Kentucky Real Estate Business

Posts Tagged ‘Second’

Second home sales have been increasing over the last few years with more people becoming second home owners. In 2005 alone, 40 percent of the homes sold were second homes. Demographics, all time low mortgage rates, and healthy rise in home prices have contributed to this development in the second home market. Besides these, a major factor that has helped augment the buying and selling of second homes is the real estate professional.

The National Association of Realtors conducted research on the profile of second-home owners in 2006. According to the NAR report entitled ’2006 Profile of Second-Home Owners’, a majority of second home sales transactions are conducted using the services of real estate agents.

The statistics are remarkable; 64 % of vacation home buyers purchased their home using the services of a real estate agent by the end of 2005 – a marked increase from less than 50 % of vacation-home buyers in 2003. Also, 65 % of investment-home buyers purchased their home with the help of a real estate agent – an increase from 53 % of pre-2003. In comparison, only 14 % of vacation-home buyers and 7 % of investment-home buyers purchased directly from builders from 2003 to 2005.

The growing role of the real estate professional is evident from the following figures:

1. Of vacation home sales made, 71 % of them were second homes and 74 % of the sales were made using the services of a real estate agent.

2. Of the investment properties sold, 85 % of them were previously owned and 62 % of the sales were made using the services of a real estate agent.

The use of real estate agents in second home sales transactions varied according to the home’ location.

1. Buyers used a real estate agent more frequently while purchasing a vacation home located in a suburb/subdivision (56 %) or a rural area (57 %) than for homes in other locations.

2. About 66 % of buyers who purchased an investment property in an urban/central city area or in a suburb/subdivision, used the services of a real estate agent more frequently than those who purchased a home in other locations.

Real estate professionals continue to be the first source of information to second-home buyers (38 % of vacation-home buyers and 34 % of investment-home buyers). The real estate professional also plays a major role when second-home owners plan to buy additional properties. If you are thinking of buying a second home or vacation home, seek out the services of a real estate agent to guide you through your next home purchase.

1. The percentage of second home owners who are more likely to use a real estate agent in their next home purchase is quite high. Among vacation-home owners it is 79 % and investment-home owners 73 %.

2. Among second home owners, 65 % of vacation-home owners and 64% of investment-property owners are more likely to use a real estate agent in their next home sales.

Given these statistics, it is no wonder that the real estate agent plays a pivotal role in helping people buy and sell second homes. So whether you are a second-home buyer or seller, enlist the services of an agent for a smooth, hassle free real estate transaction.

 

Zip code 78749 in Southwest Austin is one of the few places in the United States where the real estate market is robust and booming. Recently ranked second in a Business Week magazine study on the fastest selling US zip codes, homes in this high-end neighborhood were second to only Sunnyvale, California.

Austin real estate brokers are positive about the implications such market behavior will have on Austin, TX real estate, especially for sellers. Interviewed by Business Week magazine Jay Carter, a veteran realtor with Living in Austin says, “This truly is one area of the Austin Real Estate market where sellers are still in control.”

Real estate in Texas has definitely been looking up as zip codes like Houston, Plano and economically forward areas like Portland and Oregon have been drawing homebuyers and sellers in numbers. Nonetheless, Austin real estate agents have revealed that the 78749 zip code is as exclusive as it can get in terms of prime real estate in Texas.

Where prices are concerned, the superior condition of the homes in such an elegant neighborhood commands enormous potential for profit for the seller. The high standard of the homes in this locality speak for themselves and realtors like Jay Carter cannot be any happier.

Similarly, for a buyer interested in prime Real Estate in Austin, Jay thinks the location is ideal. A recognized realtor in the Austin real estate business, Jay explains, “It’s a high-end neighborhood surrounded by scenic hills, but it’s just a 5- or 10-minute drive to downtown.” The price you pay for real estate in Austin is the price you pay for exclusivity, convenience and aesthetically pleasing environs. Unlike other Austin, Texas real estate brokers, Jay Carter, realtor and co-owner of Living in Austin walks the talk. His views are featured regularly in magazines like the Personal Real Estate Investor and Business Week.



The Living in Austin team has established a name for themselves as one of the best firms to approach for real estate in Texas. Jay Carter is an established authority on the Austin, Texas real estate market and along with his extremely resourceful team works towards educating and enriching the Austin community and culture about smart real estate choices.



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If you wish to know more about buying and selling homes in Austin, Texas, you can visit the Living in Austin website www.livinginaustin.com or call Michelle Kim Carter at 512-997-7653.

 

Condo hotels are taking many resort locations by storm! Operated by renowned hoteliers such as Hilton, Hyatt and Trump International, condo hotels are being built in premier vacation destinations such as Las Vegas, Orlando, the Caribbean, and Dubai.

They often include five-star amenities, making them the ultimate vacation getaway. As real estate, they offer appreciation potential. Combine all these qualities with the ability to generate rental income, and you’ve got yourself one good deal.

Is a condo hotel right for you? Consider these 10 factors to decide:

1. Escape to your second home any time. With timeshares or partial ownership, you can use your condo one, maybe two, weeks of the year. Condo hotels, on the other hand, allow you to use your vacation home any time, given the proper notice.

2. Visit your favorite vacation destination over and over again. Condo hotels tend to be built in fantastic locations. They may be overlooking the ocean in Miami Beach, near theme parks in Orlando, on a golf course in California, slope-side in Telluride, or right on the exciting Las Vegas Strip.

3. Live in the lap of luxury. Enjoy premier living right in your own second home! Your condo hotel unit will be delivered designer furnished. But it’s the resort’s amenities that really make it special: the brand-name spa, resort-style pool, gourmet restaurants and state-of-the-art fitness center, all right on-site. Plus, don’t forget the hospitality extras, from daily housekeeping and room service to 24-hour concierge assistance.

4. Relax with hassle-free ownership. Don’t have the time or desire to handle the upkeep of your property? Condo hotels offer a built-in property management team that takes care of everything, from maintenance and housekeeping to operation of all the amenities.

5. Have pride of ownership. With a condo hotel you can possess your very own Trump, Hyatt, Hilton or Ritz-Carlton. How cool is that!

6. Receive rent revenue. When you’re not using your condo hotel unit, simply place it in the hotel’s rental program. The hotel management team takes care of finding the guests, and you’ll get a share (usually around 50%) of any revenue your unit generates. This income can help offset your costs of ownership.

7. Resell your condo unit at any time. With timeshares reselling is difficult to do since you only own a particular week of the year. With a condo hotel unit, you have deeded whole ownership and can resell your property just as you would any other type of real estate.

8. Get in early on the condo hotel craze. Condo hotels are a fairly new type of real estate. As the market increases in popularity, demand for these units will grow. Now is the time to get in at the ground-level phase.

9. Gain appreciation potential. Condo hotels, like most quality real estate in highly desirable destinations, are likely to appreciate. Maximize the appreciation potential by buying your condo hotel unit in the pre-construction phase, when prices are at introductory levels.

10. Diversify your investment portfolio. If you’re looking for an alternative to the stock market, condo hotels offer a means to invest in real estate without assuming the responsibilities of becoming a landlord.