NASJA DAY 1: Wealth and Recreation

Here on the Minnesota north shore, I’ve been told that three decades ago you couldn’t give away property. But now it’s pricey real estate.

So I asked my hostess for the evening, what changed? It’s not as though the physical qualities of the land have changed much.

There were several factors that could be at work:
– Increased population in the state (more potential buyers)
– Increased marketing efforts draw attention to the area
– Increased household income (reaches a threshold after which people consider second homes)
– Increased interest in all things related to outdoor recreation

What else? Remember, a “variable” has to “vary” over time.