St. Bart’s is one of the top destinations for affluent second home buyers
According to the latest research from Luxury Portfolio International, the luxury marketing division for Leading Real Estate Companies of the World® affluent under-forty buyers are fueling the luxury second home resort market creating a bright spot for sellers. The recently released research report, “The Allure of the Second Home: Why Affluent Buyers are Displaying Confidence in Resort Markets,” holds some surprises worth noting.
The study is global with 40% of the report’s uber-wealthy respondents coming from the Asia-Pacific region. It seems that last summer’s mega film hit, Crazy Rich Asians rings true. Since this is an international report, resort market buyers are looking at world-class destinations like St. Bart’s, San Tropez, Cabo San Lucas, The Hamptons, Aspen, San Moritz, Bali, Mauritius, and similar five-star hot spots.
The baby boomers though still in the market who traditionally held the top spot as buyers in that luxury second home market are being replaced by those under-forty buyers. According to Luxury Portfolio’s research, that younger crowd accounts for almost half of interested buyers or at least half of those looking. Stephanie Anton, president of Luxury Portfolio International shares her insights into the research. “I was surprised that nearly 50% who were under forty had a high intent to purchase. That’s pretty dramatic.” Of that younger luxury affluent buyer, 71% have children under eighteen.
What these luxury buyers want differs greatly from their parent’s generation. Gone are the country club card rooms, small pro shops and jacket and tie required fine