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.
Ray Jackson, the vice president of sales and marketing at Superstition Mountain, says he has seen the age of the second-home
buyer drop from the early 60s to the late 40s or early 50s.
Local councils seem powerless to prevent further growth in the second-home
The district's luxury second-home
and tourism-based economy has exhibited strong development to date.
Gaps in what we know about the scale, nature, and impact of second-home
demand suggest that a more flexible approach is the right way forward.
The report will also acknowledge that second-home
owners also contribute millions to the rural economy each year.
a) Clearer definitions of the differences between vacation homes and investment property largely account for revisions in sales totals for 2004 from data published last year in NAR's annual second-home
According to some economists, in 2006 the baby boomers will shift their money from the stock market into real estate, causing a tremendous spike in the second-home
However, as a resort and second-home
area, the district's tourism-based economy remains vulnerable to economic downturns, changes in vacation and recreational trends, and weather conditions.
David Lereah, NAR's chief economist, said earlier studies underestimated the number of second-home
sales because a very small percentage of surveys mailed to second-home
addresses were returned.