| FIRST-RATE SPOTS FOR SECOND HOMES | |
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1. Activities. Do the area’s activities match your interests? Say your family loves to ski, fish, sail, water-ski, and body surf—will those activities sustain at the location long term?
2. Amenities. What amenities does the developer provide? What can you add? Most second-home developments offer clubhouses with swimming pools since most second-home owners do not want the maintenance headache of a private pool. According to Richard G. Grandy, owner of BG Development, developer of 66 lakefront lots at The Peninsulas at Lake Bob Sandlin, the first question most buyers ask is, Can we build our own boat dock? Texas lakes are increasingly restricting recreational use of lakes for preservation.
3. Additional costs. About those manicured amenities—expect to pay for them, whether with yearly dues or $20 margaritas. The more natural the space, the lower the long-term maintenance costs. Maintenance and building costs are typically lower in Mexico and South America. In Costa Rica, the average hourly wage is $2; a luxurious home in Peninsula Papagayo can be built for $225 per square foot.
4. Time restrictions. Once you purchase a lot, consider the build-time window. Most developers don’t want lots sitting empty in perpetuity, but a build window of about 10 years gives you a chance to see how much you like a community.
5. Green space. Savvy developers incorporate conservation buffers and position themselves next to national or local preserves to keep future development at bay. For example, WaterColor in Santa Rosa Beach, Fla., holds a maximum height restriction of four stories, and it’s smack-dab next to Deer Lake State Park. The Preserve at Walnut Springs has the 5,500-acre Selah, Bamberger Ranch Preserve as a neighbor. In Costa Rica, 65 percent of Peninsula Papagayo will be left undeveloped. And Shock Hill, in Breckenridge, Colo., is surrounded by 188 acres of protected wetlands called Cucumber Gulch, which can never be developed.
6. Restrictions. Deed restrictions may be off-putting to buyers, but developers say they are necessary to maintain high standards and, well, keep the RV crowd out. Some Santa Fe owners bemoan the new city ordinance restricting rentals; others embrace it. “So many people were leasing their homes online, it got to be like living next door to a hotel,” says Todd Davis of Casas de Santa Fe, a high-end home management and leasing company that specializes in leasing to movie stars.
