Regular readers of this blog know that last August (2007) I wrote “Besting: Better Nesting” a book about how 78.2 million baby boomers were beginning to migrate in droves to ‘better nests’ not just ‘empty nests’.
Second home sales have set new records every year for the last 5 years, up until 2007-08, when the market has been slowing dramatically with the rest of the housing market. Is that a sign that I was in the ether and crazy?
Honestly, as I have observed the faultering of the second home (and entire) real estate markets for new sales in the last 90 days, I have begun to second guess my theories. So for the last few days I have been drilling for facts not hunches. Interviewing potential second home buyers, not just trying to read minds.
I’m happy to report the ‘dream of Besting’ is far from dead. It is a being pent-up, people want to move to the mountains, beach, sunshine and walk able lifestyle communities. They are migrating from surburban McMansions and inter-state commutes.
As you read about layoffs, down-sizing, and shifts in job base. Consider that these home owners are likely to move from where they used to work, to where they want to live - and find a new job. The migration to better nests is accelerating. The idea of Besting is not more expensive homes, it is homes that fit lifestyle ‘better’. This does mean multiple residences, fractional ownership, and even more cost efficient second homes - yes, Condo Hotels.
When nerves calm, and money begins flowing again, real estate bargains will be snapped up and likely in rare-air second home markets first.
Viva la Besting!
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