According to the Wall Street Journal this week, "sales in many vacation communities across the U.S. soared last year to levels not seen since boom times." The market for vacation homes seems to be growing in the wake of price reductions, growing optimism about the future and buyers' rising stock portfolios, said NAR economist Lawrence Yun in the article. (He also noted that demand is strongest in areas close to stable labor markets.)
The uptick in demand for vacation homes seems to suggest buyers' return to the ultimate luxury in life: time. The affluent want more time with their families, more time to build memories and more time to enjoy the fruits of their labor. Yet, rather than burden themselves with the responsibilities of whole ownership, they could seek out fractional home ownership with a private residence club like The Elan Collection. A fractional vacation home in their favorite destination--be it the Southern California coast or the mountains of Aspen--gives them the opportunity to enjoy four weeks of guaranteed use in the home of their choice, while being treated to amenities and services such as a personal concierge, onsite luxury vehicle, personal item placement in the home and more. The Elan Collection also takes care of all of the details associated with typical home ownership and property management. And best of all, owners have the option of exchanging use rights for another Elan property of their choice...which means there will always be a new vacation adventure to experience.
What's your pulse on the vacation market? Are buyers more optimistic this year, compared to last year?
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