Around the Industry: Boomers Drive Vacation Home Surge

According to research from the National Association of Realtors (NAR), people ages 55 or older and earning an average of $71,000 per year were the driving force in the surge of vacation home buying in 2004 — up 16.3% from 2003, and equaling 13% of all homes bought in 2004.

Because typical second-home buyers are boomers, new home sales likely will remain high over the next decade, says David Lereah, NAR's chief economist. "The boomers are still in their peak earning years and have both the wherewithal and the desire to purchase vacation homes and investment properties," Lereah said.

To order the 2004 National Association of Realtors® Profile of Second-Home Buyers, call 800-874-6500.

In other industry news:

• AARP is seeking to promote livable communities with transportation options and affordable housing, where people can age in place while remaining engaged in their communities. AARP wil promote the concept during its conference titled Universal Village: Livable Communities in the 21st Century from 8 a.m.-5 p.m. Wednesday, June 15, in Washington, DC. Panelists from the United States, Europe, Japan, and elsewhere will be on hand to present innovative practices in housing, transportation, and technology. The program is part of AARP's Global Aging Program. Visit www.aarp.org/livable to register or for more details.
• Hord Coplan Macht, Inc., a Baltimore, MD-based architecture and design firm, made headlines in the Washington Post for Waverly Gardens Senior Apartments, a new moderate-income seniors apartment complex under construction in Howard County, MD. Featuring solar-heated water, energy-efficient heating and cooling systems, a car-sharing program, and other amenities, Waverly Gardens is the county's first "green" apartment community and the first residential project in Maryland to be awarded state Green Building Tax Credits.
• Benchmark Builders in Wilmington, DE, recently won nine Regal Awards from the Home Builders Association of Delaware, including Active Adult Multifamily Community of the Year for Crossings at Christiana and Best Active Adult Multifamily Home for The Village of Red Lion Creek.

To report company or industry news, please e-mail Jeff Jenkins or call him at 800-368-5242 x8292. [ return to top ]