Ever wonder why people want to pack up everything they need to be comfortable to unpack it again just for one week in another house?
Because Jones does it.
According to an April NAR survey, 2006 saw more than 1 million vacation home sales. And the kicker is that folks weren't buying for investment, they were actually enjoying the property.
NAR said "the typical vacation-home buyer in 2006 was 44 years old and had a median household income of $102,000. The vacation home was a median of 215 miles from the homeowners’ primary residence."
Phoeba Chongchua, columnist for Realty Times said you don't have to be rich to afford a vacation home, either. And that defraying costs is as easy as renting the property, for even as little as 17 weeeks a year. But Broderick Perkins, also a columnist for Realty Times, stated more logical means for the purchase: Baby Boomers. There's that word again. How much do these people actually have to spend?
According to Perkins they're taking advantage of the fact coastal properties are appreciating faster than ever, favorable tax laws, low mortgage rates and have money to burn. But mostly because folks want to ease up the travel time, safety issues and enjoy a home away from home close to their home.
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