When the real-estate bubble burst, some of the hardest-hit markets were sunny destinations. That means there are some serious bargains out there for vacation homes.
“A lot of those markets — Florida, Nevada, Arizona and even some markets in California — were also foreclosure hot spots and overbuilt, so there are home bargains galore in those areas, many of which are actually newer housing stock,” said Tara-Nicholle Nelson, consumer educator for real-estate site Trulia.com.
Home prices rose temporarily in 2009 and 2010 due to the homebuyer tax credits offered by the federal government, but since they expired, prices have gone back down and are now where they were in about 2003, Nelson said.
So where are some of the best deals? Trulia crunched the numbers, starting with AAA’s list of the top vacation destinations and then calculatedthe decline, in percent terms, of home prices in those markets from the peak in the second quarter of 2006 through the fourth quarter of 2010, the most recent data available. And when Nelson said there were bargains galore, she wasn’t kidding: The decline in home prices on this list ranges from 31 percent to 55 percent.
Here are the top 10 places to buy a vacation home in the United States.
By Cindy Perman
Posted 11 March 2011