Lifestyle considerations - in the Second Home Market

According to Walter Molony, spokesman for the National Association of Realtors, the second

home market is "fundamentally healthy" despite short term ups and downs.  According to the

NAR, more than 4 out of 10 investment buyers and more than 3 out of 10 vacation home

buyers paid cash for their properties.  However, it is important for potential buyers to keep

in mind that with the current mortgage crises, it will probably be necessary for  the

purchaser to bring more cash to the closing table.  The NAR's Investment and

Vacation Home Buyer's Survey shows vacation homes sales have dropped 30%

last year.  Investment home sales dropped 17%.  The reason for the optimism

is the baby-boomers are predicted to continue to drive this market over the next ten

years. 

According to Lawrence Yun, chief economist of the NAR, lifestyle considerations are the single

most important factor driving the second-home market.  Eighty nine percent of purchasers,

wanted to use the home personally or as a family retreat.

I had the pleasure of meeting a sweet gentleman in the lounge of our condo on N.

Hutchinson Island, last Friday.  Buddy and I started chatting about flying home.

I was heading to Chicago that day and he was heading a few days later.   Ironically,

Buddy's family owned a vacation property a few blocks from where I live in Indiana.

I walk or run by his family's home most days.  (In the Florida, Chicago, Indiana

connection their seems to be a little less than the six degrees of separation)

Buddy was fondly recalling his days at the beach in Michiana.  You can tell by the way

that his face lit up - how much he loved the area.  We are fortunate to live in such

a truly unique community.  There is just something special about it - that brings

that smile to your face!!

www.cnbc.com/id/29553813/

realtor.org news research - more buyers pay cash

11:41 AM - Mar. 30, 2009 - comments {0} - post comment
View more entries tagged with: Beach, Michiana, Family, Memories, Lifestyle, Homes, Smile

Write a Comment
Your Name:	RealTown Members: Click here to login
Your E-Mail:
Your Website:
Subject:
Your Comment:
Notifications:	Notify me by email when new comments have been posted to this entry.
Privacy:	Private Comment - Do not publish this comment to the public.
Verification:	To verify that you are a human and not a script, please enter the verification word from the image into the box on the right.

Categories