* 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.
Now, fast-forward to February 2004, and a big second-home
deal that garnered even less of its original asking price than the Peak House sale did--but still cost a cool $46 million.
When it comes to luxury buyers, most agree that ritzy Naples leads Southwest Florida's second-home
market; but many brokers and developers say that more affordable Sarasota, with its cultural reputation and growing affluence, is an increasingly strong contender.
One estate agent said the secondhome proposal would be "a massive deterrent" to investors looking to buy a second home in Mumbles and Gower, especially following UK-wide increases in second-home
Kay successfully completed the RSPS Designation, which is geared towards agents who wish to enhance their representation skills with buyers looking in resort, luxury homes and second-home
builders agree that the target audience lives within four hours of the site, whether by car or by plane, with the ideal distance being within two and a half hours.
New York's Sullivan County is enjoying an explosive affluent second-home
market, with buyers from the metropolitan area driving average prices of second homes up by as much as 50% over the past five years.
This means local people often cannot afford homes in rural areas, where second-home
ownership is high - so they move to towns.
There are tax measures of course, and recently the Government has indicated that it will permit local authorities in England to levy the full council tax rate from second-home
owners, bringing to an end the current 50 per cent discount.
But Graham, who has 20 years of experience in the design business, says most second-home
buyers want something "radically different" from that primary residence for their vacation getaway.
New legislation due to come into force by the end of January will allow each local authority in Wales the discretion to charge second-home
owners additional council tax.