In this Bloomberg podcast, Barry Ritholtz interviews Jonathan Miller, CEO of Miller Samuel, about the second home market. They discuss the boom in second home purchases post-pandemic, the subsequent drop-off, and the current normalization of the market. The conversation covers the supply of homes for sale in different locations, with a focus on the Sunbelt versus other areas, and the impact of factors like hurricanes and changing cost structures, including insurance and taxes. They also explore the influence of foreign buyers, mortgage rates, demographics like millennials and Gen Z, and trends such as fractional ownership and Airbnb. The podcast concludes with advice for potential buyers of both luxury and more affordable vacation properties, emphasizing the importance of local expertise and awareness of market conditions.
