Daily Real Estate News April 18, 2008
Second-Home Buyers Go Condo
Vacation-home sales plunged 31 percent to 740,000 last year from 2006, according to the NATIONAL ASSOCIATION OF REALTORS®. However, while sales of detached vacation homes fell 38 percent, sales of vacation condominiums dropped only 2.8 percent. Condos also accounted for 29 percent of the vacation-home market, rising from 21 percent the prior year, gaining popularity among second-home buyers because they provide pools and other amenities, do not require owners to undertake maintenance tasks, are priced lower than single-family properties, and are easier to sell than detached homes. Nevertheless, vacation condos experienced a 10-percent decrease in median price to $180,000 in 2007, mainly because investors are lowering prices to ensure a sale. Builders are erecting condos in new vacation spots, such as Lake Michigan, and also are offering "condo homes" for buyers who want detached properties without the maintenance hassles. Source: Wall Street Journal, June Fletcher (04/18/08)Copyright Info Inc.
www.Panama-City-Beach-Florida-Condominiums.com
www.Destin-Florida-Condominiums.info
www.RandBCoastalRealEstate.com
www.InvestSmarter.com
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