Excerpt from Besting:
“In 1994 there were roughly 6.4 million second homeowners, by 2020 this number is projected to grow to 8.5 million. The definition of a second home will grow as well.
The boomer generation is beginning to ‘best’ or ‘better nest’ a means of recreating the ideal of retirement housing. New concepts are being introduced, and some old concepts are being tweaked to “best” housing options. Condo hotel, fractional, private residence clubs, timeshare, destination clubs, ship condos, hobby farms, and themed communities all will play a role in the Besting stage of life.”
80% of “second home buyers considered it a good time to invest in real estate, compared with 57% of primary residence buyers. A surprising 55% of vacation-home buyers… said they were likely to purchase another property within two years. “Second homes are really something of a misnomer because a fair number of respondents buy multiple properties,” Lereah said. 86% of vacation buyers purchased one vacation home, 12% purchased two homes and 2% purchased three or more vacation properties.”
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