Broader AppealThe surge isn’t just happening in traditional vacation home havens up and down the East Coast, either. At Beverly Hills, Calif.–based The Agency, a high-end brokerage that boasts 650 agents in 32 offices worldwide, founder and CEO Mauricio Umansky notes a reprioritization in his clients’ lives that has led to increased activity from Malibu to Colorado, Utah, South Florida, and even the Caribbean, where he has a stockpile of transactions that are pending physical inspections of buyers once travel restrictions are lifted.
Observers say the crisis has spurred a different outlook among buyers in this segment, much like the changed perspectives of soldiers coming back from World War II, or people making pivotal life-event decisions post 9/11.
“A change in what we value in life has really come to the forefront,” Umansky says. “That means more time with friends, family, and enjoying the great outdoors.”
The result, he says, is an increase in sales of second homes in markets that are drivable from major cities, an uptick in higher-priced rentals, and people planning late summer and fall escapes, while booking lavish vacation homes.
“It started with people looking for vacation rentals, but as inventory has shrunk, it’s prompted a buying mode,” Umansky says. “The big question has become, ‘Where do you want to sequester with your family in the event that this ever happens again, or continues for the unforeseeable future?’”