Based on median household income, the 2009 Forbes ranking of the nation’s wealthiest locations is dominated by East Coast counties and 12 of the 25 are located in the greater Washington, DC metro area. Of them, eight (8) are in Virginia and four (4) are in Maryland. The Maryland counties included Charles (#21), Calvert (#13), Montgomery (#10), and Howard (#3). Virginia counties included in this year’s ranking were Alexandria City (23); Goochland (#16), Prince William (#14), Stafford (#12) and Arlington (#9) counties, Fairfax City (#6); Fairfax County (#2) and Loudoun County (#1). All of these market areas are within commuting distance of the nation’s capital where the unemployment rate is a modest 6.2% compared to nearly 10% for the nation as a whole. The median (half above/half below) household income levels for the 12 markets ranged from $85,135 in Alexandria City, VA, to $110,643 in #1 Loudoun County where 58% of residents 25 or older hold a Bachelor’s or post-graduate degree. The top 25 have median annual household income at or above $84,767.
Interestingly, with the exception of Suffolk and Nassau counties in New York, which ranked #25 and #11 respectively, and Marin County, CA (#18), the usual suspects were obviously absent. Los Angeles/Hollywood, CA, Greenwich, CT, Vail and Aspen, CO did not make the cut in spite of inherently high costs of living. Three New Jersey counties made the cut, as did three in New York, and one each in Pennsylvania, Utah, Georgia, Tennessee and Colorado.
Arkansas offers a diverse array of retirement and second home destinations ranging from the “spa” towns of Eureka Springs, nestled in the Ozark mountains, and Hot Springs located in the center of the state, just south of Little Rock, to Little Rock itself, a dynamic, contemporary city with a thriving entertainment district and a distinctly southern flair. Known for its rich musical heritage, the Arkansas Delta runs along the eastern border of the state adjacent to the Mississippi River and is one of the most fertile agricultural regions in the nation. Hot Springs, often referred to as “America’s First Resort,” is surrounded by Hot Springs National Park, which encompasses the Quachita Mountains that rise above the downtown and historic Bathhouse Row. Hot Springs is home to a thriving arts community, high-quality medical facilities, and a host of cultural and educational opportunities, and was recently ranked #2 on Forbes’ 2009 list of “America’s Best Bang-for-the-Buck Cities,” and acknowledged by Where to Retire magazine as one of “America’s Most Affordable Retirement Towns” in 2005.
Red Oak Ridge is a bucolic, 800-acre private community located near Hot Springs National Park. The community is convenient to shopping, dining, health care, and the semi-private Hot Springs Country Club which offers two challenging, vintage golf courses, both of which were recently renovated by Master’s Champion Ben Crenshaw. Amenities within the community include two private fishing lakes, a dedicated trail system, several parks, and a swimming complex.
If the vibrancy of the city is your cup of tea, Chenal Valley is well located in Little Rock. This 4,800-acre community offers 32 tranquil neighborhoods of luxury single-family and condominium homes, 36 holes of Robert Trent Jones, Jr.-designed golf, and an abundance of family-friendly recreation including a 105-acre botanical garden and arts center. Shopping is a pleasure at the Promenade at Chenal, a 340,000 square foot center that includes an IMAX theater, and Village at Rahling Road, a neighborhood center that includes a 13,500 square foot library.
A study conducted for the Appraisal Institute to be published in the spring issue of The Appraisal Journal, investigated the pricing and the related premiums associated with homesite views in recreationally oriented private communities. “The Million Dollar View” by David Wyman and Stephen Sperry reiterates what most of us have always known – water is liquid gold. The study focused on approximately 600 lots sold between January 2000 and December 2008 at The Reserve at Lake Keowee, a 3,900-acre private golf community with a Jack Nicklaus golf course and located on an 18,500-acre lake in South Carolina’s upstate. The bottom line: lake front lots beat out lake view lots, which beat out golf course lots. The pricing premiums ranged from 124% to 287% for lakefront lots; from 94% to 133% for lake view lots; and from 42% to 85% for lots with golf course views. The study also points out that even after the housing bubble burst, lakefront lots continued to sell — and at increasing prices.
Fractional ownership of high-end vacation/second homes is the upscale cousin to timeshare and a popular second home ownership option throughout the U.S., Canada, Europe, and the Caribbean. While wholly-owned vacation homes have been traditionally viewed as the optimum investment, in desirable areas they have become increasingly expensive, out-pacing discretionary income for a large majority of U.S. households. The amount of time a second home is used is also at issue, as owners will budget upkeep into the equation on a per-week-of-use basis. A formal approach to shared ownership was developed about 25 years ago. Within the genre’s evolution, “Timeshare” and “Fractional” have become interchangeable terms, although neither catch phrase is particularly popular with Baby Boomers who represent the primary buyer. Thus, the Private or Resort Residence Club has become the vernacular of choice for upscale fractional ownership products. Interestingly, while the product has traditionally been part of the resort model, private communities are now offering this affordable program as an entry level product that permits potential residents to “kick the tires” so to speak.
Resort real estate practitioners believe that the shared-ownership industry will rebound rapidly and with vigor as the economy makes its way through recovery. Reasons for this opinion are varied but focus largely on the product concept, which is founded in ease of ownership, flexibility, and personal use rather than speculation and investment. Lock and leave, hassle-free vacation home ownership enhanced by high-quality services and amenities would not be expected to go out of vogue anytime soon, and remains a popular second home option within the upscale resort environment. The shared-ownership product appeals to a broad audience and levels the playing field for those that cannot afford a whole ownership product in a luxury resort environment, or can’t justify owning a second home that goes unused most of the time.
Hampton Lake Amenities
Recently introduced shared-ownership products include The Sanctuary at Hampton Lake, located within the private Hampton Lake community in South Carolina’s lowcountry. The 25 Club residences will be offered in 1/8 shares starting at $175,000 during the introductory period. All homes are 3,100 square feet and are accessorized right down to the bicycles and golf cart waiting in the garage. The units provide for comfortable sharing with two master suites and a study on the main level and a “bunkhouse,” bath, and owner storage on the second floor. A full-service concierge program will be available and residents will have full membership privileges at all of Hampton Lake’s recreational spa and fitness facilities, including access to the adjacent championship Pete Dye Signature golf course at Hampton Hall.
First-time home buyers are not the only ones taking advantage of low prices and interest rates. According to the 2010 National Association of Realtors® (NAR) 2010 “Investment and Vacation Home Buyers Survey” vacation home sales increased 7.9 percent last year. In comparison, primary residence sales rose 7.1 percent. The general consensus is that the housing market has bottomed – finally. A recent Gallup poll concurs, with 77% of respondents believing this to be the case. In music to builder’s ears, new home sales jumped 27% in March, the biggest one-month gain in nearly five decades (since 1963). Standing new home inventory has declined for 31 straight months to achieve an all-time low and the reported March sales activity represents an impressive 23.8% year-over-year improvement. In other encouraging news, the closely watched S&P/Case Shiller Home Price Index reported its first annual increase in more than three years and one recent industry survey showed that more than half of agents polled reported that their selling customers received 95% to 100% of their asking prices. This compares to 53% in 2008 and 52% in 2006. Housing industry think-tank MacroMarkets recently surveyed more than 100 analysts and market strategists. Consensus findings suggest a 12.4% increase in housing prices by 2014 while some gurus think that rate could be as high as 37%.
Interest rates remain at historical lows – in the 5% range – and some lenders are once again funding jumbo loans, (mortgages exceeding $417,000) an encouraging indicator of a loosening credit market and continued interest in luxury residential investment. Nevertheless, the tighter credit market has more buyers paying cash for property, a condition that is serving to move standing inventory. According to Move.com, more than 12% of buyers plan to use 100% cash to purchase a new property and nearly 13% will use a cash down payment of more than 50%.
The practicality of the matter is that no matter what condition the market is in, each individual must assess his or her specific conditions when considering the purchase of a new home, a second home or a retirement property. As buyers come off the bench, inventories will diminish and prices will increase as demand begins to exceed supply. If you are in the market for a new or second home, the cost of living in your market of choice should carry as much weight as the cost of the home you wish to purchase. According to a study conducted by Where to Retire magazine, certain markets can provide as much as a 30%+ cost of living savings. Myrtle Beach, SC, and Asheville and Wilmington, NC rank amongst these, and tax-free states such as Florida and Tennessee are seeing increased buying activity. Check out PrivateCommunities.com to learn about the myriad opportunities that are currently available in these markets and others.
North Carolina’s reputation as a second home and retirement haven for splitters and half-backs is well known. But a less known fact is that by the dawn of the 20th century, North Carolina had become the leading wine-producing region in the nation and since 2001, the number of wineries has more than quadrupled; approximately 90 vineyards now dot the landscape from the Outer Banks to the Piedmont.
When Sir Walter Raleigh first landed on the beaches of the Outer Banks, his men reported that it was “so full of grapes as the very beating and surge of the sea overflowed them.” During the 17th and 18th centuries, settlers planted cuttings from the parent muscadine vine found on Roanoke Island. Imported European vinifera grape vines followed and were found to thrive in the Western and Piedmont regions. The Yadkin Valley is one of the most productive wine growing regions in the state, producing award-winning Cabernet Sauvignon, Cabernet Franc, Merlot, Syrah, Chardonnay, Riesling and Viognier varietals. The industry has become quite popular as a tourist attraction and tours and wine tasting events are relatively common throughout the state, year-round.
Lake James
The North Carolina Wine Festival is the largest event of its kind in North Carolina; more than 25,000 people attended last year. The Headwaters at Banner Elk, a private mountain community located north of Asheville, was a Presenting Sponsor of this year’s event at which more than 30 wineries presented their wares. The pairing of the festival and Headwaters makes for a perfect match. The private luxury community has embraced a sustainable, environmentally responsible development concept that respects and supports the natural ambience of the region. Other stewards of the land located within the western North Carolina mountain region include Balsam Mountain Preserve located near Waynesville; Creston, located in Black Mountain just east of Asheville; Ciel, a low density “green” community located less than ten miles from downtown Asheville, and 1780 and Old Wildlife Club on Lake James in Morganton. All are surrounded by dense natural forests and exhibit a distinct respect for the area’s tradition of conservation by preserving the land with its native flora and fauna for future generations.
Located about 30 miles from downtown Salt Lake City, Park City, Utah is the little mining town that could, transforming itself into a wealthy four-season resort on the heels of economic upheaval. Park City thrived in the late 1800s as a silver mining boom brought crowds of prospectors and wealth to this outpost surrounded by the Wasatch Mountains. The town was virtually destroyed by fire in 1898 and suffered through two wars and the Great Depression as the price of silver plummeted. By the1950’s it came close to being defined as a ghost town, hanging on by a thread, when “Parkite” miners presented a proposal for a ski resort called Treasure Mountain. The resort opened in 1963 on 10,000 acres marking the beginning of the area becoming known as a destination ski mecca with the “Greatest Snow on Earth.”
Today, Park City Mountain Resort, Deer Valley Resort and The Canyons Resort draw more than three million visitors annually. Ski Magazine readers named Deer Valley as North America’s top ski resort three years in a row, but Park City is much more than snow. It is also well known for unparalleled year-round outdoor recreational and leisure activities including blue-ribbon fly fishing, kayaking and white water rafting, hiking and biking expeditions, horseback riding, championship golf, hot air balloon and glider plane adventures, and a variety of local cultural events. The Sundance Film Festival is the largest of its kind in the US and attracted more than 40,000 attendees and contributed more than $90 million to the state economy in 2009. Park City is one of the wealthiest cities in the United States and has been named by ForbesTravel among the 20 “prettiest towns,” boasting a colorful and energetic main street where 64 Victorian buildings are listed on the National Register of Historic Places.
Wolf Creek Ranch, a unique private, gated community is located mere minutes from Park City and yet has a remote persona. This low-density property shares seven miles of common border with the 2.2 million-acre Uinta National Forest, and has a strong commitment to the environment, having designated 95% of its 14,000 acres to conservation. Each 160-acre estate homesite is two miles around at its perimeter. Roughly the size of Manhattan island, the 14,000-acre property provides refined ranch living enhanced by abundant recreational opportunities including private fishing on the upper Provo River and 50 miles of groomed trails for hiking, biking or horseback riding. Whether as a second home or retirement destination, Wolf Creek Ranch brings out the inner cowboy in a pristine four-season private environment.
Oh, Concierge . . . At one time, nearly half of us couldn’t pronounce it; most of us couldn’t spell it; and some didn’t even know what it was. But today, “concierge” is increasingly on the minds and lips of homebuyers, and developers of private communities recognize the value of this luxury service.
Baby Boomers rule! They get what they want — and they want service. While no one blinks when discussing the wisdom of concierge and hotel-style services associated with vacation ownership, when it comes to the homestead, we think in terms of “do it yourself.” But that thinking is obsolete. Concierge services are on a fast track as THE private community amenity, second home or not. A well-designed and implemented concierge program serves to make the purchasing of a home and residing in a community as seamless and appealing as possible.
The concierge function not only provides a sense of connectivity to the community, it is a demand-driver for lifestyle; everything from introductions to other residents and local professional services, to acting as a link between the builder and the sales staff. Are you buying out of state? Concierge to the rescue — everything from providing information on obtaining a driver’s license to attendance at a decorator/option appointment can be handled at your command. Once moved in you’ll more than likely need dining reservations, theater tickets, directions to a point of interest, event planning, or perhaps even a canine concierge to take Mr. Puppy out for a walk in your absence. All can be within the domain of the concierge program. While some services may be complimentary, at some communities the program is a revenue center; i.e., fee-driven. Homeowners can choose from an extensive menu of services that can range from $500 to $5,000 or more per year. Packages may include airport transportation, pre-arrival shopping, house “exercising” when owners are not in residence, and a host of maintenance-related services.
Communities that boast concierge services include Frenchman’s Creek Beach & Country Club in Palm Beach Gardens, Florida and Golden Ocala Golf & Equestrian Club in Ocala, Florida. In addition, each of these communities has a portfolio of high-quality amenities including state-of-the art fitness facilities and full service Spas.
One might think that a concierge service program would be inherent only within the most expensive private communities, but that is not necessarily the case. More and more developers realize the intrinsic value of satisfying Baby Boomer demands efficiently and timely. In order to keep staffing costs down, virtual concierge services are becoming increasingly popular as more and more Boomers have become computer savvy.
Martin County has just been cited as one of the top five healthiest places to reside in the Sunshine State. The University of Wisconsin’s Population Health Center (WPHC) was awarded a $4.9 million grant from the Robert Wood Johnson Foundation last year to expand their statewide rankings to all 50 states. The study also found Martin County to have the “highest quality of life” based on a variety of health, lifestyle and environmental factors. The WPHC rankings draw attention to the fact that a community’s health is determined by more than just its health care system. People’s health behaviors and the socioeconomic and physical environment all contribute to a community’s level of health. That said, Martin Memorial Medical Center has been named one of the 2009 Thomson Reuters 100 Top Hospitals in the United States. It is the fifth time Martin Memorial has earned this esteemed distinction, making Martin County a popular retirement choice.
Nestled between tony Palm Beach and burgeoning St. Lucie counties, Martin County is comparatively laid back, boasting a low density, uncongested environment that provides each of its municipalities with a decidedly small-town feel. The City of Stuart’s historic downtown is a winner of the “Most Beautiful City” title from America In Bloom and hosts a variety of year-round events including the annual Treasure Coast Pirate Fest.
Situated at the confluence of the Atlantic Ocean, the Intracoastal Waterway and the St Lucie and Indian Rivers, Martin County boasts some of the best beaches and deep-sea fishing in the state. The area is also well known for its high-quality luxury private communities. Deep water marinas and copious championship golf layouts designed by some of the game’s greats including Pete Dye, Arthur Hills, Gene Bates and Jack Nicklaus, are the norm in private communities such as Willoughby Golf Club in Stuart and Piper’s Landing Yacht & Country Club and Harbour Ridge Yacht and Country Club, both in Palm City. If the ocean is your passion, Sailfish Point is a world-class, second home, island community offering a Jack Nicklaus Signature course, a beachfront country club, and a full service marina with immediate ocean access.
Scotch Hall Preserve, a luxury private golf community located in coastal North Carolina has hired the World’s No. 1 Amateur Golfer as Director of Golf to oversee the operations and member events for its award-winning Arnold Palmer Signature golf course. Nick Cassini, a former PGA and European Tour professional played NCAA golf for the University of Georgia. In his senior year he was voted a First-Team All-American, and SEC Athlete of the Year. Cassini won the prestigious Porter Cup, was selected to the Walker Cup team, and was ranked the #1 Amateur Golfer in the World in 2001 by Golfweek. Cassini’s depth of experience playing a variety of courses around the world brings an exciting dimension to the Scotch Hall golf experience.
Located in North Carolina’s Inner Banks region where Albermarle Sound meets the Chowan River and Salmon Creek, Scotch Hall Preserve is just minutes from the historic towns of Windsor and Edenton, NC. The golf course, which features five holes that border Albermarle Sound, was named the 9th Best New Private Golf Course in America by Golf Digest magazine.
The golf experience at Scotch Hall Preserve is the icing on the cake at this private, gated community which also offers an impressive array of family-oriented amenities including The Family Club Retreat replete with clubhouse, swimming pool and bathhouse, a Kid’s Adventure Camp, and an Outdoor Pursuits program designed to provide local recreational and educational opportunities for members and their families. The community’s waterfront location also provides convenient access to year-round boating and fishing in Albermarle Sound, Pamlico Sound and the Intracoastal Waterway. A private boat basin and 107-slip marina are also planned. Housing opportunities at Scotch Hall include maintenance-free cottages and custom home building sites with water, golf and wetlands views.
The Conservation Easement Incentive Act of 2009 was recently passed in the House of Representatives by a vote of 241-181. The bill promotes the use of conservation easements by allowing private landowners to retain ownership and control the management of their property, while ensuring that the physical integrity of those lands are conserved for the future. Over the last two years, 535,000 acres were put into trusts, representing a 50% increase and a growing appreciation of, and responsibility to the “green movement,” particularly with respect to private, second home and vacation destination communities.
Some private communities have been ahead of the curve, using conservation easements and deed restrictions to protect the land and its indigenous wildlife while providing exceptional private lifestyle experiences. Balsam Mountain Preserve, located just off the Great Smokey Mountain Expressway in western North Carolina, has placed 3,000 of its 4,400 acres into a conservation easement resulting in an extraordinarily low-density environment of just 354 residences. In addition to its abundant natural amenities recreational opportunities include championship golf, equestrian, tennis, and fitness facilities, and family campgrounds, replete with bunkhouses and bathing facilities.
A shining example of the successful application of deed restrictions is Spring Island in South Carolina’s Lowcountry. Over 1,200 of the community’s 3,000 acres are dedicated to nature preserves managed by the Spring Island Trust, a non-profit, third-party entity created solely for the purpose of protecting the land. The community contains just 410 homesites, an on-site nature center, an equestrian center and 35 miles of riding trails, more than 30 freshwater and saltwater ponds for fishing, and the award-winning Arnold Palmer/Ed Seay-designed golf course that meanders through a 150-year-old live oak forest and along the marsh and the community’s famous Tabby ruins. Balsam Mountain and Spring Island are Chaffin/Light communities, leaders in environmentally responsible community development.
Palmetto Bluff, Bluffton, SC
Resort communities that have taken the “green” initiative Palmetto Bluff. Located in coastal South Carolina, this 20,000-acre property began by setting aside 6,500 acres as managed forest and putting another 734 acres into a conservation easement. The waters surrounding Palmetto Bluff team with wildlife and nearly 200 acres have been dedicated to equestrian activities. The southernmost of North Carolina’s Cape Islands is Bald Head Island, a private retreat boasting thousands of acres of unspoiled coastal preserves. The island is accessed via a 20-minute ferry ride from Southport, and the absence of automobile traffic on the island speaks to the sublime nature of this luxury resort community. Bald Head is extending the availability of its Island Passport Package through the end of the year for those who wish to visit.
North Carolina’s reputation as a second home and retirement haven for splitters and half-backs is well known. From its miles of pristine beaches meandering along the Atlantic to the majesty of the Blue Ridge Mountains, the Tar Heel State is one of the most beautiful and bountiful in the southeast region. But a less known fact is that by the dawn of the 20th century, North Carolina had become the leading wine-producing region in the nation. Since 2001, the number of wineries has more than quadrupled and now approximately 90 vineyards dot the landscape from the Outer Banks to the Piedmont.
When Sir Walter Raleigh first landed on the beaches of the Outer Banks, his men reported that it was “so full of grapes as the very beating and surge of the sea overflowed them.” During the 17th and 18th centuries, settlers planted cuttings from the parent muscadine vine found on Roanoke Island. Imported European vinifera grape vines followed and were found to thrive in the Western and Piedmont regions. The Yadkin Valley is one of the most productive wine growing regions in the state, producing award-winning Cabernet Sauvignon, Cabernet Franc, Merlot, Syrah, Chardonnay, Riesling and Viognier varietals. The industry has become quite popular as a tourist attraction and tours and wine tasting events are relatively common throughout the state, year-round.
The Headwaters at Banner Elk
The 10th Annual North Carolina Wine Festival will be held on May 29th, 2010 at Tanglewood Park near Winston-Salem, NC. It is the largest event of its kind in North Carolina; more than 25,000 people attended last year. The Headwaters at Banner Elk, a private mountain community located north of Asheville, is a Presenting Sponsor of the event at which more than 30 wineries will be presenting their wares. The pairing of the festival and Headwaters makes for a perfect match. The private luxury community considers itself to be a steward of the land, embracing sustainable, environmentally responsible development practices that respect and supporting the natural ambience of the property. If you happen to attend the May festival, stop by The Headwaters tent and find out why so many families have made it their second home choice.
Definitions of luxury vary from person to person, but I think most would agree that luxury is palpable — yet unpretentious — in South Carolina’s Lowcountry. From its luxuriant marshes, picturesque inlets and unspoiled beaches, to its profusion of verdant golf courses and architecturally striking housing, the region is internationally renown for its history and culture, attracting millions of visitors and thousands of new residents seeking that “ahhhhh” sensation that is so typical a reaction to this bucolic destination.
Stretching from the ancient beach dunes of the Sandhills to the vibrant resorts of Hilton Head, the Palmetto State’s Lowcountry is dotted with dozens of quaint seaside retreats and fishing villages. Murrells Inlet has earned the title “ fish capital of South Carolina” for the fare drawn from its waters and served daily at the many restaurants lining the waterfront. Pawley’s Island, approximately 20 miles south of Myrtle Beach, is one of the country’s oldest beach resorts, and just half an hour away from the bustle of Myrtle Beach, Litchfield is noted for its miles of wide sandy beaches, world-class golf, village-style shops and fine dining. Just off the lowcountry coastline lie a bevy of islands that have established the region’s persona as a casual luxury resort destination. Edisto, Fripp, Kiawah, and Hilton Head are just a few that provide not only copious recreation opportunities and luxury accommodations but a variety of housing – everything from single family estate homes to “lock and leave” condominium apartment flats and townhomes.
Hilton Head Island
Private communities located along this naturally endowed stretch of coastline include DeBordieu Colony, a 2,700-acre hideaway located just north of Charleston in historic Georgetown. Located between the Intracoastal Waterway and the Atlantic Ocean, DeBordieu features a Pete Dye-designed golf course and six and one-half miles of beachfront. Dataw Island is located in the Sea Islands region and was the site of an 18th century plantation that has been transformed into a secluded private community boasting two championship golf courses. Amenities abound at Oldfield in Okatie, conveniently located nearly equidistant between Hilton Head, Beaufort and Savannah. Greg Norman golf, 20-acres of dedicated equestrian facilities, 8 miles of nature trails, tennis, swimming, a variety of water sports and access to a 1,000-acre hunting preserve make this private community one of a kind. Nature is the key amenity at Hilton Head Lakes in Hardeeville where the 452-acre community is surrounded by nature preserves and 22 miles of lake shoreline. Hampton Lake, located in Bluffton, just west of Hilton Head Island, received top honors in the 2009 National Association of Homebuilders (NAHB) “Best in America Living Awards” (BALA). Initially envisioned as a golf community, Hampton Lake was redesigned as a lake community with a resort style amenity complex, enhanced by a 340-acre nature preserve with nine miles of trails.
Shopping for a new, vacation or second home in South Carolina’s Lowcountry is like going to an “all you can eat” buffet — so much – and then so much more. Finding just the right combination of enticements can make the experience very gratifying.
Texas has been cited as a forerunner in the ongoing economic recovery and a solid location for investment in retirement and second home communities. Located in Texas’ famed Hill Country, both San Antonio and Austin have become well known for abundant opportunities to purchase second homes and retirement homes in an upscale recreationally-oriented environment. Private communities that personify this perception include Cordillera Ranch, a multi-recreation community located in Boerne, a suburb of San Antonio. The 8,700-acre private community exemplifies the active adult lifestyle, boasting seven different club opportunities featuring golf, tennis and swim, equestrian, hunting and fishing, health and fitness and water sports. With regard to size, First Mountain on Canyon Lake represents the opposite end of the housing spectrum. At just 90 acres and fewer than 50 homes, this intimate enclave is situated on the 8,300-acre Canyon Lake, aka, the “Water Recreational Capital of Texas.” Conveniently nestled between San Antonio and Austin, First Mountain on Canyon Lake is located on its own private mountain and is endowed with some of the most panoramic vistas of the Texas Hill Country. Ancillary amenities include a resort-style swim facility, miles of walking trails and access to the Guadalupe River by way of Canyon Lake, two full-service marinas and Canyon Lake Golf Club.
Canyon Lake
According to Allied Van Lines’ 42nd Annual Magnet States Report, more individuals and families chose to settle deep in the heart of Texas than anywhere else in the US in 2009. This is Texas’ fifth consecutive year outpacing every other state, and based on recent achievements and projections, the recognition appears well deserved. Texas added 50,000 new jobs in the 4th quarter of 2009, and projections for 2010 call for continued job growth in several of the state’s larger markets. San Antonio is expected to add 22,000 jobs in 2010 and Austin is projected to expand local payrolls with the addition of 19,000 payroll positions. On the housing front, Austin area homes sales jumped 5% in January 2010, and the median price was up 1% to $179,250. Statewide, housing inventory fell approximately 5% in January. Both conditions suggest that now may just be the time to buy.
Watching the final day of the Masters golf championship at Augusta National, the allure of the game was patently clear. Besides great golfers – Mickelson was masterful and Tiger walked away with a respectable eleven, albeit to the chagrin of his adoring fans after finding himself amongst the trees more than once – the splendor that is Augusta National was awe-inspiring. A well-designed golf course is not just a recreational retreat, but a thing of beauty. This is perhaps the reason that Tiger Woods designs, in his own words “a very select few.” While walking the terrain of the first Tiger Woods-designed course in the U.S. and discussing its progress, Woods was asked by Cliffs at High Carolina developer Jim Anthony if he thought High Carolina represented a good location, particularly for splitters, people who own second homes and divvy their time up between them. Woods enthusiastically replied that he would, in all likelihood, be a splitter himself, having a home in Central Florida and eventually a second in High Carolina. He could not say enough about the abundant “viewscapes” inherent in High Carolina’s topography and the private community’s convenient location just east of super-popular Asheville, NC, a consistent #1 pick by a variety of pundits for both retirement and second home living. In keeping with The Cliffs’ wellness philosophy, the golf course at High Carolina will be a walking course and will accommodate players of all skill levels. Construction at High Carolina began last year and completion is anticipated for 2012.
How about that Duke! Persevering to beat Butler 61-59 to become the NCAA basketball champions in a benchmark game – at no point in the final competition did either team have more than a six point lead. The private university’s persistence to succeed personifies the spirit of the Raleigh/Durham/Chapel Hill Triangle region. Loaded with educational, cultural and social opportunities, high-quality healthcare, myriad private community choices and historic charm, the Raleigh/Durham/Chapel Hill market area is a slam-dunk when it comes to making a second home or retirement destination choice.
The Raleigh market area has grown nearly 40% — more than 4% per year — since 2000. This compares to a growth rate of less than one (<1%) percent per year for the rest of the country. The rate of growth for the “mature” population is even more remarkable. The market area’s 65+ segment is projected to grow more than 50% by 2014 or 11% per year. In a recent study conducted by the Brookings Institute, the Raleigh market area ranked number one for senior relocation ahead of Austin, Atlanta, Boise and Las Vegas.
Briar Chapel
Private community opportunities offering a wide array of recreational and social amenities and activities abound throughout the Raleigh/Durham/Chapel Hill Triangle area. Located in Raleigh, Wakefield Plantation is a 2,200-acre master-planned community with a private TPC golf course and TPC Sports Club. In North Raleigh, Bedford at Falls River boasts a Central Park, a Recreation Center, two swimming pools, tennis and volleyball courts and 26 miles of tree-lined sidewalks. In Chapel Hill the Governors Club offers 27 holes of Jack Nicklaus Signature golf, a 42,000 square foot clubhouse, a comprehensive Tennis Club, and fitness and swim facilities. The Legacy at Jordan Lake offers direct access to the 14,000-acre lake for boating, fishing and swimming. This resort community also has tennis and sports courts, a short iron golf course, fitness and swimming facilities, and 12 miles of dedicated walking trails. Located on the periphery of Chapel Hill is Briar Chapel, the largest “green” community in the Triangle with a 66-acre community park with soccer, football and baseball fields, 21 neighborhood parks, a village center, an amphitheater, and 24 miles of hiking and biking trails. And those are just the on-site amenities. The Triangle abounds with state and county parks and hiking, biking and golfing opportunities. Wake County alone has more than 30 golf facilities, more than half of which are open to the public.
Colorful, vibrant, miles of pristine beaches, crystalline bodies of water, and an abundance of resort opportunities come to mind when we think of Mexico. But in recent years, it has evolved into a safe haven for real estate investment, offering attractive home ownership opportunities in an environment that is undergoing significant growth. While much of the early development in Mexico had been highly commercial in nature, focusing on all-inclusive and timeshare resorts, as ownership laws and lending practices have become more “Americanized” private community development has taken flight, appealing to second home owners, and ex-patriots from all over the world who are seeking a more cost-efficient way of life upon retirement.
Cabo San Lucas, Cancun, Puerto Vallarta – all recognizable Mexico resort destinations that have attracted visitors for decades. Unlike these resort locations, Mazatlán has roots in a tradition of trade and commerce, coming late to the discovery that its miles and miles of sand beaches translated to tourism opportunities. In this regard, it’s towns and city centers have a prevalent historic nature not often found in Mexican resort locations. Situated on the Pacific Coast of Mexico, almost directly across from the tip of the Baja peninsula, Mazatlán was first colonized by the Mayans. The name, which means “place of the deer” in the native Nahuatl language, speaks to the region’s remarkable scenic beauty. Set at the foot of the Sierra Madre Mountains on a peninsula that extends into the Pacific Ocean, Mazatlán boasts Mexico’s largest commercial port and has its own international airport and car ferry service for trips across the Gulf of California to La Paz. Interestingly, the City is segregated into two distinct areas: Zona Dorada (Golden Zone) where the majority of hotels and restaurants are located, and El Centro, the downtown, or “heart of the city.” Since 2000, the historic downtown has been undergoing a major restoration of many of its buildings including the famous Plaza Machado. The two city centers are linked by Avenue Del Mar, also known as the Malecón, a scenic beachfront walkway connecting the two destinations.
Estrella del Mar Golf and Beach Resort is being developed as an “American” master-planned community approximately ten minutes from Mazatlán’s International Airport and less than 30 minutes from the heart of the city. The 800-acre oceanfront luxury resort community offers overnight villa accommodations for visitors, and condominiums, and estate beachfront and golf course lots for ownership. The community is anchored by an 18-hole beachfront golf course designed by legendary Robert Trent Jones, Jr. and is rated amongst the best golf courses in Mexico. An on-site Turtle Preserve dedicated to protecting sea turtles and other precious wildlife speaks to the environmental sensitivity of the Estrella del Mar development.
If you’ve ever driven the Blue Ridge Parkway, you know the feeling. Breathtaking vistas for miles around are picture-postcard perfect. A temperate four-season climate, abundant recreation and extensive and diversified housing opportunities have been attracting visitors and new residents to the western North Carolina Mountain Region for decades. Strategically located less than a days’ drive of 70 of the nation’s top 100 metropolitan areas, the region is uniquely suited as a second/vacation home destination. A significant influx of retirees and pre-retirees has spawned a variety of ancillary services and amenities. As part of the local campus of UNC, the Asheville-based North Carolina Center for Creative Retirement is today regarded as one of the nation’s top institutions for adult learning.
Nestled amongst majestic mountains, the eclectic city of Asheville has popped up on many national rankings over the years including AARP’s “Best Places to Reinvent Your Life,” and “The 50 Most Alive Places To Be.”American Style magazine recognized it as one of “America’s Top 25 Arts Destinations,” and it has also been cited as one of the happiest places in the U.S. in Eric Weiner’s 2008 book, The Geography of Bliss. Therefore, it was not surprising that it showed up on Barron’s 2009 rankings of the “Best Places for Second Homes.” Currently available luxury homes located in and around the Asheville market are priced from $600,000 to several million dollars for an average list price of $1.2 million.
Just a short drive from Asheville is Burnsville, the “Gateway to Mt. Mitchell,” the highest point east of the Rockies and home to The Preserve at Wolf Laurel. The 1,300-acre master-planned community marks the final phase of the larger Wolf Laurel Resort development. The community’s established environment and copious in-place amenities make for a distinct sense of community. “Down home pleasures” are commonplace at The Preserve and have included the gathering of 700 residents for a 4th of July celebration. This spirit of community lifestyle is showcased in the preservation and restoration of the The Buck House, the former homestead of original property owners David and Pearl Buck and their eight children. Eighty-five percent of the 13-room Colonial Revival structure’s wood is original, and the property, which is operated as a B&B to accommodate potential property owners, is listed on the National Register of Historic Places.
A leader for 85 years in wealth analysis, Barron’s, recently named Pebble Beach #6 on its list of the “10 Best Places in America” for second homes. Located on the Golden State’s pastoral Monterey Peninsula, Pebble Beach has long been known for its superlative golf. Rated the #1 public golf facility in America by Golf Digest for 2009-10, the Pebble Beach Golf Links have hosted four U.S. Opens and will be the site for the 2010 challenge slated for June 14-20. But Pebble Beach isn’t the only game in town. There are more than 20 other golf opportunities, some of which are located within the verdant Del Monte Forest, which surrounds the community of Pebble Beach. Estate homes, with panoramic views of Monterey Bay are abundant. According to Barron’s, the median home value in the marketplace is $1.1 million reflecting a 20% reduction from peak pricing.
Just minutes from Pebble Beach lies the quaint seaside village of Carmel. Well-known as the home of Clint Eastwood, a former mayor of Carmel, this charismatic town has been a world-renown destination resort and artist colony since the turn of the last century. California’s “jewel city” is at once eclectic and bucolic and has been cited as the “dog-friendliest” city in the country. From inception, preservation of the natural environment has been a vital consideration as the city founders constructed roads to weave around existing trees in an effort to preserve the area’s ambiance.
And the concept upon which the town was founded has never been forgotten. Sustainable development is the principle upon which Tehama is emerging. This contemporary development overlooking Carmel Bay comprises 2,000 rolling acres but is planned for just 90 homesteads.
The development of Tehama, which is a Native American word meaning “abundance of nature,” has been guided by Clint Eastwood’s dedication to sustainable development – more than 85% of the land has been permanently preserved as open space and the project has been honored with California’s Golden Bear Award for diligent protection of the environment. In addition to its abundant natural assets, the community includes an 18-hole Jay Morrish-designed golf course, tennis, swimming and fitness facilities.
The increasingly popular anti-sprawl movement that promotes compact community design, walkability, and neighborly socialization is known as “New Urbanism.” The sister model associated with satisfying contrasting demand for unencumbered space is known as “New Ruralism.” In its truest form, this very private community concept focuses on a deep and abiding connection with the land, and accommodates uses that are atypical in a more structured environment, such as farming and equestrian activities.
City and suburban dwellers alike, weary of the congestion associated with civilization and longing to own a tractor – or at least a pickup truck and a couple of large dogs — are finding their way to the outer “exurban” limits of metropolitan areas in an effort to satisfy an innate desire for a relationship with Mother Nature. If you find yourself tired of crowded highways and a high-density lifestyle, and are desirous of an environment synonymous with Walden Pond, a family compound may satisfy your craving.
Owners of large open spaces are often motivated by a desire to preserve the land in its natural state and consider themselves stewards of the environment. While many use their property purely as a recreational venue, a growing number are opting for full-time rusticity.
A property such as Shoal Falls Farm can satisfy either inclination. This 145-acre property is located midway between Brevard and Hendersonville in western North Carolina, both of which have eclectic and vibrant downtowns and abundant community services and cultural activities. The historic city of Asheville is just minutes away, while the bucolic surrounding area includes the 10,300-acre DuPont State Forest with miles of walking, biking and horseback riding trails that are easily accessible from this very private retreat. The property boasts 65 acres of mature hardwood forest, 80 acres of pasture, and twin 45-foot waterfalls and creeks meandering throughout. Two farm homes, a barn apartment and a log cabin can provide full or part-time residence for family, extended family, and vacationing guests. Shoals Falls Farm also has conservation easement potential that can provide substantial tax savings while serving to sustain the property’s pristine ecology.
Ah . . . the seduction of a getaway in an exotic location. Second home sales have begun to gather momentum again as buyers recognize that prices have never been better. Due to its relatively recent emergence on the second home market radar, Curacao is one of the best-kept getaway secrets in the Caribbean. Its location off the coast of Venezuela suggests it is a part of South America, but this gorgeous transcontinental island is actually one of the five island territories that comprise the Netherlands Antilles. Curacao is a culturally rich, polyglot society – a veritable melting pot of ethnicities. Most residents speak many languages including the native creole Papiamentu, which derived from Portugese, as well as Dutch, Spanish and English. The history and culture of this island territory is most evident in Willemstad, a world-class capital and port city and a United Nations Heritage Site. There are some 750 historic buildings in Willemstad which merit preservation, including the Mikve Israel – Emanuel Synagogue, the oldest synagogue still standing that has been continuously used for religious services. Built in 1730 by a Sephardic Jewish community that had relocated to Curacao from Amsterdam, the structure’s simple sand floor contrasts sharply with the regally appointed sanctuary accentuated by huge brass chandeliers and candelabras.
Willemstad Harbor
But Curacao has more than history to offer. It is, perhaps one of the best-known deep-sea fishing and reef diving venues in the world with more than 60 locations for scuba diving and snorkeling. The island’s coastline is diverse and features many bays and inlets, most of which are suitable for mooring. And Willemstad offers more than 200 shops, restaurants, casinos and nightlife spots in its historic downtown. One of the most recent developments on the island has been the construction of the five-star Hyatt Regency Curacao, which is located within the island’s newest resort community, Santa Barbara Plantation. The 350-room property is accepting reservations beginning April 20, 2010. The 1,500-acre Santa Barbara Plantation is surrounded on three sides by the Caribbean and boasts a full service marina and “Old Quarry,” an 18-hole Pete Dye golf course.
As 78 million Baby Boomers reluctantly march toward their “golden years,” they are taking no prisoners. Long known for having mega-influence on all kinds of trends, this massive group of active achievers has made “wellness” into a buzzword for community development.
Well known for an unparalleled portfolio of high quality golf and recreational-oriented communities, The Cliffs Communities have become equally acknowledged for their “wellness culture.” In addition to golf, tennis, boating, hiking, biking, etc., each of the Cliffs’ private residential communities has a Wellness Center, the focus of which is to enable residents to recognize and utilize their own resources for health and wellness by providing them with the tools necessary to achieve their individual goals. In this regard, the toolkit keeps getting bigger and better with each new community.
The Cliffs at Keowee Springs, one of three Cliffs communities located on Lake Keowee in Sunset, SC is perhaps the most exemplary of the company’s health and wellness philosophy. Designed as a multi-generational family wellness destination resort, the community boasts a 50,000 square foot Wellness Center and a 23,000 square foot, full-service Spa. As a complement to all of The Cliffs communities, which are within a one to one and one-half hour drive of each other, the company has opened a fully staffed primary care medical facility. Preserve Health is located within The Village at The Cliffs at Mountain Park in Travelers Rest, SC. It offers primary medical care to all property owners, residents and employees of The Cliffs Communities as well as residents and visitors to northern Greenville County, SC. But those are just the boxes — it’s what’s inside that counts.
Cliffs at Keowee Springs
Wellness initiatives and activities include guided hiking, biking, fishing, canoeing, kayaking, swimming, etc. Classes in aerobics, Yoga, Pilates, spinning, cooking and crafts are also offered, as well as forums on volunteerism, and healthy eating guided by a team of wellness experts. Clubhouse dining emphasizes healthy menu options, and proper serving proportions speak to the Baby Boomer’s passion for food and the role it plays in wellness. Golf is a mainstay at all Cliffs Communities. A recent addition to the Cliffs at Keowee Springs’ amenity roster is the International Institute. Noted Australian golf coaching team of Steve Bann and Dale Lynch provide expert instruction in a state-of-the-art teaching facility modeled after the Victorian Institute of Sport in Melbourne. The training incorporates a variety of factors including diet, mental and physical attributes.
While many communities talk the talk, The Cliffs Communities walk the walk. All associates are afforded the opportunity to have a wellness coach in order to achieve their individual goals.
Second homes made news in 2009, but unlike a few years ago they were not the center of attention, with foreclosures and general economic woes taking center stage.
Private Communities Newswire polled thousands of monthly visitors to see if they thought second homes would make a comeback in 2009; a robust 52 percent said “yes,”37 percent said “no” and the other 12 percent of responders were “not sure.” The poll conducted through “polldaddy.com” was not scientific, but it did show those who have an interest in the second home market are still in the game either as shoppers, real estate professionals or sellers.
The Tennessean Media Group's Snapshot of Boomers
It is possible that second homes will become more popular in 2010 with some select buyers like baby boomers, some who still have the means to make the lifestyle change from one to two homes. Even a souring economy is not likely to curb some independent-minded boomers who have had their hearts set on the decision for decades.
Expect those with second homes to get more use out of them as they consider their own future plans and face another cold winter in some regions.
The housing industry faced similar tough times in the early 1990s and it was the boomers who helped fuel a real estate expansion to the Sun Belt and even in locations closer to home. If they do it again, it could be a gradual increase rather than another boom. Please share your 2010 predictions with us.
Whenever “year-end journalism” like TIME’s piece on the 00′s hits the news stands, our computer screens and mobile devices it is cause for reflection. Was this decade truly bad (even though it technically does not end for another 12 months) or have we been conditioned by our news media to focus on agendas somewhat removed from our own?
There is the sense that we share a collective American Experience, and we all mourn when tragedy befalls our nation. But we end up retreating to our own lives, our own families and situations. Americans are more likely to pay attention to football games than get caught up in world affairs.
As Thanksgiving is on our collective minds this week; best wishes to you if the decade has treated you well. If you have suffered, may the final year of this decade and the next decade bring you plenty to celebrate.
The Private Communities Newswire Poll is still taking votes, even if we are still waiting for a real estate market recovery. Results thus far show we are an optimistic bunch.
There are so many ways to set sail, and in second home hubs like Florida there are smart choices available for people who do. One good idea is to select a private community or a gated community where boats are central to the amenity experience. Being able to hop on your boat for a sunset cruise after a round of golf can make for an ideal day with family and friends.
Grand Harbor in Vero Beach, Florida
Fractional sailing is catching on these days and it makes sense for the same reasons fractional second home ownership makes sense for some. Sophisticated buyers of second homes do their best to get the most for their money and if you sail a little or a lot, a private community is the kind of place where these experiences await.
The Family Travel Forum offers sage advice for setting up a family reunion and there’s no better place for family to gather than near a golf course or even the beach so everyone can stay active and enjoy the time together. Destination Amenity Communities (DACs) offer fitness and sometimes even equestrian facilities to create an experience packed with more than video games and watching TV. Continue reading →
Those jumping on private jets or seated comfortably in first class this fall and winter might want to grab a copy of the new book by Harry Hurt III for a little excitement. Formerly of The New York Times, the writer owns the niche for colorful commentary and literary journalism about the affluent, namely the “executive lifestyle.” Hurt takes readers through the funny and often odd experiences he has rubbing elbows with America’s top one percent. To get a sense of his sense of humor, click here.
If you are wild about Harry, you just might see him in a town near you as he travels across America to tell its stories at his new Web site “World of Hurt” http://www.harryworldofhurt.com/ Backpack journalism is alive and well!
After driving around the nation in a Smart Car, Private Communities Newswire is certain this author would welcome an invitation to a luxury, gated community every once in a while.
So you think you know which gated, private community you are considering for a second home purchase. Wouldn’t it be nice to take a look at interiors of the homes that are actually for sale in that community before you contact anyone? That’s what makes shopping at PrivateCommunities.com so appealing.
If you’re fond of sand dunes and salty air, you might fall in love with New Seabury in Mashpee, Massachusetts. See what it looks like in the bedroom and the kitchen of a home that you can actually buy.
Vineyard Reach Home Affords Water Views
Stylish Kitchen at Vineyard Reach
Shop the destination, then the home at the Web’s best spot since 1996.
As trends in real estate development shift, existing communities are sometimes overlooked as the perfect choice for a second home. Here’s news this week out of Vero Beach, Florida, where one savvy gated community is restoring grasses on its eco-friendly golf course to augment long-term property values. The Indian River Club first became an Audubon Signature Sanctuary in 1995, and its designer Ron Garl is overseeing the job to make sure the golf course keeps its certification.
If you consider all the upside of buying an existing home in an established community, one of the first things that comes to mind is the stability. With the economic downturn, some developers are halting new construction efforts and existing private communities can sometimes have a location advantage. After all, they were built in prime locations before some of the newer communities. If the community has all the right amenities in the right location, new construction can actually emerge and older homes are torn down so the prime home sites can be customized, sometimes with “greener,” more energy efficient structures.
The Indian River Club in Vero Beach, Florida
Further south on the Florida coast in Palm Beach Gardens, the renown Frenchman’s Creek Country Club affords a few select buyers a year the chance to truly have it all. The Loggerhead Club and Marina gives residents priority access to the Intracoastal Waterway, a newly renovated 72,000-square-foot clubhouse, regionally praised fine dining (the food is delicious!) and residents even have their own private beach club right on the Atlantic Ocean.
Residents Only Beach Club at Frenchman's Creek in Palm Beach County - Truly the "Best of Everything"
The idea of having everything you have ever wanted should be appealing to second home shoppers and those looking to relocate. Despite the downturn, sources at Frenchman’s Creek report that six homes have closed at the private, gated community in the past two months. With all that this and other existing communities can offer buyers, it is easy to see why they remain attractive investments that can be savored immediately.
The banner displayed on Private Communities Newswire this week is a stunning scene from a Wyoming second home landmark: Powder Horn. Golf is only the beginning to this celebration of wide open spaces. Powder Horn shares the Big Sky and the Great American West with a special place called Sheridan, where polo, art galleries, shopping, snow and live theater draw reclusive celebrities for some fresh air anytime of year. Sheridan has been compared favorably to Jackson Hole as the sort of place people find themselves through interacting with the great outdoors. For more great photos and in-depth information about Powder Horn, click here.
There are some incredible deals out there now in the second home marketplace. One concern people have is shopping for homes online and never quite knowing what they will get. The good news is that PrivateCommunities.com groups its second home and vacation home opportunities by specific community rather than relying on a multiple listing service. Like golf? See this. Tennis? Hunting? Babysitting services? Croquet? Boat slips? Go here and shop for everything you want. Get the research done in one spot.
Cheval in Mint Hill, North Carolina
Frenchman's Creek in Palm Beach Gardens
It is not always easy to find private clubs and communities, but if you are looking to buy a new second home or one in a more established destination, a little research at the Web’s top spot for destination amenity communities since 1996 can truly help.
You can also get materials sent from developers or homeowners associations right away, so you can do the comprehensive research it takes to make the big decision at what more people are saying is the best time to buy.
Just in from The New York Times, it appears that investors are looking at commercial real estate in Britain, and maybe U.S. residential real estate might get some attention from international investors soon too? For a decade, markets like Orlando, Florida, gained greatly from Brits who purchased vacation homes — and Florida is still The Sunshine State, after all. See this interesting 2008 piece about wider European tastes in second homes from Forbes.com
A community like VillageWalk at Lake Nona, for example, still holds wide American and international appeal for its great Central Florida location. A second home as a rental property could hold some cachet for investors as fewer Americans are in the market to buy and might instead decide to rent in attractive locations, even annually.
A private, gated community is still the best place to buy a second home because it can be maintained and kept attractive more reliably than the non-gated variety. The Times piece also compares this real estate downturn to that of the 1990s, so perhaps the bottom being near will get American and international residential buyers off the fence too. An assortment of ideal private communities can be searched at the Web’s best research portal for them — PrivateCommunities.com
Watch the exciting Final Round from Dublin, Ohio. Who will win? Woods? Furyk? Byrd? Letzig? Ogilvy? Or will it be Davis Love, III? The tournament course at Muirfield Village Golf Club was designed by The Golden Bear himself, Jack Nicklaus. See more of his designs by taking a tour of PrivateCommunities.com
Long-term thinking about luxury housing in America’s best destinations is not necessarily tied to larger economic factors. In fact, many gated communities have seen steady sales during economic downturns before, and it is hard to believe that those with means will not invest in a vacation home or second home at some point, maybe as soon as they escape some of the larger group psychology of the economic crises. Many communities that feature private club living can be researched at PrivateCommunities.com
Clearly, for buyers who can afford them, second homes and vacation homes will have an inelastic demand based on emotion and aspiration. When they begin to buy them, it may not be in significant enough numbers to get coverage from the mainstream news media who tend to cover trends that can be generalized over larger populations. Private Communities Newswire invites Comments from developers who are selling second homes, even if these numbers are lower than they were five years ago. This may give us all some local insights, which will be helpful long before the mainstream media crunches the numbers.
For global insights the Urban Land Institute (ULI) released its latest publication in June, examining the implications of global population growth, migration and urbanization as well as aging populations on the future of real estate.
ULI's Richard Rosan
According to ULI: “Global Demographics 2009…is the second in an annual series that explores how demographic trends are affecting real estate investment and development decisions worldwide.” Some findings of the study follow. Continue reading →
Wish you were here? Residents of The Georgia Club, a residential private golf community located just outside of thriving Athens, Georgia, were recently surveyed on their Internet usage. Here’s some interesting findings:
- 85 percent of respondents were 40+ years of age
- 60 percent of respondents were 50+ years of age
- 87 percent use the Internet multiple times a day, with another 9 percent using it at least once a day
- More than 50 percent indicated the Web was their primary source for finding their news and many used it to track their investments
- In addition to visits to Google and Yahoo, respondents gathered their news from online portals of legacy media organizations like Fox News, CNBC and CNN
Special thanks to The Georgia Club for sharing this data. If your private or gated community is increasingly using the Web to stay connected, please Comment
Claiming its territory as one of the best places for golf, Business North Carolina has once again named the state’s Top 100 Golf Courses. The publication assembles 150 experts from the news media, club professional and general managers as well as others in-the-know to rate golf courses in the Tar Heel State. Again this year, Continue reading →
As Mother’s Day approaches May 10, you could make the noble effort to grab Mom some jewelry she can wear to remember you, like these special pieces from Tiffany & Co. You could also win a spot on American Idol.
Mount Washington Resort in Brettonwoods, New Hampshire has another idea with Mother’s Day just around the corner. The great thing about a second home in a resort spot where you can ski is that there are ways to enjoy the place in warmer weather too. Here’s an offering for a Mother’s Day getaway where fantastic real estate opportunities await the entire family. It could become a Mother’s Day tradition for all the Moms in the family to visit the spa and go on nature walks to count their blessings.
No matter how you decide to honor Mom, these ladies usually appreciate spending time with their families, so why not suggest a family reunion at Bretton Woods? Or, you can discover another place you’d like to meet up with Mom by searching right here, where other special places have been featured since 1996.
Greensboro, Georgia is home to The Kingdom and Michael Murphy himself might just appreciate this latest innovation from Reynolds Plantation. The Tour Trailer, a favorite hideout for PGA Tour pros, is coming to the community in April. This custom-designed tour trailer has served TaylorMade-adidas Golf Tour Staff professionals for the past six years and has made hundreds of tour stops. It will now take up permanent residence at The Kingdom at Reynolds Plantation.
A 1972 Classic
The Kingdom features the “Tour Experience,” a two-day “total game-enhancement experience” with a round of golf, personal golf instruction and intense sessions with a TaylorMade Tour professional. Participants enjoy the same attention to their equipment needs at The Kingdom that TaylorMade’s pros receive on tour. Golf in The Kingdom comes with a competitive benefits package, after all. See other second home opportunities by visiting the Web’s most visited niche search portal for Destination Amenity Communities at PrivateCommunities.com
Fresh from the Web, an interesting piece from CNBC’s Shelley K. Schwartz. The story includes several insightful quotes from author James Boykin, who understands what buyers should be looking for in a second home. The piece also illuminates that affluent buyers are still out there, perhaps waiting for “the bottom.” But insiders in private, gated community circles say that cash discounts are less likely than the developer underwriting a buyer’s golf membership for a year or two. These communities hold their values well because they typically avoid lowering the prices of new homes. Are we starting to see signals that second homes will make a comeback this year? If you are shopping, here’s a good place to start.
A house on the lake is a luxury, after all. The kind of place where you can think about life and spend family time — make memories. Who is to say if the memories people make in their own lives don’t matter just as much as being invited to the “Sweet 16″ of college basketball?
If you are thinking about second home locations, keep Tuscaloosa in mind for its quiet starlit nights and friendly faces. There is much more to life here than basketball. But it is fun to have that too.
Briar Chapel – Chapel Hill, North Carolina A new master planned green community conveniently located just outside of Chapel Hill, North Carolina; Briar Chapel includes over 900 acres of preserved open space and 24 miles of nature trails.
Briar Chapel
Featuring healthy homes constructed with green building principles, plans for the community include a residents club, over 20 parks, two schools and a village square and town center with restaurants, shopping and office space. Developed by Newland Communities, all homes must meet top energy-efficient standards; priced from the $200,000′s to the $700,000′s.
Gated, Luxury Communities in the Southeast Could Get Attention Following an 18-Hour Storm
At least some affluent residents of Massachusetts are thinking of dropping their snow shovels, just as an early March storm dropped between 10 and 15 inches of snow on the Northeast. Messy, cold weather conditions led to flight cancellations at major hubs like Boston’s Logan International Airport. Some area residents have already been thinking of a new winter home.
The Weather Channel
Based on data from PrivateCommunities.com, affluent Massachusetts real estate consumers requested information from North Carolina developers most often (27 %) in 2008, followed by requests to community developers in Florida (24%) and South Carolina (16%). These three second home states, combined with Georgia (7%) and Virginia (5%) accounted for 79 percent (79%) of all Massachusetts information requests.
Year-end data has been collected and analyzed since 1996 by Private Communities.com, a Web research portal that tracks second home shopping habits and serves as a resource for affluent consumers.
“We’ve always seen interest in sunny climates during the worst snow storms, and a foot of snow in March can make people think of how nice it would be to visit Florida and see the Boston Red Sox during Spring Training,” said Elisabeth Miller-Fox, co-founder of PrivateCommunities.com. “We’re just days from the first day of spring and these late season snows can motivate people to consider a second home.”
If you know anything about one of New York’s most upscale addresses, The Hamptons, then you probably know what great writing awaits you at Dan’s Papers. If you do not, take a look. You will likely want to bookmark this news favorite that has successfully Continue reading →
When all the envelopes are open and the parties end, celebs and other affluent will likely retreat to the privacy of gated communities. This 2008 piece from Forbes.com puts second homes of the stars in perspective. Even with declining viewership for the broadcast and lower advertising rates, millions will still pay attention to the surreal environment of the most glamorous people in the world celebrating the year’s best films. Continue reading →
If you believe Paul Taylor — that a rebound in the auto industry is tied to a rebound in housing — then lower prices and higher inventory might create a huge lifestyle upgrade opportunity for many affluent. Continue reading →
North Carolina Favored by One in Three Affluent Requesting Information at PrivateCommunities.com
When thousands of affluent second home shoppers in New Jersey and New York went searching for luxury, gated communities at PrivateCommunities.com last year, North Carolina was the state most on their minds, according to data collected from January through December of 2008.
With a 32 percent (32%) share of all information requests, some originating in New Jersey’s most affluent suburbs, interest in North Carolina’s gated and golf communities surpassed that of Florida (24%), South Carolina (12%) and Delaware (11%). Combined, all other states and international destinations listed on PrivateCommunities.com made up 16 percent (16%) of information requests from New Jersey’s Internet real estate shoppers. Continue reading →
When the Bottom Arrives, Will Second Homes Be on Top?
Kenneth R. Harney wrote this piece in Realty Times this week suggesting that 2009 will be the year housing begins to level out, largely due to favorable rates and lower prices across markets.
If Harney is right, this will be a very good year in terms of seeing light at the end of the housing market tunnel. Heavy hitters like GOP Sen. Lindsey Graham of South Carolina have even suggested nationalizing banks to aid this process along and help first-time buyers. But what about encouraging second home ownership too? This would be common sense if our nation needs to lower inventory.
Much of the run up during the bubble was due to people buying second homes. We all might recall the extensive second home studies that said some 77 million baby boomers were going to drive that train. Where did they go? Could there be a few million of them who still want second homes?
The sour economy might just make buying a second home these boomers can enjoy during their retirement a good investment idea, especially when we see so many tourism-driven markets slumping. Perhaps leaders in Washington will have the courage to explore tax credits or other incentives to get these able boomers buying in greater numbers?
Private Communities in U.S. and U.K. Have Affluent Appeal
Gates Can Be Good
A fascinating look at gated and private communities outside of America from Katrina Burroughs of the Financial Times of London. Burroughs speaks with U.S. experts Ralph Bowden and PrivateCommunities.com co-founder Elisabeth Miller-Fox about the fact that data on these hidden communities is not always easy to find, and how these choice spots still remain attractive to affluent regardless of geography. Continue reading →
In gated communities, there are those who do not desire dogs around and others who are avid dog-lovers. As amenities in luxury communities have evolved in the past decades to appeal to those living a second home lifestyle, developers and homeowners associations now understand that being pet-friendly makes their real estate more buyer friendly too. But how do you keep both sides of the doggy debate happy?
“Stump,” a Sussex Spaniel Takes the 2009 “Best in Show” Title at Westminster in February.
Finding a Way to Please the Pups
One Florida gated community may have found the answer. Kathy Stein, of HRProperties.com reports the success of a Puppy Park at Harbour Ridge, where owners do everything from stage their own dog shows to “obey” assigned times so smaller and larger dogs can peacefully coexist. Continue reading →
68% of Affluent Seeking Gated and Private Communities Turned Toward the Southeast, Some Shopped Closer to Home
With the economy top-of-mind in 2008, those in Connecticut looking for second homes online leaned toward lifestyle communities in the Southeast most often, and some looked to neighboring states for their ideal retirement and lifestyle destinations, according to PrivateCommunities.com.
Connecticut real estate consumers requested information from North Carolina developers most often (34 %) in 2008, followed by requests to community developers in Florida (18%) and South Carolina (16%). These three powerhouse second home states accounted for a combined 68 percent (68%) of all Connecticut information requests. Continue reading →
Based on median household income, the 2009 Forbes ranking of the nation’s wealthiest locations is dominated by East Coast counties and 12 of the 25 are located in the greater Washington, DC metro area. Of them, eight (8) are in Virginia and four (4) are in Maryland. The Maryland counties included Charles (#21), Calvert (#13), Montgomery (#10), and Howard (#3). Virginia counties included in this year’s ranking were Alexandria City (23); Goochland (#16), Prince William (#14), Stafford (#12) and Arlington (#9) counties, Fairfax City (#6); Fairfax County (#2) and Loudoun County (#1). All of these market areas are within commuting distance of the nation’s capital where the unemployment rate is a modest 6.2% compared to nearly 10% for the nation as a whole. The median (half above/half below) household income levels for the 12 markets ranged from $85,135 in Alexandria City, VA, to $110,643 in #1 Loudoun County where 58% of residents 25 or older hold a Bachelor’s or post-graduate degree. The top 25 have median annual household income at or above $84,767.
