MONDAY, MARCH 8, 2010

10 Best Places for Second Homes

There’s nothing like a stabilized economy and a huge rebound in stocks to send folks looking for the perfect manse. The return of hefty Wall Street bonuses hasn’t hurt, either.

With all that in mind, and with summer just around the corner, Barron’s sized up the market for upscale second homes, one of the greatest luxuries of all. We scoped out dozens of deluxe enclaves across the country, speaking with brokers, homeowners and others. Our conclusion: Now could be an excellent time to buy.

Prices are way down — 40% off the peak in some locations. Seemingly at or near bottom, they are starting to attract the first wave of bargain hunters — and not just families in need of R&R. Hard-nosed investors also are on the prowl, says Jan Reuter, head of residential real estate at U.S. Trust Bank of America Private Wealth Management: “We’ve seen an uptick in buying in just the last couple of months.”

To help you in the hunt, Barron’s has selected the 10 best places in America for second homes. These alluring locales have it all: gorgeous houses, spectacular views, world-class golf, fishing and skiing, fine dining and great shopping. You’ll find the complete range of lifestyles, from peaceful and easy to vigorously social.

1.      Maui

2.      Kiawah Island, SC

3.      The Hamptons

4.      Park City, Utah

5.      Aspen

6.      Pebble Beach, CA

7.      Palm Beach

8.      Captiva/Sanibel, FL

9. Asheville, N.C. Nestled in the mountains of North Carolina, Asheville offers a four-seasons lifestyle with just enough culture and good restaurants to keep urban-withdrawal pangs at bay. Some homebuyers come from the Northeast, and many come from Florida to beat the heat. The locals call them “halfbacks,” since Asheville is halfway up the East Coast. The town has a university and a thriving art scene. We like the 1920s-vintage Tudor homes in the Biltmore Forest district, once part of the adjacent Biltmore Estate. The funky Grove Park neighborhood is also worth a look.

Median Price: $700,000
Drop From Peak: 38%
Neighbor: Andie McDowell

10.Gasparilla, FL

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Biltmore Forest Realty is the only real estate firm in Asheville specializing in the Town of Biltmore Forest and other upscale area neighborhoods.  Give us a call today: 828-277-1781!

High Carolina is located on 3500 mountaintop acres and boasts the first US golf course designed by Tiger Woods. In addition there are six additional Cliffs Communities available to residents offering 8 golf courses at a variety of altitudes and scenery. 

For 10 years I have had the pleasure of introducing this collection of communities to buyers looking for a lifestyle of dreams. 

The timing is right for those buyers who do not have to sell to buy. Price reductions, short sales and foreclosures present opportunity for good deals. And with Spring a few weeks away, I predict considerable market improvement.

In the meantime, “Think Beach” and visit YouTube to view a slidewhow of our vacation rental located in Wild Dunes Resort just outside Historic Charleston, SC. The villa is cozy and comphy and many of our guests return.

Cathey on top of the world at Mtn. Mitchell.

Real estate sales still lag … like the rest of the country, but seem to be picking up a bit. From June 1 – Sept. 1, 2009, 181 homes, $250K – $500K have sold in Buncombe County (Asheville) with 446 new listings in the same time period. Twenty-nine homes have sold in the $500K – $750K range with 99 new listings since June 1.

In the $750K – $1M, 15 homes have closed with 173 new active listings, while only 2 in the $1M-$1.5M have sold. There are 24 new listings in that price range. Nothing over $2M has sold since June 1, but there are 11 new active listings over $2M. I am happy to supply information about specific neighborhoods for anyone interested.

Many sellers in the upper end have reduced prices up to 30%. And those homes that have sold are still selling around 95% of list price. But money remains tight and those buyers coming from other areas … as well as locals … are usually faced with selling in order to buy. And even with excellent credit and sufficient assets, folks are jumping through hoops to secure loans.

So Realtors have time on their hands these days to enjoy the beautiful Asheville area. We were visited this Labor Day weekend by our daughter and husband who live in Houston. When they come to town, there’s a flurry of activities. Saturday was a glorious day so we decided to hike Mount Mitchell, in the Black Mountains of the Appalachians … the highest peak east of the Mississippi. We climbed a strenuous trail to 6500’ above sea level. Thank goodness for my aerobic step class and a little weight training. If you need some ideas about where to hike when you visit Asheville, a great resource is Hiking the Carolina Mountains by Danny Bernstein who lives in Asheville.

Sunday we played 18 holes of golf at the Biltmore Forest Country Club and I actually parred one hole and managed to keep my score fairly decent on the other 17. I have played several wonderful golf courses over the years in the area and happy to give you golfers some hints.

Son-in-law, George, in the rough but ended up a great shot!

Hope to meet you in Asheville …

Cathey

Biltmore Forest Town Hall

July 4th brought gorgeous weather to WNC. I decided to spend the day by the pool after a morning of pulling ivy away from our rhododendron and azalea. In short time, my grandson and two college gal pals dropped by for the afternoon. I got all the details about the recent debutante festivities and presentations … the parties, the clothes … the works!

But their big decision of the day was which wonderful Asheville restaurant to patronize on July 4th and which set of fireworks to watch … presumably the ones on the lawn of our historic City Hall … following the ever popular “shindig-on-the-green”. This, after attending the morning “parade” in Biltmore Forest.

Each July 4th, “children” of all ages meet around the Biltmore Forest Town Hall. The kids decorate their trikes and bikes in hopes of winning prizes for the best July 4th decorated kiddy vehicles. A parade of happy faces on all sorts of contraptions head from there to one of two parks for the festivities. Watermelon, hot dogs, games and good old fashioned community fellowship is enjoyed by all.

Later in the day, members of the Biltmore Forest Country Club enjoyed a beautiful day of pool and tennis followed by the annual 4th celebration. Hot dogs, hamburgers, BBQ ribs and all the traditional picnic fare … kids were treated to games, face painting and activities on the #1 tee and fairway.

Biltmore Forest is a town surrounded by Asheville, bound by charming Biltmore Village on the north end, Biltmore Estate west side and the Blue Ridge Parkway on the south end. It’s a fine place to live for anyone who appreciates natural beauty, mature trees, convenience to downtown Asheville with its cosmopolitan atmosphere and many activities. High volume and reduced prices equal an excellent time to buy real estate in this premier community. For a list of homes for sale in Biltmore Forest, go to our home page and select “search MLS”. Under “city”, choose Biltmore Forest. Then call us for a tour of this and other prime neighbors in the Asheville area. Hope to see you here soon …

Biltmore Forest Country Club

We just got back from a beach vacation and while I was there I snooped around the Net for some information to include on our web site. I found the following comparison worth sharing. The article is taken from the National Association of Homebuilders. Even in the current economy, it’s hard to beat an investment in real estate … and enjoy our cool, green mountains!

Homeownership’s Real Value

Here are a few examples of why, dollar for dollar, homeownership is a solid stepping stone to a future of financial security and the single largest creator of wealth for many Americans.

Over the long-term real estate has consistently appreciated, even through periodic adjustments in local markets in response to economic conditions. On a national level, home appreciation has historically increased 5-6 percent annually, report economists at the National Association of Home Builders.

Five percent may not seem much at first, but here’s an example that will put it into perspective: Say you put 10 percent down on a $200,000 house, for an investment of $20,000. At a 5 percent annual appreciation rate, that $200,000 home would increase in value $10,000 during the first year. Earning $10,000 on an investment of $20,000 is an extraordinary 50 percent annual return.

In contrast, putting that $20,000 down payment into the stock market and getting a 5 percent gain would only yield a $1,000 profit.

Compared to Stocks

Looking at it another way, over a longer period of time, if someone put $10,000 into the stock market in 1997, the average annual S&P return would make that investment worth $21,500 today—an increase of $11,500. The median home price in 1997 was $140,000.

Today, that same home would have gained nearly $100,000 in value.