How’s the Montecito Real Estate Market?

December 23, 2024

Longevity — The Latest Luxury Home Amenity

A decade ago, a home theater symbolized the height of in-home luxury. Today, luxury has evolved — it’s about creating spaces that nurture health, wellness, and longevity. In Montecito’s exclusive real estate market, this shift is clear, with buyers prioritizing homes featuring state-of-the-art wellness amenities.

Gone are the days when a gym and steam shower sufficed. Today’s buyers seek indoor-outdoor gyms, infrared saunas, cold plunges, and magnesium pools. Once found only in luxury spas, these are now highlights of high-end homes.

: Montecito Pocket Listing

: 849 Ashley Road

: 465 Hot Springs Road

WHY THE SHIFT?
Demographics drive this trend. Baby Boomers dominate the luxury market as buyers and sellers, and they are actively transferring their wealth to their families through real estate. Baby Boomer’s focus on vitality as they age is reshaping demand for longevity-centered amenities. As the global population of individuals aged 65 and older continues to grow — according to United Nations Population Fund data, the global share of people aged 65 and over has nearly doubled from 5.5% in 1974 to 10.3% in 2024, a figure projected to reach 20.7% by 2074 — there is rising demand for services that help maintain health and vitality in later years. Wellness resorts are increasingly targeting this demographic with specialized longevity programs addressing unique health challenges and goals, and these same principles are finding their way into private homes.

Montecito’s luxury market is part of this shift. Buyers now seek sanctuaries that enhance physical and mental well-being, making longevity the cornerstone of modern luxury.