Good article for those in a Second Home or Vacation market

By
Real Estate Mortgage Broker with PrimePay Business Services

A friend sent me an article published on Realty Times about Second Guessing Second Homes.  I am not a Realtor but the basic information sounds true for the Outer Banks market.  Sales are down, prices are down and now might be a good time for those with some discretionary funds.  

Fellow rainers that live in vacation markets - does this article accurately define your market? 

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Tags:
outer banks
vacation homes
second homes

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Rainer
49,733
Uzi Husain
Keller Williams Integrity First

thanks for sharing the article...here in metro Phoenix and Scottsdale, a.k.a Valley of the Sun - we have tons of second home buyers and while I'm not privy to the latest stats I can tell you that the market is still seeing second home buyers.  Now many tend to be upscale buyers looking at golf communities, luxury condos as well as palatial ultra luxe homes in the Paradise Valley and North Scottsdale neighborhoods.  I was also discussing this with a fellow Rainer and Realtor in Flagstaff and she indicated that their market is still thriving because of many Phoenicians who buy second homes up in northern arizona.

Cheers,
Uzi Husain
Arizona Realtor, serving Goodyear & The Phoenix metropolitan area 

May 01, 2007 06:39 PM
Rainmaker
225,710
Geordie Romer
Serving Leavenworth, Lake Wenatchee, and Plain
Windermere Real Estate / NCW

I work in the vacation and second home market of Leavenworth and Lake Wenatchee Wa. We haven't seen a slowdown here at all. Appreciation is at about 15-20% and our inventory remains low.

We are lucky to be within a few hours of Seattle. The economy is good in our state and even if real estate appreciation is not at the peak of a year ago, it is still quite healthy. (Closer to home, the Wenatchee market is booming with 20-30% appreciation annually.)

I really hate these articles about national trends. Real estate is local. 

May 01, 2007 07:29 PM
Rainmaker
109,159
Eliese Pivarnik
GRI, RSPS, ABR Broker/Owner Colorado Group Realty
Colorado Group Realty, LLC
I work in Steamboat Springs, CO and our market is booming.  Prices are up about 30% since December.  Construction is happening on every corner.  Our ski mountain was recently purchased by Intrawest and since then, the secret about Steamboat is out.
May 01, 2007 08:49 PM
Rainer
45,072
Ronnie Roach
PrimePay Business Services

Jeff,

Thanks for the nice trophy.  My kids will be jealous.

I am glad to hear others are having a better times in resort markets.  Like Geordie said - Real Estate is local. 

May 01, 2007 10:00 PM
Rainer
40,137
Endea Thibodeaux
CDPE, CLHMS, RECS, Real Estate Auctions - DC, MD, & PA
Auction2Sell, LLC - 240-381-6653
I think the second home market maybe the answer to some slow markets in the area.
May 04, 2007 06:04 PM
Anonymous
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Rainer
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Ronnie Roach

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Additional Information

A blog about Mortgages, Real Estate and local happenings on the Outer Banks of North Carolina