Top 15 locations for luxury vacation homes
Barron's chooses places it sees as a good value and says that prices have reached bottom and are on the way up in most of them..
Top 15 locations for luxury vacation homes.Barron's magazine declared that the market for luxury vacation homes had hit bottom, prompting some readers to question "what kind of caviar we'd been eating," as Steven M. Sears and Mark Veverka write.
Now the magazine has come up with a list of the top 15 spots to buy a second home, keeping in mind value, as well as beauty, comfort, convenience and "a range of lifestyles."
At the median home prices Barron's shares, the range of lifestyles doesn't include ours, or at least not our price point, but it's an interesting list nonetheless. Most of the places Barron's recommends are in luxury planned developments, which are often considerably more expensive than nearby homes.
Here's the list. Click on the highlighted locations to see real-estate data from Trulia:
1.
Sea Island, Ga. Prices in this resort community plunged by one-third last year, Barron's reported, but sales volume has picked up lately. Median home price 2009: $3.3 million. Median home price 2010: $2.3 million.
2.
Maui, Hawaii. Sales in the towns of Wailea and Makena rose 35% last year, after two bad years. Median 2009: $1.5 million. Median 2010: $1.7 million.
3.
Hamptons, N.Y. Data from real-estate firms indicate prices are stabilizing and sales are increasing, but locals are skeptical, Barron's reports. Median 2009: $1.5 million. Median 2010: $1.6 million.
4.
Aspen, Colo. We've written before about Aspen. You'll have to check to see if the $600,000 trailer is still available. According to Barron's, the Aspen market is more affordable than it was in 2008, but prices may be on the way up. Median 2009: $9.5 million. Median 2010: $10.8 million.
5.
Martha's Vineyard, Mass. Barron's says you can't go wrong buying in Chilmark or Edgartown. Chilmark prices: Median 2009: $1.34 million. Median 2010: $1.35 million.
6.
Deer Valley, Utah. Barron's recommends the gated community of Tuhaye for a getaway and a chance to build a custom home. Tuhaye prices: 2009 median: No sales. 2010 median: $1.3 million.
7.
Lake Tahoe, Calif. Barron's notes that the area around Lake Tahoe is "as fragmented -- both in geography and demography -- as any vacation area can get," by which it means that not all vacation homes are expensive. Barron's likes the Martis Camp development. Median 2009: $1.9 million. Median 2010: $2.2 million. If you don't want to spend that much, the median sale price in South Lake Tahoe is $275,885, and that's down 12.2% since last year.
8.
Kiawah Island, S.C. This island off the coast of Charleston is a master-planned community, and Barron's notes that the developers did not cut prices during the recession. Median 2009: $1.2 million. Median 2010: $1.4 million.
9.
Palm Beach, Fla. Unlike the surrounding area, the tony island of Palm Beach is on the rebound, Barron's reports. Median 2009: $2.6 million. Median 2010: $2.7 million. A more economical choice, of course, would be pretty much anywhere else in Florida, where real estate has lost more than 50% of its value in many areas. The median sale price in West Palm Beach was $85,000 in the last quarter, down 10% from a year ago.
10.
Pebble Beach, Calif. Sales are picking up, with two homes selling for more than $7 million within a month, Barron's reports. Median 2009: $1.1 million. Median 2010: $1.1 million.
Source:realestate.msn.com
