Spotlight: Second Home Destinations
There have been myriad changes and disruptions in the residential real estate market over the past months, and one of the sectors that has seen some of the most dramatic upticks is the second-home market. So why is the desire for new destinations and homes-away-from-home hotter than ever? Nick Cassini, COO and Managing Partner at @properties Development Group (@DG), explains what recent shifts he’s observing in the second-home market and why this momentum shows no signs of slowing down anytime soon.
With decades of experience in residential real estate in multiple geographies, Cassini and the entire @DG leadership team have earned a reputation as experts in the niche, second-home market, and their vast expertise has allowed them to understand the ever-shifting environment like no other firm.
Well-known Lake Country destinations in northern Georgia, situated in the exquisite Blue Ridge Mountains include Greensboro, Blue Ridge and Lake Burton. As Cassini explains, “We have seen the pandemic shift behaviors and priorities, so that these locations have continued to attract buyers from Atlanta with top-tier amenities and local experiences, while morphing from second-home locations to year-round, all-season communities. And along with the acceleration in demand, we’re experiencing unprecedented community expansion with new retail and businesses, restaurants, business services and the like.”
Other locations like The Ford Field & River Club in Savannah and Briland Club in the Bahamas shed light on the resurgence of traditional amenities associated with second-homes, offering even more insight into what the market now wants. “We’ve been struck by how today’s second-home buyers are interested in residences that give them proximity to activities like golf, pickleball and access to nature and the outdoors,” Cassini says. “These preferences are fueling decisions by urban dwellers to find second homes that offer them qualities of life they can’t find in the city.”
Unique to their locations, second-home communities differ in price points, amenities, product types and demographics. However, a new market dynamic has emerged across the board — the increasing number of young families investing in second-homes or permanently moving to these hot spots. “We have seen a significant percentage of sales taking place with buyers who have young children, telling us they want a special place where they can start building memories with their families, and having a second home offers the perfect opportunity,” states Cassini. “These folks are different from the typical buyers of the past, who have tended to be older, retirement-focused people, looking for ways to enjoy their leisure activities and time with children and grandkids.”
Traditionally, retired adults looking to explore vacation destinations flooded the second-home market. Now, largely due to the pandemic, younger buyers are searching to relocate with their families to locations they’ve always wanted to live. Many factors, like remote work, are triggering this change, but with each move, Cassini witnesses the same outcome — happiness.
Given the second-home market's heightened activity and continued lack of inventory, some may worry about what its future holds. Cassini believes, “As people continue to seek wellness, happiness and a richer living experience with loved ones in beautiful places, this market is going to continue to expand. We aren’t anywhere near reaching a point of saturation!”