Randolph Kinney
Elite Member
- Joined
- Apr 7, 2005
- Professional Status
- Retired Appraiser
- State
- North Carolina
MAY 29, 2018
Some Folks Are Getting Into Homes They Couldn’t Afford
A report from Mansion Global on New Mexico. “Santa Fe is now the ‘hottest second-home market’ in the world, according to ‘Luxury Defined,’ Christie’s annual analysis of global luxury residential housing dynamics, which was released earlier this month. ‘New Mexico’s capital city of Santa Fe posted luxury sales volume levels not seen since 2005-2006,’ according to the report. ‘We have a very large second home market—that is a big focus here,’ said Darlene Streit, an agent with Sotheby’s International Realty in Santa Fe. ‘Lately we have been seeing a lot of people coming from Colorado as well as our usual markets of Texas and California,’ she said. ‘We’re also seeing a lot more New Yorkers.’”
From Fortune. “For decades, it’s been part of the American dream: owning a vacation home, a lakeside or mountain getaway somewhere for the family to escape to on weekends or for a week or two in summer. And with the country enjoying strong economic growth, a healthy stock market, and relatively low mortgage rates, you might think beach houses and country cabins would be especially hot commodities today.”
“But all is not well in Holiday Village. ‘Vacation-home sales have been relatively weak for the last four or five years,’ says Aaron Terrazas, senior economist for Zillow. Demand is being stalled by a traffic jam of different trends—ranging from climate change to demographics to, of all things, the Trump tax reforms. Year-over-year price changes in many second-home markets have dipped into negative territory, and some experts think that trend could go national over the next couple of years—making many buyers think twice about a real estate investment that people used to count on for both fun and profit.”
“There were only 721,000 vacation-home sales transactions that year, a 36% drop from 2014.”
From Realtor.com. “It’s no secret that we’re in one heck of a sizzling housing market, with prices reaching new heights in many parts of the country. It’s a go-go seller’s paradise of historic proportions. It may seem like nothing can slow down those runaway prices for everything from high-rise condos in the biggest cities to cookie-cutter, single-family homes in the suburbs. But here’s the news: There are exceptions to every rule.”
“There are actually a few metropolitan areas in the U.S. where prices are coming down. (Only 27 of the nation’s 350 largest metros saw price drops.) We compared the 12-month periods of May 2016 to April 2017 with May 2017 to April 2018 to come up with our findings. Then we ranked metros that saw the biggest price cuts. Now let’s take a look at the metros where buyers can still get a home for a discount. Maybe even a deep discount!”
Some Folks Are Getting Into Homes They Couldn’t Afford
A report from Mansion Global on New Mexico. “Santa Fe is now the ‘hottest second-home market’ in the world, according to ‘Luxury Defined,’ Christie’s annual analysis of global luxury residential housing dynamics, which was released earlier this month. ‘New Mexico’s capital city of Santa Fe posted luxury sales volume levels not seen since 2005-2006,’ according to the report. ‘We have a very large second home market—that is a big focus here,’ said Darlene Streit, an agent with Sotheby’s International Realty in Santa Fe. ‘Lately we have been seeing a lot of people coming from Colorado as well as our usual markets of Texas and California,’ she said. ‘We’re also seeing a lot more New Yorkers.’”
From Fortune. “For decades, it’s been part of the American dream: owning a vacation home, a lakeside or mountain getaway somewhere for the family to escape to on weekends or for a week or two in summer. And with the country enjoying strong economic growth, a healthy stock market, and relatively low mortgage rates, you might think beach houses and country cabins would be especially hot commodities today.”
“But all is not well in Holiday Village. ‘Vacation-home sales have been relatively weak for the last four or five years,’ says Aaron Terrazas, senior economist for Zillow. Demand is being stalled by a traffic jam of different trends—ranging from climate change to demographics to, of all things, the Trump tax reforms. Year-over-year price changes in many second-home markets have dipped into negative territory, and some experts think that trend could go national over the next couple of years—making many buyers think twice about a real estate investment that people used to count on for both fun and profit.”
“There were only 721,000 vacation-home sales transactions that year, a 36% drop from 2014.”
From Realtor.com. “It’s no secret that we’re in one heck of a sizzling housing market, with prices reaching new heights in many parts of the country. It’s a go-go seller’s paradise of historic proportions. It may seem like nothing can slow down those runaway prices for everything from high-rise condos in the biggest cities to cookie-cutter, single-family homes in the suburbs. But here’s the news: There are exceptions to every rule.”
“There are actually a few metropolitan areas in the U.S. where prices are coming down. (Only 27 of the nation’s 350 largest metros saw price drops.) We compared the 12-month periods of May 2016 to April 2017 with May 2017 to April 2018 to come up with our findings. Then we ranked metros that saw the biggest price cuts. Now let’s take a look at the metros where buyers can still get a home for a discount. Maybe even a deep discount!”
