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Real estate market sees rise in second home buys in new areas

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The Hamptons, Joshua Tree, and Aspen are no longer the preferred destinations for entertainment industry villa buyers. Radar has Nissequogue, NY. Moreno Valley, California; McCall, Idaho. Demand was biased to these and other regions as people fled the metropolitan areas early in the 2020 COVID pandemic. Joshua Tree and Palm Springs vacation homes in the most major locations of Hampton and Coachella Valley surged and continued to rise in value (38.4 year-on-year in Palm Springs in April, according to Realtor.com) %gain).

As needs evolved, previously remote destinations caught the eye of industry buyers. The flexibility of working from home means that weekend-only homes will become half-weekly or full-time homes due to office closures and hybrid hours. The purchase of a villa turned into the purchase of a second major home.

“The pandemic has changed everything,” he says. Mickey Konron, Douglas Elliman New York Associate Broker. Previously, New Yorkers (and other metro residents) used the resort town’s second home primarily on weekends and holidays, and their bargains were closed at the end of the escape time. According to Konron, the pandemic-induced mass spills from cities have revolutionized long-standing habits. “People went where they found and changed the way New Yorkers think about Long Island’s North Shore, Hamptons, southeastern Connecticut, and the Hudson River Valley,” he says.

Relative proximity was a deciding factor in the purchase.

“People are looking for lost alternatives,” Conlon points out, pushing up the price of previously unsold zip codes. (With his partner Tom Postillio, Konron is responsible for Nissequogue’s 2 Wallis Lanes, and Long Island Sound’s waterfront acres are 10.6 acres for $ 10.6 million.)

Wealthy vacation rental buyers not only search the area adjacent to the eccentric metro, but also combine full-service property management and technology to provide luxury vacation rental sharing that handles schedules fairly, such as Pacaso. We are also considering a novel approach. Founded in 2020, the company currently operates in 40 markets around the world.

“The pandemic has made the demand for second home ownership stronger than ever,” said Austin Allison, CEO and co-founder of Pakaso. According to Pakaso’s first quarter 2022 second home market report, median second home sales prices rose 19.7% year-on-year across the country.
Valley County, Idaho — located in the lakeside resort area McCall — saw the largest price increase: a 98% year-over-year surge.

Entertainment industry buyers often say, “I want to push the second home ownership button.” Pacaso offers that opportunity by handling every detail of villa management, from furniture to utility bill payments. He says that Pakaso homeowners who can buy from 1⁄8 to 1/2 of their ownership rate just show up and relax.

Luxury developers continue to update their designs and amenities to incorporate the pandemic’s most popular residential essentials: outdoor living, privacy and versatile interiors. The recently launched secondary home project incorporates telecommuting scenarios such as split bedroom configurations (ensuring privacy). Stan Lee LunchA vineyard house in the Carneros region of Napa Valley.

Turnkey Home Convenience is an option for Mandarin Oriental Residence developed by SHVO in a prime location in Beverly Hills. “Everything from furniture to silverware to seats may be waiting for you when you move in. All you need to bring is a toothbrush,” said agency Mauricio Yumanski, under the control of Mandarin Oriental. I will explain in variety by email of the apartment project in.

54 homes, including 6 Penthouses, will be available by the third quarter. Prices start at $ 3.6 million. It started selling in June. “It’s really Rock and Leave, which means you don’t have to worry about your house anymore when you’re out of town,” he says. (The agency is responsible for the sale and marketing of the 323,000 square foot project.) Chef Daniel Boulud oversees the serving of residential food. Meeting rooms, a library, and a rooftop lounge on the Mandarin Residence grounds provide additional space for those who work from home. Buyers now expect to find a work / life / recreation balance all in one place.

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