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A recent report from the National Association of Realtors (NAR) shows that great things are happening on the national front that will have an affect on the coastal areas of Tampa Bay, where vacation homes are common. Clearwater Beach homes for sale as well as other beach front properties have suffered with the downturn in the local real estate market. Sales of properties in Redington Beach, Indian Shores, Madeira, and St Pete beach homes have all declined.
The 2010 Investment and Vacation Home Buyers Survey was conducted in March of this year and surveyed individuals who purchased residential property in 2009. The published results show that vacation home sales are on the rise.
Vacation home sales increased from 513,000 in 2008 to 553,000 in 2009, which is a 7.9% jump. In addition, a 10% increase in market share was seen for vacation homes. “The typical vacation home buyer is making a lifestyle choice,” says Lawrence Yun, the association’s chief economist. “9 out of 10 said they intend to use the property for vacations or as a family retreat.”
This could mean great news for the Tampa Bay real estate market, specifically in coastal areas. Clearwater beach homes for sale, for example, are quite common right now with 410 residential properties listed for sale. An upswing will mean good things for both local property owners and the economy.
According to the report, 1/4 of all vacation home buyers purchased with the intent to rent the property to others. More good news for the Tampa Bay area is that half of the properties sold in 2009 were located in the South. In addition, Yun reports that “Prices are going up, and as a result the investors have determined that the bottom has passed. We are actually staring to see an inventory problem on the horizon for Southern California and Southwest Florida.”
Great news for those owners of coastal vacation home property like Clearwater Beach homes for sale.
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