No, that doesn't seem right to me either.  I would guess that number might be more like 10% (or less).  I have a very low percentage of customers that have 2 homes (and usually, their 2nd home is in Florida and these customers are older/go there in winter and have more money and a few that have city/country homes), and a higher # that have apartments/homes that are rentals.  Often, those rentals were the first home they owned and when they got married/had bigger family, they kept it to rent out as a source of income and to sell the home later for much higher value.  Then, I have a very very small % that own a few places they rent out (3-5). 

Lenn, That number seems high to me. Maybe it's 24% of multi millionaires who own a second home.

Margaret

Good morning Lenn - I'm skeptical as well, but I'm imagining there are some people who are holding on to a former home because it's easier to keep it than to sell it.

It could just depend on what area they took the survey? Survey percentages can be so easily manipulated. For example, back when you could buy a lot at Lake Anna for $12,000.00, I know several people from Fairfax bought more than one. You could get them for 10% down and $150.00 per month. Many built small homes or garages w apartments above them. So in those cases, I think 24% of people did own a second home. And back in 2005-6 when anyone could state their income and buy a house, several people bought second homes. But overall, I seriously doubt 24% of people own a second home. Maybe they took the survey at Deep Creek Lake?

Lenn,

It is the old case of someone using numbers to make them say what they want!

Lenn - I completely agree the survey results don't seem correct and they need to be verified.  They seem to be way overstated.  Also, my # (as is each of ours) are anecdotal and can be skewed based on where we live and what we do.  Remember that real estate agents/brokers usually work with people buying/selling.  However, it seems that most people that own a 2nd property, especially if it is rental property, don't sell that often.  So, you may not come into contact w/ them as often since they aren't in the market.

I see some of these owners as they are trying to fix up the floors before the next rental.  The "little guys" out there are often not contacting agents and they are just renting it on their own.  And, then there are many others that just do the work themselves and don't even contact someone like me (or they go for someone super cheap).

I really do think a lot has to do w/ geography.  I do get way more of these for apartments and 2 family homes in mid/southern westchester.  Once I move out into northern westchester (further from NYC) and bigger homes and more expensive, it's rare that I come across rentals - there everyone buys a home (and a few of them have rentals in the other areas).

My question would be how many own property they they do not live in....there are A LOT of landlords who are now renters....they own a "second" home without owning a FIRST one!

Lenn, 

Hmmm, we are seeing a few more 2nd homeowners these days as folks don't want to take the "loss" and are renting their homes.  There is NO WAY it's a 24%, I don't believe it.   The devil is in the details and I need more details about their number.

All the best, Michelle