Wednesday, March 31, 2010

Steamboat Vacation Home Sales Make a Comeback

  We are seeing the same thing here in Steamboat Springs.  Steamboat Real Estate sales volume started to turn late last summer and we have been up from about 200 to 270% vs. the prior year for 5 months now.  I have been seeing forward looking clients come back into the market since the Spring of 2009 and this has gotten stronger since late last fall.

  Most say that they see this as a good chance to get one of the best places at a great price.  Everyone is interested in the value for their money but nearly all see this as a good chance to get the right sized home, town home or condo for their family to spend more time together in Steamboat for years to come.  Many plan to retire for at least half of the year here and see this as a chance to move up to the right place from the vacation home they currently have.

  If you would like to talk about your goals give me a call at 970-819-6930 or search Steamboat Listings.  I have been able to get discounts of 10-35% plus for people depending on the property and how well it is currently priced so take that into account as you search for what is availible.

Vacation Home Sales Make a Comeback

 The housing slump may be far from over, but vacation homes are suddenly hot again. Vacation-home sales rose 7.9 percent in 2009 from a year earlier, to 553,000 units, according to the National Association of Realtors (NAR) in its 2010 Investment and Vacation Home Buyers Survey. "It's a lessening of the fear factor," NAR spokesman Walter Molony said. "After three years of decline, we saw the activity picking up for the first time in November."

  Most people are buying vacation property for personal use, not as an investment. “The typical vacation-home buyer is making a lifestyle choice, with nine out of 10 saying they intend to use the property for vacations or as a family retreat,” NAR Chief Economist Lawrence Yun said, according to a press release. Much of the buying was by people in their 30s and 40s who were earning more income. The typical vacation-home buyer in 2009 was 46 years old and had a
median household income of $87,500. Retirement plans may also be a factor. Some 26 percent of vacation-home buyers intend to use the property as a primary residence in the future.

  The median transaction price of a vacation home was $169,000 in 2009, compared with $150,000 in 2008. “The higher vacation home price may reflect increased sales in higher priced markets,  particularly in areas of Florida and California where prices became highly attractive for buyers over the past year,” Yun said. Half of vacation homes purchased last year were in the South, 21 percent in the West, 17 percent in the Midwest and 12 percent in the Northeast. Seven out of 10 were detached single-family homes. Vacation-home buyers plan to keep their property for a median of 16 years while investment buyers plan to hold their property for a median of 12 years.

  To contact Jon call 970-819-6930 or send me an email. I respect your time and will answer your question without a sales pitch. For more of this Steamboat blog click back to the Steamboat Springs blog main page or go to my Steamboat Real Estate page if you want to get a feel for property in Steamboat.

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