Resort and Second-Home Real Estate

If last month’s issue has you wondering where and how second-home and international investments fit into a smaller market, we’ll turn you into believers in this issue. While it’s true that oceans and mountains draw the largest crowds of vacation-home owners, other individuals might follow their recreational interests or job relocation. For example, Hyundai recently moved 50 Korean executives to its new plant in Mobile, Alabama, resulting in second-home purchases for those whose families stayed in Korea. If your properties are near a military base, look to career military retirees, who find the proximity to a base makes it easier to access benefits like health care and PX shopping.

If your listings are centered in middle America, but near a college or university, think about the retirees who value the intellectual stimulations of an academic community. College sports attract alumni who rent vacation homes for big football weekends – think South Bend, Indiana, for Notre Dame football games. For properties in a small town without any major tourist attractions, think about the refuge they provide for city slickers. Or the surprising possibilities - the town of Marfa (population 2,000) in West Texas is increasingly a hub for the New York artistic community since noted artist Donald Judd settled there in 1971. The annual Open House festival sponsored by the Chinati Foundation and Judd Foundation draws thousands. UFO enthusiasts are also drawn to the famous and mysterious Marfa Lights phenomenon.

Get creative in your thinking! If you are looking for more ideas and/or a network to help you get started, look to the NAR Resort and Second-Home Property Specialist certification.