resortrealestate

Are you looking to own the most expensive resort real estate in the world?  If so you might want to head straight to Monaco.  Monaco has been confirmed as the destination with the most expensive real estate in the world.  Real estate in Monaco averages $68,000 per square meter, a 2.1% increase from 2008.  Clearly Monaco isn’t feeling the pinch felt elsewhere around the Globe.  If you are interested in looking at Global Resort Real Estate in countries like Monaco, you can actually start the search in your own backyard.  Companies like Sotheby’s and Christies Great Estates have access to listings around the world and can often find you the property you are looking for without having to even board a plane.  If you are on vacation in Vail Colorado for example, stop in to Sonnenalp Real Estate, an exclusive affiliate of Christies Great Estates.  A broker in their office can then access listings from around the world and connect you directly with a listing agent for a property you might be interested in.  As the old saying goes, “think globally, shop locally”.  Purchasing resort real estate is easier than ever with global networks like Christies and Sotheby’s, not to mention the advent of internet technology.

A friend of mine was in Deer Valley last week staying in a ski-in/ski-out four bedroom home that was on the market 2 years ago for $2.5 million.  Today the same ski-in/ski-out house is on the market for $850,000, granted it’s a short sale but still, what a bargain!  What a drop in price!  People in other areas are complaining about 20% drops in price, this is nearly a 66% drop in price.  What does this mean?  To me it means if I had the money I think I’d be heading to Deer Valley.  Seriously though, this economy is tough and tough on everyone but for those who still have money and have always wanted a second home there couldn’t be a better time to look than now.  Real Estate is a good place to put your money and if you own your home, why not buy a second home in a place where you want to spend time?  Most people dream of having a second home at some point in their lives why not make the move while the market is at the lowest.

There is good news for people who own second homes, refinancing for second homes and rental property has also become a priority of the efforts to turn the housing market around.  Where previously second homes and rental properties had been excluded from the refinancing package being passed by the new administration, last week that changed.  This is positive news for Resort Real Estate.  An article by Kenneth R. Harney at Realty Times stated that “Small-scale real estate investors got a pleasant surprise last week when Fannie Mae and Freddie Mac said they’d refinance potentially thousands of mortgages on rental and second homes as part of the Obama administration’s massive housing relief effort.”  This is great news considering that refinancing was going to focus on principal residences only prior to the announcement last week.  If your mortgage is held with Fannie or Freddie then this refinancing is potentially available to you.  If your payments have been on time you are eligible.  Looking into refinancing your second home or rental property just might be worth it and could potentially put some money back in your pocket. The good news is that Resort Real Estate is no longer exempt from getting assistance.

Desirable resort areas across the globe have been hot places to invest in realty forever but in recent years many areas were becoming so pricey that the invest opportunity didn’t appear as enticing.  Many resort areas priced out the average investor.  Today’s economy has created a great climate for investing in a second home .  Not only have home prices come down but so have mortgage rates.  If you still have your job and are unsure about investing in the stock market you may want to consider investing in real estate, specifically resort real estate .  Areas around the globe have been popular destinations and are now becoming popular investments.  According to a recent article at PropertyWire.com some Caribbean homes have dropped in price by a half million dollars or more.  Think about your favorite vacation mecca , whether it be a ski resort or a beach spot, and consider buying the home you want to escape to.

While legislation that has been proposed or passed thus far has been meant to stimulate the housing market, the latest proposal is questionable.  The latest plan of the new administration is a proposed mortgage interest deduction , which would cap all deductions at a 28% rate.  The plan is to reduce the mortgage write-off and it is causing a stir.  Many believe that the plan will affect people who make more money and who own higher-end real estate.  That brings up resort real estate because many people who own second homes are in the higher tax bracket, those who will be affected by the proposed plan.

Those that are against the plan believe that it will deter people from purchasing more expensive real estate. The National Association of Realtors (NAR), while they have supported the new administrations housing stimulus package thus far, is wholeheartedly against reducing the amount of mortgage interest that a person can write off.   NAR president, Charles McMillan sent a letter to President Obama stating his dissatisfaction with the new proposal.  In the letter McMillan said, “There is never a good time to propose something that undermines the basic foundation of homeownership, but given our current housing crisis, this has to be the worst possible time.” He went further to say, “The tax deduction of interest paid on mortgages is both a powerful incentive for homeownership and one of the simplest provisions in the tax code. It should not be targeted for change.”

In today’s economic climate, where every step possible is being taken to boost the economy and the housing market, no one wants to see a step taken backwards.  NAR would like to urge Obama’s administration to continue putting incentives in place and leave the tax write-off where it is for the time being.  Should this plan pass it could have an adverse effect on vacation real estate investing .

A few factors are making vacation real estate a smart decision .
- Mortgage rates are low
- Home prices are down
- Stock market is volatile
- Real estate has always, historically, rebounded
- Renting out your vacation home can help you pay for your investment
- Gone are the days of paying asking price or getting in a bidding war

If there is an area that you have always had your eye on now is a great time to consider buying your vacation dream home, especially when renting it out can help pay for it, if not more than pay for it.  In many areas of Hawaii prices are down 25%, in some resort areas of California prices have dropped nearly 50%.  Many ski resort areas may not be showing significant drops in listed prices but that doesn’t mean you won’t be paying less than you would have a year or two ago.
Vacation areas will always be in demand, whether it be for rentals or for purchasing.  Resort real estate is a great investment especially when traditional stock investments are so volatile.  If you thought you may have been priced out of your dream vacation home now is a great time to take another look.

If you have always wanted to own a luxury vacation home, there couldn’t be a better time to buy.  A recent Newsweek article pointed out that one benefit of the suffering Global Economy is that many people who were unable to own a second home now might find themselves in a great position to do so.  A few years ago you couldn’t touch certain luxury markets, homes were being sold for asking price or higher and homes were not staying on the market for very many days.  Today is a bit of a different story.  People, not all people but some people, are trying to unload holdings that are not seen as necessities.  Luxury second homes fall into this category.  Today you can find that dream home in the Caribbean, Mediterranean, Alps or Rockies and you can pay less for that dream home than you could of at the height of the market.

Resort Real Estate is more accessible and more affordable than it has been in years.  The poor economy has people selling and the bailout of the mortgage industry has created the lowest interest rates seen in over three decades.  Consider Resort Real Estate now, there couldn’t be a better time to buy.  For some of the biggest selections of luxury real estate visit Christies Great Estates for access to Resort Real Estate listings from around the world.

Most of us have a place we have been on vacation that we love and want to return to.  Buying real estate in a vacation destination assures us that we will return to a place that we enjoy.  Buying resort real estate is also a great investment.  If you want to buy a property and have it pay for itself you can rent it out, either short term or for longer periods of time if you are unable to be there very often.  In the long run real estate in resort areas, especially high-end resort areas, appreciates at a greater rate than non-resort real estate.  If your purchase a home and it pays for itself and it appreciates over time then you have a no-brainer, a great investment and a home to enjoy.  These days many resort areas are becoming great places to retire, where residents can maintain a healthy, active lifestyle and live with people with similar interests.  Resort Real Estate is a smart investment for the mind and the wallet. 

While it is true that the country is in a recession, all signs point to a real estate recovery.  With home prices at the lowest levels in years, mortgage rates at historic lows, the stock market in turmoil and investment firms closing their doors, it is impossible not to consider purchasing real estate.  The government and lending institutions  are doing what they can to instill faith in the real estate market and are giving buyers all the tools they need to succeed in their real estate investments.  Consider your favorite place to visit, now might just be the time to acquire your dream home.

Vail Valley Real Estate is a fantastic investment.  Vail is a desirable location with incredible amenities, where rentals do very well and property taxes are extremely reasonable.   Now could not be a better time to buy.  Prices are down and money is cheap.

It is no secret that 2008 was not a good year in terms of the economy or real estate.  While certain areas of the country fared better than others, overall real estate investing was down.  The good news is that real estate in many areas is cheaper now than it has been in years and this is especially true in resort areas where growth and home values have had an amazing run of good fortune.  The majority of resort areas are now completely buyer’s markets.  A large inventory mixed with people who really need to sell means there is plenty of bargaining room regardless of the listed price.

Resort areas offer a fantastic quality of life as well as an above average return on your investment.  In the past 8 years in the Vail Valley, for example, real estate investments have given buyers huge returns, often 80 to 100% returns.  It was only a matter of time before the market would correct itself.  While Vail Valley Real Estate has yet to drop significantly, prices have leveled off and dropped enough to make Vail Valley Real Estate a much better investment for those who are investing for the long run.

When you mix the quantity of resort properties on the market with the historically low mortgage rates that are available today, the conclusion is that resort real estate is nothing short of a buyer’s market.  Todays market conditions have combined to create the best environment to buy resort real estate that has been seen in years.  So, whether you have been yearning to buy a beach condo in Maui, a cabin in the woods in Maine or a slopeside ski home in Colorado, take advantage and consider buying your dream home today.