No Smoking Cabins available in Great Smoky Mountains

The Great Smokies are a bargain this summer, says Money Magazine. In a feature on last minute deals, it recommends the gorgeous area of the Great Smoky Mountains National Park on the Tennessee/North Carolina border, with an assist from Christine Karpinski, author of How to Rent Vacation Properties by Owner. You can rent a wonderful cabin in these woods for as little as $80 a night (for a two-bedroom 1 bath cabin with fireplace and satellite TV) from companies such as Bearly Rustic. I love the fact that this bear-friendly property management firm specifies that some of its rentals are "no smoking."

Breakaway: "New Urbanist" Homes Sell in North Carolina Mountains

Despite the real estate meltdown, some vacation developments with unusual qualities are experiencing good sales. That includes Breakaway, a self-described "new urbanist" community 25 miles from Asheville, North Carolina. Breakaway points out it's NOT "another gated-subdivision, outdated cabins, or pointless sprawling mansions." The planned development has its own ski hill, plus homes with views and "inviting streets" that "make walking and biking" part of daily life. An ice cream shop and a grill are finished in the village center. Some homesites are priced below $100,000 and houses are on sale from mid $300,000 up.A spokesperson says so far 5 houses are complete.

Where to Invest? Charlotte, Dallas Show Price Gains

Charlotte and Dallas are beckoning second-home buyers and perhaps investors. The latest news from the S&P Case/Shiller home index report is that for the first time in as many months, "we finally saw monthly price appreciation" in these two metro areas," David M. Blitzer, Chairman of the Index committee at Standard & Poor’s, said today as the dismal first quarter housing numbers showed declines elsewhere. "Charlotte was up 0.2% in March over February, and Dallas was up 1.1%.”

On the negative side, Las Vegas "remains the weakest market, reporting an annual decline of -25.9%, followed by Miami and Phoenix at -24.6% and -23.0%, respectively. Charlotte is the only market with appreciation over the past year, returning +0.8%. In March, half of the MSAs and both composites fell by more than 2% over February. Miami was the worst performer, returning -4.5%.

"Overall," according to the report, "the markets that grew the most during the recent real estate boom are the ones that are leading the current decline."

Author Says Now's Time to Buy

Christine Hrib Karpinski, author of How to Rent Vacation Properties By Owner, says you don't need to dig deep right now for a vacation home. Last year saw "a definite shift away from more expensive markets (Florida, Nevada, Arizona) and into more affordable locations (Georgia, Tennessee, the Carolinas). Obviously, houses will cost less in these areas, which means more buying opportunities for less affluent individuals." Karpinski also finds a silver lining for those who don't think they need rental income. While less than 20% of those responding to a Realtors' survey said they would not rent out their vacation getaway, "when people do decide to start renting it out, they are delighted to discover how easy it is and how profitable it can be."

Are Multi-Generation Compounds a Trend?

Family-style second homes may be the Next Big Thing in housing. According to the Wall Street Journal, builders are offering "compounds," or lots on which a comppound of more than one house can be built, in several parts of the country. The article cites Crescent Resources in Charlotte, N.C., which has sold 80 compound lots in Lake James, and has similar communities on the drawing board including Palmetto Bluff near Hilton Head, S.C. The idea is for different generations to have a place to build their own vacation houses even if they don't have the kind of money that Kennedys and other famous families have used to build their own compounds. In Lake James, one family paid $400,000 for a 15-acre lot. Near Bethel, N.Y. in the Catskill Mountains, Chapin Estate lots run from $155,000 for a wooded five-acre lot to $1.3 million for eight acres on a lake, all zoned for multiple dwellings.

Still Going Up: NC, Texas, Montana

Smile if you are selling a vacation home in North Carolina. The National Association of Realtors reports that's where the biggest total sales increase was for the third quarter. Existing-home sales rose 9.7 percent compared with the third quarter of 2005. In Texas the third-quarter resale pace rose 8.6 percent from a year earlier, while Montana experienced the third strongest gain, up 6.4 percent.

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.

The Donald in Hooterville

Can you picture Donald Trump in a "Petticoat Junction" second-home mecca in North Carolina's Blue Ridge mountains? Well, believe it. The Wall Street Journal reports that "two large residential projects partly financed by the New York developer's mortgage company, particularly a luxury condominium that could cast a shadow over the turn-of-the-century courthouse" is giving residents of Hendersonville fits.

Categories: NorthCarolina, Hendersonville