SURVEY SHOWS VACATION-HOME SALES SIZZLING
In data released by the National Association of REALTORS last spring, vacation- and investment- home sales both set records in 2005, with the combined total of second home sales accounting for four out of 10 residential transactions.
In listing the reasons for purchase, 41% of vacation-home buyers said, “to use as a family retreat” and 28% “to diversify investments.”
Typical vacation-home buyers in 2005 were 52 years old, earned $82,800, and purchased property that was a median of 197 miles from their primary residence; however, 47% of vacation homes were less than 100 miles and 43% were 500 miles or more.
In describing characteristics that vacation home buyers value about their property, 40% wanted to be close to an ocean, river or lake; 34% close to family members; 27% close to preferred recreational activities; 27% close to their primary residence; 26% close to mountains, 24% close to a preferred vacation area; and 17% close to a job or school.
This Report is brought to you by Paula Clark’s Monthly Real Estate Newsletter for Bergen County’s Pascack Valley and Northern Valley from The Gooder Group.
