Vacation Homes Heat Up Market!!

 The Wall Street Journal reports that vacation communities across the United States are showing big signs of a real estate  rebound.  Reports of soaring sales at levels that have not been been seen since the days of the housing boom, give hope that this could be an upward trend.

Analysts credit the increase in sales to deep price discounts and cash purchases, .

“We haven’t felt energy like this in a long time. Buyers sense that they’ve been on the sidelines long enough,” says Ned Monell, a real estate professional with Sotheby’s International Realty in Palm Beach, Fla. Palm Beach posted a nearly 40 percent annual increase and a 54 percent increase in homes under contract.

National Association of REALTORS® Chief Economist Lawrence Yun attributes the increase to gains in the stock market and an overall improving economy. He says prices in some areas have come down so much that there’s been high demand for these properties among buyers, particularly in areas with stable labor markets.

Sales in Big Canoe support this national trend as vacation home sales lead the Big Canoe market  in 2010.  Savy bargain hunters bought homes for as much as 25 to 35 percent less than they would have paid in 2005. While prices have not rebounded, we are seeing fewer vacation homes on the market in Big Canoe as the bargain inventory is sold.  Is is possible that we are approaching the bottom of this market in the Big Canoe mountains?

Source: “Market for Vacation Homes Is On the Rise,” The Wall Street Journal (Jan. 10, 2011)