A Light at the End of the Tunnel (and It’s Not Another Train)
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A rising tide lifts all ships, and improving consumer confidence (and pocket books) coupled with low second home prices is translating into vacation home demand. The addition of 1.1 million jobs in 2010 plus a nice rise in stock market account balances has spurred on second home buyers. While NAR’s 2010 vacation home purchase summary is not yet available, it appears that 2010 will see an improvement from the one-in-ten home sales that were second homes in 2009.
Price declines are motivating buyers to jump-in the deep end so-to-speak.
- Mercer Island, Washington saw sales of waterfront homes in 2010 almost triple to the level seen in 2006
- Hilton Head, South Carolina, up14 percent
- Palm Beach, Florida, up 40 percent equaling 2007 sales volumes (and contracts pending up 54 percent)