There’s one word that has been on investors’ minds in the past year, and that is “vacation!” According to a recent report released by the National Association of Realtors, sales vacation home sales have spiked in the past year. The luxury real estate market is swiftly rebounding as more investors and higher-income households are taking advantage of low prices and snapping up upscale vacation homes.
The National Association of Realtors found that there were 1.2 million homes purchased by investors in 2011, a 65% increase in only one year’s time. The number of investment home sales accounted for 27% of all home sales in 2011, which is up from 17% in 2010. The number of second home or vacation home purchases also rose 7% in the past year to 502,000, which accounted for 11% of all real estate transactions.
As the report states, “Lifestyle factors have consistently been the primary motivation for vacation-home buyers . . . Eighty-two percent of vacation-home buyers said the primary reason for buying was to use the property themselves for vacations, or as a family retreat.”
There’s no better time to buy that second home than now. Hurwitz James Company in Beverly Hills, California currently has listings for luxury properties in the most desirable zip codes in America as well as the most desirable cities all over the world. Take a look at these two current listings, which would make perfect vacation homes.
Cabana Verde in San Isidro del General, Costa Rica available for $1,500,000
Villa La Mulata in Sosua, Dominican Republic available for $670,000