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Housing inventory risingAn increase in homes to choose from is good news for buyers.
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Photo courtesy of Coldwell Banker Previews International; Chris Clemans Sotheby's International Realty
Photo courtesy of the Corcoran Group
Photo courtesy of the Corcoran Group
Photo courtesy of Heritage Sotheby's International Realty
Photo courtesy of Heritage Sotheby's International Realty
Photo courtesy of Coldwell Banker Previews International
Photo courtesy of Coldwell Banker Previews International
Photo courtesy of Chris Clemans Sotheby's International Realty
Photo courtesy of Chris Clemans Sotheby's International Realty
Photos courtesy of Kennebunk Beach Realty
Photo courtesy of Kennebunk Beach Realty
FIND YOUR DREAM HOME OR APARTMENT
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What you can buy in 5 top vacation-home destinations
By Lauren Price of SwitchYard Media
The median home price for vacation properties slipped 11.2% in 2010, according to National Association of Realtors data released this spring. Vacation-home sales also decreased and tracked closely to overall existing-home sales, which fell in July, as well.
So in many ways, the barrier to entry to buying a vacation home may be lower — and as the vacation season enters its final weeks, now may be the time to try one on for size.
“The fall in home prices has opened opportunities for more families to enter the second-home market — the median income of investment buyers today is lower than it's been in recent years,” said Lawrence Yun, the NAR's chief economist, in a press release.
Here are five of the coolest places to take it easy, plus what you can buy on the high and budget-conscious ends of each market.
NOTE: All descriptive information is courtesy of listing agents. Properties were on the market and listed as available at the time of publication, unless noted otherwise.
- On our blog, 'Listed': New-home sales headed for record low in 2011
- MSN Money: Buy a home without a down payment
- Video: How homeowners rent out vacation properties
What you can buy in 5 top vacation-home destinations
Dream home: The Hamptons
A two-hour drive from New York City, the Hamptons are a string of beach communities and privileged enclaves along the Atlantic Ocean. A celebrity magnet, the Long Island destination mostly features well-heeled, casual residents and visiting weekenders.
This gated waterfront estate known as Longview is at 27 Gin Lane in Southampton, N.Y., and it is at the top of the area's real-estate food chain. Sitting on 2.5 acres, it features southwestern views of Lake Agawam and the ocean. Coming in at nearly 14,000 square feet, the seven-bedroom house begins at the double-height entry hall with a welcoming, wood-burning fireplace and leads to a living room, dining room, garden room and library.
Additional amenities include a gym, indoor swimming pool, screening room, separate staff quarters and elevator. Listed with the Corcoran Group, it's priced at $28 million.
What you can buy in 5 top vacation-home destinations
On a budget: The Hamptons
Surrounded by lovely gardens, this four-bedroom Cape Cod house with a covered front porch at 660 Bridgehampton/Sag Harbor Turnpike in Bridgehampton, N.Y., has plenty to offer. On the main level, you'll find an open-plan living room and dining area. You'll also see a large outdoor deck, a media room, a kitchen with stainless-steel appliances and custom cabinetry topped with granite, and a master bedroom and adjacent bathroom.
On the second level is a bonus room set between two bedrooms that's ideally suited for a play room or sitting room.
Centrally air-conditioned, the house also features hardwood floors throughout and a central vacuum system. Earlier this summer, it was listed at $645,000, down from $695,000.
NOTE: This property is no longer listed.
What you can buy in 5 top vacation-home destinations
Dream home: Napa Valley
Devoted oenophiles and foodies will find it hard to resist California's Napa Valley. In its collection of charming towns less than 50 miles from San Francisco's Golden Gate Bridge, the weather leans toward perfect, even in the summer. Five-star eateries are everywhere, but it doesn't get much better than chef Thomas Keller's three-Michelin-star French Laundry in Yountville, Calif.
Set on 62 acres of land with expansive views of the valley's lush vineyards, the three-bedroom Villa Helios at 3195 Soda Canyon Road in Napa, Calif., is for sale.
Indoor features of the 3,026-square-foot home include loads of floor-to-ceiling windows framing endless vistas, high ceilings and travertine floors. In addition to a separate, one-bedroom guest suite, there's an art studio and 1,700-bottle wine cellar. Exclusively listed with Heritage Sotheby's International Realty, it's on the market for $2.87 million.
Find more homes for sale in Napa on Realtor.com.
- On our blog, 'Listed': New-home sales headed for record low in 2011
- MSN Money: Buy a home without a down payment
- Video: How homeowners rent out vacation properties
What you can buy in 5 top vacation-home destinations
On a budget: Napa Valley
In a quiet neighborhood off Browns Valley Road, you'll find this light-filled three-bedroom house at 3057 Blane Way in Napa, Calif. At 1,270 square feet, the house has a lovely living room and a family room with a fireplace, plus a large backyard. Other features include new windows and wood floors under the carpets. Inside the two-car garage, you'll find built-in cabinets, a workbench, storage and laundry hookups. Earlier this summer, this house was listed at $295,000.
NOTE: This property is no longer listed.
What you can buy in 5 top vacation-home destinations
Dream home: Malibu, Calif.
Less than an hour's drive to Beverly Hills, Calif., this affluent beachfront community along the Pacific Ocean coastline is famous for its movie star-residents, most of whom live in the gated Malibu Colony. Overall, Malibu is a closely knit community with plenty of restaurants, parks and hiking trails, plus the Getty Villa museum.
This sprawling, 4,138-square foot, five-bedroom Spanish-style home at 4211 Avenida de la Encinal offers views of the ocean and even Catalina Island from most spots in the house. Surrounded by palm, pine and olive trees, the home also features gas-assisted, wood-burning fireplaces in the living room, as well as a den, a master suite, wood-beamed ceilings, arched halls and imported, Saltillo-tiled floors.
The large private deck off the master suite can be a good spot to watch sunrises, sunsets and whales, and its master bath is outfitted with a huge shower stall and large marble tub. Exclusively listed with Coldwell Banker Previews International, it's on the market for $2.29 million.
What you can buy in 5 top vacation-home destinations
On a budget: Malibu, Calif.
If you're looking for something affordable in Malibu, check out this two-bedroom townhouse at 28322 Rey de Copas Lane. Along with terrific ocean views, the 1,681-square-foot house features beamed, vaulted ceilings, a living room with a wood-burning fireplace, an artist's loft and outdoor patios. A washer and dryer and extra storage are inside the garage.
Part of the Malibu Villas across from Paradise Cove Beach, the home also allows access to a communal swimming pool. Coldwell Banker Previews International has the listing at $465,000.
Find more homes for sale in Malibu on Realtor.com.
- On our blog, 'Listed': New-home sales headed for record low in 2011
- MSN Money: Buy a home without a down payment
- Video: How homeowners rent out vacation properties
What you can buy in 5 top vacation-home destinations
Dream home: Cape May, N.J.
About 175 miles from New York City at the southern tip of New Jersey's Atlantic Ocean shoreline, Cape May is famous for its excellent beaches. Cape May Point State Park is one of the nation's finest bird-watching spots, and its annual events include the Tulip & Garden Festival, Victorian Week and the Cape May Jazz Festival.
Recognized as a historic place, the Mainstay Inn at 631 Columbia Ave., built in 1872, features two buildings — a main house and a cottage — that are for sale separately as well as together. The main house is a six-bedroom Victorian with a formal living room accented with natural woodwork, 14-foot-high ceilings and antiques. All of the home's bedrooms have en suite baths and are centrally air-conditioned, and two overlook the garden. Down a brick path through the garden is a centrally air-conditioned six-bedroom cottage; two of those bedrooms have private porches that overlook the garden.
The main house and cottage are listed together at $3.29 million with Chris Clemans Sotheby's International Realty. The main house, if purchased separately, is listed for $2.19 million, and the cottage is listed for $1.19 million.
What you can buy in 5 top vacation-home destinations
On a budget: Cape May, N.J.
Just three blocks from the beach at 650 Washington St., this one-bedroom corner unit with a private sun porch is in a restored 19th-century building called Cranberry Court. At nearly 600 square feet, this first-floor apartment has high ceilings, custom plantation shutters, hardwood floors and ceiling fans.
It's listed with Chris Clemans Sotheby's International Realty for $275,000.
What you can buy in 5 top vacation-home destinations
Dream home: Kennebunk/Kennebunkport, Maine
Set along the state's southern Atlantic Ocean coastline, 75 miles from Boston, this tiny seaside village features many claims to fame — including the fact that President George H. W. Bush's family spent its summers in the area. From eating lobster-roll lunches to hiking the mile-long Carson Trail through 5,300 acres of the Rachel Carson National Wildlife Refuge, there's never a shortage of great things to do.
Overlooking islands near the wildlife refuge, this 4,800-square-foot, waterfront home at 38 Skipper Joe's Point in Kennebunkport will have you at hello. It has ocean views from every room, and a dramatic entry leads to a living room with a floor-to-ceiling stone gas fireplace. The master suite on the second floor boasts a sitting room, a gas-burning fireplace and a walk-in closet. It's listed at $3.5 million with Kennebunk Beach Realty, down from the original asking price of $4.87 million.
Find more homes for sale in the Kennebunkport area on Realtor.com.
- On our blog, 'Listed': New-home sales headed for record low in 2011
- MSN Money: Buy a home without a down payment
- Video: How homeowners rent out vacation properties
What you can buy in 5 top vacation-home destinations
On a budget: Kennebunk/Kennebunkport, Maine
Walking or paddling distance from downtown Kennebunk, Lexington Meadows on Route 99 is a planned residential community near the Mousam River. Spread out over nearly eight acres of landscaped land with private trails and a communal dock, the community has custom homes and two-story townhouse condominiums.
Measuring approximately 1,200 square feet, townhomes feature formal dining rooms and master suites with deck access. Custom homes range from about 1,100 to 1,700 square feet.
Listed with Kennebunk Beach Realty, condominiums start at $219,000, and custom homes start at $295,000.
Find more homes for sale in the Kennebunkport area on Realtor.com.
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