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The Future of Vacation Homes Is Here
How the nation’s most affluent families are avoiding the risks of second home ownership—and opting for a new kind of vacation.
By Jackie Caradonio, Contributor, Exclusive Resorts
During the pandemic, vacation home ownership became a national obsession. With work and school largely remote and interest rates at a record low, there were few reasons not to invest in a second or third property. But the high of the vacation home has come crashing down: Luxury home sales have plummeted by 38%, the biggest decline on record, due to skyrocketing mortgage rates, mounting inflation, and growing fears of a recession and housing market crash.
By comparison, private membership clubs like Exclusive Resorts have never looked better. While homebuyers face increasing costs on everything from mortgage rates to repairs, club members pay a one-time initiation fee (starting at $175,000 for a 10-year plan) and fixed annual dues starting at $23,925. In return, they enjoy 15 to 30 days of travel per year at their choice of 400-plus multimillion-dollar private residences and experiences in 75 sought-after destinations around the world. It’s no wonder the club is seeing its strongest sales in more than a decade, with more than 4,000 members to date.
Our vacation home was becoming a headache to deal with; replacing it with Exclusive Resorts encouraged us to travel more regularly—and to new places every year.
Marti Gistaro, Exclusive Resorts Club Member since 2006
Nearly half of the club’s homes are four- or five-bedroom residences that, on average, are around 3,500 square feet and cost more than $4 million each. Each comes equipped with its own on-site staff, including an experienced residence manager and concierge team.
Part of an intimate enclave, Exclusive Resorts’ two- and four-bedroom luxury beach villas on the island of Nevis in the West Indies are steps from the sand.
The club’s five, four-bedroom luxury villas in Tuscany offer serenity on a remote estate set among acres of olive groves and vineyards. Each home features a classic Italian kitchen and a traditional forno.
With sweeping views of the ocean, Exclusive Resorts’ four luxury villas at the Four Seasons Anguilla are perfectly suited for large family gatherings (with accommodations for up to ten guests) with private plunge pools, sun decks, and a gourmet kitchen.
Exclusive Resorts’ eight, two-bedroom villas at the Miraval Resort & Spa in Tucson, Arizona provide access to more than 120+ wellness classes at the award-winning Life in Balance Spa.
The club’s nine, three-bedroom ski-in/ski-out residences at The Arrabelle in Vail are just steps from the gondola with epic mountain views and access to the resort’s private spa, outdoor pool and hot tub.
New York: The Club’s two-bedroom residences are outfitted in chic metropolitan flair with cityscape views. See Broadway shows, dine Michelin-star style, privately tour museums, or simply enjoy the lights in The City That Never Sleeps.
What Exclusive Resorts members gain is as important as what they avoid: namely, the headaches and pitfalls of vacation home ownership. “Second homes often seem like great investments—something you’ll use frequently with family and friends while it appreciates in value,” says Steve Case, Exclusive Resorts owner and chairman, who first joined the club in 2003. “But what often happens is that you use it less than expected and are surprised by the expense and hassle of owning another property.”
A Hassle-Free Vacation
Exclusive Resorts’ $1 billion-plus real estate portfolio—one of the largest in the world—invites its members to forgo the vacation home for hundreds of hassle-free residences. Nearly half of the club’s homes are four- or five-bedroom residences that, on average, are around 3,500 square feet and cost more than $4 million each. Many are located within award-winning resorts—operated by luxury hospitality leaders such as Montage, Peninsula Hotels, Auberge and Four Seasons—and designed and outfitted in collaboration with top interior designers and upscale home-furnishing brands. The club even owns four luxury apartments on The World, the largest residential ship on the planet.
“We go to great lengths to ensure our residences and experiences—whether a remote, four-bedroom home in Costa Rica or private villa in Tuscany—are meticulously vetted to eliminate any inconsistencies,” says James Henderson, CEO of Exclusive Resorts. “And because we own the majority of our core residential portfolio, we can customize and maintain every detail from the furniture and fixtures to the cutlery in your kitchen. For our four new residences at the Rosewood Mayakoba in Riviera Maya, Mexico, we even worked with the developer to ensure they have the floorplans our members will want.”
Exclusive Resorts’ $1 billion-plus real estate portfolio—one of the largest in the world—invites its members to forgo the vacation home for hundreds of hassle-free residences.
Celebrating its 20th anniversary this year, Exclusive Resorts remains one of the only companies in the luxury villa space operating residential-style communities with its own on-site staff, including an experienced residence manager and concierge team. Together, this dedicated team takes care of all the chores of a second home—the grocery shopping, the cleaning, the upkeep—and covers everything from dinner reservations and activities to pre-arrival planning and daily housekeeping. They’re even ready to handle last-minute changes due to flight cancellations or other unexpected delays.
For members like Marti Gistaro, who sold her vacation home and joined Exclusive Resorts in 2006, gaining access to the club’s collection of staffed residences around the world felt like trading her brick-and-mortar asset for a far more valuable investment in precious time with family. “Our vacation home was becoming a headache to deal with; replacing it with Exclusive Resorts encouraged us to travel with our grandkids more regularly—and to new places every year,” she says. “We looked at it as an investment in our family vacations and a benefit to all of our kids, even after we’re gone. Exclusive Resorts has become part of our family legacy.”