Friday, April 27, 2012
Introducing One Of Our Realtors
Saturday, April 21, 2012
U.S. vacation homes beckon to bargain shoppers
By Kathleen Kingsbury
The couple, who live in California's San Fernando Valley, wanted a nearby escape that would accommodate their teenage son's busy schedule and allow the family to ski in the winter and to enjoy water sports in the summer.
But even after they found what they wanted - an upscale lakefront property about two hours' drive away - they spent a lot of time revisiting the Big Bear Lake home online and in person before they took the plunge. The timing finally seemed right.
"We believe the market for prime real estate has settled enough that the house would retain its value," Kathy Nikolai said. And with the overall economy improving, "We felt like we were in a financial position to do so."
Buyers like the Nikolais are returning to the U.S. vacation home market in large numbers. Second-home sales soared in 2011 to their highest level since 2005, to 1.72 million homes sold, according to a survey done in March by National Association of Realtors (NAR.L). Investment-home sales surged 64.5 percent over 2010 levels, while vacation-home sales rose 7 percent. Half of investment-home buyers plan to make another purchase within two years, while one-third of vacation-home buyers do.
BOSTON |
BOSTON (Reuters) - Splurging on a vacation home shortly after the housing market meltdown was not an easy decision for Kathy and Dan Nikolai.(Reuters) - Splurging on a vacation home shortly after the housing market meltdown was not an easy decision for Kathy and Dan Nikolai.
The couple, who live in California's San Fernando Valley, wanted a nearby escape that would accommodate their teenage son's busy schedule and allow the family to ski in the winter and to enjoy water sports in the summer.
But even after they found what they wanted - an upscale lakefront property about two hours' drive away - they spent a lot of time revisiting the Big Bear Lake home online and in person before they took the plunge. The timing finally seemed right.
"We believe the market for prime real estate has settled enough that the house would retain its value," Kathy Nikolai said. And with the overall economy improving, "We felt like we were in a financial position to do so."
Buyers like the Nikolais are returning to the U.S. vacation home market in large numbers. Second-home sales soared in 2011 to their highest level since 2005, to 1.72 million homes sold, according to a survey done in March by National Association of Realtors (NAR.L). Investment-home sales surged 64.5 percent over 2010 levels, while vacation-home sales rose 7 percent. Half of investment-home buyers plan to make another purchase within two years, while one-third of vacation-home buyers do.
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