Tough Market for Luxury Ranches? Blame Generational Differences
Katherine Clarke reports that luxury ranches are sitting unsold in places like Colorado, because Millennials aren't sold on the idea of the ranch style in the same way Baby Boomers were.
"Decades ago, a generation of America’s wealthiest, raised on television shows like 'Howdy Doody' and 'The Lone Ranger,' headed west with dreams of owning some of the country’s most prestigious ranches," writes Clarke in a Wall Street Journal article that's behind a paywall.
Hillary Hoffower provides follow up coverage on the story for Business Insider.
"Buyers aren't in a hurry to make a purchase, leading to price cuts — and some ranches have sat on the market for years," writes Hoffower, paraphrasing Clarke.
Hoffower also adds that the challenges in the luxury ranch market are indicative of challenges in the luxury market around the country. "NYC has a penthouse problem, LA has a mansion problem, and Miami has a condo problem," reads the headline for another story by Hoffower that paraphrases yet another Wall Street Journal article.