Industry News

Multiple homes still in vogue among affluent

High earners expect to purchase more properties in next few years

Second, third and fourth homes are still in vogue for affluent homeowners who participated in a study by Sotheby's International Realty and Architectural Digest. Thirty-six percent of Architectural Digest subscribers said they plan to buy an additional home in the next two years, and of those who already own three or more homes, 49 percent plan to purchase another home within two years. Of those who already own a second home, 35 percent said they plan to buy a third home within two years. Second homes also appear popular with younger owners -- 44 percent of survey respondents under age 45 said they may acquire a second home in the near future. Geography is the primary driver when searching for a second home, according to the survey, but lifestyle amenities are becoming increasingly critical. About 32 percent of the participants know what amenities and characteristics they are looking for and would search in a number of locations to find what they want. Those with household incomes u...