Overall home sales for 45 states and the District of Columbia climbed in the 3rd quarter of this year, although prices were still lower than those from this same time last year. This turn around is good news, except for four states that is! Unlike the well-distributed increase in existing home sales activity, foreclosures were dominated by four key states. California, Florida, Illinois and Michigan accounted for 52 percent of the total foreclosure activity in October, RealtyTrac reported. For buyers in these states this could be a good thing, because prices on foreclosures are usually lower than prices for homes sold by individual sellers. Individual sellers will not be happy with these facts; however, because foreclosures in their areas could bring down the value of their home's. Let's just hope that with the extension of the home buyer tax credit that the real estate market gets a much needed boost!
1. Taking Frequent Vacations to The Same Places
Do you find you and your family are taking frequent vacations to the same place? Maybe it's Disney World or your a relaxing beach front destination. Whatever the location consider how much money you spend on lodging, dining and activities. Generally the cost of all that combined annually could be a down payment on a vacation home. When you're not using it you can rent the property out which helps offset the cost of owning it.
2. Already Own a Timeshare
Timeshares are great for some people but with the real estate market at rock bottom prices on vacation homes have never been lower. Unlike a timeshare, if you own a vacation home you can visit the property as much or as little as you like and there are no penalties and unlike a timeshare you can rent your property out when you're not using it. Often times, the carrying costs of owning a vacation home that is being rented out ends up being almost the same as an upscale timeshare.
3. Planning Your Retirement
Many people who plan their retirement already have a set place in mind that they would like to retire to. If you are one of those people consider the financial benefits of investing in a vacation home for your retirement. The ability to offset the cost of owning the property until retirement and still use the home for vacations is a huge perk as well as the equity that you will be building towards your retirement nest egg.
4. 1031 Exchange
Many investors who are selling off their investment properties are looking to take advantage of the 1031 exchange for tax purposes. What a great opportunity to invest your gain into a vacation rental property. You not only save on taxes but now you gain a vacation home that you can retreat to as well as offset the carrying costs of owning.
5. You Just Want a Good Real Estate Investment
If only for the reason that you're looking for a property that will appreciate in value than buying a vacation home could be the best investment you ever make. Vacation rental properties are in a specialized category of real estate and due to their zoning flexibility for short term renting, there is always a demand for this type of property from international investors. Vacation rental homes, in my opinion, could be one of the safest real estate investments you can buy, especially with prices for buying are so low right now. Take advantage of the market while you can.
The real estate market in Boca Raton has slowed down, right along with the rest of the economy. As of November 2009, there are over 2000 available homes for sale and another 1900 plus Condo/Townhomes available for sale. Prices are lower due to the lack of demand in this staggering economy. But this is good news for prospective buyers! It's the best time to shop around and get a good deal on a great home! With interest rates still affordable, now is the time to buy. It is good for buyers to remember though, that if making an offer on a short sale time and patience is required. Banks are so swamped with the shear number of short sales that it may take months for an offer to be accepted. That should not discourage, however, because the deal can be worth the wait!
• 2,873 sq. ft., 4 bath, 4 bdrm single story
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MLS®
$1,100,000
- GREAT WATER FRNT PROPERTY
Tropic Isle, Delray Beach
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INCREDABLY SPACIOUS! 4 BEDROOM 4 BATH HOME MASTER BEDROOM ALMOST 16X18, DEEPWATER OCEAN ACCESS FOR BOATS UP TO 70 FEET. RECENT ROOF REPLACEMENT, IMPACT GLASS AND SHUTTERS.
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• 9,278 sq. ft., 6 bath, 5 bdrm 3-level split
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MLS®
$12,000 USD
Monthly
- Magnificent 9000+ sq. ft
Boca Grove, Boca Raton
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Magnificent 9000+ sq. ft estate features exceptional design from the impressive circular driveway to the resort style free form pool with cabana bar and Jacuzzi. Residence features 5 bedrooms, 6 baths and 2 half baths with wood burning fireplace; elegant dining room is serviced by gourmet island kitchen. Also featured is family room, office, and study billiard area with entertainment bar, media room, wine cellar all ideal for a home that has everything to enjoy and relax. Third floor is an ideal exercise room or maid quarters with full bath Ascend grand staircase to open 2nd floor area containing 3 bedrooms and sitting area with open bar. Huge spacious double lot in intimate country club community. Plenty of room in two driveways with a three car garage. Shown by Appointment only!
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• 870 sq. ft., 2 bath, 2 bdrm single story
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MLS®
$37,900
Waters Edge, Deerfield Beach
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BEST PRICE FOR WATERVIEW 2/2 CONDO, JUST STEPS FROM THE POOL AND CLUBHOUSE. VAULTED CEILING, PATIO OVER LOOKS THE LAKE. THIS IS A BANK OWNED PROPERTY. CALL LISTING AGENT FOR SHOWING INSTRUCTIONS.
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• 1,501 sq. ft., 2 bath, 3 bdrm single story - MLS® $1,199,000
Boca Harbour, Boca Raton - Two Bedrooms plus Den, Great Water views down the canal. Just off the intracoastal. Exclusive Boca Harbour Island. Perfect for new construction!!
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• 3,603 sq. ft., 4 bath, 6 bdrm 2 story
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MLS®
$450,000
Boca Vista, Boca Raton
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• 1,275 sq. ft., 2 bath, 2 bdrm townhouse
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MLS®
$1,450 USD
Monthly
Boca Raton, Palm Beach County
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Fully furnished and ready for immediate occupancy. Great location in central Boca Raton. Wonderful views from patio. Great locale for executive rental. Awesome wide open lake view furnished 2/2 with one car garage. Owner prefers annual lease. Super clean community close to Boca Center Mall, Colleges, and I-95 fully furnished unit and ready for immediate occupancy. Owner will consider shorter term lease.
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• 1,501 sq. ft., 2 bath, 2 bdrm single story - MLS® $2,600 USD Monthly
Boca Harbour, Boca Raton - 80 FEET OF DEEPWATER JUST OFF THE INTRACOASTAL. BRING YOUR BOAT AND ENJOY LIFE ON THE WATER. 2/2 PL.US DEN. JUST CONTACT US TO SCHEDULE A SHOWING.
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• 1,608 sq. ft., 2 bath, 3 bdrm single story
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MLS®
$213,900
Pheasant Walk, Boca Raton
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VACANT, LOCKBOX. Pre qualification form from B of A must accompany any offer if financing involved. Public: THIS IS A BANKOWNED 3/2/2 SINGLE FAMILY POOL HOME, WITH A GARDEN, CLOSE TO SHOPPING & GREAT SCHOOLS. LOCATED IN CENTRAL BOCA IN A POPULAR WELL ESTABLISHED COMMUNITY. CALL TODAY MAKE AN APPOINTMENT TO PREVIEW THIS WONDERFUL HOME.
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• 1,800 sq. ft., 2 bath, 2 bdrm single story
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MLS®
$950,000
Marbella Condo, Boca Raton
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One of a kind unit in Marbella with your own private entrance to the beach. The unit is renovated,marble floors throughout, exotic granite counters, solid maple cabinetry with fluted glass. New hurricane doors. Oceanfrnt unit with your own private beach entrance.SE cornerwrap with 4 balconies.Great E-W views from EVERY room.Largest unit in Marbella!State of the art amenities incl.exotic granites,metallic mosaic,gourmet cooks dream with top of the line appl.
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• single story - MLS® $1,595,000
Tropic Isle, Delray Beach - GREAT DIRECT INTRACOASTAL LOT, 100'X100'. CLEARED. READY TO BUILD. 50' DOCK ON THE SEAWALL. 30' CONCRETE BREAK WALL PARALLEL TO SEA WALL CREATES A SAFE HAVEN FOR YOUR WATER CRAFT.
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• 5,000 sq. ft. single story
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MLS®
$1,895,000
None, Bonita Springs
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ALL MEASUREMENTS ARE APPROXIMATE, ESTABLISHED GOURMET MARKET, FEDERAL HWY LOCATION, ROOM TO EXPAND, PLANS AVAILABLE, GREAT POTENTIAL, GREAT OPPORTUNITY, GREAT PRICE!
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• 2,172 sq. ft., 2 bath, 3 bdrm single story
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MLS®
$299,000
Grove Isle, Vero Beach
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Absolutely gorgeous pristine home w/waterviews. Impeccably maintained. Open floor plan with 3 large spacious bdrs. Tiled finished lake front patio. Many new upgrades and finishes.Your client will not be disappointed. THIS IS IT! Shows like a model with many upgrades and finishes. Quiet serene lake views, gated 55+ community, close to major roadways, shopping and entertainment. DON'T DELAY! SEE TODAY.
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