Christopher Kelsey of Steeplechase Partners and David Norden of Owls Head Partners have recently published a great second home survey titled Resort Real Estate Survey #2. You can download a copy here. Their first survey was done in spring of 09 and this is an update on those findings.
After reading the survey, there were a few points that got my attention. Below are some of the points I found to be the most interesting. These are just some quick thoughts. Be sure to read the survey to get all of the information.
The mood has gone from pessimistic in the spring to resolve in the fall. I would agree. I think many people have realized that doing business the same old way is gone. They are determined to find a new way to market and sell and to figure out what the consumer will want in the future. This is why our marketing focus is consumer driven. We market to how people live not what the amenity is. We want to know how they experience the community.
Second Home Market Recovery At The End of 2010
This is optimistic if you look at what economist are saying. There is still too much second home inventory in my opinion. They survey predicts 2 to 3 years of inventory. That may be unrealistic in some markets. Will people buy a second home or will they prefer to rent something short term? Will people want to own a condo in Florida for example, or rent it for 3-6 months out of the year without the headaches of upkeep. Does this lead to fractional ownership being a positive for the future? These are some of the game changing issues we will be discussing in the future.
From Investment to Lifestyle Choice
Second home purchases are no longer an investment but a lifestyle choice. Quality time with family is number 1. This might change the type of lifestyle amenities that people are looking for. If it is about their lifestyle, then they will be more particular about the choices. I also believe soft amenities and wellness type amenities will be more important in the coming years.
The old way of having people sit on site and drive traffic to the property may be changing. Engaging with the buyer through a 2- way conversation medium is changing the face of sales. Through blogging and other social networks, we are able to establish a brand and engage the buyer. The face of marketing has changed.
Leave a Comment
I hope you enjoy the survey. I found it very insightful for our future plans. Feel free to write a comment about the survey below. What were the most important takeaways in your opinion?
Thanks again to Christopher Kelsey and David Norden for providing such a great survey.