Second Home Slump? Not in NYC

While formerly hot second home markets like Miami Beach, Las Vegas and Fort Myers slump, New York City, especially Manhattan, soars. Example: A Time Warner Center 3,000+square foot 65-floor condo, sold by Ricky Martin last year for $9.75 million, is for sale again for almost double: $18.9 million, according to the Wall Street Journal. Pop star paid about $6.8 in 2004 for 7-room pied-a-tierre in the sky.

Dissed By Your Home Insurance Company?

That's the way some folks in southwest Florida feel. Citizens Insurance Company has sent out thousands of letters to policy holders with coastal property demanding that they prove their home is their primary residence.

It's because of a change in the law, says an article in news-press.com of Fort Myers. The background:

"In the spring, the Legislature passed new laws that treat second-home owners different from Citizens policyholders who insure their primary residences through the state-run insurer of last resort.

"Starting with new policies and renewal notices that go out after March 1, owners of vacation homes, rentals and other non-homestead property will be kicked out of Citizens and forced to try to buy their insurance again on the private market."