EscapeHomes.com Releases Price Index for Second Homes - Second Home Market Shows No Signs of Cooling This Summer
August 10, 2004
Beach and Mountain Destinations Lead The Way As Demand And Price Appreciation Remain Strong
SAN FRANCISCO, CA. Despite concerns about rising interest rates, the second home market remains strong, according to a recent study of top second home markets from EscapeHomes.com.
The median year-over-year price increase for second homes in EscapeHomes.com’s Price Index was 22% in the first half of 2004. Beach and mountain destinations led the way in appreciation with Holden Beach, NC and Park City, UT at the top of the list, but all destinations in the index showed robust price appreciation.
According to David Hehman, EscapeHomes’ CEO, “We continue to see strong price appreciation and high consumer demand in our Index markets for several reasons. First, the large base of baby boomers entering retirement years is putting pressure on these markets. Second, the top vacation and retirement markets are limited in choice homes. And finally, people are choosing real estate to diversify their portfolios, especially since interest rates are still at historic lows.”
EscapeHomes.com Price Index for Second Homes is currently based on these market areas:
Bend, Oregon
Holden Beach, North Carolina
Incline Village, Nevada
Myrtle Beach, South Carolina
Naples, Florida
Park City, Utah
Santa Barbara, California
Sarasota, Florida
St. Helena, California
Truckee, California
“St. Helena real estate continues to be a hot commodity and should remain so in the future given the limited number of homes and the desirability of the area.”
– Joel Toller, St. Helena, CA, Real Estate Agent
“In Park City and from what I’m hearing, throughout the Rockies, it’s been the strongest summer we’ve seen in many years. We’re on track for a record year in real estate sales.”
– Dennis Hanlon, Park City, UT, President of Rocky Mountain Resort Alliance
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Note to Editors:
Index destinations were selected at random from EscapeHomes.com. Index is based on median single family residence price appreciation from Q1-Q2 2004 vs. Q1-Q2 2003. Data complied in coordination with local real estate agents and realtor boards. EscapeHomes.com defines second homes as homes being purchased for vacation, investment or retirement purposes.
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About EscapeHomes.com
Founded in 1999, EscapeHomes.com (www.escapehomes.com ) is the leading online marketplace for second home real estate. EscapeHomes.com is dedicated to matching buyers with real estate professionals who are experts in their local markets. Visitors to Escapehomes.com can view property listings in major second home markets and access articles to inform their purchase decision.
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Media Contact:
Amanda Sturges
Director of Marketing
415.252.9500
amanda@escapehomes.com
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