By 2015, 20 percent of American
households will own two or more
homes. But changing market conditions
will require 2nd home
specialists to change their ways.
"In the past four years, if you
wanted to make money selling
real estate, you just had to show
up and present yourself well.
Houses just sold themselves,"
says Peter Francese, demographics
and marketing expert. "But the
more the market cools, the greater
the need to understand the fundamentals
of target marketing."
Two factors drive the 2nd-home
boom:
· Demographics (householders
aged 55 to 64 are the fastest-growing
segment of the U.S. population).
· And wealth – both inherited,
and made in the 90s economic
boom.
Francese is demographics editor
for Economy.com and the founder
of American Demographics magazine.
He's been right on the
money predicting and analyzing
the 2nd home boom.
Boom will keep rolling
Americans own about 6.5 million
2nd homes now, and
Francese predicts that in just five
years, that number will balloon 50
percent to 10 million. "The fastest
growing age group is 55-64, and
they're more affluent than ever.
Aging baby-boomers are driving
this phenomenon, and they're
now 41-59 years old." Four million
of them will turn 55 each year
– for at least the next 10 years.
"And they have an almost infinite
ability to make and spend
money."
So, there'll be continued strong
demand for 2nd homes. The number
of households that can afford
a 2nd home is growing at two to
three times the rate of all households.
U.S. Census data released
in late August shows the concentration
of wealth is accelerating.
"The top 20 percent of households
take home 50.1 percent of all
income earned in the U.S. That
group that is becoming wealthier
and wealthier is driving growth
in the sales of very expensive 2nd
homes."
Tuesday, January 31, 2006
Sunday, January 29, 2006
The boomers set 2nd Home Specialists’ frantic pace.
The boomers, who have reached prime earning years, are the richest generation in the history of the world, saysAdvertising Age.
Americans over 50 have more than $1.6-trillion in spending power. The typical vacation home buyer is 55, says the National Association of Realtors, and nearly a quarter of them have household incomes over $150,000.
The boomers, who have reached prime earning years, are the richest generation in the history of the world, saysAdvertising Age.
Americans over 50 have more than $1.6-trillion in spending power. The typical vacation home buyer is 55, says the National Association of Realtors, and nearly a quarter of them have household incomes over $150,000.
Thursday, January 26, 2006
Peek'n Peak will be sold to Ohio developer
Resort includes two golf coursesBy DAVID ROBINSON News Business Reporter1/25/2006
Ohio real estate developer Paul Kiebler has agreed to buy the Peek'n Peak golf and ski resort and is promising to make "significant" investments in Chautauqua County facility.
Kiebler, through an entity called Kiebler Recreation LLC, has signed an agreement to buy the resort and conference center in Findley Lake from Eugene and Norbert Cross, who have owned the facility since 1988, Peek'n Peak officials said Tuesday.
The resort, which has been for sale for more than a year, includes a pair of 18-hole golf courses, 27 ski slopes, 140 condominiums and a conference center on 1,100 acres.
A Holiday Inn Express Hotel and Suites that opened in July 2001 will continue to be owned by the Cross family, said Tina Dzuricky, Peek'n Peak's sales and marketing director.
"We plan to maintain the resort's current management team and staff," Kiebler said in a statement. "Our plan is to build on the outstanding foundation provided by the Cross brothers and further the development of Peek'n Peak as a premier destination through significant future investments."
Kiebler, who could not be reached to comment on Tuesday but plans to hold a news conference today at the resort, said he and his family had been to Peek'n Peak "many times" before signing the agreement to buy the facility.
Kiebler's main business is Kiebler Properties, a real estate development and management company in Chardon, Ohio, about 25 miles northeast of Cleveland. Kiebler Properties has developed more than 2,000 multifamily residential units from Cranberry Township, Pa., to Clearwater, Fla.
R. Gordon Mathews, a Pittsburgh real estate developer who has built more than 11,000 apartments and other commercial projects throughout the country, will be a minority investor in Kiebler Recreation based on his development experience, Kiebler said.
Peek'n Peak, about 20 miles east of Erie, Pa., opened in 1964 with six trails and added a nine-hole golf course almost 10 years later. The resort then had severe financial problems and fell into receivership in 1975 until 1985, when the Cross brothers paid off the debt.
The Cross brothers, who now are in their late 60s, took the company private in 1988. The Cross brothers have invested millions in the resort, turning Peek'n Peak into a four-season facility with improved golf courses that now host stops on the Nationwide Tour, which, to use a baseball analogy, essentially is the Triple A version of the PGA Tour.
"It was important to us that we pass our legacy on to someone who will mirror our vision and is equally committed to the continued growth of the resort," Norbert Cross, Peek'n Peek's president, said in a statement.
Resort includes two golf coursesBy DAVID ROBINSON News Business Reporter1/25/2006
Ohio real estate developer Paul Kiebler has agreed to buy the Peek'n Peak golf and ski resort and is promising to make "significant" investments in Chautauqua County facility.
Kiebler, through an entity called Kiebler Recreation LLC, has signed an agreement to buy the resort and conference center in Findley Lake from Eugene and Norbert Cross, who have owned the facility since 1988, Peek'n Peak officials said Tuesday.
The resort, which has been for sale for more than a year, includes a pair of 18-hole golf courses, 27 ski slopes, 140 condominiums and a conference center on 1,100 acres.
A Holiday Inn Express Hotel and Suites that opened in July 2001 will continue to be owned by the Cross family, said Tina Dzuricky, Peek'n Peak's sales and marketing director.
"We plan to maintain the resort's current management team and staff," Kiebler said in a statement. "Our plan is to build on the outstanding foundation provided by the Cross brothers and further the development of Peek'n Peak as a premier destination through significant future investments."
Kiebler, who could not be reached to comment on Tuesday but plans to hold a news conference today at the resort, said he and his family had been to Peek'n Peak "many times" before signing the agreement to buy the facility.
Kiebler's main business is Kiebler Properties, a real estate development and management company in Chardon, Ohio, about 25 miles northeast of Cleveland. Kiebler Properties has developed more than 2,000 multifamily residential units from Cranberry Township, Pa., to Clearwater, Fla.
R. Gordon Mathews, a Pittsburgh real estate developer who has built more than 11,000 apartments and other commercial projects throughout the country, will be a minority investor in Kiebler Recreation based on his development experience, Kiebler said.
Peek'n Peak, about 20 miles east of Erie, Pa., opened in 1964 with six trails and added a nine-hole golf course almost 10 years later. The resort then had severe financial problems and fell into receivership in 1975 until 1985, when the Cross brothers paid off the debt.
The Cross brothers, who now are in their late 60s, took the company private in 1988. The Cross brothers have invested millions in the resort, turning Peek'n Peak into a four-season facility with improved golf courses that now host stops on the Nationwide Tour, which, to use a baseball analogy, essentially is the Triple A version of the PGA Tour.
"It was important to us that we pass our legacy on to someone who will mirror our vision and is equally committed to the continued growth of the resort," Norbert Cross, Peek'n Peek's president, said in a statement.
Sunday, January 22, 2006
Just when winter's snowy chill seems to last a bit too long, the Chautauqua-Lake Erie Wine Trail presents a Wine and Chocolate Festival and Valentine's celebration over the weekend of Feb. 11-12. Twelve winery chefs will focus their talents on sumptuous desserts that celebrate the joys of wine and chocolate. Try some Double Chocolate Espresso Biscotti or fruit dipped in dark chocolate paired with a dry red wine or Port. Participants often spend the entire weekend visiting the wineries and spending the night in one of the many bed and breakfasts, inns or hotels in the area. Some choose to rent a limousine for a safe and carefree drive along the wine trail and back to their lodging. The local landscape is home to an array of lakeside and Victorian villages, restaurants and ski resorts. Antiques, gift shops, a spa getaway and sleigh rides around Chautauqua Institution add to the ambiance. Tickets for the event are $21, must be purchased in advance, and are good for the weekend. Each guest receives a commemorative wine glass and packet of recipe cards.
Details: 888-965-4800 or www.chautauquawinetrail.com
Details: 888-965-4800 or www.chautauquawinetrail.com
Friday, January 20, 2006
New York Home Inspectors Must Be Licensed(January 18, 2006) -- Under a new state law in New York, home inspectors are required to be licensed before they can inspect a home for compensation.The New York State Association of REALTORS® alerted its members in a recent Government Affairs Update that, according to the New York Department of State, real estate licensees are obligated to make sure that the home inspectors they recommend to customers, clients, buyers, and sellers are licensed. To determine if a home inspector is licensed in New York, check the Index of Licensees and Registrants page at the Department of State’s Web site or call 518/474-4429. —By Michele Lerner for REALTOR® Magazine Online
Thursday, January 19, 2006
Chautauqua Institution 2006 Fees:
What fees are involved in owning an Chautauqua Institution property?
For 2006:
The service fee per $1,000 of appraised value is $1.12 per K
Trash is $161.00 per year
If you rent out the home for a week or more during the 9 week season the charge is $15.00 per bed.
Parking and gate fees can be found at http://www.chautauqua-inst.org/
What fees are involved in owning an Chautauqua Institution property?
For 2006:
The service fee per $1,000 of appraised value is $1.12 per K
Trash is $161.00 per year
If you rent out the home for a week or more during the 9 week season the charge is $15.00 per bed.
Parking and gate fees can be found at http://www.chautauqua-inst.org/
Are you thinking about renovating or remodeling your Chautauqua Lake home or primary residence. Here are two informative websites about making your home more energy efficient and possibly picking up a tax credit up to $500.00.
www.energystar.gov
www.homedepot.com/energy
www.energystar.gov
www.homedepot.com/energy
Monday, January 16, 2006
This article is true for Chautauqua Lake and Ellicotville. There are at least two new resort projects in the final stages of development for both areas.
Author: Beth Bresnahan
Publishing date: 01/13/06
RISMEDIA, Jan.16 — (KRT) — While Tom Tolleson's three sons were growing up, his Buckhead ranch-style house in Atlanta provided the perfect environment for their adolescent pursuits. But with his last son now in college, Tolleson, 55, and his wife, Lynn, have decided it's time for a change. The Tollesons sold their Blackland Road home last year and bought a condo in Novare Properties' upscale Gallery project now under construction at Peachtree and Rumson roads. They also are building a vacation home in Ellijay. "I want to make my life manageable," Tolleson said. "I want to finish my life well. I want to concentrate my time on the things that are really important." All over America, baby boomers like Tolleson are parking the minivan, junking the lawn mower and racking up unprecedented sales in resort-style subdivisions, luxury condominiums and mountain or beach vacation retreats. In Orlando this week, builders and developers from throughout the nation converged to talk about what these estimated 76 million boomers want, how much they're willing to spend on it and how they can mold the country's housing market to capture a share of the trillions of dollars boomers now command through inheritance, equity and career earnings. Market analyst Tim Sullivan of San Diego charts boomer trends for developers. Sullivan said baby boomers' buying habits are more difficult to pigeonhole than other demographic groups. "They're buying everything and they're buying it everywhere," Sullivan said. "This buyer has now transcended the traditional buyer profile." Of more than 1 million U.S. home sales anticipated in 2006, Sullivan estimated more than 300,000 will be to baby boomers. Back in Atlanta, David Tufts, president of Coldwell Banker's The Condo Store, is working with scores of downsizing boomers in Atlanta. They may be shrinking their space, Tufts said, but they are not lowering their standards. "My parents were not spenders. They were savers," Tufts said. "The inherited wealth that's coming is huge because of the savings of the generation before, and these baby boomers will spend it." The first wave of baby boomers is beginning to retire. But compared to their parents, the so-called Greatest Generation, boomers as a group are more mobile, less frugal and healthier. Michael Kephart, a Denver architect who designs communities nationwide for over-50 buyers, told journalists in Orlando that boomers are attracted to spaces that are open, informal and imaginative. "They don't have to show anybody anything. They don't have to impress anybody," Kephart said. Retirement for the boomers may involve rocking chairs but only after two sets of tennis, 18 holes of golf or a vigorous day hike. For many, it will be a time to realize dreams deferred in the interest of family responsibilities or an opportunity to devote pent-up energy to dormant passions neglected during their prime earning years. "They're not retiring," Tufts said. "They're moving on." Some boomers, like Tolleson, are dividing their resources between a chic smaller primary residence and a vacation home. Builders and developers have come to refer to these homeowners as "splitters." But others are looking for a package deal. These home buyers are scouting the housing market not only for homes built to accommodate them as they age, but communities packaged with a wide-ranging buffet of built-in recreational activities and home maintenance services. Casey Hill, president of the Georgia division of Pulte Homes' Del Webb brand, which specializes in housing for adults over 50, said marketing to the aging boomers entails a far different set of amenities than earlier senior markets. "They're no longer playing shuffleboard," Hill said. "They're skydiving." Del Webb is one of the nation's two largest and most experienced builders of so-called active adult communities. Its Village at Deaton Creek broke ground in Hall County near Gainesville last fall. Levitt and Sons, another active adult community builder, is hard at work on Seasons at Laurel Canyon near Canton. Levitt's regional president, Dan Grosswald, says sales have been brisk. "Atlanta is one of the fastest-growing baby boomer markets in the country," Grossman said. Both companies are clearly committed to aggressive growth strategies in Georgia for active adult living. In addition to what Hill said was an Atlanta market with more than 500,000 qualified active adult households, the area was attracting buyers from other locations. "We're seeing a lot of interest from outside Atlanta as well as inside," Hill said. "Our goal is to make Georgia the new Florida in terms of active adult 1/8development3/8." Southern flight Market analyst Sullivan said that only about 20 percent of baby boomers expect to relocate when they retire. But he said Southern cities will receive many of those who do migrate, while Northeastern cities are seeing a disproportionate exodus of boomers. Those who do remain in their communities may buy new homes there, unless they are discouraged by rising home prices or heavy tax penalties, according to Sullivan. Boomers who do not buy new homes probably will renovate their existing homes to suit a new lifestyle, adding main-floor bedrooms, expanding kitchens and building in-law suites for aging parents. Copyright © 2006, The Atlanta Journal-Constitution Distributed by Knight Ridder/Tribune Business News.
Author: Beth Bresnahan
Publishing date: 01/13/06
RISMEDIA, Jan.16 — (KRT) — While Tom Tolleson's three sons were growing up, his Buckhead ranch-style house in Atlanta provided the perfect environment for their adolescent pursuits. But with his last son now in college, Tolleson, 55, and his wife, Lynn, have decided it's time for a change. The Tollesons sold their Blackland Road home last year and bought a condo in Novare Properties' upscale Gallery project now under construction at Peachtree and Rumson roads. They also are building a vacation home in Ellijay. "I want to make my life manageable," Tolleson said. "I want to finish my life well. I want to concentrate my time on the things that are really important." All over America, baby boomers like Tolleson are parking the minivan, junking the lawn mower and racking up unprecedented sales in resort-style subdivisions, luxury condominiums and mountain or beach vacation retreats. In Orlando this week, builders and developers from throughout the nation converged to talk about what these estimated 76 million boomers want, how much they're willing to spend on it and how they can mold the country's housing market to capture a share of the trillions of dollars boomers now command through inheritance, equity and career earnings. Market analyst Tim Sullivan of San Diego charts boomer trends for developers. Sullivan said baby boomers' buying habits are more difficult to pigeonhole than other demographic groups. "They're buying everything and they're buying it everywhere," Sullivan said. "This buyer has now transcended the traditional buyer profile." Of more than 1 million U.S. home sales anticipated in 2006, Sullivan estimated more than 300,000 will be to baby boomers. Back in Atlanta, David Tufts, president of Coldwell Banker's The Condo Store, is working with scores of downsizing boomers in Atlanta. They may be shrinking their space, Tufts said, but they are not lowering their standards. "My parents were not spenders. They were savers," Tufts said. "The inherited wealth that's coming is huge because of the savings of the generation before, and these baby boomers will spend it." The first wave of baby boomers is beginning to retire. But compared to their parents, the so-called Greatest Generation, boomers as a group are more mobile, less frugal and healthier. Michael Kephart, a Denver architect who designs communities nationwide for over-50 buyers, told journalists in Orlando that boomers are attracted to spaces that are open, informal and imaginative. "They don't have to show anybody anything. They don't have to impress anybody," Kephart said. Retirement for the boomers may involve rocking chairs but only after two sets of tennis, 18 holes of golf or a vigorous day hike. For many, it will be a time to realize dreams deferred in the interest of family responsibilities or an opportunity to devote pent-up energy to dormant passions neglected during their prime earning years. "They're not retiring," Tufts said. "They're moving on." Some boomers, like Tolleson, are dividing their resources between a chic smaller primary residence and a vacation home. Builders and developers have come to refer to these homeowners as "splitters." But others are looking for a package deal. These home buyers are scouting the housing market not only for homes built to accommodate them as they age, but communities packaged with a wide-ranging buffet of built-in recreational activities and home maintenance services. Casey Hill, president of the Georgia division of Pulte Homes' Del Webb brand, which specializes in housing for adults over 50, said marketing to the aging boomers entails a far different set of amenities than earlier senior markets. "They're no longer playing shuffleboard," Hill said. "They're skydiving." Del Webb is one of the nation's two largest and most experienced builders of so-called active adult communities. Its Village at Deaton Creek broke ground in Hall County near Gainesville last fall. Levitt and Sons, another active adult community builder, is hard at work on Seasons at Laurel Canyon near Canton. Levitt's regional president, Dan Grosswald, says sales have been brisk. "Atlanta is one of the fastest-growing baby boomer markets in the country," Grossman said. Both companies are clearly committed to aggressive growth strategies in Georgia for active adult living. In addition to what Hill said was an Atlanta market with more than 500,000 qualified active adult households, the area was attracting buyers from other locations. "We're seeing a lot of interest from outside Atlanta as well as inside," Hill said. "Our goal is to make Georgia the new Florida in terms of active adult 1/8development3/8." Southern flight Market analyst Sullivan said that only about 20 percent of baby boomers expect to relocate when they retire. But he said Southern cities will receive many of those who do migrate, while Northeastern cities are seeing a disproportionate exodus of boomers. Those who do remain in their communities may buy new homes there, unless they are discouraged by rising home prices or heavy tax penalties, according to Sullivan. Boomers who do not buy new homes probably will renovate their existing homes to suit a new lifestyle, adding main-floor bedrooms, expanding kitchens and building in-law suites for aging parents. Copyright © 2006, The Atlanta Journal-Constitution Distributed by Knight Ridder/Tribune Business News.
Friday, January 13, 2006
The weather has not been co-operating with the winter sports enthusiasts. Today is partially sunny and the snow is gone. As I type the temp is in the 50's. One of my associates went golfing locally today.
The housing market is starting to pick up with numerous residential listings coming on the market and a slight trickle of Chautauqua Lake properties.
Your comments are welcome on anything to do with Chautauqua Lake and County.
The housing market is starting to pick up with numerous residential listings coming on the market and a slight trickle of Chautauqua Lake properties.
Your comments are welcome on anything to do with Chautauqua Lake and County.
Monday, January 09, 2006
What is the average sale price of a Chautauqua Lakefront Home?
From 1/1/2005-1/9/2006 there were:
55 Chautauqua Lakefront sales. The attached averages do not take into account lakerights, condos/townhomes, canalfronts or land or community owned lakefrontage. The figures reflect single family homes with lakefrontage only. The average LF home sale in 05 had 87 linear ft of waterfrontage.
COMBINED AVERAGES:
Adjusted Price $443,592
List Price $443,592
Closing Price $405,415
Bedrooms 3
Full Baths 1
Half Baths 0
Est Sq Ft 1,763
DOM 101
DOM refers to Days on Market. This is from the time a home is listed till it closes. A home can get an accepted offer day one on the market and take 5 months to close because of complications with financing, title etc. The average closing time for an accepted offer is 60 days.
If you would like a more detailed breakdown that would include all sales associated with the lake not just lakefronts contact us at rickandjuliarealtors@yahoo.com We can also provide you with info on Findley, Cassadaga, Erie & Bear Lake.
From 1/1/2005-1/9/2006 there were:
55 Chautauqua Lakefront sales. The attached averages do not take into account lakerights, condos/townhomes, canalfronts or land or community owned lakefrontage. The figures reflect single family homes with lakefrontage only. The average LF home sale in 05 had 87 linear ft of waterfrontage.
COMBINED AVERAGES:
Adjusted Price $443,592
List Price $443,592
Closing Price $405,415
Bedrooms 3
Full Baths 1
Half Baths 0
Est Sq Ft 1,763
DOM 101
DOM refers to Days on Market. This is from the time a home is listed till it closes. A home can get an accepted offer day one on the market and take 5 months to close because of complications with financing, title etc. The average closing time for an accepted offer is 60 days.
If you would like a more detailed breakdown that would include all sales associated with the lake not just lakefronts contact us at rickandjuliarealtors@yahoo.com We can also provide you with info on Findley, Cassadaga, Erie & Bear Lake.
Well, the weather is not co-operating with us. Today is actually balmy and the snow is melting.
I went skiing yesterday at Holiday Valley and was surprised to find the slopes in good shape and no lift lines.
Please visit www.chautauqualakehomes.com/faq.html for our year end statistic on Chautauqua Lake home sales for 2005.
I went skiing yesterday at Holiday Valley and was surprised to find the slopes in good shape and no lift lines.
Please visit www.chautauqualakehomes.com/faq.html for our year end statistic on Chautauqua Lake home sales for 2005.
Saturday, January 07, 2006
This article appeared in the Post Journal published in Jamestown, NY on the morning of 1/7/2006. (double click on the article to blow it up). Since then Chautauqua County has received 4-6 inches of new snow and the tempature has dropped.
The ski areas are doing well do to snow making. I'll keep you posted next week as to current trail conditions. Chautauqua Lake is in the midst of freezing over.
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