Market for vacation homes blazing hot, say real estate agents
Actually, some of the agents tell the truth in this article, so I blame the editor for insisting on putting a positive spin on dismal news. Mustn’t upset advertisers, must we? It’s a lesson known well by the folks at Greenwich Post.
Even in troubling times, those with cash to spare — and the desire to invest outside the turbulent stock market — face a silver lining: prime conditions to find a vacation home.
With wide inventory and competitive pricing in their favor, folks in search of frequent leisure (and perhaps retirement) could score a deal that puts relaxation within reach.
“Now that people are able to afford it or justify it, the market has become extremely hot” for vacation homes, said David Nourse, a real-estate broker who splits his time and clientele between Columbus and Naples, Fla.
“As soon as (Naples) houses come on the market, I’m on the phone” with interested parties, Nourse said.
Claiming that he hasn’t been as busy in three years, Nourse said Naples-area homes that might have sold for $450,000 at the start of 2006 are being snapped up for as little as $300,000. He added that smaller inland properties can be found for even less, prices that didn’t exist several years ago, when the housing bubble and building boom fueled sky-high sale prices.
Amid a battered economy and a rash of foreclosures, housing markets in sun-soaked states such as Arizona, Florida and Nevada — prime second-home markets — are hurting, according to RealtyTrac, a Web site that collects default data.
“It’s a buyer’s market,” said Joe Mezera, a real-estate broker who works in Columbus and Hilton Head, S.C., where list prices on some parts of the island are down 20 percent. “Prices are certainly lower now. The inventory of properties is higher, without a doubt.”
Nationwide, fewer shoppers purchased a vacation home in 2007 — 740,000 homes vs. a record 1.1million in 2006, according to a national survey by the National Association of Realtors.
For What It's Worth 
Nearly all weekend places like Palm Beach or Hamptons or SC, etc are similar in each having damn nasty food….reveals much about lack of tastes of anyone who’d actually spend money to have a residence in these places….
Good News hurts! Ouch Chris!
Please keep the HF folks in CT! We don’t want ’em here.
I recently saw a link to (and re-watched) Nightline’s piece about Minnesota’s relisting king. Apparently he can sell any home in under 45 days — it’s easy if you just withdraw every listing that old and ‘refresh’ it. Is it lying to then say ## ‘days on market’? No he says, because your buyer’s agent can access that tinformation, though it won’t be on the MLS sheet the agent is most likely to bring to the showing. No mention of the unmentionables who care to buy without an agent, and thus have no access to the data behind the lie. Their own fault for being willing to accept an unsolicited simple declarative statement at face value? He does say “Let the buyer beware.”
It’s actually amusing to see him unself-consiously defend the practice. In the best intersts of the seller, he says. Then again, so is lying about any aspect of the listing to pump up the price. Maybe 1.2 acres will sell better than 0.89 – after all the buyer can survey the property before the sale, right? What about square footage, number of bedrooms and batrooms? All fair game for the buyer to find out the truth for himself?
This is the poster boy for the industry. I only marvel at what’s has prevented Expedia/Orbitz for home listings for this long.
RE: “some agents tell the truth”…
If it sounds too good to be true it is–most real estate professionals are ethical and hardworking–many consumers are just plain greedy and will believe anything some scammer will tell them–and then they “complain” about all those bad agents out there. It’s akin to some people I know who are always looking for a hot stock tip–any source will do, just as long as they can make a gazillion bucks for a buck…they buy it, get burned and then blame anyone but themselves…
you get my drift I am sure
Some realtors (JR) arent liars…just shoplifters…
I suppose we really shouldn’t judge the entire industry. After all, that that barrel full of bad apples really spoils it for the one honest guy in the business — our own CF.