I recently sat with a client in their condo who bought their unit 10 years ago at the previous height of the market. We sat down to talk brass tacks. This was a second home that was used 3 months of the year. Looking over their financials I realized that they had actually lost money over the last decade. How could this be?
I personally have handled clients who in the 10 years have taken what amounted to the same dollar investment and tripled their money!
Admittedly, snowbirds and second home owners are unlikely to see the same investment returns as someone who is using the property all year round as a primary residence or those who rent it out 100% of the time but they should and can ‘have their cake and eat it’ which means having a superb place in the Sun which pays for itself and in many examples ends up making money for the owner as well.
This leads me to explore what is the best Luxury Condo for second home owners or ‘Snowbirds’?
For this I have 5 golden rules. I will point these out then lead to which projects I currently like.