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Vacation Land and Second Home Properties Despite all the Gloomy News from the Media

Existing second home and vacation land sales continue to be in demand in the big three vacation home states in the Northeast – Vermont, New Hampshire and Maine. A unique aspect of these three states is that in Maine, followed by the others, have more vacation and second home properties than anywhere else in the country. Vacation properties and land markets have stayed relatively strong in these markets and are likely to continue to see moderate gains. Southern New England states like Massachusetts, Rhode Island and Connecticut are more concentrated in residential property than that of thier northern neighbors so the market is a little more flat.
However, because these states did not see the tremendous gains
other parts of the country realized, their markets are not as affected.

The National Association or Realtors’ Chief Economist, Lawrence Yun, has said the market has already stabilized in the Northeast states. Other real estate experts agree that the Northeast has fared better than the south and the west, especially Florida, Arizona, Nevada and California. Land and vacation properties are still being propped up by the demographics and demand of the New England population.

According to John Tucrillo, former NAR Chief Economist, “baby boomers” are still fueling demand for second home property.*

The Northeast’s strong recreational property market offers an incredible diversity of buying options; making this a great time to be shopping for the perfect piece of vacation or second home property.

It has become clear to many land developers in the northeastern part of the country that the market, although not like it was two years ago, is still out there. According to Jeff Bailey, Managing Partner of Great Brook Preserve, a 65-lot land development in the Bethel, ME and Sunday River area, “there is still a strong market out there if you give customers a great value with amenities like views, streams, paved roads and underground utilities near a large ski resort like Sunday River in Maine.” Bailey went on to say, “people in the Northeast are also attracted to nature, like the walking trails and conservation land that Great Brook Preserve offers.”

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Tuesday, February 17th, 2009 Land News