Buyers often find a condo is a perfect second home
Condos are such an ideal choice for a second residence that in some condo communities, 50 percent or more of all condo owners own a primary residence elsewhere. For example, in the 7180 Optima Kierland community in Scottsdale, approximately 95 percent of second-home buyers are from out-of-state.
“The top locations we see second-home buyers come from are in colder climates,” said David Hovey Jr., president and principal architect of Optima, the company that developed the luxury community. “At Optima, out-of-state buyers are mostly from the San Francisco
Bay area, Canada, Chicago, Minneapolis, Denver and Kansas City.”
In Cachet at The Wigwam, an upscale condo community in Litchfield Park, about 20 percent of buyers are purchasing second homes. “Most of our second-home buyers are from the Midwest and are purchasing to enjoy the Arizona weather,” said Sue Goodrich, vice president of sales and marketing for Cachet Homes. “Often, people are purchasing with the intent to retire here.”
Low-maintenance, lots of amenities
But what these buyers are looking for in a second residence is different from what they have with their primary home. “They want low maintenance and nice amenities,” Goodrich said.
“Many of our second-home buyers have been visiting Arizona for years,” Hovey said. “They are looking for a lock-and-leave lifestyle, urban amenities and walkability to nearby shopping, dining and nightlife destinations.”
With the lock-and-leave lifestyle offered at condo communities “residents have the ability to maximize their travel schedules without having to worry about maintaining their home or ‘shutting it down’ every time they leave, Hovey added.