Friday, May 12, 2006

Term "Second-Home" May Be Outdated

Here's a twist: Reflecting on the latest survey of second-home owners, National Association of Realtors President Thomas M. Stevens says "the term 'second home' appears to be something of a misnomer.' The fact that so many owners of vacation homes and investment property have additional properties is a bit of a revelation."

It may be a revelation to some, but in places like Aspen and other posh Colorado mountain communities, it's a fact. Wealthy vacationers now have multiple homes and pied-a-terres, as well as investment property.

Stevens points to "a crossover between largely vacation- and investment-home owners, with people recognizing the value of those investments and pouring more assets into real estate."

Let's see if that keeps up as prices flatten and interest rates climb.

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