Best Vacation-Home Spots for Price Growth
Buying a vacation home in a blue-chip locale is a safe bet if you're looking for solid price growth, according to Forbes.com, which compiled a list of the five fastest-appreciating regional vacation areas in the West, Midwest, East Coast, and South.
The magazine selected the areas with help from NeighborhoodScout.com, a Rhode Island-based real estate research site. NeighborhoodScout pinpointed neighborhoods with desirable locations, near beaches, lakes, or mountains, and with amenities and services that cater to a vacationing crowd. Then it identified which locales had the fastest median home price appreciation over the past five years.
The village of Water Mill, N.Y., in Bridgehampton, appreciated the fastest. The median home price there is $1.38 million; it increased in value at an average of 21 percent a year over the last five years. In the Midwest, Victoria, Minn., which is surrounded by lakes, grew an average of 18 percent a year.
The north end of Key Largo, Fla., has appreciated at 27 percent a year, on average, making it the fastest-growing vacation spot in the South. Moran, Wyo., situated between Grand Teton and Yellowstone National Parks, has seen 35 percent average increases in annual value since 2002, putting it at the top of appreciation in the West.
Here are the top five destinations in the key regions and the median price of property there.
1. Water Mill, Bridgehampton, N.Y., $1.38 million
2. Avalon, N.J., $1.25 million
3. Napeague/Amagansett, East Hampton, N.Y., $862,129
4. Borough Center, New Hope, Pa., $647,041
5. Orange Street/Union Street, Nantucket, Mass., $1.57 million
1. Moran, Wyo., $1.13 million
2. Emerald Bay, Laguna Beach, Calif., $2.8 million
3. Sunnyside-Tahoe City, Calif., $2.8 million
4. Stateline, Carson City, Nev., $1.3 million
5. Wailea-Makena, Hawaii, $1.75 million
1. Victoria, Minn., $435,000
2. Martell/Olivet, River Falls, Wis., $271,063
3. City Center, Orr, Minn., $281,998
4. Blue Mounds, Wis., $280,000
5. Jenkins, Pine River, Minn., $380,000
1. North Key Largo, Key Largo, Fla., $2.8 million
2. Pine Ridge/Pelican Bay, Naples, Fla., $1.6 million
3. Captiva, Fla., $2.1 million
4. Unison/Philomont, Bluemont, Va., $804,298
5. Williamsburg, Va., $949,900
Source: Forbes.com, Matt Woolsey (08/09/07)