Report From The ULI: Second Home Communities & Real Estate Trends
A long day in San Francisco, including a morning walk Wednesday in Pacific Heights, Cow Hollow and The Marina — please see my Twitter posts. I honestly almost became a house manager in PH, I love the area so much. (Then I learned this is where Nancy Pelosi lives!) This afternoon, back to business. What in the world are we going to do with all those second homes out there begging for owners? Fractionalize them: yes, the future is betting on fractionals: living, aircraft, boats, everything. (Kids?) And while we’re at it, let me tell you what else I heard today about the second and vacation home market:
Ostentation is dead, at least for two years; I mourn.
Second home ownership is all about re-connecting people, bringing owners to nature.
Second home ownership is very social.
Second home ownership likes/wants the resort “experience.” More exotic, the better.
To whit, we are talking a down comforter in a cabin or tent. (More biz for Bibbentuckers.) Outdoor amphitheatres. More experience and memories than opulence. Multi seasonal nature, and a social connection between real people. 82% of the U.S. population claims to walk outdoors, 84% of parents want their children to spend more time outdoors, and all families really want to get re-connected to nature. Oh, but they also want easy access to airports. (I so relate, we want it all!) In fact, today I heard that LOCATION LOCATION LOCATION has been replaced by ACCESS ACCESS ACCESS. Want the recipe for success for a second home community? Try amenities, telecommunication and air travel.
Second and all homes are getting smaller. Here’s what people want in design: Simpler design, smarter design, higher density neighborhoods, the elimination of secondary living spaces, flexible space, and a connection to nature.
Guess who’s buying way smarter than their parents and daring even to ask what utilities cost? Generation X.
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Make sure to get Trish’s Mini Donuts at Pier 39.
And Big Cookie next to the Castro Theatre!
It’s definitely nice to be in a walk-able/easy transit city and not have to depend on a car.
So true but.. the hills! I will never complain abiut walking and sweating in downtown Dallas again!
Yes – you get in the wrong place and you can really get in trouble trying to walk up hills. I have trouble in tennis shoes/walking shoes. I can’t imagine doing it in heels!