Boomers Buying Multiple Resorts
According to The Globe and Mail, the most recent real estate trend is the growth of fractional ownership of waterfront cottages. Of the 55 fractional-ownership properties in Canada, almost 60 percent are actively selling. Ross Perlmutter, Executive Director of the Canadian Resort Development Association, said the demand is going through the roof.
Many baby boomers are buying multiple fractional ownerships along beachfronts, golf courses, wineries and ski resorts across North America.
According to experts in resort properties, traditional cottage resorts, with their 'peaks and valleys' seasonal business model, are becoming a dying breed because they are not really profitable. The past 12 years saw the trend toward convenience and higher-end features. Many resorts are now being upgraded with winterized, more luxurious accommodations.
Boomers have stainless-steel appliances, granite countertops, flat-screen TVs and high-speed Internet in their homes. Now they want them on their vacations too. Such kind of resorts appeal to the modern-day affluent travellers - the empty-nesters and baby boomers with disposable income and good equity in their homes.
Boomers are always looking for options. A lot of the time what they are looking for is to recapture a little bit of their childhood and nostalgia - that includes a historic, rustic resort!
