Resonance Recreational Real Estate Report

RECREATIONAL
REAL ESTATE REPORT

@resonanceco
©2015ResonanceConsultancyLtd.
RESONANCE SPECIALIZES IN STRATEGIC PLANNING, BRANDING AND
MARKETING FOR DEVELOPERS, DESTINATIONS AND COMMUNITIES.
THE PRINCIPALS OF RESONANCE HAVE MORE THAN 20 YEARS
OF RESORT REAL ESTATE EXPERIENCE,AND HAVE CREATED AND
MARKETED DOZENS OF BRANDS FOR DEVELOPERS AND DESTINATIONS
THROUGHOUT NORTH AMERICA, MEXICO AND THE CARIBBEAN.
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RECENT PROJECTS
• INTERNATIONAL MARKET DEVELOPMENT STRATEGY FOR THE REPUBLIC OF IRELAND
• STRATEGIC PLAN FOR ARUBA TOURISM AUTHORITY
• TOURISM MASTER PLAN FOR CITY OF VANCOUVER
• BRANDING AND MARKETING FOR KUKUI‘ULA COMMUNITY IN KAUAI
• BRANDING AND MARKETING FOR MOUNTAINSIDE COMMUNITY IN LAKE TAHOE
• DESTINATION DEVELOPMENT STRATEGY FOR CINCINNATI USA

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AS PART OF OUR ONGOING WORK TO CREATE SUCCESSFUL DEVELOPMENT STRATEGIES
FOR A WIDE VARIETY OF DESTINATIONS AND DEVELOPMENTS, RESONANCE
CONDUCTS CONSUMER RESEARCH TO HELP OUR CLIENTS UNDERSTAND THE EVOLVING
PREFERENCES AND ASPIRATIONS OF CONSUMERS TODAY AND PUBLISHES REPORTS ON:
• PORTRAIT OF THE U.S. INTERNATIONAL TRAVELER
• PORTRAIT OF THE U.S. MILLENNIAL TRAVELER
• PORTRAIT OF THE U.S. AFFLUENT TRAVELER
• U.S. RECREATIONAL REAL ESTATE REPORT
• U.S. RETIREE TRAVEL & REAL ESTATE REPORT
OUR RESEARCH

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DESIRABLE
LUXURIES

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DESIRABLE LUXURIES
SIMILAR TO 2012 RESULTS, SMARTPHONES ARE
CONSIDERED THE MOST DESIRABLE LUXURY
AMONG U.S. AFFLUENT RESIDENTS, FOLLOWED BY
FREEDOM TO WORK FROM HOME AND VACATION
HOME IN THE MOUNTAINS.
Mean
Smartphone 7.7
Freedom to work from home 7.2
Vacation home in the mountains/beach 7.1
Extended time off work 7.2
Taking exotic vacations 7.0
Tablet/E-Reader 7.0
Gourmet kitchen at home 6.8
Owning your own business 5.5
Wife/husband that is able to stay at home with kids 5.5
Apartment in major metropolitan city 5.5
Home Theater 5.8
Luxury Swimming Pool 5.5
Sending your children to private schools 5.1
Home in private/gated community 5.5
Owning an expensive car 5.6
Fine jewelry and/or expensive watch 5.3
Base: All respondents (n=1,062)
C1. Changing topics slightly, on a scale of 1-10, rate the desirability of each of the following luxury items and experiences with 1 being “not desirable” and 10 being “extremely desirable.”
10 – Extremely desirable 9 – Very desirable

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DESIRABLE LUXURIES
MILLENNIAL TRAVELERS VIEW SMARTPHONES AND
EXTENDED TIME OFF WORK AS THE MOST DESIRABLE
LUXURIES, FOLLOWED BY FREEDOM TO WORK FROM
HOME, TAKING EXOTIC VACATIONS AND VACATION HOME
IN THE MOUNTAINS/BEACH.
Mean
Smartphone 8.0
Extended time off work 7.9
Freedom to work from home 7.8
Taking exotic vacations 7.8
Vacation home in the mountains or at the beach 7.7
Gourmet kitchen at home 7.4
Tablet/E-Reader 7.4
Wife/husband that is able to stay at home with kids 7.0
Owning your own business 6.9
Luxury swimming pool 6.9
Home theater 7.0
Your own home spa 6.7
Home in private, gated community 6.7
Apartment in major metropolitan city 6.5
Hybrid/electric automobile 6.6
Having your own foundation/making large donation 6.5
C1. Changing topics slightly, on a scale of 1-10, rate the desirability of each of the following luxury items and experiences with 1 being “not desirable” and 10 being “extremely desirable.”
10 – Extremely desirable 9 – Very desirable
31%
30%
29%
28%
28%
25%
22%
22%
21%
21%
19%
18%
16%
17%
15%
16%
49%
47%
45%
45%
45%
40%
39%
38%
34%
33%
33%
32%
31%
31%
29%
29%

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CURRENT
OWNERS

@resonanceco
% Own Now
All Travelers
(n=3,379)
Timeshare 14%
Vacation home 14%
Private residence club membership 7%
Vacation condominium 7%
Home site to build vacation home in the future 6%
Destination club membership 6%
Hotel condominium 3%
C2. Which of the following do you own now, are considering purchasing, would like to own one day or would never consider purchasing?
VACATION PROPERTIES OWNED: SUB GROUP

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COMPARED TO THE TYPICAL TRAVELER,
CURRENT VACATION HOME OWNERS HAVE
HIGHER INCOMES AND HIGHER NET WORTHS.
GENDER HOUSEHOLD INCOME
<$50K
$50K to $100K
$100K to $200K
$200K+
54%
50%
MALE
NET WORTH
46%
50%
FEMALE
AGE
AVERAGE
AGE
49.7
50.1
Vacation Home Owners (n=636) Total Travelers (n=3,379) Higher than total Lower than total

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Vacation Home Owners
Owners Total
(n=554)
Net Worth
<$250K
(n=121)
$250K-$999K
(n=206)
$1 Million+
(n=201)
Less than 200 miles 26% 36% 23% 23%
200 to 299 miles 15% 18% 20% 12%
300 to 399 miles 19% 17% 22% 19%
400 miles or more 39% 29% 35% 45%
AFFLUENT VACATION HOME OWNERS’
VACATION HOMES ARE LOCATED
FURTHER AWAY FROM HOME THAN
THOSE WITH A LOWER NET WORTH.
VACATION PROPERTY DISTANCE FROM PRIMARY RESIDENCE
Base: Currently own vacation home/condo at C2 (n=554)
C2c. Approximately how far is your vacation property from your primary residence? Statistically significantly higher than comparison group(s)

@resonanceco
Vacation Home Owners
Owners Total
(n=554)
Net Worth
<$250K
(n=121)
$250K-$999K
(n=206)
$1 Million+
(n=201)
13 days or less 17% 25% 16% 16%
2 to 4 weeks 36% 41% 44% 29%
5 to 8 weeks 21% 17% 23% 22%
2 months or more 26% 18% 18% 33%
VACATION HOME OWNERS WITH A
HIGHER NET WORTH SPEND MORE TIME
AT THEIR VACATION PROPERTY THAN
THOSE WITH A LOWER NET WORTH.
Base: Currently own vacation home/condo at C2 (n=554)
C2b. On average, how many days per year do you use your vacation property? Statistically significantly higher than comparison group(s)
VACATION PROPERTY USAGE

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PROSPECTIVE
BUYERS

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COMPARED TO THE TYPICAL TRAVELER,
VACATION HOME INTENDERS ARE MORE
LIKELY TO BE YOUNGER MEN.
GENDER
65%
50%
MALE
35%
50%
FEMALE
Vacation Home Intenders (n=637) Total Travelers (n=3,379)
<$250K
$250K to $1M
$1M+
Statistically significantly higher than comparison group(s)
<$50K
$50K to $100K
$100K to $200K
$200K+
HOUSEHOLD INCOME
NET WORTH
AGE
Millennials
Middle Age
Seniors

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COMPARED TO GENERAL TRAVELERS,
VACATION HOME INTENDERS ARE MORE
LIKELY TO HAVE A LARGER HOUSEHOLD SIZE
WITH CHILDREN IN THE HOUSEHOLD.
PRIMARY RESIDENCE REGION
MARITAL STATUS
Own home/apartment
Rent home/apartment
Live with parents
Other
HOUSEHOLD SIZE CHILDREN IN HOUSEHOLD
Married
Single
Common law
Divorced/separated
Widowed
1
2
3-4
5-7
7+
Children
34%
No children
66%
Northeast
29%
26%
South
26%
30%
Midwest
17%
20%West
28%
24%
Children
56%
No children
42%
AVERAGE
SIZE
3.2
2.8
Vacation Home Intenders (n=637) Total Travelers (n=3,379) Statistically significantly higher than comparison group(s)

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OWNERS
VS. BUYERS

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Vacation Home
Owners
Vacation Home
Intenders
% DESIRABLE (10 – Very Desirable/9) (n=636) (n=637)
Visit to a beach resort 50% 52%
Visit to a major metropolitan city 38% 40%
Vacation with friends 39% 35%
Family vacation with kids 30% 43%
Cruise 30% 29%
Multi-generational vacation 26% 24%
Visit to a mountain resort 22% 22%
Quiet countryside holiday 21% 23%
Combining business trip with leisure vacation 23% 24%
Other 9% 3%
TYPES OF FUTURE VACATIONS
Base: All respondents (3,379)
A6. What types of vacations will you take in the next 12 – 24 months?

@resonanceco
All
Travelers
(n=3,379)
Vacation Home
Owners
Vacation Home
Intenders
Safety 58% 63% 56%
Favorable climate/weather 47% 54% 53%
Cost 44% 44% 43%
English spoken 40% 45% 38%
Scenery and nature 38% 45% 49%
U.S. currency accepted 37% 40% 39%
Easily accessible by commercial flights 35% 45% 47%
Opportunities to learn something new 32% 40% 44%
Close to beach, access to water 28% 41% 41%
Good cultural attractions 27% 35% 42%
Friends/family members have had positive experiences there 25% 35% 38%
Iconic landmarks 22% 31% 36%
Passport not required to visit 22% 30% 27%
Exciting city environment 21% 32% 34%
Fun attractions 20% 27% 31%
Can drive to 20% 26% 26%
Online peer reviews and ratings 20% 29% 37%
All inclusive pricing 18% 28% 30%
Quiet countryside location 16% 27% 33%
Off the beaten path location not often frequented by tourists 16% 25% 31%
Professional printed guidebook reviews 12% 24% 27%
Magazine/Newspaper articles 10% 22% 24%
Base: All respondents.
A7. On a scale of 1-10, what are the most important factors you take into account when deciding on a
vacation destination, with 1 being not important at all and 10 being extremely important? Statistically significantly higher than comparison group(s)
KEY DECISION FACTORS WHEN DECIDING ON A VACATION DESTINATION: SUB GROUP

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Base: All respondents
A8. While on vacation what activities do you enjoy regularly, enjoy occasionally, would like to try, or do not enjoy? Statistically significantly higher than comparison group(s)
All
Travelers
(n=3,379)
Vacation Home
Owners
Vacation Home
Intenders
Dining 95% 94% 90%
Sightseeing 94% 92% 90%
Learning new things 88% 89% 88%
Fun attractions 87% 88% 88%
Visiting cultural attractions 85% 85% 87%
Shopping 84% 81% 87%
Engaging with nature 83% 88% 88%
Attending cultural events/performances 78% 82% 84%
Nightlife 67% 72% 80%
Attending music festivals 63% 72% 78%
Watching live sports 60% 67% 75%
Health & fitness 60% 74% 79%
Participating in outdoor sports 57% 70% 78%
Participating in ‘once-in-a-lifetime’ activity 51% 64% 70%
Volunteering 43% 54% 66%
Personally participating in athletic competitions 31% 45% 61%
ACTIVITIES ON VACATION: SUB GROUP

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All
Travelers
(n=3,379)
Vacation Home Owners Vacation Home Intenders
Owners
Total
Net Worth Intenders
Total
Net Worth
<$250K $250-$999K $1 Million+ <$250K $250-$999K $1 Million+
(n=643) (n=127) (n=235) (n=258) (n=649) (n=180) (n=272) (n=182)
Marriott Hotels & Resorts 23% 20% 16% 22% 19% 18% 14% 16% 23%
Hilton 21% 21% 21% 24% 18% 17% 16% 18% 18%
Sheraton 20% 22% 21% 22% 24% 19% 20% 20% 14%
Westin 17% 18% 17% 10% 27% 13% 12% 12% 17%
Wyndham 16% 17% 22% 13% 19% 8% 14% 6% 3%
Holiday Inn 14% 9% 8% 10% 8% 11% 11% 11% 10%
Hampton Inn 13% 8% 6% 8% 8% 9% 13% 7% 10%
Embassy Suites 12% 12% 12% 14% 10% 8% 12% 4% 11%
JW Marriott 11% 11% 6% 7% 16% 9% 6% 9% 14%
Waldorf Astoria 11% 13% 11% 10% 16% 13% 12% 12% 13%
Hyatt 10% 12% 9% 17% 7% 13% 14% 15% 9%
W Hotels 10% 10% 8% 7% 13% 12% 12% 11% 12%
Best Western 10% 10% 18% 12% 5% 11% 14% 12% 6%
Ritz-Carlton 9% 9% 3% 7% 13% 12% 5% 12% 17%
Comfort Inn 9% 6% 9% 7% 4% 7% 12% 5% 4%
St. Regis 9% 11% 13% 10% 10% 13% 11% 16% 13%
Disney 8% 6% 8% 4% 6% 9% 10% 8% 11%
Four Seasons 8% 9% 6% 6% 14% 12% 9% 13% 13%
Courtyard 7% 9% 8% 11% 9% 8% 5% 10% 9%
Doubletree 7% 6% 6% 5% 6% 5% 6% 4% 6%
Fairfield Inn 5% 6% 4% 9% 4% 3% 4% 4% 1%
MARRIOTT, HILTON AND SHERATON ARE THE PREFERRED
BRANDS OF BOTH OWNERS AND INTENDERS, BUT
INTENDERS ARE MORE INTERESTED IN BRANDS SUCH AS
RITZ-CARLTON, ST. REGIS AND FOUR SEASONS.
PREFERRED BRAND FOR HOTEL ON VACATION: SUB GROUP ANALYSIS
A13. When choosing a hotel for a vacation, which brands would be your top 3 choices, if available? Statistically significantly higher than comparison group(s)

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A10. Please indicate how much you agree or disagree that each of the following statements describes you
personally when it comes to vacations. Statistically significantly higher than comparison group(s)
All
Travelers
(n=3,379)
Vacation Home
Owners
Vacation Home
Intenders
(n=643) (n=649)
I go on vacation to escape everyday life 79% 80% 83%
I am much more indulgent and carefree while on vacation than I am at home 76% 80% 82%
I do a lot of research on the destination prior to going on vacation 75% 76% 84%
Vacations are a time to reconnect with family and friends 75% 82% 80%
I go on vacation to really slow down and relax 74% 79% 82%
I go on vacations that allow me to try new things that I wouldn’t otherwise do 74% 80% 83%
Exploring new cultures and their traditions while on vacation is important to me 71% 82% 84%
When I go on vacation, I like to visit all the ‘must-see’ sites and attractions 69% 76% 76%
High quality food and drink are critical while on vacation 68% 78% 80%
KEY VACATION MOTIVATIONS AND ASPIRATIONS: SUB GROUP ANALYSIS

@resonanceco
A10. Please indicate how much you agree or disagree that each of the following statements describes you
personally when it comes to vacations. Statistically significantly higher than comparison group(s)
All
Travelers
(n=3,379)
Vacation Home
Owners
Vacation Home
Intenders
(n=643) (n=649)
While at my destination, technology is an important way to find my way
around and search for things to do
61% 69% 75%
While on vacation, I want to ‘live like the locals do’ 57% 66% 76%
Learning and personal development are a priority for me in choosing a
vacation
50% 62% 71%
I want to be completely pampered
while on vacation
50% 58% 70%
Vacations are a time to meet and have fun with other tourists 50% 61% 70%
I want to participate in adventure activities that take me out of my
comfort zone when on vacation
48% 60% 70%
I prefer to stay at international brand hotels while on vacation 45% 61% 68%
Participating in sports and outdoor activities is an important part of a
good vacation
41% 56% 67%
KEY VACATION MOTIVATIONS AND ASPIRATIONS: SUB GROUP ANALYSIS

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PRODUCT
PREFERENCES

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Vacation Home Intenders
Intenders Total
(n=600)
Net Worth
<$250K
(n=209)
$250K-$999K
(n=251)
$1 Million+
(n=130)
Near a beach 42% 38% 43% 40%
In the mountains 16% 19% 10% 24%
In the countryside 13% 14% 14% 12%
In a major metropolitan city 12% 11% 13% 11%
In another country 8% 8% 10% 6%
In a small town 9% 10% 10% 7%
Other <1% 1% <1% -
FUTURE VACATION PROPERTY: LOCATION TYPE
Base: Considering/would like to own vacation home/condo (n=2,179)
C2f. Which of the following best describes the type of location you would prefer for your second home?
LIKE THE TYPICAL TRAVELER, VACATION HOME
INTENDERS PREFER TO HAVE THEIR VACATION
PROPERTY NEAR A BEACH. THOSE WITH A
HIGHER NET WORTH ARE MORE LIKELY TO
PREFER BEING IN THE MOUNTAINS.

@resonanceco
Intenders Total
(n=600)
Net Worth
<$250K
(n=209)
$250K-$999K
(n=251)
$1 Million+
(n=130)
Less than 200 miles 11% 13% 11% 9%
200 to 299 miles 23% 41% 21% 9%
300 to 399 miles 21% 15% 25% 18%
400 miles or more 46% 30% 43% 65%
VACATION PROPERTY DISTANCE FROM PRIMARY RESIDENCE
C2e. Approximately how far would you consider purchasing a vacation property from your primary residence?
AMONG THOSE WHO ARE CONSIDERING A FUTURE
VACATION HOME/CONDO, THOSE WITH A HIGHER
NET WORTH ARE MORE INTERESTED IN PURCHASING
A PROPERTY FURTHER AWAY FROM HOME.

@resonanceco
Intenders Total
(n=637)
Net Worth
% Considering
<$250K
(n=215)
$250-$999K
(n=265)
$1 Million
(n=146)
Vacation home 61% 59% 59% 63%
Home site to build vacation home in the future 54% 55% 52% 57%
Vacation condominium 46% 48% 48% 40%
Destination club membership 36% 40% 40% 27%
Timeshare 32% 37% 35% 24%
Private residence club membership 31% 36% 34% 20%
Hotel condominium 29% 37% 32% 17%
AMONG VACATION PROPERTY INTENDERS,
VACATION HOMES AND HOME SITES TO BUILD
FUTURE VACATION HOMES ARE THE TOP
PROPERTY TYPES FOR CONSIDERATION.
C2. Which of the following do you own now, are considering purchasing, would like to own one day or would never consider purchasing?
ARE CONSIDERING: SUB GROUP ANALYSIS

@resonanceco
Intenders Total
(n=600)
Net Worth
<$250K
(n=209)
$250K-$999K
(n=251)
$1 Million+
(n=130)
<$500K 51% 65% 44% 48%
$500K to $1M 29% 26% 32% 25%
$1M to $2M 14% 8% 19% 14%
$2M to $5M 5% 1% 4% 11%
$5M+ 1% - 1% 2%
AMONG THOSE WHO ARE CONSIDERING A FUTURE
VACATION HOME/CONDO, THE MAJORITY WOULD BE
WILLING TO SPEND LESS THAN $500K. NOT SURPRISINGLY,
THE HIGHER THE NET WORTH, THE MORE THEY ARE
WILLING TO SPEND ON A VACATION PROPERTY.
FUTURE VACATION PROPERTY: AMOUNT WILLING TO SPEND
C2d. How much would you be willing to spend on a vacation property? Statistically significantly higher than comparison group(s)

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Current
Owners
(n=311)
Intenders
Total
(n=600)
Net Worth
% Importance (10 – Very Important/9)
<$250K
(n=209)
$250-$999K
(n=251)
$1 Million
(n=130)
Proximity to beach 50% 44% 43% 44% 48%
Guestrooms for friends and family 53% 41% 38% 40% 49%
Outdoor living area 46% 39% 35% 42% 40%
Access to swimming pool 46% 41% 36% 47% 37%
Proximity to restaurants, shopping and nightlife 44% 38% 39% 38% 40%
Garage 42% 41% 40% 40% 47%
Open plan for entertaining 43% 36% 36% 38% 35%
Availability of services to rent my home when not in use 36% 32% 30% 37% 27%
Property management services 34% 35% 30% 36% 39%
Gourmet kitchen 40% 32% 36% 34% 27%
Access to walking trails 39% 35% 38% 32% 35%
Sustainability/energy efficiency ratings 35% 34% 34% 32% 35%
VACATION HOME BUYERS ARE MOST INTERESTED
IN PROXIMITY TO BEACH, GUESTROOMS FOR
FRIENDS AND FAMILY, ACCESS TO SWIMMING
POOL, GARAGE AND OUTDOOR LIVING AREAS.
C2h. On a scale of 1-10, how important are each of the following features in your decision to purchase a vacation home?
IMPORTANCE OF FUTURE VACATION HOME FEATURES: SUB GROUP ANALYSIS

@resonanceco
Current
Owners
(n=311)
Intenders
Total
(n=600)
Net Worth
% Importance (10 – Very Important/9)
<$250K
(n=209)
$250-$999K
(n=251)
$1 Million
(n=130)
Within driving distance of my primary residence 34% 27% 28% 32% 19%
Access to fitness facilities 41% 30% 28% 33% 29%
Is within a private, gated community 27% 27% 27% 27% 30%
Home Theater 30% 26% 25% 30% 22%
Access to spa facilities 31% 27% 35% 25% 24%
Formal dining room 33% 27% 30% 31% 20%
Features a community clubhouse 30% 26% 27% 29% 21%
Home office 28% 24% 27% 24% 21%
Proximity to golf course 29% 23% 27% 25% 16%
Availability of kids programs 24% 25% 29% 27% 21%
Proximity to skiing 26% 21% 25% 21% 19%
HIGH NET WORTH BUYERS ARE LESS INTERESTED
IN HOMES WITHIN DRIVING DISTANCE OF
PRIMARY RESIDENCE, FORMAL DINING ROOMS
AND PROXIMITY TO A GOLF COURSE.
C2h. On a scale of 1-10, how important are each of the following features in your decision to purchase a vacation home?
IMPORTANCE OF FUTURE VACATION HOME FEATURES: SUB GROUP ANALYSIS (CONT’D)

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The full version of this report is available at
resonancereport.com
THANK YOU!
Contact
cfair@resonanceco.com
+1.604.681.0804
@resonanceco @crfair

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