Market Leaves Few Bargains

The New York Times recently reported that the market for second homes appears even stronger than the market for primary residences. And, with millions of baby boomers poised to retire over the next couple of decades, prices are likely to climb even more. The National Association of Realtors reports that the median price for a second home, new or existing, was $162,000 in 2001 – a 27% increase from 1999.

Phil Cox, Broker-in-Charge of Resort Vacation Services, indicates they are experiencing similar increases in the price of condos at the 33-acre Myrtle Beach Resort. “The inventory of resale condos is at an all time low, “ Cox reports. “Additionally, we’re just coming into our best selling season – immediately preceding the summer rental months when owners experience over sixty percent of their rental income. Prices are steadily rising as a result of strong buyer demand. I can’t imagine a better time to purchase.”

Click here for some examples of vacation condo prices.

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