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Barrons – 10 Best Places for Second Homes
By STEVEN M. SEARS
March 8, 2010
Prices of luxury real estate are finally starting to rise, as bargain hunters swoop in. Some of the best deals are in second homes with pricesoff as much as 40%.
AT LONG LAST, THE MARKET FOR LUXURY REAL estate is coming back to life.
Prices for primary residences, which plunged at least 20% from the peak in 2007, appear to have bottomed. In some of the snappiest locations, scattered bidding wars are breaking out and prices are turning upward.
In Greenwich, Conn., realty brokers say, the final months of 2009 were almost record-setters for sales volume, as two years of pent-up demand was unleashed. Even the megadeal is back. In Beverly Hills, film producer Jeffrey Katzenberg just plunked down $35 million for an 8,700-square-foot home on six acres.
There’s nothing like a stabilized economy and a huge rebound in stocks to send folks looking for the perfect manse. The return of hefty Wall Street bonuses hasn’t hurt, either.
With all that in mind, and with summer just around the corner, Barron’s sized up the market for upscale second homes, one of the greatest luxuries of all. We scoped out dozens of deluxe enclaves across the country, speaking with brokers, homeowners and others. Our conclusion: Now could be an excellent time to buy.
Prices are way down — 40% off the peak in some locations. Seemingly at or near bottom, they are starting to attract the first wave of bargain hunters — and not just families in need of R&R. Hard-nosed investors also are on the prowl, says Jan Reuter, head of residential real estate at U.S. Trust Bank of America Private Wealth Management: “We’ve seen an uptick in buying in just the last couple of months.”
To help you in the hunt, Barron’s has selected the 10 best places in America for second homes. These alluring locales have it all: gorgeous houses, spectacular views, world-class golf, fishing and skiing, fine dining and great shopping. You’ll find the complete range of lifestyles, from peaceful and easy to vigorously social.
Some warnings: 1) Our selections are every bit as subjective as tastes in homes themselves. 2) The prices cited are based mainly on conversations with locals, because hard data isn’t available. 3) Your plush new retreat may take some time to rise in value. Serious appreciation will require a better economy and, quite possibly, another big rally in stocks.
But hey, you could do worse than marking time in paradise.
#1 – Maui
#2 – Kiawah Island, SC
#3 – The Hamptons, NY
#4 – Park City, Utah
4. Park City, Utah Skiers love Park City for its powdery winters, but homeowners relish the summers, too. The crowds thin out, life slows down and the tall aspens lining the nearby Wasatch range shimmer in the breeze. The one-street Old West downtown is dotted with classic Victorian houses, while Deer Valley, an understated year-round resort community, sits on the eastern edge. Its namesake ski hill has been crowned by readers of Ski Magazine as North America’s top ski resort for three years running. For $100,000, you can join the nearby Talisker Club, with links designed by PGA Tour Champion Mark O’Meara. Bonus: Salt Lake City International Airport, a Delta Air Lines hub, has direct flights to the East and West Coasts.
Median Price: $1 million
Drop From Peak: 45%
Neighbor: Robert Redford
#5 – Aspen, CO
#6 – Pebble Beach, CA
#7 – Palm Beach, FL
#8 – Captiva/Sanibel Island, Fla
#9 – Asheville, N.C
#10 – Gasparilla Island, Fla.
Now is the time to purchase your second home in Park City, Utah. With auctions and price reductions as much as 40% in luxury developments, you won’t find a better time to invest in Park City.
Search Park City Real Estate Now
Silver Strike Lodge
Flagstaff at Empire Pass (up to 40% off)
Village at Empire Pass
Lookout at Deer Valley Auction (up to 59% off)
Westgate Lodge at The Canyons Auction
Tim Gaebe
Prudential Utah Real Estate
435-602-0657
www.parkcitysecondhome.com