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BARRON's 10 Best Places for Second Homes
March, 08, 2010: Article by Steven M. Sears
10 Best Places for Second Homes
Captiva/Sanibel Island, Fla. Barron’s Top Ten Places for Second Homes
AT LONG LAST, THE MARKET FOR LUXURY REAL estate is coming back to life.
Prices for primary residences, which plunged at least 20% from the peak in 2007, appear to have bottomed. In some of the snappiest locations, scattered bidding wars are breaking out and prices are turning upward.
In Greenwich, Conn., realty brokers say, the final months of 2009 were almost record-setters for sales volume, as two years of pent-up demand was unleashed. Even the megadeal is back. In Beverly Hills, film producer Jeffrey Katzenberg just plunked down $35 million for an 8,700-square-foot home on six acres.
There's nothing like a stabilized economy and a huge rebound in stocks to send folks looking for the perfect manse. The return of hefty Wall Street bonuses hasn't hurt, either.
With all that in mind, and with summer just around the corner, Barron's sized up the market for upscale second homes, one of the greatest luxuries of all. We scoped out dozens of deluxe enclaves across the country, speaking with brokers, homeowners and others. Our conclusion: Now could be an excellent time to buy.
Prices are way down -- 40% off the peak in some locations. Seemingly at or near bottom, they are starting to attract the first wave of bargain hunters -- and not just families in need of R&R. Hard-nosed investors also are on the prowl, says Jan Reuter, head of residential real estate at U.S. Trust Bank of America Private Wealth Management: "We've seen an uptick in buying in just the last couple of months."
To help you in the hunt, Barron's has selected the 10 best places in America for second homes. These alluring locales have it all: gorgeous houses, spectacular views, world-class golf, fishing and skiing, fine dining and great shopping. You'll find the complete range of lifestyles, from peaceful and easy to vigorously social.
Some warnings: 1) Our selections are every bit as subjective as tastes in homes themselves. 2) The prices cited are based mainly on conversations with locals, because hard data isn't available. 3) Your plush new retreat may take some time to rise in value. Serious appreciation will require a better economy and, quite possibly, another big rally in stocks.
But hey, you could do worse than marking time in paradise.
8. Captiva/Sanibel Island, Fla. Sitting off the coast of Fort Myers, a nerve center of America's foreclosure crisis, the barrier islands of Captiva and Sanibel are the very picture of laid-back living. Linked by a bridge at Sanibel's northern point, the islands are renowned for their pristine beaches and abundant seashells. Then there are the hiking trails; half the island is a nature preserve. The late Robert Rauschenberg is, even in death, one of the largest landowners. His 35-acre spread, complete with studio, is intact on Captiva's northern end.
-----Median Price: $3.5 million
-----Drop From Peak: 40%
-----Neighbor: Ted Koppel
1. Maui---Median Price: $1.5 million---Drop From Peak: 27%
2. Kiawah Island---Median Price: $1.4 million---Drop From Peak: 21%
3. The Hamptons---Median Price: $1.5 million---Drop from Peak: 30%
4. Park City---Median Price: $1 million---Drop From Peak: 45%
5. Aspen---Median Price: $5.6 million---Drop From Peak: 6%
6. Pebble Beach---Median Price: $1.1 million---Drop Since Peak: 20%
7. Palm Beach---Median Price: $3.5 million---Drop From Peak: 11%---
8. Captiva & Sanibel Island---Median Price: $3.5 million---Drop From Peak: 40%
9. Asheville---Median Price: $700,000---Drop From Peak: 38%
10. Gasparilla Island---Median Price: $1.8 million---Drop From Peak: 18%
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