A recent consumer survey conducted jointly by Sotheby's International Realty Network and Architectural Digest magazine found that one in three of Architectural Digest readers (36%) intend to acquire a secondary home in the next two years. Lifestyle is a major factor when choosing a second home and around 75% said that being next to the water or beach was the most sought-after feature in a secondary property followed by 48% who said they would like to be on or near a golf course. Fortunately in our coastal OC Riviera communities we can satisfy the desire for both of these lifestyle features and this is reflected in the continuing demand for distinctive coastal properties that we are seeing.
The baby boomer generation continues to drive the search for second homes, and many of them are seeking the coastal lifestyle for their retirement years. Boomers, born between 1946 and 1964, number approximately 77.8 million people. Many of them are returning to the coast, rediscovering the Orange County beach communities of their youthful summers and spring breaks. Many of the buyers we have been working with are boomers buying second homes for vacations now and retirement later.
Since joining the Laguna Beach office of Coast Sotheby's International Realty, The OC Riviera Group has access to an expanded network of global buyers of luxury homes. Many of these European, Canadian and Asian buyers are not only attracted by the fine homes and amenities of the OC Riviera, but also by their increased purchasing leverage when converting Euros or other currencies to dollars. This also has been a factor driving demand in our coastal markets.
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