Mike Ryan's Blog

This is a blog written by Mike Ryan, Owner and Developer of the Ritz-Carlton, Grand Cayman, about vacation home ownership, luxury trends and the Carribean real estate market.


Thursday, October 19, 2006

The Good Life

Why do people buy luxury second homes? Well, it appears that even the experts disagree. Some say investment is the driving factor. Others say, no, people just want to have a second home to go to and enjoy. And, the National Association of Realtors says 4/5 vacation homes will become retirement primary residences (www.uniquhomes.com).

So, what’s going on? No one’s saying that luxury second homes are losing popularity; in fact, some experts report increases of over 20 percent a year. And, maybe everyone is right. After all, would anyone make any major purchase if it were a BAD investment? Of course not. And how do you define a good investment anyway? For some it’s financial, for others a guarantee that future generations of the family will enjoy a special place, for others it’s well worth investing in a place that provides the things they love whether it’s golf, skiing, beaches, or protected natural beauty.

My experience is that people buy luxury second homes because they can afford to live a life they’ve always wanted to live: travel to exotic places, elegant surroundings, great services, a lifestyle equal to or greater than they enjoy at home and, most important, a change from routine. But there’s a new factor as well; one that I think may become the deciding factor. Technology has totally changed the way and the places people work. My guess is that the real trend in second home buying is not buying a vacation but simply another wonderful place to work and play.

That’s why I’ve brought the best of the best to The Residences at The Ritz-Carlton, Grand Cayman – golf by Greg Norman, tennis courts by Nick Bollettieri, dining by Eric Ripert, Ambassadors of the Environment Children’s Program by Jean-Michel Cousteau and Silver Rain, a La Prairie Spa. These, along with the Seven Wonders on Grand Cayman’s famous Seven Mile Beach, make ownership at The Residences an experience like no other. I’m excited by all the new developments and invite you to take a look: www.residences-cayman.com.