Five Hot Spots for Summer Homes in 2023
Get more for less at these under-the-radar U.S. retreats
Via Mansion Global
Water. Sun. Beaches. For many, those are the things that dreams are made of, especially in the depths of winter.
Fortunately, we’re here with a reminder: It’s never too early to start making summer plans, be it a trip, an outdoor adventure or even better, buying the vacation home you’ve always wanted.
In this special five-day series, Mansion Global is taking a look at cities around the U.S. that might not be on your radar, but are becoming increasingly popular for Americans seeking summer retreats. But most importantly, we’ve selected cities where the window is still open for buyers to get a good deal and maximize their investments without sacrificing any of the perks they’re seeking in a vacation getaway.
From Honolulu to Florida’s Cape Coral-Fort Myers area, we’ll show you everything you need to know about daily life in these cities, as well as their luxury amenities, housing stock, market outlooks and more.
Florida’s Cape Coral-Fort Myers Area Offers More Canals Than Venice
A tropical climate, easy access to water and over 50 miles of white, sandy beaches make the Cape Coral-Fort Myers area a highly coveted locale for buyers looking to scoop up a Florida vacation home. Current market conditions could put that dream more within reach.
While home prices are still rising in the Cape Coral metro area, at 6% year-over-year, it’s only about one-fifth of what it was a year ago. That means now might be the time to find a good deal.
That is, of course, if you can be patient…Read More
Luxury Steals in California’s Desert Oasis
As the housing market continues its nearly universal slowdown, the luxury segment is suddenly offering buyers opportunities in places like La Quinta, California.
This year, the area’s median price is expected to rise only 1.5%. Sales are forecasted to fall more than 7%, according to a Realtor.com report. Luxury deal seekers could find their next vacation hot spot in this refuge to Hollywood A-listers and California’s business elite.
“The housing market has been hurt by higher mortgage rates, and the luxury market has been hit the hardest as mortgage rates have gone up. This impacts buyers’ budgets, and they’re less keen to take on a big purchase,” Redfin chief economist Daryl Fairweather said. “Luxury home sales are down 38% [in the U.S.] from last year, whereas non-luxury is down 31%…Read More
Honolulu’s Million-Dollar Holiday Homes Beckon Buyers
With its sweeping sandy beaches, warm clear waters and year-round tropical sunshine, it’s no mystery why Honolulu is one of the most enticing second-home destinations in the U.S. The most populous Hawaiian island, Oahu offers residents an abundance of leisure activities and luxury amenities, as well as a wealth of options when it comes to choosing a vacation home, from luxury oceanfront condos in the heart of the city, to secluded estates on the Diamond Head volcanic peak.
Reflecting the slowdown in the U.S. housing market as interest rates rose in the second half of 2022, Honolulu experienced a slump toward the end of the year. But it’s poised to recover in 2023, said Taylor Marr, deputy chief economist at Redfin.
“I think some of these West Coast and luxury and vacation markets have already reacted sharply to the cooldown, so where they go from here might actually be that they look like they’re starting to recover a little bit faster,” he said…Read More
Phoenix Offers Year-Round Sun, Sporting Events and Golf—and Now Some Home Deals
Over the last year, migration hot spot Phoenix has seen its market cool down from recent price peaks. A Realtor.com forecast predicted that sales in Phoenix will decrease by 18% this year, with prices seeing a slight increase of around 3% by year’s end.
With less competition in the market and price growth slowing, this year could be the one when luxury buyers get lucky finding a prime property in Phoenix.
“If you’re ready to go, I would buy that home now and not wait,” said Heather Mahmood-Corley, an agent with Redfin.
While buyers won’t be subject to the kind of bidding wars they saw in 2020 and 2021, inventory for prime properties remains low around Phoenix…Read More
A Playground for Dallas: Cedar Creek Lake
Talk about hot: Home prices in Cedar Creek Lake, Texas, a draw for remote workers, vacationers and retirees near Dallas, rose 53.2% from July 2020 to July 2022 to a peak average of $391,000, according to Realtor.com.
But price increases have since cooled dramatically and in the greater Dallas metro, are anticipated to slow further to an annual increase of only 2.2% this year, predicts Realtor.com.
“The vacation home market in places like Cedar Creek mirrors the primary home market, with an overall slowdown of listings and sales along with a slowing of price gains,” said Danielle Hale, chief economist with Realtor.com. “But in Cedar Creek, the listing declines aren’t as deep as they are in Dallas, which indicates that builders and developers have done a better job of keeping up with demand…Read More
Via Mansion Global