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Vacation Homes 2008
The coming vacation season promises a sunny upside forecast for those considering the purchase of a holiday getaway property.
As the first quarter of 2008 winds down and the warm vacation season approaches, the outlook for summer home buying is the brightest it has been in several years. In fact, 2008 may be the best time to buy a vacation home since 2002.
Prices have been repeatedly pummeled until they are now unrealistically depressed, even for this historical market downturn. Thanks to the current undervalued market you can buy vacation home properties in highly desirable locations for a cost that represents deep discounts from the norm – and – in some cases – bargain basement wholesale valuations.
·         Prices of vacation homes – especially low maintenance condos – are super-attractive. At the same time – thanks to drastically lower interest rates and emergency legislation to stimulate the housing market – financing is getting easier and less expensive.
·         Congress, in an effort to stimulate the sluggish upscale housing sector, just raised the limits of conventional mortgages. Now you can buy luxury getaways worth up to $729, 750 without paying a premium for “jumbo” loans.
·         Vacation homes prices are typically about 10-15 percent lower than those of primary residences, making them even more affordable as the buying season begins in this historically cheap year for USA real estate.
·         Recent statistics on the so-called housing bubble show that when it peaked in 2006, there were more than 50 overvalued markets across the USA. Today only about 20 remain – so that affordability has gained ground in rare regions such as California, Florida, and even Hawaii.
Another interesting fact is that the NAR’s latest annual report on vacation properties found that almost one out of every three vacation home sales was a condo. Contrasted with figures from 2006, when single family homes accounted for almost 70 percent of the vacation home market and only about one in five holiday homes were condos, that shows a significant trend toward condo ownership.
The best bargains in the country are in Florida. Historically speaking, Florida real estate has outperformed other investments, including most real estate investments elsewhere in the USA.And within Florida the greatest deals can be found in the condominium market, especially in the southern part of the state.
·         Today’s prices are lean and competitive, and offer excellent value for buyers. Builders are offering free upgrades, special financing arrangements, and deep discounts during this c

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