Wednesday, January 28, 2009

Good Time To Buy a Vacation Home

By Broderick Perkins

Posted by Mike Hughes

In seaside Ocean City, MD, where 91 percent of the homes are vacation home properties, owners were buoyed by the prospect of reduced property taxes after assessed values dropped 36 to 45 percent over the last three years, according to county officials.
Scouting the slopes in Colorado's ski resort areas of Aspen, Beaver Creek, Steamboat and Vail will uncover some home prices in the toniest areas still holding steady, but overall sales are down by about 40 percent, according to a University of Colorado's real estate center.
In Maui, both home prices and sales are down about 25 percent each, according to the island's real estate association.
And don't forget California's resort areas. Home prices in the Golden State are down by 50 percent or more in many locations.
That's only the beginning. Lower prices and less competition are the tip of the iceberg-sized list of factors that make it a good time to consider a vacation home buy.

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