Sherpa Report: Rich Will Buy 2nd Homes Eventually
From the Sherpa Report, which tracks the luxury travel and destination club market, comes a hopeful note on long-term trends based on "a recent survey by Knight Frank and Citi Private Bank.
While second home purchases by the affluent may be slow for "perhaps another 2 years," Liam Bailey, Knight Frank Residential Research Director, says that caution may be temporary.
"The advantage for people with equity is that they can benefit from forced sales from others in the market," said Bailey. "There are bargains beginning to appear in many locations. But due to tight credit you need to be fairly wealthy to take advantage."