As the real estate market continues its bumpy road toward recovery, the vacation home market is heating up, causing homeowners around the country to seriously consider buying the vacation home they’ve been eyeing.
Whether you’re looking for a charming beach bungalow or a high rise condo with spectacular views, a host of market conditions have come together to make buying a vacation home a smart move. The drop in home prices, incredibly low interest rates and the increase in demand for vacation rentals make it an optimal time to explore a second home purchase.
1. Prices down 20-50%. Whether you’re looking for a weekender in Seaside or a second home in Carmel or Pebble Beach, now is the time to take advantage of the reduced prices.
2. Interest rates. Rates, of course, are at historic lows. Lock in a good rate, buy a vacation home in a desirable location, and watch your asset appreciate over the long-term.
3. A relatively safe investment. Real estate has proven itself to be a safe place to park your money for the long-term. (Long-term is key). Stock market woes have always pushed people to look for alternate investments, and real estate is a consistent stronghold.
4. Make a profit. Or, better yet, make your vacation home pay for itself. Only planning on using your vacation home a few months out of the year? Rent it out short-term to vacationers looking for a great place to stay. Many homeowners make a killing listing their homes on VRBO.com. (Vacation Rental By Owner). When your monthly mortgage payment is less than or equal to one peak week rental, twelve weeks of rental will cover your mortgage payments for the entire year. Take this week for example with The Concours De Elegance in town.
5. Vacation rental demand is heating up. Overall, vacation rentals are less expensive than hotel rooms, especially for longer visits and for families. Savvy travelers know this. In addition, the weaker dollar makes U.S. destinations attractive to travelers from countries with stronger currencies.
6. The pressure of bidding wars is off. Sure, you may not get bargain basement prices on a beachfront cottage—but you might if you’re willing to buy a few blocks away. Houses aren’t exactly flying off the shelves these days, but buyers now have less pressure to make a hasty decision. Buyers looking for deals on vacation homes can really do their homework.
And now...here are some of the area's best buys:
3538 GREENFIELD PLACE, Carmel 93923 MLS #: 81035536 Beds: 4 Baths: 4
$1,750,000
Dramatic Ocean/white water views, Point Lobos, Monastery Bay, Santa Lucia Mts, to Carmel Valley. Surrounded by windows, the living/dining room and the master bedroom have "knockout" white water views. Beautifully updated with superior materials. Wood floors throughout, skylights, loads of windows, guest quarters or 4th bedroom and bath, meandering paths. 2 car garage SqFt: 2,700 Lot: 9,583 Sqft
25850 NORTH MESA DRIVE, Carmel 93923 MLS #: 81021334 4 Baths: 5 (4/1)
$1,650,000
If you are looking for unique, if you are looking for large, if you are looking for a great location, a great school district, a master bedroom to "live in", then look no further. The house is surrounded by lush landscaping, Satillo tile floors, separate downstairs guest quarters, peeks of ocean. 2 car garage. Definitely not a drive by. Come and experience. SqFt: 4,160 Lot: almost an acre
15 OCEAN PINES LANE, Pebble Beach 93953 MLS #: 81036881 Beds: 2 Baths,2
$500,000
Views abound from this cute condo in Ocean Pines. New carpet, paint, wet bar. Patio off living room and master bed with crashing waves below. SqFt: 1,272
702 REDWOOD LANE, Pacific Grove 93950 MLS #: 81036484 Beds: 2 Baths: 2
$459,500
Fresh, lovely and open, yet private. New carpet, vinyl, and just-painted walls. It has a very private patio and there is a large 2 car garage. All you need to do is just move in and enjoy this conveniently located home in its beautiful and tranquil oak and pine studded setting. SqFt: 1,156 Lot: 1,582 Sqft
831-236-4513
pattyross@kw.com
www.pattyrosscarmel.com
(C) Patty Ross - KRXA Radio Show August 13,2010
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