What do you consider a vacation home?
Many Americans, Canadians or from everywhere in the world, whether they are fully fully retired or semi-retired and even non-retired investors buy homes and condos as investments for 2nd or 3rd or more properties. They rent them out but in short rental periods so the can sometimes use them for personal short vacations. However, that works better for houses because condominiums are generally very restrictive with their rental policies.
Because the real estate market across the US is recovering and prices are rebounding upward, investing in properties is a good investment.