New Pacaso report analyzes lucrative presidential second home destinations, with seven counties seeing more than 11% price appreciation YoY
- The largest year-over-year luxury home value increase was in Santa Barbara County, the home of the Reagan Ranch.
- Duke's County, Massachusetts, home to Obama's Martha's Vineyard estate, has the highest priced luxury real estate on average, but saw the lowest YoY price appreciation.
- McClennan County, Texas has the lowest priced luxury real estate with an average home price of $512,931.
SAN FRANCISCO, Feb. 7, 2023 /PRNewswire/ -- Timed to Presidents' Day, Pacaso, the leading real estate platform that helps people buy and co-own a luxury second home, released an analysis of luxury home appreciation in destinations U.S. presidents own or owned vacation homes. The report looks at the average values of luxury homes in the top 20% of seven presidential second home markets in the United States. Iconic coastal communities in Massachusetts such as Cape Cod and Martha's Vineyard saw substantial appreciation in addition to two California counties when it came to the average luxury home value increase year over year.
The report identifies the seven counties with the highest price appreciation in ascending order and analyzes the data to uncover interesting trends of the destination communities. Interesting trends uncovered from the data include:
California Hosts Tried and True Second Home Destinations
As seen in the Pacaso Top Ten US Luxury Second Homes report from December 2022 and 2023's most buzzworthy vacation destinations analysis, California's destination communities consistently top the charts for high-demand and high-valued real estate. Of the seven presidential second home counties analyzed, the largest year-over-year luxury home value increase was in Santa Barbara County, the home of President Ronald Reagan's Reagan Ranch. Riverside County, California, where President Gerald and Betty Ford retreated at one time to their Rancho Mirage home, saw the third highest appreciation in its luxury homes, up 19.61% from 2021 to 2022.
New England Coastal Compounds Are Presidential
Two of the counties analyzed stood out not only for the average luxury home value increase year over year, but for the coastal compounds presidents created alongside their families. John F. Kennedy is responsible for the Kennedy Compound, a three-house, six-acre waterfront property along Nantucket Sound. Similar to JFK's Massachusetts property, Walker's Point Estate of the late George H. W. Bush consists of three properties and has long served as a multi-generational getaway destination for the family.
Martha's Vineyard Experiences Lowest Gain, But Highest Priced Real Estate
Duke's County, Massachuestts, home of Martha's Vineyard and Barack Obama's second home, saw an 11.11% increase in the value of luxury homes from 2021 to 2022. Despite having the lowest value increase year over year of the seven presidential second homes analyzed, Dukes County, Massachusetts has the highest priced real estate of them all with an average home price of $2,590,922.
View the full report here. To see all available homes, please visit the Pacaso website. For more information, contact press@pacaso.com.
About Pacaso
Pacaso® is a technology-enabled marketplace that modernizes real estate co-ownership to make a second home possible and enjoyable for more people. Pacaso curates luxury listings with premium amenities and high-end contemporary interior design, offers ⅛ to ½ ownership with integrated financing, and, after purchase, professionally manages the home and supports seamless resale. Co-founded by Austin Allison and Spencer Rascoff in 2020, Pacaso operates in 40 top second home destinations around the world. Pacaso has been certified as a Great Place to Work and is recognized as one of Glassdoor's 2022 Best Places to Work.
Learn more about Pacaso and view listings at Pacaso.com and connect with @PacasoHomes on Instagram and Twitter.
SOURCE Pacaso
