Permanent Vacation
Permanent Vacation Who says you can't get away more often? Last year a record number of Americans bought second-home retreats. Here are four ways to get in on the action. July 2004 by Chris Taylor ...Talk about the good life. Clark Thompson (Founder and Co-Chairman of EscapeHomes.com) already has his own vacation home, a three-bedroom bungalow he bought in Palm Springs, Calif., three years ago, just before real estate there took off. But it turned out he could get some unexpectedly high income renting it out, which is exactly what he's been doing. So guess what he's thinking about now? Buying a second vacation home, better than the first. Recently, he made an offer on a vine-covered stone house in California's wine country. It's just down the road in tony Yountville from the hot restaurant French Laundry, and Thompson, a divorced dad from Orinda, Calif., has it all worked out in his head. Once a week he'll head out to the house with clients or his two grown daughters, and togther they'll decompress in Napa Valley. "It's a nice little getaway," he says. "I just said to myself, 'What the hell?'"... SECOND-HOME HUNTING Surprised at the prices of vacation homes? To help with your hunt, we went looking for less-expensive towns near traditional resorts.     MARKET AREA PRICE* COMMENTS Aspen Crested Butte, Colo. $450,000 320,000 Aspen actually had plateaued during a several-year slowdown, but no more. Kiawah Island Charleston, S.C. 350,000 169,000 Kiawah is more exclusive and hot, with prices up 16 percent in the past year. But Charleston has its charm. Hamptons Shelter Island, N.Y 660,000 550,000 If you can deal with the ferry, and no movie theater, Shelter Island continues to be a peaceful alternative to its supertrendy and superpricey neighbor. Hilton Head Beaufort, S.C. 375,000 200,000 Hilton Head remains a retiree haven. Step off the island and Beaufort, with more land, has more deals. Naples Fort Myers, Fla. 235,000 170,000 There’s still a lot of development in both towns, but Fort Myers is catching up to its upscale neighbor. Outer Banks Ocean Isle Beach, N.C. 460,000 350,000 The area is rebounding well from past hurricane troubles. One local broker says the Outer Banks is “the hottest it’s ever been.” Palm Beach Vero Beach, Fla. 460,000 155,000 Phenomenal appreciation in Palm Beach, the playground of the stars. Vero Beach tends to get forgotten. Palm Desert Palm Springs, Calif. 320,000 250,000 Combination of snowbirds and boomers have driven prices in both places to what one broker calls “unreal” levels. Park City Alta, Utah 600,000 250,000 We’d never heard of quaint Alta, but move fast: Baby boomers are pushing up prices there, too. Scottsdale Tempe, Ariz. 265,000 150,000 Good values in the area. Prices went up less than 2 percent in Tempe in the past year.  *Home prices are median averages for the area. Towns provided by EscapeHomes.com. Data: DataQuick Information Systems; Local Brokers Contact SmartMoney Magazine for a complete copy of this article.