According to the team at Platinum Real Estate Luxury Home Experts, investing in a second home is a sound option. Here are the hot markets worth considering
By Patricia Nugent
In this month of taking stock and kicking off goals, when it comes to the best place to invest your hard-earned dollars, it seems like the only thing you can be certain of is uncertainty. With fluctuating interest rates, rising inflation and an upcoming election year, people may be tempted to wait things out and sit tight.
But according to Denise and Mark Zervos, who’ve spent decades successfully running Platinum Real Estate the Luxury Home Experts, chaos and crisis can signal opportunity, especially when it comes to appreciating real estate as a sound investment.
What Holds its Value Best?
“Stocks and bonds and bitcoins can be risky, but real estate holds its value,” says Denise. “People increasingly want to put their money into something real that gives them peace of mind of ownership. It’s also important to note that they can enjoy a second home while it’s earning them money, taking vacations of their dreams with their family and friends, or leasing it out to others.”
The reasons for second-home ownership have evolved over the years. She notes that in addition to retirement homes, more people are becoming snowbirds and spending winters in inviting climates.
“And with a growing number of folks working remotely, they are making decisions to live more affordably in beautiful places they love,” says Denise. “There’s more freedom and there are more choices available than ever before.”
On a national level, these reasons have led to a boom in second-home buying. In fact, the category of buying a luxury second home has outperformed other real estate transactions by 25 percent over the past year.
Expanding into Tennessee
Always on the lookout for emerging second-home destinations, over the years Mark and Denise have expanded their footprint to include Florida (Fort Lauderdale, Pompano, Naples, Bonita Springs, Fort Myers, Sarasota, Tampa, Orlando, Marco Island) in 2016, then into South Carolina (Charleston, Myrtle Beach, Hilton Head, Pawleys Island) in 2022.
“When we expand our offices, the modus operandi has been to find agents who are natives of the areas, permanent and long-time fixtures who are firmly enmeshed in the market and culture,” says Denise. “They become the perfect candidates to offer guidance on the best investment opportunity, depending on how much you wish to spend, from 200K to infinity.”
“This year, due to an uptick in interest in the Nashville and Johnsonville areas of Tennessee, we decided to set up operations there, too,” she says. “Our clients have begun gravitating to the Volunteer State for lots of impressive reasons—low cost of living, very low taxes, vibrant cities with world-class dining and music, mild weather, exceptional home values and more.”
There are several emerging new construction opportunities around Boone Lake they are working with. This bucolic 4,500-plus-acre reservoir is nestled in the mountains, about an hour from Asheville, North Carolina. Homes with heavenly views start around $550,000.
“There is a real pull for people to head to the mountains and immerse themselves in the great outdoors,” she says.
No matter the idyllic destination, Platinum has experience working with all levels of budget comfort. Over the past 30-plus years they’ve been doing business, the Luxury Home Experts have sold more than $1 billion in properties.
“The yardstick for what constitutes a luxury property in Northeast Ohio starts at $500,000, but we also work with homes in the tens of millions,” she says. “For a dreamy sneak peak of more photos of the Naples home seen here, which is nestled on the Gulf Coast and lists for a mere $30.8 million, go to PortRoyalResidence.com.”
Headquartered within The Platinum Center, at 7200 Mentor Street in Mentor, Platinum Real Estate has offices in Northeast Ohio, Columbus, Florida, South Carolina and Tennessee. To get more information, call 844-589-7767S or visit TheLuxuryHomeExperts.com.