TOP PLACE TO BUY A HOME!!
This is a great article from Smartmoney.com!! It is great that we are being looked at in such a positive light!
By Kelli B. Grant,
Reporter, SmartMoney.com
Credit-crunch-squeezed homeowners
and investors are unloading second homes en masse, offering up
desirable vacation properties at some pretty steep discounts.
"When the market is down and there's blood in the streets, someone else's misfortune could work in your
favor," says Ken Kamen, president of New Jersey-based Mercadien Asset Management. Buying now entails
some risk, however. After all, prices could drop even further. But for those looking to hold a property long
term for a family vacation spot or eventual retirement retreat should feel confident that they'll recoup the
investment, he says.
Here are five places where vacation-home bargains abound:
1. Panama City Beach, Florida
There's something for everyone in this Panhandle town where white "sugar sand" beaches along the Gulf of
Mexico give way to inland attractions, including six championship golf courses and an active restaurant and
nightlife scene. Prices for beachfront property run the gamut from $100,000 for a one-bedroom condo, to $2
million-plus for single-family homes of five bedrooms or more, according to vacation rental site
HomeAway.com.
Why Buy Now:
Besides the weather (temperatures rarely dip below the 60s, even in January) a new
international airport is slated to open in the next couple of years. With it comes low-cost carriers and an
abundance of nonstop flights. (Currently, flying from New York involves at least one connection and travel
time of anywhere from 4.5 to 13 hours. In comparison, a nonstop flight from New York to Orlando takes
about two hours.) That ease of access should help boost tourism -- and property values, says Anil Pereira,
CEO of SecondSpace.com, a property-finding service. "It'll be more feasible to own a second home there,"
he says. "People will be able to fly in for the weekend."
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Buying now can be a good deal. It may go a little lower, but it has just as much chance of leveling and going up a little. If you get in now, with plans to hold for a few years anyway, you can relax and enjoy your property while the market does what markets do, and while others sweat it out looking for the last nickel.