Real-Estate Resorts Pitch Cabins, Cottages as ‘Affordable Housing for the Affluent’…In some ways, the luxury resorts are acting more like typical planned communities. Some developers are making sample floor plans for the first time instead of having buyers design their own homes—often a more expensive proposition. Others are decreasing lot sizes. Developers say they’re also responding to what post-boom buyers want: value and convenience, rather than supersized lots and homes.
Even in the up-and-down world of real estate, this pitch may sound a little funny: "Affordable housing for the affluent."It’s the strategy developers of high-end vacation homes are devising as home sales slump in major markets across the country and inventories of unsold homes rise. They are building smaller, less expensive houses in resort communities. As a result, from Turks and Caicos in the West Indies to the Colorado Rockies, some vacation communities are getting just a bit less exclusive.The goal is to avoid lowering the sales prices on existing homes and upsetting homeowners who paid more for their homes. The communities typically cater to people seeking a second, or third, or even fourth home as well as amenities like a clubhouse, beach access, or golf courses.
By Juliet Chung, August 11, 2010 WSJ