TriBrand Prosperity 2020 Complete - Page 13



Key Takeaways
1. The high-end second home
market is a net growing market
With more buyers than sellers, the demand for second
homes is keeping home values high for luxury properties.
Buyers are likely to add to their portfolio— not replace.
Sellers are more likely to replace than to sell out
completely.
Sellers’ confidence in the short-term is a bit shaken, as
many are expecting a short-lived recession to hit. They
may simply be playing the market (which more perceive as
strong) and hedging their bets amid uncertain economic
times.
2. Younger buyers make up half
of the luxury second home market
right now
Buyers are coming to the table well-schooled. Many have
support from professional advisors that can help them craft
the best deals and avoid costly missteps.
They can also draw on personal experience as most come
from affluent backgrounds and are themselves quite well
off, particularly considering their age.
3. Ultra-high-net-worth individuals
are investing more aggressively
Most affluent consumers are staying the course or
becoming more conservative with investment risk. On the
other hand, one-in-five UHNWI are shifting toward a more
aggressive strategy.
4. Buyers are ultimately seeking a
life well-lived
Beyond their mind and body, these consumers are actively
pursuing social wellness at a rate not before measured.
This results in a consumer who is focused on active living
in a sustainable and technology-influenced way. In terms of
the home, they are likely to prefer places that make guests
feel at home with them.
PROSPERITY 2020
635 Commercial Street, Provincetown, MA. Last offered at $2,695,000
Reprinted with permission from Luxury Portfolio International®
and YouGov
Study Methodology
YouGov Affluent Perspective is a global consumer research study
taking place in 26 countries and 5 continents. The research is among
8,200+ consumers in the top 10% or higher in their local economy.
For this research paper 433 luxury second home buyers and 270
luxury second home sellers were analyzed. The margin of error (MOE)
at the 95% confidence level is ±1.1% in total, ±4.7% for buyers and
±5.9% for sellers. The MOE measures the maximum amount by
which the sample results may differ from the full population.
About Luxury Portfolio International®
LPI (luxuryportfolio.com) is the luxury marketing division of Leading
Real Estate Companies of the World®, the largest global network
of premier locally branded firms dominated by many of the world’s
most powerful, independent luxury brands. LPI attracts a global
audience of visitors from over 200 countries/territories every month
and markets more than 50,000 luxury homes annually.
13

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