount that you be paying for rent, you could be paying your own mortgage not your landlords.
Two of the most successful Millennials of our time are CEOs of Snapchat and Tinder: Evan Spiegel and Sean Rad. What do you do when you’re making millions or even billions of dollars? Well, you buy a house. Evan Spiegel a 26 year old billionaire just purchased himself home in Brentwood for the price of 12 million dollars. It’s a gorgeous 4-bedroom 6 bath home traditional style with a pool jacuzzi, a gym, a gorgeous view and a supermodel. What’s not to like about that? CEO of Tinder Sean Radal so bought himself a home in the Hollywood Hills West. He paid 8 million dollars and it’s a 4-bedroom 5-bath home over 5,000 square feet on a 15,000 square foot lot. It has a very beautiful European exterior and also a very beautiful and contemporary and comfortable interior.
Thanks for watching this real estate minute for the month of January. I hope you learned a little bit about Millennials and what we’re buying and as always follow me on Facebook Instagram Twitter and YouTube and why not Snapchat and Tinder. I will see you next month.
About Ivan Estrada Properties: Ivan Estrada and his elite team of real estate agents are dedicated to providing an unforgettable experience in finding your dream home in Beverly Hills and other areas in Los Angeles County. Call us today at 323.574.2317 or contact us here.