Lots of the homes and cabins out there are 2nd homes and vacation homes, although the trend seems to be for purchases of primary residences.
I’d agree with the boomer/2nd houses thing, except I think most boomers have their hands full with their kids, their parents and their incredible shrinking 401k right now. I think the wealth transfer from the greatest generation to the boomers may enable some luxury purchases like vacation homes, but only if the boomers haven’t already spent their inheritance on their H2.
Now retirement homes may be another matter. The boomers are retiring now and they won’t need the same proximity to employment. Frankly, I’m seeing more boomers leaving the region altogether rather than go halfway to Julian. My parents left the O.C. and retired to the Black Hills of S. Dakota – they never looked back.
I think Julian, and to a lesser degree, Palomar Mountain and Idyllwild will continue to draw some traffic from the metor region for vacation and retirement plans. I also think luxury spending winds down during an RE recession. Especially if a lot of people get hurt by it.
