A;Look;at;the;Second-Home;Market
The;recent;economic;crisis;has;affected;home;values;through- out;North;America,;with;resort;communities;among;the;hard- est;hit.;Our;magazine;would;not;be;complete;without;a;look
into;the;options;for;Chicagoans;to;take;advantage;of;today’s;mar-ket;for;buying;a;second;home.;We;surveyed;top;Realtors;in;four
popular;resort;destinations:;Bozeman,;Montana;;Marco;Island,;Flor-ida;;Scottsdale,;Arizona;;and;Whistler,;British;Columbia.;Each;agent
related;a;common;message:;interest;rates;are;low,;properties;are
selling;at;deep;discounts,;and;their;communities;continue;to;offer
world-class;recreational;amenities.;Here’s;what;they;had;to;say:
Vivian Bridaham sells estates and ranches on large
parcels in southwest Montana just two hours north of
Yellowstone National Park. “This is a great time for serious buyers, as there are great deals out here,” Bridaham
reports. “Spectacular properties over $1 million are selling at discounts of 30 to 40 percent below asking price,
and there are quite a few to choose from.” Her listings
range from $700,000 to $7 million for a 1,048-acre ranch
and sell primarily to people looking for vacation homes,
young families looking to raise children, and retirees.
Surrounded;by;six;mountain;ranges,;the;Gallatin;Valley
and Bozeman are about 5,000 feet above sea level. The
area is easily accessible and offers incredible recreational
opportunities, including fly fishing in blue ribbon trout
streams, skiing, hiking, horseback riding, and hunting.
Bozeman is a laid back college town of about 35,000 people with many cultural amenities such as the Museum of
the;Rockies,;the;Bozeman;Symphony,;Intermountain;Op-era, and contemporary music concerts.
Patrick Wilkins sells real estate in Naples-Marco Island,
Florida, which is aptly named the “Paradise Coast.” Lo-cated;on;the;southernmost;point;of;the;Gulf;of;Mexico,
home prices here range from $250,000 (further away
from the beaches) to several million dollars for mansions
on the waterways, beaches, and in golf course communities. “Probably the foremost reason to buy now is that the
market has corrected by about 40 percent from the high,”
says Wilkins. “You can purchase a home today that sold
in 2005 for over a $1 million for only $600,000. Our community has never been so affordable. People are buying
now who had been priced out before. There is a vast array
