When do vacation home prices go down? (sale, renter)

[borisNY]

Originally Posted by manner

On another thread you were commenting about security, etc in the Hideout- now you are considering a vacation home there?
As far as summer vacation hysteria, many of the homes you see in the Hideout are not summer vacation- every year more and more people are coming here full time because of the wonderful community it is.
As far as modulars, I have known people buying the modulars you are speaking of only to find out they have additional $50K + of hidden costs just to get a Cert of Occupancy. That's the reason exisiting homes appear to be more expensive.

I am considering a vacation home in the Hideout or WLE because the crime level in those communities seems to be lower than in the Pocono Country Place, for example :-)

The houses might not be summer house, but they are being used as such. Most of the auto licnce plates are out of state and all the houses I saw were someone elses vacation places.

One needs to be careful with contracts, and read the fine print not to get involved with 50k of hidden costs.

[BLUEDIAMOND64]

Originally Posted by borisNY

I am considering a vacation home in the Hideout or WLE because the crime level in those communities seems to be lower than in the Pocono Country Place, for example :-)

The houses might not be summer house, but they are being used as such. Most of the auto licnce plates are out of state and all the houses I saw were someone elses vacation places.

One needs to be careful with contracts, and read the fine print not to get involved with 50k of hidden costs.

I am sorry but you cannot compare WLE and/or the Hideout to Pocono Country Place. There are more and more full time residents than ever in both of those communities.

[okaydorothy]

I for one have a vacation home in WLE. I spent two years looking ; on and off both in the Hideout and WLE. Eventually we bought. What did we get ; a brand new house never been lived in. It is really nice. But I did look at the cheaper houses ; those that were about $90,000 and also those that were over $200,000. We paid less than $200,000.

We decided not to go with the fixer upper with paneling, dark wood and needing a huge overhaul. Because we knew we didnt have the time to do it up, didnt want to do it up(been there, done that) and wanted a place that was move in ready.

That was over 18 months ago. From what I am seeing, the prices are not dropping as fast as in NY. That may be a good thing for sellers, and for buyers its a case of do I want to wait it out and see what happens, or do I want to jump now.

You cannot compare a modular home with a used home or a new home. Both have good points and bad points.

It seems as if you would like a vacation home, like it to be as cheap as possible but want everything perfect. A real vacation home does not have heat, is used seasonally and is closed up in the winter. Those homes you will get cheaper. But then if you want to use it in the winter as most poeple do, it needs heat, needs better insulation etc.

My advice ; go the extra dollars and buy one that is already built. It is a better deal as you can use it as soon as you close which is usually in 30 days.

d

[okaydorothy]

Originally Posted by borisNY

I am looking to purchase a vacation home in northern PA in one of communities such as WLE or The Hideout. The prices seem to be a bit over inflated even with slow real estate market. Is it reasonable to expect the prices to go down by 20% by fall or winter, assuming all other things stay the same? Is this summer vacation hysteria?

We also bought our house in March. The winter in NEPA is gorgeous so I dont know if the prices would fall because its "off season".

d

[BLUEDIAMOND64]

Originally Posted by okaydorothy

We also bought our house in March. The winter in NEPA is gorgeous so I dont know if the prices would fall because its "off season".

d

Yes and the new rule from the banks is that if it is a second home they are requiring 20 percent down.

[KarenRice]

Originally Posted by TheHighHat

I am sorry but you cannot compare WLE and/or the Hideout to Pocono Country Place. There are more and more full time residents than ever in both of those communities.

Comparing Hideout/WLE to APCP is like comparing Clarks Summit to Carbondale....or like comparing the suburbs to the inner city. LOL. Just doesn't work.

Boris, why don't you look into Winola Lakes in East Stroudsburg. One of my clients bought a cute little house there for about $89,000. He did not want to pay the prices here, and I referred him to someone in that area, where he found the perfect place for him, and he's very happy with it.

The thing is, people are willing to pay higher prices to live in certain areas. For a lot of people the higher prices in this area are worth it because they want to be in this location. For others, the value is not there, so they look elsewhere.

If you want lower prices you will need to look elsewhere: further south in the Poconos.

[KarenRice]

Originally Posted by TheHighHat

Yes and the new rule from the banks is that if it is a second home they are requiring 20 percent down.

Yes, PMI is pretty much non-existent for vacation homes.

[borisNY]

Originally Posted by KarenRice

Comparing Hideout/WLE to APCP is like comparing Clarks Summit to Carbondale....or like comparing the suburbs to the inner city. LOL. Just doesn't work.

Boris, why don't you look into Winola Lakes in East Stroudsburg. One of my clients bought a cute little house there for about $89,000. He did not want to pay the prices here, and I referred him to someone in that area, where he found the perfect place for him, and he's very happy with it.

The thing is, people are willing to pay higher prices to live in certain areas. For a lot of people the higher prices in this area are worth it because they want to be in this location. For others, the value is not there, so they look elsewhere.

If you want lower prices you will need to look elsewhere: further south in the Poconos.

I compared the crime level at PCP and WLE, comparing those 2 communities is imposible :-)

I just googled Winona Lakes it seems similar to WLE or Hideout, thanks.

[BLUEDIAMOND64]

Originally Posted by borisNY

I compared the crime level at PCP and WLE, comparing those 2 communities is imposible :-)

I just googled Winona Lakes it seems similar to WLE or Hideout, thanks.

Boris, was just curious how you went about comparing WLE and PCP. Are there stats online?

[borisNY]

Originally Posted by TheHighHat

Boris, was just curious how you went about comparing WLE and PCP. Are there stats online?

I went to PCP once, ran out as fast as I could. I did not look at stats, I would not live in PCP even if someone paid me.