Real estate professionals say now is the time to purchase a high-end vacation home, and they’re already seeing buyers pick up on the cues.
“We are seeing sales up in the resort areas, including Hawaii and Vail,” Stephanie Anton, president of Luxury Portfolio International, told forbes.com. She notes that sales and prices in Vail, Colo., are up over 25 percent from a year ago. “I think we are seeing people pulling money out of the stock market and buying these properties. … People are now so exhausted by today’s world, they are looking at vacation homes as total retreats to shut everything out.”
Vacation markets such as Cape Cod, Mass., and Palm Springs, Calif., are reporting an uptick in potential buyers looking for a retreat.
“Our market just turned in January, and we get really busy by March,” Erica Grossman, of Douglas Elliman Real Estate in New York’s Hamptons, told forbes.com. “Last year’s prices have been adjusted, depending on where you want to be in the Hamptons. Buyers who were sitting on the fence should come out and see what they can buy in their price range. Sellers are more realistic this year.”
Some luxury buyers are using their properties to then generate income from them when they’re not in use. “When you are renting a luxury property, the guest expectation is very high,” says Andrew McConnell, CEO at rented.com. “You always must stay on top of maintenance. When you are decorating any vacation rentals, you have to be careful you don’t go too quirky or too cookie-cutter.”