CRISISBOOM

For most people, there are some surefire luxuries that signify wealth, a few pearls of conspicuous consumption that say “you’ve made it!” For me, it’s always been a second home. My grandparents owned a vacation home in Arizona and then Florida when I was a kid, and it was an annual highlight to travel there every year.

But something happened on the way to my generation’s iteration of the American dream. Of all the people I know that have second homes, only one acquired it through his own hard work and success. The rest inherited them.

With high unemployment, shaky business conditions, desperate governments, weak real estate demand, and a suspect stock market, owning a vacation home is not even on the radar these days for most Americans. Paying their existing mortgage is the primary concern, something millions of homeowners still aren’t able to do. So, how is it that I can suggest a way to buy a vacation home in this market?

Because there are two trends in motion that I believe will continue working in our favor. And it likely won’t take long for them to reach a culmination point, allowing those of us with such a goal to see it realized.

First, Read more…