Second-home development needs a first-home discipline

Coastal schemes sell on emotion and are held on economics. The gap between the two shows up in the fifth year, when resale liquidity — not launch velocity — becomes the only measure that matters.

The projects that hold value share unglamorous traits: reasonable density, a walkable core with year-round services, honest distances to the water, and a service charge that a non-resident owner will still pay.

Off-season usability is the single biggest differentiator. Anything that gives a reason to visit in November raises both occupancy and resale depth.

We underwrite coastal land on resale evidence from schemes delivered five to ten years earlier on the same stretch. Launch pricing next door tells you very little.