Friday, April 18, 2014

Vacation Home Sales Surge in 2013, Investment Property Declines

Media Contact: Walter Molony / 202-383-1177 / Email

WASHINGTON (April 2, 2014) – Vacation home sales rose strongly in 2013, while investment purchases fell below the elevated levels seen in the previous two years, according to the National Association of Realtors®.

NAR’s 2014 Investment and Vacation Home Buyers Survey,* covering existing- and new-home transactions in 2013, shows vacation-home sales jumped 29.7 percent to an estimated 717,000 last year from 553,000 in 2012. Investment-home sales fell 8.5 percent to an estimated 1.10 million in 2013 from 1.21 million in 2012. Owner-occupied purchases rose 13.1 percent to 3.70 million last year from 3.27 million in 2012. The sales estimates are based on responses from households and exclude institutional investment activity.

NAR Chief Economist Lawrence Yun expected an improvement in the vacation home market. “Growth in the equity markets has greatly benefited high net-worth households, thereby providing the wherewithal and confidence to purchase recreational property,” he said. “However, vacation-home sales are still about one-third below the peak activity seen in 2006.”

Vacation-home sales accounted for 13 percent of all transactions last year, their highest market share since 2006, while the portion of investment sales fell to 20 percent in 2013 from 24 percent in 2012.
Yun said the pullback in investment activity is understandable. “Investment buyers slowed their purchasing in 2013 because prices were rising quickly along with a declining availability of discounted foreclosures over the course of the year,” he said.

“In 2011 and 2012, investment property was a no-brainer because home prices had sharply over corrected during the downturn in many areas, creating great bargains that could be quickly turned into profitable rentals. With a return to more normal market conditions, investors now have to evaluate their purchases more carefully and do their homework,” Yun added.

The median investment-home price was $130,000 in 2013, up 13.0 percent from $115,000 in 2012, while the median vacation-home price was $168,700, up 12.5 percent from $150,000 in 2012.
All-cash purchases remained fairly common in the investment- and vacation-home market:  46 percent of investment buyers paid cash in 2013, as did 38 percent of vacation-home buyers.
Of buyers who financed their purchase with a mortgage, large downpayments continued to be the norm in 2013. The median downpayment for investment buyers was 26 percent, while vacation-home buyers typically put 30 percent down.

Forty-seven percent of investment homes purchased in 2013 were distressed homes, as were 42 percent of vacation homes.

Lifestyle factors remain the primary motivation for vacation-home buyers, while rental income is the main factor in investment purchases.

The typical vacation-home buyer was 43 years old, had a median household income of $85,600 and purchased a property that was a median distance of 180 miles from his or her primary residence; 46 percent of vacation homes were within 100 miles and 34 percent were more than 500 miles. Buyers plan to own their recreational property for a median of 6 years, down from 10 years in 2012.
Five percent of vacation-home buyers had already resold their property, while another 9 percent plan to sell within a year. “This reflects the 28 percent of recreational property buyers who said they purchased to diversify investments or saw a good investment opportunity,” Yun said.

Buyers listed many reasons for purchasing a vacation home:  87 percent want to use the property for vacations or as a family retreat, 31 percent plan to use it as a primary residence in the future, 28 percent wanted to diversify their investments or saw a good investment opportunity, 23 percent plan to rent to others and 22 percent intend it for use by a family member, friend or relative.

Forty-one percent of vacation homes purchased last year were in the South, 28 percent in the West, 18 percent in the Northeast and 14 percent in the Midwest.

Investment-home buyers in 2013 had a median age of 42, earned $111,400 and bought a home that was relatively close to their primary residence – a median distance of 20 miles.

Fifty percent of investment buyers said they purchased for rental income, 34 percent wanted to diversify their investments or saw a good investment opportunity, and 22 percent bought for a family member, friend or relative to use – often to house a son or daughter while attending college.
Seven percent of homes purchased by investment buyers last year have already been resold, and another 10 percent are planned to be sold within a year. Overall, investment buyers plan to hold the property for a median of 5 years, down from 8 years in 2012.

Thirty-eight percent of investment properties purchased last year were in the South, 25 percent in the West, 18 percent in the Northeast and 19 percent in the Midwest.
More than eight out of 10 second-home buyers, both for vacation and investment homes, said it was a good time to buy.

Approximately 43.4 million people in the U.S. are ages 50-59 – a group that dominated second-home sales in the middle part of the past decade and established records. An additional 42.7 million people are 40-49 years old, which is the historic prime age range for purchasing second homes, while another 40.4 million are 30-39 years of age.

NAR’s analysis of U.S. Census Bureau data shows there are 8.0 million vacation homes and 43.7 million investment units in the U.S., compared with 74.7 million owner-occupied homes.

NAR’s 2014 Investment and Vacation Home Buyers Survey, conducted in March 2014, includes answers about 2,203 homes purchased during 2013 from a representative panel of 2,008 U.S. households. The survey controlled for age and income, based on information from the larger 2013 NAR Profile of Home Buyers and Sellers, to limit any biases in the characteristics of respondents.
The 2014 Investment and Vacation Home Buyers Survey can be ordered by calling 800-874-6500, or online at The report is free to NAR members and costs $149.95 for non-members.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
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*Vacation homes are recreational property purchased primarily for the buyer’s (or their family’s) personal use, while investment homes are residential property purchased primarily to rent to others, or to hold for other financial or investment purposes.

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Thursday, April 10, 2014

Ski and golf in the same location this weekend

holiday valley

ELLICOTVILLE, N.Y. (WIVB) – It’s not the mix of recreation you’d expect in Western New York, skiing and golfing at the same location, but it’s happening this weekend at Holiday Valley – maybe.
The ski resort in Ellicottville will be open this weekend, April 12 and 13, with one lift operating. The Yodeler lift will be in operation from 8:30 to 4:30 both Saturday and Sunday with up to 11 slopes available.
The weather will play a big role in determining whether the resort also opens the front nine of the Double Black Diamond Golf Course on Saturday. If so, visitors will have the unusual opportunity to ski the slopes in the morning and golf the course in the afternoon.
It has happened before, but it is considered a rare occurrence in Western New York. Local ski resorts have enjoyed a particularly long season for skiing and snowboarding this year with an early start and an extended period of colder than normal weather.
If skiing and golfing aren’t enough, the resort is hosting a bluegrass and roots music festival Friday through Sunday. You’ll find details and ticket information on the Holiday Valley website:

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Saturday, March 22, 2014

Magazine names Chautauqua best small town to visit in U.S.

Smithsonian magazine has named the Town of Chautauqua, best known for its namesake lake and summer-long institution, No. 1 on its latest list of the best small towns in America to visit.
Chautauqua beat out Williamsburg, Va.; Steamboat Springs, Colo.; Sedona, Ariz. and other popular destinations for top honors in the magazine’s third annual list, which emphasized places that offer “enrichment” to travelers.
In its write-up, Smithsonian raved about the experiences of visitors to the Chautauqua Institution, which dates to 1874.
The magazine reported that its editors worked with a company called Esri to dig through reams of data to find towns with 15,000 or fewer residents that promise access to history, music, visual arts and other cultural aspects.

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Thursday, March 13, 2014

It's winter outside, but at Peek'n Peak, spring ski rates apply

Make one more trip to Peek'n Peak this season -- rates are down, and snowfall totals are up. (Peek'n Peak Resort)
Susan Glaser, The Plain Dealer By Susan Glaser, The Plain Dealer The Plain Dealer
Email the author | Follow on Twitter
on March 12, 2014 at 1:35 PM, updated March 12, 2014 at 2:03 PM
CLYMER, N.Y. -- What's better than a half foot of fresh powder in mid-March? Reduced spring skiing rates to go with all that white stuff.
Peek'n Peak in western New York is offering reduced-rate lift tickets through the end of the season. A full-day lift ticket is now $35 (down from the regular-season $54 weekend rate); lift tickets for ages 6-11 are $25. Rental rates are also reduced: $23 for skis, $28 for snowboard.
A spring-season lift ticket comes with a two-hour pass to the resort's indoor pool complex as well as half-off child-care rates. Lodging discounts are also available.
For information:

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Wednesday, March 05, 2014

Tour Chautauqua

Chautauqua County Visitors Bureau                                         E-NEWS    March 2014
what's  happening
March 1 - 29, 2014 - Women Create Art Exhibit, 3rd on 3rd Gallery, Jamestown
March 1 - May 25, 2014 - Bob Hines, National Wildlife Artist Exhibit, Roger Tory Peterson Institute, Jamestown
March 6, 2014- An Evening with Ronan Tynan, Reg Lenna Center for the Arts, Jamestown
March 7, 2014 - Wits 'n Giggles: Friday Night Comedy, Jamestown Savings Bank Arena
March 7, 8, 14 and 15, 2014 - Wait Until Dark, Scharmann Theatre, Jamestown Community College
March 15, 2014 - Bucket List: Ancient Trees Field Trip, College Lodge and Lily Dale Assembly
March 15, 2014 - Spring Fest - Pond Skimming and Cardboard Box Derby, Peek'n Peak Resort
March 15, 2014 - St. Patrick's Day Celebration, Gateway Train Station, Jamestown
March 22-23 & 29-30, 2014 - Maple Weekends, NYS Maple Producers 
upcoming events
Wine & Cheese Weekend, Lake Erie Wine Country - May 16-18, 2014
Open Studio Tour, Chautauqua-Lake Erie Art Trail - May 24-25 & May 31-June 1, 2014
Chautauqua in Bloom, various locations and experiences throughout Chautauqua County - May 24 - June 20, 2014
Roger Tory Peterson Bird Fest, Jamestown - June 6-7, 2014
Chautauqua Institution's 2014 Program Season - June 21 - August  24, 2014
See the complete calendar of events.
Sweet Anticipation
NYS Maple Weekends, March 22-23 & 29-30
Warmer days and freezing nights is a sure sign of the coming spring. It's also the start of Maple syrup season. Visit local sugar houses March 22-23 and 29-30 during New York State's annual Maple Weekends, a state-wide open house promoting maple syrup producers. Watch the sap as it boils, sample maple candy, or savor warm syrup with a pancake breakfast. For details and a list of local participants and activities, Visit Maple Weekend. 
An Evening with Ronan Tynan
March 6, 2014, 7-9pm
Spend an evening at the Reg Lenna Center for the Arts and enjoy the songs of a modern day "Renaissance Man" and classically-trained vocalist. One of the original Irish Tenors, Ronan Tynan will surely put you in the spirit of St. Patrick's Day. As an Irish Tenor, he has traveled the world, recorded albums and appeared on popular PBS specials televised internationally. For tickets, visit the Reg Lenna Center for the Arts. 
Snow Sports in Spring 
It looks like winter conditions will continue for a little while and starting this week, Peek'n Peak Resort offers its spring rates for lift tickets and ski and snowboard rentals. Snow tubing tickets are buy one, get one on Mondays and Thursdays. And, for one last blowout for the winter season, Spring Fest takes place on March 15th with live music, drink specials, giveaways, Pondskimming and a Cardboard Box Derby. 
Vacation Planning

Request an "I Love New York" 2014 Chautauqua County Visitors Guide for help in planning your vacation. The 80 page, four-color guide includes information on what to do and where to play, stay, shop, and dine in Chautauqua County. A County locator map is included in the center of the guide. Request a copy or call 866-908-ILNY (4569).
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Chautauqua County Visitors Bureau 
P. O. Box 1441 
Chautauqua NY 147122 

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Thursday, February 27, 2014

Brilliant Deductions! Uncover Every Homeownership Tax Break

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430 N. Michigan Avenue
Chicago, IL 60611

Chautauqua Lake Ice Pick deadline moved to mid March

Chautauqua Lake Ice Pick deadline moved to mid March - | News, Sports, Jobs, Community Information - Dunkirk | The Observer

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Wednesday, February 26, 2014

Self Tooting Chautauqua Lakefront Sales Stats

2013  Single Family Lakefront Sales:

52 Sales

Our firm Real Estate Advantage Sold  28 of the 52 for 53%

Of the 28  sold by Real Estate Advantage Rick or Julia McMahon sold 11 for 39%
or 21% of the 52 sales

Between REA and US out of the 52 sales our company had 25 of the sold listings or 48%

Looking for Lake Sales Experience call us were happy to help.

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