Boomers Search for "Middle-Class Luxury"
Realtors from around the U.S. and elsewhere who specialize in second homes and resort real estate converge are meeting this week in Vail, CO this week and at least one speaker reports that condo hotels, fractionals, and timeshares are still doing well in the strongest markets. Bob Waun, CEO of Vacation Finance, told the group that the baby boomers are still fueling these purchases. They "are seeking unique alternatives that make fiscal sense and create ownership opportunities that are not burdensome. Many Americans do not want just one second home, they want one in multiple locations," Waun told the National Association of Realtors Vail symposium. "Luxury is a new middle-class expectation," he declared, and "making it affordable requires thinking outside the box of traditional ownership."