Second-home deals
It's not too late to snare that retirement or weekend haven of your dreams
You can also forgo the beach altogether and focus on the other hot trend du jour, golf courses. If, on the other hand, you love mountain resorts but can't afford a tony Vail townhouse, check out varied spots like Snowshoe, W.Va., or Bear Valley, Calif. In fact, "local" resorts that are closer to a homeowner's primary residence--a short drive, say, rather than a long plane ride--are coming into vogue, as buyers want to stick closer to their families in a post-9/11 world. Places like Door County, Wis., which is a hot spot for the upper Midwest, are much more affordable than Cape Cod, says Tad Gilster of the NAR's Resort Committee.
A caveat for vacation-home seekers: Though plenty of price information is available online these days, at sites like HomeGain.com, searching for affordable communities sight unseen is a supremely bad strategy. "If buying a vacation home is like a marriage, you've got to go out a few times beforehand," suggests Gilster. Take multiple scouting trips to the area to see if it's a fit for what you're looking for, because some cheaper venues may be that way for a very good reason.
Lereah, who has a book coming out called Are You Missing the Real Estate Boom? says that the smart investment move for bargain-hunters is to follow the boomers. By checking out migration patterns--some of the data compiled by the Census Bureau are available online at realtor.org --you can check out where the American population is heading, often to sun-baked places like Nevada and Arizona. Counties with major inflows will have added support in keeping sales strong in the future, even if current prices are looking fairly frothy. "It's a tidal wave that's going to last another 10 years," predicts Hehman.
Which remains to be seen, especially if interest rate worries prove well founded. But until then, even undiscovered vacation spots are getting a wee bit crowded. Just ask Don MacVicar about his new home in Venice. "The only negative thing? It's getting busier."
TOP TEN EMERGING MARKETS FOR SECOND HOMES
Big Lake, Alaska
Brunswick, Maine
Kingsport, Tenn.
Lakeport, Calif.
Livingston, Mont.
Minden, Nev.
Paonia, Colo.
Talent, Ore.
Vashon Island, Wash.
Venice, Fla.
Source: EscapeHomes.com
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