Real Estate News Mountain Living & Investments
THE NEW BEACHFRONT
Remember when beachfront property was all the rage in the investment market? Don't you wish you could turn back the clock a few years so you'd be able to buy one of those beachfront homes or condos before their value exploded? Wouldn't it be great if you were one of those smart investors whose equity doubled and even tripled when they sold their villa by the sea? Well, actually you can go back in time, in a way, but not to buy beachfront property.
Everyone's looking for the next best thing. Savvy investors are quietly moving on to an emerging trend that is giving them the chance to get in on the ground floor of lucrative opportunity. This emerging trend is the new hot ticket in real estate investment circles with the Carolinas, Georgia, & Tennessee notably getting more than their fair share of this quiet movement. And, because the supply still exceeds the demand at this point, it allows just about every person who has the desire, to own a piece of this "new beachfront".
What is it?
The new frontier is property in the mountains. But before you buy that special retreat in the high country on your favorite mountain range, consider these points:
- First, do you enjoy the area? Do you relish the high country, the ambience of the mountains, the feeling of stepping back in time and getting away from it all? Would you be visiting it even without owning a property there? If you can answer "yes" to these questions, then you're ready to buy.
- Do you want to buy the property just to sell it a couple months later? If so, don't bother. Your investment objectives should be for long term, especially since today's housing market isn't as robust as in the recent past. When you invest in your mountain getaway, consider keeping it a few years and rent it when you aren't using it.
- What type of amenities does the property offer? If you plan on renting the property be sure to find out what's available in the neighborhood as well as the area. Amenities is important, a pool, workout area, boating etc.
According to a recent study of the vacation and investment home markets conducted by the National Association of Realtors, second homes in the mountains are growing in popularity. In 2005, 40 percent of all homes bought were vacation homes or investment properties. That's an increase of 16 percent from 2004, to a record 3.34 million homes! Before you add to that bottom line, do your research. After that, if you still feel you want to own your piece of land by the mountains, get off the log!
Information: article by John A. Palumbo.
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