Break out the chips because this avocado abode is fresh and ready to be served.
The $6.999 million Wilmington, North Carolina home is inspired by the muy delicioso green avocado.
Listing broker Nick Phillips did not explain why the five-bedroom, seven-bathroom house has an avocado driveway, but historical satellite images show that the avocado has been there since at least November 2004.
The 73 and 74-year-old owners purchased the two adjoining plots for less than $300,000 in the early 1990s and custom-built the 10,960-square-foot home to their own specifications, county property records show.
“This is a property that offers exceptional privacy, the opportunity for deepwater boating, and some of the best ocean views that can be found on the North Carolina coast,” listing broker Nick Phillips, from Landmark Sotheby’s International Realty, told Jam Press.
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The house’s most obvious avocado tribute is its motor court, which winds around a pit-like garden in the shape of an avocado.
But the rest of the house is also filled with rounded spaces reminiscent of an avocado pit. It has wood finishes, exposed ceiling beams and bay windows, photos show.
The pool has a tiled dolphin mural, a waterfall grotto, a bar and a home gym overlooking expansive ocean views. The octagonal ceiling has a sea glass-like chandelier, photos show.
The 10.6-acre lot has a private gazebo, a veranda, a guest house and enough room to grow your own avocados, according to Jam Press, though there aren’t currently any on the property.
Millennials decried common advice to “skip avocado toast” when personal finance gurus suggested it as a method to save for a house, stating that student loans, rather than brunches, were to blame.
Some 48% of younger and 41% of older millennials delayed buying a house due to student loans compared to 22% of 41 to 55-year-olds and two to seven percent of generations older than that, according to the National Association of Realtors (NAR).
Younger millennials were more likely than any other group to sacrifice to buy a house, stating they cut spending on entertainment, clothes, moved in with family and even got second jobs to save, according to NAR.
If the avocado driveway does draw a buyer from the generation known for their love of avocado toast, it will be tapping into a massive generation of upcoming homebuyers.
About 43% of millennials were homeowners compared in 2019 compared to just 36% in 2014. The national average is 65%, according to Freddie Mac’s 2021 “Millennials and Housing” demographic research study.
And millennials are now the biggest spenders on home purchases, typically spending $283,000 in 2019 compared to baby boomers, who spent a median $280,000, according to Freddie Mac.
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But this home in particular will need a wealthy buyer, since it’s asking $7 million. Even among millionaire millennials, only seven percent have a net worth over $2.5 million. But the generation born 1981 to 1996 is set to inherit $68 trillion by 2030, according to Coldwell Banker’s 2019 “Millennial Millionaires” report.
“There is already a large and growing population of millennial millionaires, and
there will be even more created over the next decade according to projections,”
Craig Hogan, vice president of luxury for Coldwell Banker, said in the report.
So will a multi-millionaire millennial buy the avocado house? They might. The top considerations of homebuyers under age 39 with a net worth of $1 million to $5 million when buying a house are a safe environment, hobbies and lifestyle considerations, and cost of living, according to Coldwell Banker’s 2020 “New Affluent Trailblazers” study.
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