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Re: Why Soon-To-Be Retiring Baby Boomers Are Acting Fast To Buy Vacation Homes!
NEW YORK, June 8, 2005
"Baby boomers are choosing to make their vacation or second home their
dream home, rather than their primary residence. Many buyers are operating
on this delayed gratification principle and setting up their ultimate nest egg
now, while the getting is good," according to Pamela O'Connor, CEO and
president of RELOŽ/Leading Real Estate Companies of the World
(www.RELO.com), the largest network of independent residential real estate
firms.
Baby Boomers who still have a few years to work, but are anticipating
retirement, are buying vacation homes to lock in prices before they go higher.
The boomers' interest helped drive vacation home sales 20% higher in 2004,
according to a Realtors association survey. It was the first year that
vacation home sales topped 1 million.
Boomers are buying two kinds of homes: something less than two hours
away that they can enjoy on weekends, and something in the Sunbelt that
they can enjoy for vacations and ultimately for retirement.
Baby boomer behavior is driving much of the current real estate activity.
Compared to past generations:
"They are much better-educated and comfortable with large purchases like
real estate and want to make this a significant component of their overall
investment portfolio.
"They have a much younger self-perception: today's 60 is yesterday's 45.
"They are more active and prefer to be in inter-generational communities.
"They value family, and the home is the center of that.
"They need more money than their parents' generation to live comfortably.
"They are healthier and will live longer.
"Home is a statement of who they aremore individualized, less cookie-
cutter with their choice of design and amenities.
As a result, they want not only to secure retirement savings, but also
vacation property.
Pamela O'Connor, CEO and president of RELOŽ/Leading Real Estate
Companies of the World is available to address this timely topic and more.
RELO members, with 4,700 offices and 120,000 associates in the U.S. and 20
countries, sell over $380 billion in home sales, more homes than any national
franchise (Coldwell Banker, ReMAX, Prudential, etc.). Six of the top ten real
estate companies in the country are RELO members, and it is believed that
RELO sells more luxury homes than any other network.
Pam, based in Chicago, is a frequent housing industry speaker and author.
Before joining the network 20 years ago, she was an honors graduate who
began her career with WSB-TV in Atlanta, managed public relations for one of
Sam Zell's Equity family of companies, and owned her own real-estate PR
firm.
RELO Home Search (www.relohomesearch.com), with 2 million home listings,
may be the largest consumer online house listing service and the closest
thing to a national MLS we have.
General note to media: RELOŽ/Leading Real Estate Companies of the World
welcomes the opportunity to provide you with sources, research, statistics,
data and trend news. Contact: David Gautschy (212 868 1900 x247,
dgautschy@quinnandco.com).
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