Connecting our Clients to the Lifestyle of their Dreams – ALLURE OF THE SECOND HOME: WHY AFFLUENT BUYERS ARE DISPLAYING CONFIDENCE IN RESORT MARKETS

The potential market for luxury property has never been bigger.

In our most recent research report, The Allure of the Second Home: Why Affluent Buyers are Displaying Confidence in Resort Markets, we explore the current state of the second home market, as it relates to the affluent consumer, focusing on the top 10% and above income earners in 26 countries, who are in the market to buy or sell a second or vacation home in the next three years.

Who is Considering Buying and Selling?

Buyers, age 40 and younger, are taking over the luxury second home market, but lack the experience of Gen X and Boomers

Luxury second home buyers and sellers have similar demographic profiles in terms of age, geography, education and professional status. As a result, their financial profiles are similar, with the only noticeable difference being that sellers have slightly higher asset levels.

Interestingly, this group has notably high assets for their age. About half of the qualified consumer market is under the age of 40, yet their aspirations for purchase are in the millions of dollars.

For most, this is not their first time purchasing a second home—the average number of residences is over three and 14% own at least five residences currently. Driven not by the Millennial group, but rather by Gen X and Boomers. Of Gen X luxury second home buyers, 17% have more than five homes, along with 19% of Boomers in this buyer group.

Current State of the Resort and Second Home Market

Affluent consumers are in acquisition mode

Those who are in the market to purchase a luxury second home are adding to their portfolio and unlikely to sell their existing second home at the moment—thus there are more buyers than sellers. Interestingly too, this means that sellers are also buyers, but buyers are not necessarily sellers.

LPI_AllureOfTheSecondHome_TotalGlobalAffluent

Buyers show more confidence in the market than sellers. More than half of buyers believe that now is a good time to purchase a second home, while relatively few think it is a good time to sell. As noted previously, these consumers are quite savvy when it comes to homeownership; 76% own two or more properties currently.

LPI_AllureOfTheSecondHome_GlobalWealthTrend

What are Second-Home Buyers Looking for?

Wellness is the New Luxury

Affluent consumers have begun living with wellness in mind and this also influences the second home market. In fact, 96% take at least one aspect of wellness seriously as part of their daily routine. Beyond physical and emotional wellness, which most affluent consumers focus on, luxury buyers are keen to improve their intellectual, social and even spiritual wellness.

Amenities that address these needs are sought by buyers and especially resort and second home buyers because of a growing demand for communities that take a holistic approach to overall wellness.

The Bottom Line

With more buyers than sellers, the demand for second homes is keeping home values high for luxury properties. Younger buyers are becoming more prominent, currently making up nearly half of the market, however, older generations have more experience buying second homes. Multiple residences, as well as customized experiences, including wellness amenities becoming a priority.

Would you like more information – just reach out and let’s chat:  214.769.2142

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OPEN HOUSE this SUNDAY from 1-3pm | Gated Community of Bridgewater Crossing, Richardson 75082 – 4 Bed 3.1 Bath

OPEN HOUSE this Sunday from 1-3pm

We look forward to seeing you tomorrow.

Welcome home to 3410 Sweetwater Drive. Privately located in the gated community of Bridgewater Crossing in Richardson, TX.
From the moment that you walk through the front door, you are greeted by the meticulously designed residence; the homeowners sparing no expense in their finishing luxury touches and floorplan customization.
Built by America’s Luxury Home Builder – Toll Brothers; this 4 bedroom 3.5 bath home is now ready for you to call HOME. Nestled in one of the most sought after suburbs in the Dallas Metro | Richardson, TX.
Warm hardwood floors can be found throughout most of this home. An inviting Formal Dining room with soaring ceilings in the perfect place to enjoy those special meals. A gas/wood burning fireplace can be found in the Family Room is the perfect spot to curl up with a great book or catch up with good friends.
This open and flowing floorplan invites you into the family gathering area and the real heart of the home – the Chefs’ Kitchen…here you will find only the finest of quartz countertops, matchstick tile/stone backsplash, sliding drawer for the waste receptacle, 5 burner gas stove-top, cabinetry extended to ceiling and a large walk-in pantry with added storage.
The first floor is where you will find the Master Bedroom Suite and Spa-Bath with large walk-in closet. The Master suite with sitting area has a private entrance onto one of the 2 outdoor patios. As you enter the spa-bath, be sure to look inside the custom cabinetry – electrical outlets are thoughtfully hidden inside the main cabinet; allowing for a clutter free countertop. Take a soak in the relaxing tub or enjoy the large step-down glassed-in shower with convenient seat.
The second level landing brings you to a Bonus area that can be used for your Media, Library or Office. Bedrooms 2, 3 and 4 are found on the level along with 2 full baths. The 4th Bedroom is complete with its own private full bath – perfect for visiting guests, family or that teenager!
Your garage has been extended with towering ceilings perfect for added top storage.
Features Found in this Toll Brothers home:
– Advance Monitored Security System with installed cameras
– Plantation Shutters throughout home
– Solid Core Doors
– Designer Crown Molding – Wide
– Glassed-In Showers and Doors in all Baths
– 2 separate backyard patio sitting areas
– Large Stone Pavers in Backyard
– 10,000+ in added Landscaping
– Extended Garage for added storage
– Surround-sound Speakers – 2nd level Bonus Room area
– Garage Key Pad
– Recessed Ceiling Lighting
– Toll Brothers Builders Warranty in place

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Live•Play•Grow•D.FW | Spotlight on the D-FW Luxury Market

Spotlight on the D-FW Luxury Market | Want to know more?  Lets Chat … 214.769.2142 or click here//

Spotlight on the D-FW Luxury Market

The Dallas-Fort Worth luxury market continues to see significant growth and is fueling home sales across the Metroplex.

Just how significant is the luxury home sales growth in North Texas?

In the past year, 12.4% more homes priced at $750,000 and above have been purchased than during the prior 12 months, according to Grand Vie: Luxury in Living magazine’s Spotlight On the Luxury Market feature. Breaking it down further: Luxury home sales are up 11.2% in Dallas County, 17.2% in Tarrant County, and 13.4% in Collin County.

In addition to offering luxury market insight and featuring many of Dallas-Fort Worth’s premier luxury properties, the 17th edition of Grand Vie offers a plethora of interesting editorial content, everything from recipes and grilling tips from local celebrity chefs Tim Byres and Jon Bonnell; to LuxeTrends, showcasing a collection of the latest luxury lifestyle must-haves; to “Houses of Art,” showcasing some of the area’s top cultural events of the season. Also in the summer issue: special sections for lake homes and farm & ranch properties, and real estate blogger Candy Evans’ take on the vacation-home paradise that is Cape Cod.

Luxury is a lifestyle, and Grand Vie celebrates the way we live, love, learn, eat, host, play and work. Pamper yourself at grandviemagazine.com.