Multiple offers are less common, speculators have left the buildings, even long term investors aren't showing their hand in some second home markets where housing prices have flattened or dropped.

And, after the nation's third major winter storm in as many weeks, many once hot vacation property markets are beginning to look a lot like frozen tundra.

Baby it's cold outside in many regions and many potential second home buyers just can't bundle up enough to brave property shopping right now.

If you do venture out, you could find yourself making the only bid on the deal of a lifetime -- the second time around.

The traditional off season for buying is in the grasp of wintry weather just when economic conditions are also putting a chill on the housing market.

That's a thermostatic switch from the over heated housing boom when select second and vacation home markets offered properties appreciating at twice the rate of other housing.

Now, in some markets, vacation home prices are flatter or falling faster than other housing prices.

"It's true that the real estate market has stabilized, but that's a good thing," says Karpinski, director of Owner Community for HomeAway.com, an online vacation home rental marketplace.

"It's actually an easier leap of faith to buy when the market is normal than to buy when real estate prices are going up ten to twenty thousand dollars a month," said Karpinski, also author of "How to Rent Vacation Properties by Owner" (Kinney Pollack Press, $26).

Karpinski says housing markets are either in buyers' market territory or as near to being a buyers' market as they've been in more than half a decade. With home listings languishing and inventories on the rise, the pressure is off buyers to make a quick decision and on sellers to negotiate.

Stable home prices also mean stable property taxes and insurance costs. Stability makes for good investment planning and sizable returns on well-managed properties. Without the frenzy of unsustainable levels of appreciation, long haul investments pan out in a much more predictable manner.

And then there's the prospect of making the investment pay off. Conditions are quite favorable.

HomeAway, Inc. surveys report the average weekly rate collected by vacation property owners is $1,656 and that rent is collected 20 or more weeks each year.

That's enough to generate more than $750 in positive monthly cash flow on a mortgage that costs $2,000 a month. The cash flow doesn't include reoccurring costs, beyond the mortgage, associated with vacation rental property, but it also doesn't take into account tax benefits associated with second home ownership.

"These figures suggest that the average vacation home brings in more than $33,000 in rental revenue each year," Karpinski said.

And then, of course, there's the invaluable, but tangible personal benefit of owning a getaway playhouse in a world where woe is the norm rather than the exception.

The potential is there, but not for everyone.

"No doubt about it: buying a vacation home, especially one you're going to rent out, means embarking on a whole new lifestyle. Read up on the subject so you'll know what to expect. Doing plenty of research and making an educated decision will keep your vacation home dream from turning into a nightmare."

"Tomorrow: Cashing In On The Softer Vacation Home Market"

Published: January 8, 2007

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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.