These homes are driving the millennial real estate market for millions
The housing market is getting the Goop treatment.
A multimillion-dollar mansion in Beverly Hills is calling itself a “wellness home” advertised to a health-conscious perspective owner. It's the latest luxury development catering to buyers with deep pockets prioritizing self-care.
The six-bedroom, 6,300-square-foot home, on the market for a cool $12.2 million, is fully loaded with amenities like a Peloton bike, a virtual trainer that’s built into a mirror and access to a detoxing Scandinavian Hydrotherapy -- a hot and cold treatment said to improve circulation. If that’s not a big enough sell, the new homeowner will get private yoga classes twice a week, and cold-pressed juice delivered to the home from a “juiceologist” for the first three months.
“We’re seeing a lot of millennials, athletes and hedge fund individuals from the East Coast,” Rochelle Maize, executive director of the luxury real estate division at Nourmand & Associates, told FOX Business' Robert Gray on Monday of potential buyers.
The Beverly Hills property is one of many on the market outfitted for buyers interested in personal health and wellness. Last year, the global wellness real estate market was a $134 billion industry, a number expected to grow to $180 billion 2022, the Global Wellness Institute estimates.
Call it the "Gwyneth Paltrow effect." The actress-turned-wellness guru built her natural health company Goop, on wellness advice, holistic health and clean food and beauty in 2008 with a newsletter that’s since expanded to wellness summits, a podcast and forthcoming Netflix docuseries. That, coupled with the millennial-driven priority of self-care, clean eating and fitness have been incorporated into real estate.
Developers have built entire neighborhoods dedicated to living one's "best life" in recent years. Rancho Sahuarita, a 3,000-acre community nine miles south of Tucson, Arizona, has 17 miles of bike paths and a 15-acre lake. Homeowners can take ballet, tennis, yoga and dozens of other classes a week at the community club house for $93 per house in monthly dues paid to the homeowner association. Home prices range from $220,000 to $350,000, Realator.com reported.
Farm-to-table is another hot sell. Some families have been moving into agrihoods, neighborhoods built around a working farm with modern luxuries, with locations sprouting up around the country from Texas to Georgia and even in inner cities like Detroit and around Southern California.
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People can grow their own kale and eat it in a salad by their infinity pool, too, at Rancho Mission Viejo, an active 23,000-acre ranch and farm in Orange County, California where home prices range from $300,000 to more than $1 million. Residents also shell out an extra $100 twice a year for access to the communal farm.