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EscapeHomes.com Releases Price Index for Second Homes
Second Home Market Shows No Signs of Cooling This Summer
SAN FRANCISCO--(BUSINESS WIRE)--Aug. 10, 2004--Despite concerns about rising interest rates, the second home market remains strong, according to a recent study of top second home markets from EscapeHomes.com.
The median year-over-year price increase for second homes in EscapeHomes.com's Price Index was 22% in the first half of 2004. Beach and mountain destinations led the way in appreciation with Holden Beach, NC and Park City, UT at the top of the list, but all destinations in the index showed robust price appreciation.
According to David Hehman, EscapeHomes' CEO, "We continue to see strong price appreciation and high consumer demand in our Index markets for several reasons. First, the large base of baby boomers entering retirement years is putting pressure on these markets. Second, the top vacation and retirement markets are limited in choice homes. And finally, people are choosing real estate to diversify their portfolios, especially since interest rates are still at historic lows."
EscapeHomes.com Price Index for Second Homes is currently based on these markets: Bend, OR; Holden Beach, NC; Incline Village, NV; Myrtle Beach, SC; Naples, FL; Park City, UT; Santa Barbara, CA; Sarasota, FL; St. Helena, CA; Truckee, CA.
"St. Helena real estate continues to be a hot commodity and should remain so in the future given the limited number of homes and the desirability of the area." -- Joel Toller, St. Helena Real Estate Agent
"In Park City and from what I'm hearing, throughout the Rockies, it's been the strongest summer we've seen in many years. We're on track for a record year in real estate sales." -- Dennis Hanlon, Park City, President of RMRA
Index destinations were selected at random from EscapeHomes.com. Index is based on median single family residence price appreciation from Q1-Q2 2004 vs. Q1-Q2 2003. Data complied in coordination with local real estate agents and realtor boards. EscapeHomes.com defines second homes as homes being purchased for vacation, investment or retirement purposes.
If you are interested in a Second Home, remember that the interest is tax deductible and that I can help you with that! Just let me know!
SAN FRANCISCO--(BUSINESS WIRE)--Aug. 10, 2004--Despite concerns about rising interest rates, the second home market remains strong, according to a recent study of top second home markets from EscapeHomes.com.
The median year-over-year price increase for second homes in EscapeHomes.com's Price Index was 22% in the first half of 2004. Beach and mountain destinations led the way in appreciation with Holden Beach, NC and Park City, UT at the top of the list, but all destinations in the index showed robust price appreciation.
According to David Hehman, EscapeHomes' CEO, "We continue to see strong price appreciation and high consumer demand in our Index markets for several reasons. First, the large base of baby boomers entering retirement years is putting pressure on these markets. Second, the top vacation and retirement markets are limited in choice homes. And finally, people are choosing real estate to diversify their portfolios, especially since interest rates are still at historic lows."
EscapeHomes.com Price Index for Second Homes is currently based on these markets: Bend, OR; Holden Beach, NC; Incline Village, NV; Myrtle Beach, SC; Naples, FL; Park City, UT; Santa Barbara, CA; Sarasota, FL; St. Helena, CA; Truckee, CA.
"St. Helena real estate continues to be a hot commodity and should remain so in the future given the limited number of homes and the desirability of the area." -- Joel Toller, St. Helena Real Estate Agent
"In Park City and from what I'm hearing, throughout the Rockies, it's been the strongest summer we've seen in many years. We're on track for a record year in real estate sales." -- Dennis Hanlon, Park City, President of RMRA
Index destinations were selected at random from EscapeHomes.com. Index is based on median single family residence price appreciation from Q1-Q2 2004 vs. Q1-Q2 2003. Data complied in coordination with local real estate agents and realtor boards. EscapeHomes.com defines second homes as homes being purchased for vacation, investment or retirement purposes.
If you are interested in a Second Home, remember that the interest is tax deductible and that I can help you with that! Just let me know!
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