Second Homes Get Closer to Home

Part Two in The Avenue District Empty Nester blog series:

In a 2006 article on second-home purchases, Walter Molony, of the National Association of Realtors, stated that second-home purchases less than 100 miles from a primary home rose significantly from 2002-2005 from 33 percent to 47 percent.

The article continues, “In fact, more than one-third of recent second-home purchases are within 25 miles," Mr. Molony added. "We're hearing about more and more people who keep a condo in the city and spend their quality time — whether or not they call it vacation, weekend or dual — at their second houses." Click here for full article.

A 2006 survey of second-home owners by the National Association of Realtors® shows baby boomers continue to dominate the market and second-home purchases for vacation and investments are growing: Click here for the full article.

• The median age of an investment owner is 55, with an income of $98,600
• 75 percent of investment owners are married couples
• Investment property is located close by, within a median distance of 10 miles.
• Six out of ten investment properties are located within metropolitan areas.
• Half are single-family homes
• 13 percent are condos in a building with five or more units
• 8 percent a townhouse or row house
• 34 percent of vacation second homes were less than 100 miles from their primary residence
• Eight out ten drive to their property, and half of vacation homes are located within the same state as the owner's primary residence
• Eighty-three percent of vacation homeowners are married couples

Part One - Empty Nesters Filling Downtown Spaces