Chautauqua Lake Living

RISMEDIA, May 12, 2006-A new study of second-home owners by the National Association of Realtors shows SENIORS continue steadily to dominate the marketplace, and a growing number of second homes – more than one-in-10 – are possessed by minorities. An astonishing majority of respondents own multiple properties in addition to their primary residence. David Lereah, NAR’s chief economist, said the market is still dominated by the baby-boom generation.

“Middle-aged, middle-income households are the driving element in the second-home market, with advantageous demographics providing a solid fundamental demand in this sector for another 10 years,” Lereah said. “Boomers have confidence in diversifying their resources, & most second-home owners see their purchase as being a better investment than stocks and shares. A surprising majority of survey respondents keep multiple properties, and they’re thinking about purchasing additional homes.” About six in ten respondents own several homes in addition to their primary home.

Minorities have become more active in the market, accounting for 11 percent of vacation home buys between 2003 and 2005 in contrast with 6 percent of buys in 2002 or previous. In the investment property segment, minorities accounted for 17 percent of transactions between 2003 and 2005 compared with 11 percent in 2002 or previous. An unexpectedly lot of vacation-home owners, 21 percent, own two or more vacation homes. In addition, 34 percent of vacation-home owners survey they own several investment properties.

More than half of investment-home owners, 53 percent, own two or more investment homes, and 12 percent own two or more vacation homes. Analysis of U.S. Census Bureau data shows there are 6.8 million holiday homes in America and 37.4 million investment devices in addition to 74.6 million owner-occupied models.

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NAR President Thomas M. Stevens from Vienna, Va., said the term “second home” is apparently something of the misnomer. 120,600 last year, and purchased a property that is 220 miles from their primary home, but 34 percent were less than 100 kilometers and another 34 percent were 500 mls or even more. Eight out 10 drives with their property, and half of holiday homes can be found within the same condition as the owner’s main home. Eighty-three percent of owners are married couples.

Three-fourths of vacation-home owners purchased for personal use, although one-third also wanted to diversify investments, and 18 percent designed that the house would become a major home in retirement. Only 13 percent of vacation owners outlined local rental income as a good reason to buy. The normal owner spends 39 nights per year at their property, and three-quarters do not book. Of these who do rent their holiday home, the median number is 12 nights per yr. 98,600 in 2005; 75 percent of owners are married people. Their investment property is situated close by, within a median distance of 10 mls.