Earlier we wrote about the numbers released in the National Assn of Realtors’ vacation home study, which showed a modest increase in 2nd home sales in 2009. More is at work in those statistics, though, than just buyers deciding to purchase.
While Dr. Lawrence Yun, chief economist of NAR, said the typical vacation-home buyer makes a lifestyle choice, buying in this economic climate also shows these folks felt the property was a good investment, a good use of their discretionary funds at this time.
By the purchase, they also said they see a 2nd home as an investment, to use for vacations yes, but with an eye toward future appreciation.
The study also showed a changing attitude in the US toward 2nd homes. In the U.K. and Europe, vacation homes are part of the culture. Since the typical age of a 2nd home buyer in the US is 46, a subtle shift could be taking place toward younger buyers of these homes.
‘Historically, people become interested in buying a second home in their mid 40s,’ Yun said. ‘The large number of people who are now in their 30s and 40s will dominate the second-home market in the coming decade.’
Be sure and contact our Coldwell Banker agents in the Caribbean to discuss your options for a vacation home purchase, including Fractional Ownership. This is a great time to buy on all our islands.