One of the interesting parts of the recent NAR report on second home buying was the table identifying the hot spots for second homes in the US. The information, based on financing institutions, presents some good comparisions, both in the most popular destinations as well as those with greatest growth.
Most popular destination for second homes, holding a sizable lead, is Hawaii, with 5-year average of 27% of the second home market. Not far behind is Florida (19%) followed by Arizona (18%) and Nevada (17%). Notable features for all of these is the wonderful climate, though Arizona and Nevada lack the water access of the two leaders. However, when you look at it in terms of growth, the picture changes. Arizona and Nevada lead the pack for growth in second homes, with Hawaii at the bottom. Makes sense, as a lot of Hawaii is already maxed out.
What's it all mean to a second home buyer? Well, I'm going to go out on a limb, and say that for me, I would opt for the locations that are showing less growth, rather than those at tbe top of the heap. Mostly for pricing, meaning I think you get a better deal in the slower growth places, and that you have more bargaining power. But also because I would always rather have my vacations in the place where others are not! I have enough traffic and growth near my first home. Why head for more? What's your thought?
What’s makes up the perfect real estate investment?
There are 4 components I look for.
Affordable
Little to No Money Down
Highly Desirable Area ~ Location, Location, Location
Built-In Immediate Equity
Posted by: steve | April 23, 2006 at 08:02 PM
She is just one out of thousands and thousands of people that make a ton of money just selling merchandise.
Posted by: online auctions | October 21, 2011 at 09:09 AM