Why Cachet Homes is Targeting Both Gen X and Millennials
- Jun 19, 2015
Scottsdale, Ariz.—A new generation of savvy Generation X and Millennial home buyers is being targeted by Cachet Homes at its new North Scottsdale, Ariz., condominium property, Monterey Ridge. The developer is seeking to lure this prime cohort by including cutting-edge design elements in the 144-residence property. Condominiums extend from 1,091 to 1,870 square feet in size.
“In the Arizona luxury condominium market, there is significant pent up demand for new product,” Matt Cody, CEO of Cachet Homes, told MHN. “The area is also home to the Phoenix metro area’s second largest employment hub, offering nearly 100,000 high-paying jobs in a highly concentrated five-mile radius.
“The area is continually adding amenities to cater to these professionals and booming with luxury shopping, dining and entertainment districts that are a major attraction for locals, visitors and second-home buyers. This area of North Scottsdale has always been one of Arizona’s most popular luxury markets, and Monterey Ridge is one of the first brand new developments to have move-in-ready homes that raise the standard of luxury at an affordable price for the area.”
Among standard features of the residences are slab granite countertops, maple cabinets, upgraded flooring, 9.5-foot ceilings, gas ranges and private terraces. Two-car garages are connected to the building and accessed by elevator.
In designing the floor plans and adding the premium upgrades and amenities for Monterey Ridge, Cachet Homes was inspired by an array of styles and trends.
“We did our best to create spaces that are spacious, comfortable, convenient, stylish and modern, while being equally timeless and trendy,” Cody said. “We wanted this property to feel fresh and modern for years to come, and also to appeal to buyers’ different tastes and aesthetic preferences. It was a challenge to make sure we included something for everyone, but we are tremendously pleased with the outcome of Monterey Ridge. It seems buyers are too.”
The focus on Gen X and Y home buyers does not in any way signal that Cachet Homes isn’t interested in luring boomers to Monterey Ridge, Cody added.
Arizona was recently tabbed as the number one destination for retirees, besting Florida, he said. That means a robust demand for luxury condominiums exists among empty nesters, whether locals, out-of-staters or even Canadians.
The focus on Gen X and Millennial buyers at Monterey Ridge is based on several factors. They include extensive research into the steadily growing home-buying readiness of that young demographic and the fact that the property is at the hub of the area’s high-paying job market for upwardly-mobile professionals.
Beyond these considerations, Cody said, “more and more Gen X and Millennials are eschewing the traditional single-family home purchase and choosing condominium living that’s low on maintenance but high on style because it better fits with their busy lifestyles. Empty nesters represent a big portion of our buyers, as many in this area want to scale down from large family homes after kids have gone to college, but they don’t want to leave this area.”
Cody believes Monterey Ridge will add strong value to the North Scottsdale market. “While there are several luxury condominium projects in the planning stages or starting construction in the area, Monterey Ridge is the only one that is move-in ready now,” he said. Buyers purchasing second homes “want to tour the model, purchase the home and move in right when visitor season starts. Waiting for construction isn’t an option when it’s 30 below in Calgary.”