Second Homes

Since the 1950's, Florida has been one of the most popular states for second-home purchases – a trend that's intensified in recent years. "Snowbirds" from the Northeast and Midwest, weekend visitors from the southern states and international buyers from Canada, Europe and Latin America recognize the lifestyle and financial benefits of owning properties in Florida.

A recent study by the National Association of Realtors ® (NAR) indicated that 15% of those who purchased recently owned two of more homes, for vacation use or for investment. The median age of Florida second-home buyers is 59, the same as the national average. But while only 21% of U.S. buyers purchased a vacation residence in a building with five or more units, the Florida figure was 47%. And, while 65% of U.S. buyers said they considered their vacation home a good investment, for Florida buyers the figure was 85%.

This suggests that people are purchasing homes in Florida partly for the lifestyle and partly because they think it's a good investment. From a statewide perspective, there's no question that second-home demand will continue to grow from the baby-boom generation. Many buyers in the northern states want to buy now and retire in another four years. Those considering purchasing a second home in Florida have to be "sold" on a specific area before they begin their quest for property in that location. Some people want to vacation here, while others want an investment that produces cash flow or appreciation. Many second home buyers like the idea of having their own place in Florida, but don't want to maintain it year-round. To solve that problem, property management and leasing services are widely available. Second-home buyers often ask about who will take care of the property during hurricane season and whether it's possible to open the property for family members of guests when the owners aren't present. Those concerns can be put to rest with the help of a good property management company.