There’s a tendency in a recession for investors to duck and cover. But the market punishes the timid as surely as it punishes the overly optimistic. Opportunities and challenges travel together. The trick is in knowing what to look for and where to look. That is particularly true right now when it comes to investing in “lifestyle”-related real estate assets.

One surprising area of strength has been in industries that depend on leisure spending — but perhaps that shouldn’t be so surprising. Though people may now be more careful about how they spend their money, there is still a strong desire among consumers for entertainment, leisure, recreation and memory making. For instance, a couple that might normally take a Mediterranean cruise might opt for a week in the mountains. And a group of buddies who take an annual golf trip might instead opt to spend quality time on the local links. The means may change, but the need for recreation and relaxation remains the same.