 | Daily Real Estate News | May 1, 2009 |
Good Time to Buy Vacation Property
For buyers who can afford it, right now is a great time to pick up a second home in a vacation paradise at a bargain price.
Since there are fewer people with money to spend on this kind of a luxury item, sales as well as prices are down in many prime areas. Buyers with the desire and the wherewithal can get a really good deal.
BusinessWeek and Zillow.com took a look at the second-home markets where prices dropped between the fourth quarter of 2007 and fourth quarter of 2008.
Here is a sampling of places where vacation homes are on sale:
● Scottsdale, Ariz.: 27 percent
● Mystic, Conn.: 17.2 percent
● Napa, Calif.: 21 percent
● Marco Island, Fla.: 27 percent
● Las Vegas: 26.8 percent
● Point Pleasant Beach, N.J.: 15.6 percent
● Sunriver, Ore.: 15.7 percent
● Chesapeake Beach, Md.: 2.9 percent
● Lake George, N.Y.: 4.2 percent
● Newport, R.I.: 2 percent
Source: BusinessWeek.com, Prashant Gopal (04/29/2009)
Learn More: NAR's 2009 Second-Home Survey
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