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Name:
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John C
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Subject:
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hey roswellric
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Date:
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5/2/2007 3:52:38 PM
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You asked the other day about nation wide waterfront vacation home sales. Yesterday's Wall St Journal had a good article on the subject of vacation home sales, breaking down the numbers and comparing to last year. It doesn't call out waterfront but it definitely drives home the point to me of vacation home sales trends and the future (that will be even more lucrative). Waterfront vacation homes will always be desirable. I am thinking of doing a post on this on my site, but it might be so number heavy as to be wonkish. My take on the drop in % in homes sold (40% bin 05 to 36% in 06) is that the 4% difference was probably investment related, or at least flipping, that was not categorized properly. No science on my part, just memory of the 05 run in flipping beach condos. Anyway, for your enjoyment, see below:
Vacation-Home Sales Hit Record in '06
By AMY HOAK
May 1, 2007; Page D2
A sharp drop in investment-home sales offset a record number of vacation-home purchases to bring down the overall number of second-home purchases in 2006, the National Association of Realtors reported.
Vacation-home sales rose 4.7% to a record 1.07 million homes in 2006 from 1.02 million in 2005. Investment-home sales fell 28.9% to 1.65 million homes in 2006 from 2.32 million in 2005, according to the group's annual survey of investment- and vacation-home buyers.
The share of second-home sales was 36% of all existing and new residential real-estate transactions in 2006, down from 40% of all sales in 2005, the group said. Primary-residence sales fell 4.1% in 2006 to 4.82 million from 5.02 million.
The median price of a vacation home was $200,000 in 2006, down 2% from $204,100 in 2005. Investment-home prices were also down, with the typical home costing $150,000 last year, down 18.3% from $183,500.
The profile of a typical vacation-home buyer in 2006 was someone 44 years old with a median household income of $102,200, according to the NAR. Typically, these vacation homes were a median of 215 miles from the owner's primary residence, though 42% of vacation homes were closer than 100 miles and 32% were at least 500 miles away.
According to the report, 79% of vacation-home buyers wanted the property as a vacation or family retreat, 34% wanted to use the property to diversify their investments, 28% planned to use it as a primary residence in the future, 25% were motivated by tax benefits, 22% intended for a family member or friend to use the property, 21% said they bought because they had extra money to spend, and 18% plan on renting the property to others.
The most popular location for the homes was in rural areas; 29% of the homes were purchased in the country. But 24% were located in resorts, 22% in a suburb and 10% in an urban area or central city. Sixty-seven percent of the homes were detached single-family houses, 21% were condos and 8% were townhouses or row houses.
Investment-home buyers were younger and earned less than vacation-home buyers.
URL: Lake Martin Voice
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