AT LONG LAST, THE MARKET FOR SECOND HOMES is coming back to life.
Prices for primary residences, which plunged at least 20% from the peak in 2007, appear to have bottomed.
There's nothing like a stabilized economy and a huge rebound in stocks to send folks looking for the perfect second home and a good investment as well?
Look for communities that offer weather, scenery and active real estate markets. With all that in mind, and with summer just around the corner, now could be an excellent time to buy. If you're keeping an eye on investment potential -- and more than one out of three second-home buyers say they are -- then you want to buy where others want to be, so buy today in an area that's going to be hot tomorrow. A beautiful setting is a must, but here are some other important factors:
Proximity to growing urban centers. Vacation towns typically need to be within a two- to three-hour drive of a major city, or at least reasonably close to a big airport. Plenty of recreational opportunities are a most. There has to be lots of stuff to do beyond shopping, which is why most thriving resort towns are near ski lifts, beaches or mountains. Some cultural cachet -- a theater or film festival, galleries or museums -- is also nice.
Decent weather is a most. You have to be able to get outside to enjoy all that recreation.
Consider the following lists of hot vacation home markets. You'll see some interesting similarities, as well as a few towns that break the rules.
Asheville, N.C. This mountain town boasts the Biltmore Estate and a thriving arts and crafts community.
Park City, Utah. The Olympics-related frenzy has cooled, but Park City is still a preferred destination for skiers and other winter sports fanatics.
Ashland, Ore. Lovely weather, lovelier scenery and cultural cachet combine in Ashland. Located about halfway between Portland and San Francisco, the town is also home to Southern Oregon University and the highly regarded Oregon Shakespeare Festival.
Port Townsend, Wash. This picture-perfect Victorian seaport lay nearly untouched for most of its long history until being discovered by Seattle yuppies in the 1990s. It's still quaint, but relatively mild weather and proximity to Olympic Peninsula attractions have increased its appeal for retirees and urban refugees.
Beaufort, S.C. You know Beaufort, even if you've never been there. You've seen it in movies like The Big Chill and Forrest Gump, and you've read about it in the pages of The Prince of Tides and The Great Santini by one-time Beaufort resident Pat Conroy. Fishing, shrimping and a National Historic Landmark District are features of The Queen of the Carolina Sea Islands.
South Lake Tahoe, Calif. Though it shared Americas largest alpine lake with the more glamorous Lake Tahoe, Nev., this community was long the dowdy little sister. No more. Two new Marriott's have replaced a strip of decaying old motels along the main drag, and threes talk of a convention center.
Daytona Beach, Fla. Nineteenth-century industrial barons popularized Daytona, which is probably best known for the international raceway built in 1959 and the Daytona 500 auto race. Eight million visitors pour through annually.
Sun river, Ore. This central Oregon resort area is near Bend and the Mt. Bachelor ski resort, about four hours from Portland and two hours east of Eugene. Whitewater rafting, hiking and skiing are favorite pastimes.
Myrtle Beach, S.C. The beaches along The Grand Strand -- and the areas 120 golf courses -- draw 14 million visitors annually. Despite the crush, Myrtle Beach consistently winds up in various listings of the nation's best beaches and best retirement towns.
Charlevoix, Mich. This little town lies between the shores of Lake Michigan and Lake Charlevoix in northern Michigan. The population of the town and surrounding area is 8,500 full-time residents -- which climbs to 30,000 in the summer. Golf courses and water fun are the main attractions.
To check Lake Tahoe out, call Jerry & Gayle Boren at 775-771-3088 or 800-587-1110. Outstanding Lake Tahoe & Carson Valley Retreats
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