Hi Everyone,

This past week I was at the National Association of Realtors Resort and Second Home Symposium.

On Monday, the NAR released their annual 2008 Investment and Vacation Home Buyers Survey. To sum it up in a nut shell, it shows that vacation home sales dropped. Duhhh! Who needs a survey to know that? Anyhow, the survey quantified it with the actual sales being down 30.8%.

Ok so here's my take: clearly prices are down.  As a matter of fact, they're down to an all-time low since NAR started reporting on the vacation home market.

Just as a few years ago a lot of people were kicking themselves in the behind for not buying at that time.  I truly believe that 2009 will be "that year" 5 or so years from now. The prices have gone down considerably, and I don't believe they'll stay down long.  Couple that with all-time low financing rates and you have the perfect recipe to purchase another vacation home.  Here's a very good article from CNBC that really sums it up well.

I'd really love to hear your take on the current vacation home market. Answer our poll—are you currently thinking of buying another vacation home?

Happy renting (and maybe buying!),

Christine

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Are you currently thinking of buying another vacation home? "Yes. I own multiple properties at the Beach Villa Resort in Ko Olina, Hawaii. The developer just announced that they will firesale the rest of the unsold units with really attractive discounts on June 6th & 7th. $2m villas for $1.4m, $1m villas for $600k, etc. are possibly. So I'll probably pick up another place." -Alfred, Ko Olina, HI (HomeAway #163412, VRBO #129629, VacationRentals.com #648) "I have a great Kauai vacation rental that does really well. I am thinking of getting a second one." -Chris, Kauai, HI.

Bubble-Proof Buying: How to Avoid the Bubble When Buying a Vacation Home How to NOT get caught in a speculators market when purchasing a vacation home.   Buying Another Vacation Rental Home It's contagious! Your property is renting so well you that you want to buy another. Here are a few tips to consider.   Easing Your Renters' Minds During an Economic Downturn Before you and your guests start to panic, learn how to work with your renters' financial concerns and keep your bookings strong.   Common Mistakes Owners Make When Buying a Second Vacation Rental An excerpt from Christine Karpinski's book, How to Rent Vacation Properties by Owner

© Copyright 2009 Christine Karpinski