May 2, 2012
U.S. vacation home buying trends are changing. Affecting Florida, one of the largest residential markets in the country. Real estate prices are drawing more buyers to the market, but because of rising fuel prices and traveling costs, vacationers aren’t interested in journeying as far to shop for, and eventually live in, their second homes.
People increasingly choose second homes that are a shorter drive rather than a plane flight away. found the median distance between a buyer’s primary residence and vacation home declined for the first time in six years, by 19 percent to 305 miles.
Sales of these homes are picking up, and especially in South Florida including Miami, Miami Beach, Sunny Isles Beach and Bal Harbour. However, most of the buyers are coming to Florida from nearby states a short drive away.