Spencer: We do not see the pool of 2nd, 3rd, and 4th buyers shrinking, but that is a concern as the baby boomer population continues to work through our economy. At a lot of the industry trade organization conferences we hear the focus on millennials. Certainly not a group to be ignored, but do not necessarily see them as our buyers at this stage in their life. We do feel like when these folks start to have more children and get deeper in the work force that they will somewhat revert to the mean, specifically that they will have a lot of the same worries that their parents have, namely wanting to make sure that there are enough beds, the right services, the programming, and the right experiences for their families.

GlobeSt.com: Why is the fractional home model so popular with seasoned homebuyers?

Spencer: We do feel that our private residence club fractional model is very attractive alternative for a 3rd or 4th home. Take for instance someone living in Manhattan. They probably either have a place in the Hamptons or a house in Florida. They may even have a place in Aspen, but if they want to travel annually to Italy or Hawaii for 2 weeks a year, are they going to necessarily buy homes in those markets? We find that most, if not all of our buyers, could afford to buy a whole ownership home in these markets (and some do buy whole ownership from us). We find that our model not only provides a higher and better use for the land, it also provides a higher and better use for our Owner's capital, so they are not so long on real estate assets, while still providing the opportunity to travel to the locales that they desire, on a frequency that makes sense for them.

LOS ANGELES—Baby boomers are fueling a lot more than just the multifamily market. While apartment developers list the significant demographic as a key renter, vacation home operators also say that baby boomers are fueling sales in the niche market as well. Greg Spencer, CEO of Timbers Resorts, says that they haven't seen any baby boomers trading out of vacation homes for urban core apartments, but instead have a healthy demand from the demographic. However, Spencer is concerned about the buyer pool shrinking among millennials, which do prefer urban apartment living. To find out more, we sat down with Spencer for an exclusive interview.

GlobeSt.com: We hear a lot about seasoned homebuyers trading into urban core apartments. Are luxury apartments or condos competing for 2nd, 3rd and 4th time homebuyers?

Greg Spencer: We probably haven't dug deep enough to see that as a trend. We do survey our Owners every year and we do see locations such as NYC, London, and Paris at the top of the list. Our buyers are looking for consistency of services and experience and not sure just renting a luxury flat would provide that same engagement.

GlobeSt.com: Is the pool of second, third and fourth time homebuyers shrinking?

Spencer: We do not see the pool of 2nd, 3rd, and 4th buyers shrinking, but that is a concern as the baby boomer population continues to work through our economy. At a lot of the industry trade organization conferences we hear the focus on millennials. Certainly not a group to be ignored, but do not necessarily see them as our buyers at this stage in their life. We do feel like when these folks start to have more children and get deeper in the work force that they will somewhat revert to the mean, specifically that they will have a lot of the same worries that their parents have, namely wanting to make sure that there are enough beds, the right services, the programming, and the right experiences for their families.

GlobeSt.com: Why is the fractional home model so popular with seasoned homebuyers?

Spencer: We do feel that our private residence club fractional model is very attractive alternative for a 3rd or 4th home. Take for instance someone living in Manhattan. They probably either have a place in the Hamptons or a house in Florida. They may even have a place in Aspen, but if they want to travel annually to Italy or Hawaii for 2 weeks a year, are they going to necessarily buy homes in those markets? We find that most, if not all of our buyers, could afford to buy a whole ownership home in these markets (and some do buy whole ownership from us). We find that our model not only provides a higher and better use for the land, it also provides a higher and better use for our Owner's capital, so they are not so long on real estate assets, while still providing the opportunity to travel to the locales that they desire, on a frequency that makes sense for them.