of properties to choose from. Buyers are demanding great
deals and getting them.”
Golf;is;a;favorite;local;pastime,;and;Naples;typically;ranks
either first or second in national golf holes per capita, giv-
ing the expert or novice plenty of variety to choose from.
Deep sea fishing for grouper, snapper, shark, or tarpon is
also popular. Located next to Everglades National Park
and the 10,000 Islands chain, backwater fishing is of the
finest caliber. Boating is also a year-round sport, thanks
to miles and miles of protected waterways offering supe-
rior access to anywhere in the world. The Florida Keys are
only a day trip away while the Bahamas chain of islands
can be reached in two days.
Barbara Puff specializes in luxury home sales in Paradise Valley and Scottsdale, Arizona. According to Puff,
“Values now are incredible! Because of the cyclical nature
of real estate, the upside potential far exceeds the down-side risk. Today’s buyers are purchasing at 50 cents on the
dollar. A number of $6 million spec homes recently sold
in the $3 million range. Paradise Valley is still declining at
1 percent a month. Buyers will never have as many choices at such reduced prices.”
Puff refers to the lifestyle in Scottsdale/Paradise
Valley as “elegantly casual.” People travel to Scottsdale
for the fabulous weather from the middle of October until the end of May, when the weather elsewhere is cold,
snowing or rainy. Many Major League Baseball lovers
visit the area to watch their favorite teams during Spring
Training, while art enthusiasts enjoy the Thursday Night
Art Walk in Old Town Scottsdale when all the galleries
are open to the public. Downtown Phoenix has theatre,
opera, and ballet for those who enjoy the arts, while shopping fiends can partake in unbelievable shopping all over
the Valley, particularly at Scottsdale Fashion Square with
a new Barneys opening in October.
Maggi Thornhill, the top residential agent in Whistler,
Canada, reports that the real estate market in the host
mountain resort for the Vancouver 2010 Olympic and Par-alympic;Winter;Games;is;starting;to;heat;up.;“Buyers;want-ed to buy at this time last year, but knew that prices would
Affording a Second Home
by Leslie Struthers, VP of Mortgage Lending, Guaranteed Rate
Vacation home buying options are now more attractive than ever, and the good;news;is;that;mortgages;for;second;homes;are;widely;available.;Real;es- tate, while down in the recent term, provides buyers with a solid alternative
to the volatile stock market. You can put as little as 10 percent down for mortgages
under $417,000 and enjoy rates as low as 5. 14 percent on a 30-year fixed-rate loan.
If you’re looking in a higher price range where you may want to borrow more than
$1;million,;you;may;need;to;put;30;percent;down.;Generally,;rates;are;.125%;or
higher for second homes. Keep in mind that good credit, adequate assets, and stable
income are important factors in the mortgage approval process.
When you are buying a home in an area you don’t know well, having
an experienced real estate agent to represent you is more important than ever.
A good agent will provide insight into the relative value of different parts of the
community as well as show you information about local comparable sales to
ensure you’re not overpaying. That same information should be given to your
lender’s appraiser to make sure that your appraisal supports your purchase price.
Smart;buyers;will;buy;now;and;not;wait;until;next;year.;As;the;Federal;Re-serve noted during their September 23 meeting, the economy is sluggish, but they
will need to raise rates to stabilize the markets. That means the cost of mortgages
will;go;up.;Right;now,;we’re;experiencing;a;phenomenon;where;housing;and;in-terest rates are both at all-time lows. Don’t count on this unusual combination to
continue indefinitely.
drop because of the world economy,” says Thornhill. “They
are now venturing back in droves, and it’s no wonder why.
Prices are back to 2002 levels, there is still ample inventory,
interest rates are at an all time low, and values are expected to appreciate after our remarkable resort (voted No. 1
in North America) is introduced to the world during the
Winter;Games.;Property,;as;I;keep;telling;all;my;clients,;is;a
great hedge against inflation and a safer place to park some
money. It’s even better if you can use it, enjoy it, and get
some rental income!” She represents homes priced from
$250,000 to $17.5 million and everything in between.
Thornhill describes Whistler as the world’s most
unique paradise. It is a top destination for adventure seek-ers.;Residents;and;visitors;alike;enjoy;mountain;biking,
golfing, fishing, canoeing, river rafting, hiking, tennis, zip
line riding, ATV riding, dog sledding, rock climbing, skiing, snowmobiling, snowboarding, snowshoeing, cross-country skiing, snow limousine riding, Frisbee golfing
- you name it. Furthermore, the city appeals equally to
those who wish to relax and fill their senses with clean air,
panoramic landscapes of lakes and trees, world-renowned
spas, shopping, restaurants, and a vibrant night life.
If you are considering purchasing a resort home, we encourage you to give us a call. Over the last 15 years, we
have developed a network of award winning agents in
other markets including resort communities. We would
be pleased to introduce you to the person who would be
best qualified to assist you in your search. If you would
like some help, feel free to call us at (877) 440-3760 or
send an e-mail to info@jenniferames.com. L & P
