After several years of negative trends in the real estate industry, finally a sign of life: A market study just out by a Stuart real estate marketing firm shows budding consumer confidence in the second- or vacation-home market.
Read More: http://www.sunshinestatenews.com/story/survey-vacation-home-market-rebound
Bob Waun was the guest speaker at the Resort and Second Home Market Forum at the NAR Annual Convention in New Orleans in November 2010.
Bob Waun, managing director of Americor Mortgage/Vacation Finance and a board member of the Condo Coalition, an advocacy group for homeowners associations, said financing — not demand — is the reason vacation property sales are in the doldrums.
Read more at http://www.inman.com/buyers-sellers/columnists/tomkelly/the-truth-behind-second-home-slowdown
Sales in many vacation communities across the U.S. soared last year to levels not seen since boom times, driven by deep discounts, cash purchases and buyers’ rising stock portfolios.
But will it last?
Read More: http://online.wsj.com/article/SB10001424052748704482704576071984006994652.html
Here’s a great report from NAR’s Senior Regulatory Representative, Russell Riggs
ImmigrationWorks USA and the U.S. Chamber of Commerce have teamed up to develop a positive report on the H-2B program. The report – “The Economic Impact of H-2B Workers” – concludes that many areas and economic sectors of the country, including resort areas, would be unable to thrive as a result of the H-2B workers that come to the U.S. on a temporary basis. The report uses economic analysis and anecdotal case studies to examine the impact of H-2B workers and concludes that, contrary to critic’s claims, the program does not depress the wages of U.S. workers in similar occupations and H-2B workers do not take jobs from their U.S. counterparts.
The report also makes some recommendations on how to improve the program: cut burdensome regulations that make the program difficult for employers to access and streamline employee processing procedures. These types of changes will make the program more effective for companies and workers and make it more responsive to changing labor markets. Here’s hoping that the shake-up in Congress draws attention to the this important program.
Read the entire report at http://www.immigrationworksusa.org/index.php?p=1 . The report, in PDF format, is listed in RED in the right-hand column of the page and is called IW-Chamber H-2B report.
New vacation homes are being built slope-side at Schweitzer Mountain Resort, with three bedrooms, 3.5 bathrooms, large decks and picture windows offering dramatic views of Lake Pend Oreille. But the million-dollar homes are going for only $195,000. That’s per one-eighth share, making these homes among the first in the Inland Northwest to be sold under a fractional ownership plan. Price guarantees each owner the right to use one of the MountainSide homes for four weeks during winter and summer, with additional time available during off seasons.(Seattletimes.com, March 12, 2010)
HouseLogic: NAR’s new consumer Web site, offers everything home owners need to increase, maintain and protect the value of their home. Here’s a great article that you can share with your clients about tax deductions. Tis the season for taxes!
Tax deductions for vacation homes vary greatly depending on how much you use the home and whether you rent it out. You can rent out a vacation home for as many as 14 days per year without paying taxes on your rental income.
A vacation home offers a break from the daily grind, but it can also offer a break from taxes. The IRS allows most owners to lower taxable income by taking tax deductions for vacation homes. What’s deductible depends on a number of factors, especially how often you visit and whether you allow renters.
Don’t limit your notion of a vacation home to a beach cottage or a mountain cabin. Even RVs and boats can count, as long as there are sleeping, cooking, and bathroom facilities. Tax deductions for vacation homes are complex, so consult a tax adviser. Continue reading »