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.

Canyon Ranch Condos -- Healthy Trend

Dr. Kenneth "Aerobics" Cooper is not the only wellness/spa housing entrepreneur. Canyon Ranch, the pricey spa based in Tucson and elsewhere, beckons with condos in Miami Beach, Bethesda, Maryland and Chicago. Thinking of a pied-a-terre ? As I indicated in my previous post, I think this wholesome trend could possibly be profitable too. The Miami Beach facility is scheduled to open this fall. Prices in this overheated market for a 1-BR are already below the original floor of $695,000.

The Next Summer Sizzle

So you thought there were no more beach resorts suitable for smart investors or second-home hunters? Think again. EscapeHomes, the popoular Web site, spotlights a bunch of them, including Door County, WI, Holden Beach, NC, and Long Beach Island, NJ. Each has properties for sale at prices that wouldn't buy a closet in the Hamptons or Miami Beach.