When this is all over, I think I will purchase a second home. Although I have considered it, I’ve never pulled the trigger on a second home mostly because I enjoy hotels and resorts. In years past, Kathy and I have considered buying a second home in New York, Hawaii or even Las Vegas, which are our favorite cities to visit. In New York, I love the Langham Hotel. It’s walking distance to most of my favorite spots and they have a great restaurant on the second floor. In Hawaii, we usually stay at the Andaz in Maui. It’s pretty new and they have several great restaurants including a great Morimoto sushi spot on the beach. In Las Vegas, we still love the Bellagio, but sometimes stay at the Waldorf Astoria if we prefer quiet. I always thought I’d miss the energy and amenities of these places if I purchased something. Kathy and I also worried that we would feel forced to visit more often to justify the expense and maintenance. But COVID-19 changes things a bit.
I don’t think I will ever be the type of person who avoids hotels, but having a second home would be a nice thing to have right now. I don’t think I am alone. It really makes me think that people are going to value their homes even more coming out of the quarantine. Those who have the means could start looking for larger homes; others may be thinking about investing in some home improvement work and still others might be thinking about a second home, like me. I’m confident residential real estate valuation, especially in the most desirable cities, will see another spike in the coming years.
Professional investors know that the best way to make it big is to believe in something that almost everyone disagrees with - and be right. That could be a business idea, an investment opportunity, or a cultural trend.
Next week, I will be speaking at a Hispanic Leadership Summit at the United Nations. I was asked to speak on the topic of Unity. The following is a preview of my speech.
Happy Thanksgiving! The blog will resume on December 8, 2024.