What The Future Holds for Resort Real Estate?
August 29th, 2010 § Leave a Comment
As this is my passion, I hope all will be well with the second home industry in the coming years. However, being a realist, I know things need to change. Sustainable price structures. Resort amenities to be less lavish. Smaller residences packed with more innovation. No more build it and they will come.
They come, and you will build it. This makes it harder, but it can be done. Brands become more important in remote and foreign locations and less important accessible and familiar others. The need for well-run and equitable rental programs. Lower annual dues structure. Better developer financing programs.
There is so much more than can be done to make resort properties sell again, but it requires a shift in attitudes from the resort area governments, as well as a shift by the developers themselves as to expectations in terms of timing, pricing, profits and the local community.
I hope to see the world economy turn around quickly. Good luck to us all.
