Term "Second-Home" May Be Outdated
Here's a twist: Reflecting on the latest survey of second-home owners, National Association of Realtors President Thomas M. Stevens says "the term 'second home' appears to be something of a misnomer.' The fact that so many owners of vacation homes and investment property have additional properties is a bit of a revelation."
It may be a revelation to some, but in places like Aspen and other posh Colorado mountain communities, it's a fact. Wealthy vacationers now have multiple homes and pied-a-terres, as well as investment property.
Stevens points to "a crossover between largely vacation- and investment-home owners, with people recognizing the value of those investments and pouring more assets into real estate."
Let's see if that keeps up as prices flatten and interest rates climb.
Categories: Aspen, Colorado
Labels: second homes