A Change of Scenery

The second home market continues to gain momentum

As seen in Washington Spaces – Early Spring-2006

By Sherry Moeller

Lounging by a pool or in a lodge doesn’t have to be a once-a-year event. For many DC area residents, extending their retreat time and getting away from the fast-paced lifestyle of the workweek means purchasing second homes in the mountains, near lakes or the ocean, and along golf courses. Virginia’s wine country and Maryland’s Eastern Shore are prime places to own second homes.

Purchasing a second or vacation home is a growing trend among baby boomers and young professionals who not only want to retreat for a long weekend, but who also are searching for an investment property. Some second homeowners are even looking ahead to retirement by purchasing now with the hopes of retiring there in the future. These owners of two or more properties tend to have a jumpstart in the second home market that saw tremendous growth the last few years, but that has now slowed to a steady pace.

Realtors in the DC area and property managers on the Outer Banks, NC have seen a stabilization in the purchases of second homes as well as a trend in which homeowners downsize and live closer to work during the week, such as buying a condo in the city, and then retreat to their second homes, which often revert into their primary residences, on the weekends. Sometimes called "splitters," these homeowners tend to split their time between the two residences.

Second home buying is such a big trend that the National Association of Realtors (NAR) now offers a new Realtor certification program called Resort and Second-Home Property Specialist (RSPS) to serve this sector of buyers. According to NAR research, the second home market, which includes investment properties and vacation homes, accounts for more than one-third of all home sales in the US.

Tee Time

Many second home buyers are also drawn to resort communities adjacent to golf courses, marinas, and restaurants. After commuting to work all week in the DC area, homeowners relish being able to walk to amenities while enjoying their second homes.

At Bay Creek Resort and Club, site of Arnold Palmer and Jack Nicklaus Signature golf courses, many of the Fairways Condominiums offer views of the 11th, 12th, and 13th holes along the Arnold Palmer course. Located 224 miles from DC on Virginia’s Eastern Shore in the historic seaport of Cape Charles, the condominiums range from 1,550 to 1,890 square feet and offer three bedrooms, entertainment areas, and additional scenic settings, including views of lush landscaping.

"We’re seeing a significant increase in the public’s awareness of Bay Creek throughout the Mid-Atlantic," says Terry Paine, general manager of Bay Creek Resort Realty. "This year is starting off with great condominium sales, as well as custom home building commitments from owners of homesites throughout the community," Paine adds.

Whether looking at a second home as an investment, a family retreat, or a possible retirement home, DC area residents are continuing to fuel the growing second home market.

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