Nationally condos have become almost as popular as single family homes for vacation properties. Many families consider their second home as a means of diversifying their portfolio. While the trend is picking up in Wisconsin, the appeal has always been toward cottages and cabins. Buyers believe that owning homes in two entirely different markets increases the chance that their total equity will continue growing. They also have the advantage of more liquidity. If needed, they could sell one of the homes and live in the other. Brokers in Wisconsin report the trends are picking up in the area. Buyers in this area are buying cottages and cabins for second homes. Approximately 42% fall in this category while approximately twenty percent buy condos. The difference in the buying habits today is that buyers are looking for the appreciation in value of the property rather than looking to rent the property. Buyers are also not looking to repair or maintain their vacation property. The trend is leaning toward one of convenience. For these reasons, buyers are vying toward new construction. Buyers dont want to work. They are buying these properties to visit them and relax in a different environment. Currently Baby boomers are driving this trend. Since they have more disposable income than prior generations had, this trend could continue for some time. |
