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February 10, 2012

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Local Market Conditions






Vacation Home Buyers Seek Security, Seclusion
An application for REALTORS®

Months after terrorists' attacks on America, vacation home buyers continue to seek locales that provide secure seclusion, according to an annual survey of vacation home buyers.

In alphabetical order, EscapeHomes.com's "Top 10 Towns to Buy A Vacation Home" for 2002 were:

  • Ashland, OR
  • Boise, ID
  • Bodega Bay, CA
  • Hilton Head, SC
  • Kiawah Island, SC
  • Martha's Vineyard, MA
  • Orlando, FL
  • Palm Springs, CA
  • Santa Fe, NM
  • Scottsdale, AZ 103

    EscapeHomes.com compiled the list by measuring traffic on its vacation home destination pages as well as buyers' requests for agent services. The Web site says the list reflects a change in the nature of second-home market over the last year.

    Since terrorists attacked the nation, more vacation home buyers seek homes that offer secure escapes to small, secluded, sanctuary-like communities, away from the rat race.

    "Home listings for the metropolitan Orlando area have risen since the tragic events of 9/11. The active listing inventory rose from 6,068 in September to 6,673 by the end of November 2001. For the week of September 10 to 16, there were 482 new listings, 299 price changes, and 316 closings. In contrast, for the week of December 10 to 16, we had 519 new listings, 278 price changes, and 321 closings,"

    Century 21 Professional Group agent Clem Monge reported to RealtyTimes.com's Orlando Market Conditions Report.

    "Some of the inventory accumulation may be seasonal, but even with the more traditional holidays behind us, I expect this trend to continue until March or April. Assuming that interest rates remain at current levels, we could see a resurgence of home buying in the Orlando area," he added.

    Orlando may not be as secure as indicated by EscapeHomes.com's survey.

    Lawrence, KS researcher Morgan Quitno's "America Safest Cities", a study of crime in cities with populations larger than 75,000, puts Orlando near the bottom of safe cities, 305 out of 327 cites surveyed, making it No. 23 in the list of 25 most dangerous cities.

    EscapeHomes.com CEO Clark Thompson also attributes vacation home demand changes to the growing influence of baby boomers. Baby boomers place a high priority on proximity to activities like skiing and golfing when considering potential second-home locations, he said.

    Vacation home buyers were finding both bargains and seclusion in at least one town on the list.

    "One can still buy a new starter home for under $110,000.00 and that gives you generally a 3-bedroom 2-bath new home. We have a good ever changing supply of homes for sale and with the balanced market both the buyer and seller benefit," said 1st Choice Properties agent Kathi Stewart reporting to RealtyTimes.com's Boise Market Conditions Report.

    For RealtyTimes.com's report she rated the Boise market an even 3 on a scale of 1 to 5 where a 1 is a buyer's market and 5 is a seller's market. She also put Boise prices at 4, where 1 indicates falling prices and 5 indicates rising prices.

    "Buyers and sellers need to be assured that the market demand for their homes is still strong. Although unit sales and market demand is better than ever, excess inventory over $200,000 -- primarily over $300,000 -- has put sellers in a more competitive environment and proper pricing is critical to ensuring a sale. In some cases, proper competitive pricing may mean prices lower than what the sellers could have achieved six months or a year ago," Boise's Group One agent Jan Higginbotham reported to the Boise Market Conditions Report.

    Published: February 28, 2002

    Use of this article without permission is a violation of federal copyright laws.


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    A journalist for 35-years, Broderick Perkins parlayed an old-school daily newspaper career into a digital news service offering editorial content and consulting services. Perkins' San Jose, CA-based DeadlineNews Group includes the flagship news site, DeadlineNews.Com, offering real estate, personal finance and consumer journalism, and a backshop, the
    Deadline Newsroom.







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