Hot Vacation Home Markets – Many markets for the home have not been doing well, but there are some vacation home spots that are hot. The economic fall out has been tough on many people and markets, but the upper class has felt less of a strain.
The fact the upper class are still buying vacation homes means there are opportunities for investors if you are willing to take the plunge. Vacation home markets have remained viable during the economic recovery, but is poised to come out of the funk before regular markets.
Hot Vacation Home Markets
hot vacation home markets
Couple the opportunities in the vacation home markets with the fact that buyers of these homes typically pay cash and you can easily see why there could be an opportunity for you this year. Let’s take a look at some of the hot vacation home markets around the United States.
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Carmel-by-the-Sea, Calif.
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Key West, Fla.
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Truckee, Calif.
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Napa, Calif.
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South Lake Tahoe, Calif.
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Hilton Head, S.C.
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Palm Springs, Calif.
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Lake Havasu City, Ariz.
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Myrtle Beach, S.C.
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Honolulu
Source: http://realestate.msn.com/10-hottest-vacation-real-estate-markets
The think you have to remember about vacation homes are they may not be as expensive as you might suspect. When we think of secondary homes or vacation homes, our minds automatically go to the $500,000 and up range. Maybe it could extend into the millions, but this is typically not the case.
In fact, the average vacation home is about $190,000, which explains why they are typically paid with cash. People are looking for a place to get away from their typical and normal lives. This doesn’t have to be on the beach lined coast or anything like that. Just a simple home on the other side of the country will do in normal situations.
Can a vacation home get rather expensive? Yes. In fact, on this list above Honolulu is very expensive with homes in the $800,000 range. This is something you would have to decide on if you wanted to live on the beautiful island, but a vacation home doesn’t have to cost you that much money.
It doesn’t matter if you are considering investing in vacation property or purchasing one for yourself, it is something to think about. With real estate prices depressed for the moment, you might not get a better opportunity than now to purchase a vacation home and live out your dreams a few months of the year.
I know there are people in Chicago starving to get away from the harsh winters each year. In fact, these people are all through the northeastern states that have to deal with that cold weather. It would be a welcome opportunity if these properties were available at an affordable price or rental / leasing situation.
The options are endless for those with the foresight and courage to take the plunge and invest in the Hot Vacation Home Markets.
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California is a great place for vacation so no wonder vacation homes are still in demand despite the economic fall out that we are experiencing right now.