Second Home BluesToddi Gutner
It is no surprise that vacation and investment homes sales both set records in 2005, according to the recently-released the National Association of Realtors’ annual report. Four out of 10 residential transactions last year were for second home sales. That translates to 28% of all homes bought were for investment, and 12% were for vacation homes.
I can’t help but hope that those buyers who helped to set this new record had planned to hang on to these properties for a while and not rely on their real estate appreciation for investment income.