Grab a Second-Home Bargain  

Oleh:

Sullivan, Paul R.

Jenis: Article from Bulletin/Magazine
Dalam koleksi: Fortune vol. 163 no. 3 (Feb. 2011), page 28.
Topik: Buyers and Sellers; Chief Executive Officer of Premier Sotheby's International Realty in Naples; Down Payment; Cash Transaction
Fulltext: Grab a Second-Home Bargain.pdf (20.26KB)

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People selling second homes in sunny locations couldn't have asked for a better marketing pitch than the winter of 2011. With snow turning Northern roads into ice rinks and closing airports and schools, the Sunbelt would seem to be more desirable than ever. The only glitch is the real estate hangover from the Great Recession. But new data from Florida suggest that this maybe the year when buyers and sellers come together. "We've out-performed January 2010 by 85%," says Judy Green, chief executive officer of Premier Sotheby's International Realty in Naples. "It's almost as if someone just turned on a faucet and the people are out there. They're making deals." Before leaping in, though, you need to ask yourself two questions: Why is this happening now? And how can I take advantage of it? The "why" is a function of both the market and of sentiment about Florida. Interest rates remain historically low—the average 30-year fixed-rate mortgage in Florida was recently 4.9%, accordingto Bankrate.com—and banks are lending again, if cautiously. Nowthat rental prices in the coastal areas are rising, people who have dreamed about owning a second home in (or relocating to) the state see this as their moment to act—while sale prices remain off their highs.

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