Excerpt from: Breckenridge, Keystone and Summit County Places, Events and Things
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| March 07, 2005 | | A third of all home sales . . . are you kidding? | Boy, aren't we special. Summit County homes are owned 2 to 1 by non-residents. That means they are second homes and/or investment properties. We knew second home sales are what drive resort markets, but guess what? According to the National Association of Realtors (NAR), a third of ALL home sales in the country last year were second homes. Why is that? Well, interestingly, not all were to live in. More and more are for invesment and for portfolio diversification. I know that we are getting more and more inquiries from people who want to move all or part of their investments from the stock market. And for good reason. Not only is appreciation better than "more liquid" financial investments, but combined with the leverage available in real estate, it's a real winner. Where else can you investment 20% or less (many homes are bought with nothing down) at interest rates still under 6%, and not have a call if rates change or the economy goes crazy. I tell you, it's a good deal. But, don't just take my word for it. Read the article in full. | |
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