Luxury consumers more interested in 2nd homes

Nearly half of the nations wealthiest residents may purchase a 2nd home in the coming year according to a survey recently completed which polled 301 of the nation's homeowners whose primary home is valued at more than $1 million ($2 million for California residents), and who have investable assets of more than $1 million.

Some of the other interesting findings include:

The number of people who stated that they may buy a 2nd home in the next year increased from 30% to 40%

Women were more positive about their home values than men.

58% believe their residence will increase somewhat over the next 5 years while 36% believe their values will increase significantly.

Of the buyers looking for a 2nd home, 40% said they wanted one for family use, with 38% buying for investment purposes and 22% purchasing for retirement reasons.

43% of the respondents want to move their primary residence to a beach, bay or lakefront location, and 41% want to move to be closer to recreational activities like golf, swimming and tennis. This news bodes well for Sarasota, FL real estate.