Buyers Not on Vacation In Sizzling Resort Market

The phenomenal real estate boom of the past several years has not been confined to sales of primary residences alone. Sales of second homes also have ratcheted up dramatically as vacationers and investors look to snap up these properties amid the lure of low mortgage rates and rapidly increasing home values.

According to a study conducted by the National Association of Realtors, 2.82 million vacation home purchases were made in 2004, up 16 percent from the previous year.

With the rising demand, prices also escalated; the price of a typical vacation home increased 21 percent from 2003 to 2004, about twice the rate of appreciation for the overall home market.

In addition to vacation homes, sales in the second-home market were bolstered significantly by those searching for steadily appreciating investments. Nearly 25 percent of all homes purchased in 2004 were done so for investment purposes - a 14 percent increase from 2003.

Against this backdrop, real estate firms are recognizing the importance of understanding and servicing this influential group of homebuyers.

"Second-home buyers represent a vital and growing part of the overall market," said Brenda Casserly, president and chief operating officer of ERA Real Estate. "These discerning buyers have extremely specific and often widely varying needs, and real estate firms looking to lead in this segment must continue to provide these consumers with an efficient mix of one-on-one and Web-based services and resources."

ERA Real Estate has been an industry leader in this area with its established Resort Properties International program. The program features a team of trained resort experts who can instantly access key resources from around the world and provide specialized information on second-home properties across all price levels and comfort needs.

ERA Real Estate also recently launched Resorts.ERA.com, a Web site designed specifically to meet the needs of second-home buyers. Visitors to the site can search for properties categorized by state or other criteria, such as waterfront locations, ski resorts and golf club communities.

Through the site, consumers can connect with sales associates who specialize in the resort and second-home market, and access links to state and local resources as well as market trends.

Posted by Carla Broadhurst on December 13, 2008 at 12:00 AM

About Carla Broadhurst
Carla Broadhurst is affliated with PRESTIGE REAL ESTATE GROUP, which is located in Englewood, CO. For further assistance please use the contact information located on the right.

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Local Information for Englewood, CO

Latitude: 39.646837 -- Longitude: -104.991986

ZIP Codes for Englewood, Colorado	80110 80111 80112 80113 80150 80151 80154 80155 80236
Area Code for Englewood, Colorado	303
Time zone for Englewood, Colorado	MST

Other Area Cities: Englewood, CO Aurora, CO Cherry Hills Village, CO Denver, CO Highlands Ranch, CO Lakewood, CO Littleton, CO Columbine Valley, CO Greenwood Village, CO Parker, CO

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As of the census of 2000, there were 41,727 people, 14,392 households, and 7,469 families residing in the city. The population density was 1,870.2/km² (4,842.0/mi²). There were 14,916 housing units at an average density of 879.3/km² (2,276.4/mi²). The racial makeup of the city was 87.77% White, 1.46% African American, 1.31% Native American, 1.86% Asian, 0.09% Pacific Islander, 4.99% from other races, and 2.52% from two or more races. Hispanic or Latino of any race were 13.05% of the population. There were 14,392 households out of which 23.6% had children under the age of 18 living with them, 36.7% were married couples living together, 10.8% had a female householder with no husband present, and 48.1% were non-families. 37.9% of all households were made up of individuals and 9.5% had someone living alone who was 65 years of age or older. The average household size was 2.15 and the average family size was 2.88. -- Source: Wikipedia.com

Colorado 2000 Census Population Profile Map

	Englewood	Colorado	United States
Population	31,727	4,301,261	281,421,906
Median age	36.2	34.3	35.3
Median age for Male	34.9	33.2	34
Median age for Female	37.6	35.4	36.5
Households	14,392	1,658,238	105,480,101
Household population	30,999	4,198,306	273,643,273
Average household size	2.15	2.53	2.59
Families	7,469	1,084,461	71,787,347
Average family size	2.88	3.09	3.14
Housing units	14,916	1,808,037	115,904,641
Occupied units	14,392	1,658,238	105,480,101
Vacant units	524	149,799	10,424,540

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Buyers Not on Vacation In Sizzling Resort Market

Local Information for Englewood, CO

Latitude: 39.646837 -- Longitude: -104.991986

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