Mexico is the top destination for more than half of Americans looking to buy a second home, according to new research.
The 2010 Second Home Trend Report from North Carolina based research firm E360 also shows that 45% of existing second homeowners believe that now is a good time to buy an additional second home.
‘It is impressive that there is a strong second home contingent looking at a market like Mexico. It’s shocking to me that Mexico still came in number one, even with the negative press,’ said E360’s global research analyst, Chad Martin.
Consistent with current market trends, lifestyle and vacation attributes are the leading motivator for 46% of second homebuyers with investment purposes coming in next at around 41%. Second home purchases for the purpose of retirement ranked 3rd at just over 11%.
Water views or property close to water or mountain activities emerged as important with a view of the sea or a lake the most desirable for the majority of prospective buyers, the research also shows.
‘While spa and medical facilities have exhibited recent high growth rate forecasts in recent studies respondents did not translate that growth into the high motivation for a second home purchases. Green based second homes did not show the high appeal translating into a purchase motivation. Golf has not clearly shown itself as primary appealing attribute as it translates to real estate buyers when compared to other second home attributes,’ Martin explained.
Mexico was twice as popular as Central and South America, despite almost daily headlines about drugs and drug related violence.
Existing second homeowners offer a different perspective on the market than typical high net worth consumers, according to Martin. ‘If they already have a second home, they already have learning under their belts. I feel like we’re surveying a more savvy second home market,’ he explained.
