Home prices in second home markets are on the rebound, climbing more than 10 percent last year in some places, Barron’s online reports.
Barron’s recently released a list of its top picks for second-home markets that are likely to see a big rebound in sales and price soon.
- Sea Island, Ga.: Located along Georgia’s coastline, this market saw prices plunge by a third last year, but its housing market is on the mend with sales volume picking up and prices expected to soon follow. Median Home Price 2009: $3.3 million; Median Home Price 2010: $2.3 million
- Maui, Hawaii: Following two years of a decrease in sales, Maui home sales are starting to picking up, particularly in the towns of Wailea and Makena, which have had sales volumes increase 35 percent last year. Median 2009: $1.5 million; Median 2010: $1.7 million
- Hamptons, N.Y.: Prices in this popular second-home destination, which can fluctuate largely depending on what’s happening on Wall Street, are steadying and sales are starting to increase. Median 2009: $1.5 million; Median 2010: $1.6 million
- Aspen, Colo.: The Aspen market is more affordable than during its peak in 2008, but deals aren’t expected to last much longer. For example, in Red Mountain, sales volume doubled last year and prices rose 14 percent. Median 2009: $9.5 million; Median 2010: $10.8 million
- Martha’s Vineyard, Mass.: This second-home market has become a popular international destination, and modest summer homes quickly are being replaced by luxury mansions. Median 2009: $1.34 million; Median 2010: $1.35 million
Source: “Best Places for Second Homes,” Barron’s Online (March 7, 2011); Blog distribution provided by Kenneth Bargers and Bargers Solutions residential real estate services located in Nashville, Tennessee