Four out of every 10 real estate transactions were second-home sales for vacation, part-time living, and/or investment purposes, according to an annual report put by the National Association of Realtors® (NAR). These types of sales hit records in 2005.
Two surveys showed that 27.7% of properties purchased in 2005 were for investment purposes and 12.2% were vacation homes. Many second home purchases are not really a 2nd home, but a 3rd, 4th, 5th, or more because of good investment returns. What I found interesting is that the median distance of a vacation home was 197 miles from the primary residence, and 47% were less than 100 miles away while 43% purchased 500 miles or more away.
In Arizona, a lot of people in the valley, like Scottsdale, will purchase a 2nd home farther north for cooler summers. And then we get people from the Midwest, Canada, and even the east/northeast that like to winter in Arizona. Some people are simply snowbirds here in the Scottsdale area and others just come out here whenever they can. Our neighbors next door use their home as a 2nd residence and they're from Colorado. My brother and sister-in-law have a 2nd home in Scottsdale and they live full-time in San Jose, California.
When we purchased a Scottsdale townhouse while still living in Illinois full-time, we were never snowbirds. We would visit our 2nd home whenever we could, any time of the year. So we had a taste of Valley summers before moving here full-time. We fell in love with Arizona when we visited my parents, who retired to Mesa, AZ.
Before we lived her full-time I attended a HomeSmart Awards Seminar. I met some real estate agents that have second homes in or near Flagstaff, Prescott, and other more northern areas of Scottsdale. We also met a relative of some friends that own a second home in Payson, AZ.
I don't mind Arizona summers so much. People that moved here full-time scared me a little, saying "just wait until you have to spend a whole summer here." I don't mind summers at all, especially with a pool. When we lived in IL the winters could be brutal with blizzards and slick black ice, plus freezing temps. And summers in IL were also hot, humid and muggy and buggy. I really do prefer the dry heat!
If you'd like a 2nd home in the Scottsdale, Arizona area, give Judy a call at 480-877-1549. I also sell in Cave Creek, Carefree, North Phoenix, Paradise Valley, and Fountain Hills.Posted by Judy Orr on