The second-home market is surging as the health of the U.S. economy and the overall wealth of U.S. households improves. Lawrence Yun, chief economist for the National Association of Realtors was recently quoted by CNN Money saying “we have had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes.”
Nationwide, vacation-home sales were up 10% in 2012, accounting for 11% of all home sales according to the National Association of Realtors 2013 Investment and Vacation Home Buyers Survey. According to the Survey, the typical vacation home buyer was 47 years old with a median household income of $92,100. The survey also revealed that 45% of all vacation home purchases were made in the South.
According to Don Dowling, of CondoSmart Realty, the On- Site Sales and Marketing Company for Northshore Harbor Condominiums, a luxury lakeside community on Richland Chambers Lake just one hour south of the Dallas/Fort Worth area, this is holding true for the second home market throughout Texas, especially in the lakeside communities where people typically buy vacation homes.
“We have seen significant improvement in the marketplace, especially in the last several months,” said Dowling. “All signs indicate that consumers are optimistic and second-home sales should continue to increase."
“Our sales have been flourishing in the past 90 days. Buyers are not only coming from the larger markets like Dallas, Fort Worth and Houston, but as far away as Mississippi, Ohio and California. Our location on the banks of Texas’ third largest lake and close to a major Dallas airport makes Northshore Harbor a very desirable location for those looking for a vacation home.”
Condominium Values on the Rise
A recent Daily Mortgage Reports blog stated that condominium values are climbing by even more than values for detached single-family homes, as compared to one year ago.
”This bodes especially well for us,” said Dowling. "We have the benefits of being a desirable lakeside community and a condominium community that offers a high quality lock and leave lifestyle.”
Northshore Harbor, located just outside of Corsicana, Texas, just off South U.S. Highway 287 at the end of Spur 294, is a recently completed lakeside community with 36 condominiums in Phase I priced from the $170,000s to $270,000s. Homes range from two bedrooms with two baths to three bedrooms with three baths, each with a private balcony or patio that offers sweeping lakefront views. All are finished with granite counter tops, stainless steel appliances and tiled bathrooms with walk-in showers, nine-foot ceilings, and Energy Star windows. Covered parking for every resident is provided as well as an elevator and covered walkways for easy access to all four floors. Plans are being finalized now for Phase II.
Northshore Harbor owners also enjoy an array of amenities including a tropical saltwater pool, a clubhouse with a fitness center, cyber café, private library and more. The Harbor Inn Marina and the Harbor Inn Restaurant & Club are also part of the Northshore Harbor community. The Harbor Inn Restaurant & Club serves lunch and dinner seven days a week with local bands playing most weekends.
Whether bass or crappie fishing or general recreation on Richland Chambers lake, The Harbor Inn Marina offers a fuel dock and other boating and fishing services to those who enjoy being on the unspoiled waters.
Three furnished model homes at Northshore Harbor Condominiums are now open. The Sales Center is open Monday, Thursday and Friday from 10 a.m. to 5 p.m., Saturday from 10 a.m. to 6 p.m., and Sunday from 12 p.m. to 6 p.m. For more information on Northshore Harbor Condominiums, Harbor Inn Marina and Harbor Inn Restaurant & Club visit their website at www.northshoreharbor.com or call 903-874-0020.