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.