Beach House Sales Dropped 31% In 2007
I found this interesting nugget on beach home rentals in a Wall Street Journal article.
Vacation home sales plummeted 31 percent last year. That is one heck of a hit.
We were down on the Gulf Coast of Florida in Mannasota Beach last January and there were waterfront homes for sale all over the place. Anecdotally this market weakness makes a great deal of sense.
To offset the burden of carrying these homes, many vacation homeowners are looking to rent. Recognizing rapid price increases are not coming their way they are doing what they can to recoup some of their costs of ownership. But when everyones else has the same idea inventory will increase dramatically.
So if you are looking for a beach vacation this summer, take a look a renting a house. With a glut in the market you may be able to negotiate a great deal!
Sales of vacation homes last year fell almost 31%, to 740,000, from the year before, more than triple the decline in sales of primary residences, according to an annual survey by the National Association of Realtors. Some of the unsold houses are ending up on the rental market. via WSJ.com.
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