Adventuresome Americans Investing in Mexico Real Estate
 PVNN
| | 2nd Home Journal, a popular real estate magazine, reaches nearly 260,000 readers each quarter through high-end bookstores, targeted mailings, subscriptions, and Realtors who distribute to their client base. For more information, visit www.2ndhome.net. |
Realtors in Mexico, Costa Rica, Belize, Spain, Bulgaria, France and Germany are reporting an increased number of US buyers. Not only are Americans driving the second home market, they are redefining it.
The second home boom is fueled by Baby Boomers. The Boomers, Americans who have reached their prime earning years, are known as the richest generation in the history of the world.
While sales of single-family second homes continue to rise in the US, (sales have risen 27.4 percent since 1995,) the wealthiest and largest group in American history is spending more, traveling further and looking to the attractive global real estate markets to invest their wealth.
The move toward international second homes comes as no surprise to the analysts who have tracked boomers for decades. Globalization and the Internet have made it easy for these adventuresome Americans to look beyond the US borders for investment and recreation.
Boomers are buying abroad in record numbers, and their purchases reflect a change in the trends of global real estate ownership. Now, armed with the equity of their increasingly valuable US homes, Americans are being romanced by international second home hot spots.
According to Peter Francese, demographics editor for Economy.com and the founder of American Demographics magazine, two factors are driving the second home boom:
• Demographics - homeowners aged 55 to 64 are the fastest-growing segment of the US population.
• Wealth – both inherited and made in the 90's economic boom.
Today, Americans own about 6.5 million second homes, and Francese predicts that in just five years that number will balloon 50% to 10 million, and that by 2015, 20% of American households will own two or more homes.
"The fastest growing age group is 55-64, and they're more affluent than ever. Aging baby-boomers are driving this phenomenon, and they're now 41-59 years old. Four million of them will turn 55 each year – for at least the next 10 years - and they have an almost infinite ability to make and spend money."
The buying power of these Americans - combined with their thirst for adventures in exotic locales - is making the international second home market what it is – Hot! And though they are are looking to buy properties for recreation and investment in all parts of the world, many of them are buying their little piece of paradise in Mexico. |
Vallarta Weddings
Puerto Vallarta Real Estate | June 2006 
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