STAY AT HOME: Coastal locations such as Padstow in Cornwall are the most popular among second-home
mortgage originations comprised only about 4 percent of overall mortgage market originations--with mortgage debt outstanding on second homes estimated to total $126 billion--second-home
purchases are geographically concentrated in well-known vacation areas.
The Guber sale was a big deal, and it appears to have signaled a tectonic turning point in market perception (and it surely skews Aspen's second-home
sales statistics) but it was but a single sale and, besides, not all extra homes are trophy homes, McMansions or starter castles.
All 21 markets offer waterfront access and a wide variety of recreational opportunities to help second-home
buyers "get away," including boating, fishing, golfing, water sports, and other outdoor activities.
com reports that the second-home
market will continue to thrive in 2006, with baby boomers investing in vacation property they can later pass on to their children.
The district is a luxury second-home
and tourism-based economy that has exhibited strong development to date.
The lion's share of second-home
sales in earlier studies were vacation homes, and previously reported figures for the total number of second homes in the U.
Within the past year alone, 63 percent took some action to investigate second-home
ownership, whether talking to a spouse about it (51 percent), requesting literature (25 percent), talking to a salesperson (21 percent), or actually visiting a second home/vacation community (19 percent).
The median second-home
price during the first quarter was $150,000, up 6.
The typical second-home
owner is 61 years old, has owned the property for 9 years, earns a household income of $76,900, is married and purchased the property for recreational use.
Of the towns listed 50% have a median price below the national average price for a second-home
Data extrapolated from NAR's biennial survey, Profile of Home Buyers and Sellers, show there were 359,000 single-family second-home
sales in 2001, down 4.