The past few years’ economic climate — cloudy and stormy at times, downright dangerous at others — has kept many of us scrambling for cover, to make ends meet and to keep our heads above the rising tide of instability. For others, however, the low depressions have been a mere hiccup, a glitch that will surely correct itself. In the meantime, they tread water and continue to work, slogging along through the year and looking forward to a couple of weeks off for rest and relaxation. For these people, buying rather than renting a vacation home for that R&R may be more of an option than ever.
The prime locations around the country are certainly well-fortified against any unpredictable real estate weather, battened down behind recognizable names, heavenly vistas, and proven hunting grounds for art and culture. But make no mistake, even they have felt the bending winds and stinging rain of recession.
Now is the time if you’re of a mind and have the means to buy. Plenty of good deals are out there, not necessarily in the form of foreclosures and short sales as found in our neighborhoods and bedroom communities, but in the embodiment of lower prices, motivated sellers, or the simple fact that there are more homes for sale now with inventory opened up in otherwise sold-out locations. This may be your chance to finally own a little piece of heaven.
According to the National Association of Realtors, vacation home sales rose 7.9 percent from 2008.
“We saw a little up-tick in 2009 in the number of vacation home sales, and I think that’s largely attributable to the fact that we’ve seen some pretty significant price declines in a number of areas, making it an attractive proposition to invest now in a vacation home at those much lower prices,” says Paul Bishop, vice president of research for the NAR.
We all count the weeks, scratch off the days on the calendar until vacation begins. The short-timer’s disease is a pandemic reaching across all economic and social classes, and though you should plunge into a vacation with all your heart, purchasing a second home may be an adventure better left to your head.
Whether looking for a home in South Florida, where crowds gather nightly to watch as the sun sinks into the Gulf of Mexico, or on ski slopes covered with soft, powdery snow, real estate agents advise that you do your own research before looking to buy. Certainly there will be qualified and knowledgeable agents to assist in the search, but understand first what you want as far as location and amenities, condo vs. single-family home, and, of course, price … (read more)
