Boomers, stock market boost vacation home market
By Marilyn Much, Investor’s Business Daily
Vacation-home demand has been on a steady climb as a strong stock market, low interest rates and tempting deals have prompted high-end households to spend more freely on second residences and summer getaways.
The push comes as more high-net-worth buyers have opted to put some of the earnings they’ve gained from a rising stock market into second homes in spots that support a more leisure lifestyle.
Contributing to the increased demand are baby boomers home shopping for a place to vacation now, and retire to later.
Real estate brokers in resort locales from Massachusetts’ Cape Cod to Nevada’s Lake Tahoe report brisk second-home buying activity during the year’s first quarter.
Note that it says “Nevada’s Lake Tahoe”. Nevada. NOT California. Nobody in their right mind is buying in California. The writing is on the wall. California will nickel and dime you to death with taxes and “fees”. You do not want to own property there.
Amen!!
Dog, did you read the entire article? Scout Lake Tahoe was mentioned as was a local agent. I don’t mean to pick on you as you have at 3 bullying trolls following your every word, and at least two of them are very childish in their comments.
hahahaha
Relo, I did click to the main article, but missed the extra two pages. So, yeah, you’re right, they did use a quote from a South Lake realtor. But SLT real estate is MUCH slower and lower priced than on the NV side of the lake. A 4% increase over a bad year still isn’t anything to brag about, imho.
If pushing back against the relentless onslaught of hate gubmint nonsense in response to almost every article by wrongula annoys you reloman-then you’re part of the problem-California is rebounding in ALL economic indicators that show our gains after the Bush disaster-her alternative is an ayn rand nightmare
Dob, you are evidence of the failure of ideologues. I own two houses in California and would never ever think of owning a house in Neveda, nor would any of my friends (both modest and high income friends).
Also I direct you to the national statistics on the heath of the real estate markets by state – click on the map of the us and you will see that Nevada exhibits a “Weak and declining trend”, while California exhibits an “In Range and improving”. In fact, California is one of only 6 states exhibiting an “In Range and Improving Status”. Evidence and pragmatism (not ideology) why I am just fine in California.
Rick
What is needed in America is more Americans Pushing Back against the repressive and over reaching government at all levels.
We need a lot fewer government employees.
The ones we should keep are the ones that understand that they work for us, the people.
If wrongula is right (did i really write that?) And “everyone” is leaving california for the great state of Nevada we might see an increase in their education scores, but im not holding my breath.
ahh, but teatotal your and others push back are not thur reasoning, but rather very childish name calling, very immature and damages your stance considerably. By calling me part of the problem shows that you dont think other people on this forum are smart enough to think on their own, on if it was something coming for the far right or left. There are also some who attack on very soft comments.
Though she is correct that many well off people who purchase on the nevada side if they plan on retiring up here because it save them money on state income taxes. Heck i know many people in the service industry up here who live on the Nevada side because they think that they will save on state taxes, not realizing that it makes very difference it make on their taxes but the housing costs is a bit more.
Other web sites have said South Lake Tahoe real estate values are up 7.7% year over year or $20k on average.
Also, it looks like South Lake Tahoe current values are 74% of peak in 2006, while Reno is 69% of peak and Las Vegas is 60% of peak. Location?
Steve Wynn: In an interview yesterday Wynn reiterated his point that the American recovery is “Fiction, a lie”. He laid out point after point as to how the economy is declining not improving.
Anyone that tells you the economy is experiencing a “good recovery” is flat out wrong. America is declining, jobs and opportunities are declining, world peace is in a tailspin.
Our leftwing government is doing us, the people, a great deal of harm.
It is the peoples country, the peoples government. When the government lies hold them to account and force them into the light of truth. Take our country back or kiss your future and your children’s futures goodbye.
Correct me if I’m wrong Tomorrow Dreaming, but just the other day on a different thread didn’t you name Steve Wynn as being a corporate “progressive” that is to blame for all of our problems? Now today you quote him as a source for proving your anti government stance?
Huh.
The undercurrents of my statement frankly are intuitive. Many people I am sure caught the depth and nuance of my statement. Not you huh?
Let me explain it to you.
Wynn is a self proclaimed life long progressive Democrat.
I also said that progressives support who they think will be most helpful to their personal objectives. (Something to that effect)
Wynn is not stupid, he now (for several years now) sees the damage being done to his interests and to his country. He has several times in the past few years publicly expressed grave concerns about both Reid and Obama for the direction that they have taken the country.
I guess you missed that.
Here is an idea, Instead of always looking for an argument why don’t you spend more time thinking and studying details.
Yep. Unless you work for government, or have a union job, or maybe are in tech, you are NOT doing better than you were in 2008.
Most people don’t have very long attention spans, though, so they don’t remember.
Between the increase in food prices, energy prices, INSURANCE prices, we are falling behind. But the government and the media keeps telling us we’re doing better, so it MUST be so. . .
Dog, your bias continues to show. You are correct that while economic growth in the U.S. is strong, particularly compared to the rest of the world (tis why the dollar is strong), the growth is concentrated in the upper income strata, which btw, government jobs and the vast majority of union jobs do not fall into this group. The middle class income (which is about 98% of gov jobs and union jobs) is about what it was in the 2000 when corrected for inflation. I am not in high tech, but am a professional and a business owner who has been blessed and lucky enough to be perched firmly in the upper 1/3 of the income strata (but far away from the 1% or 1/10 of 1%). I have never worked for the gov, nor is my industry unionized, yet I and my colleagues are sharing somewhat in the improving economy. The very upper upper upper strata is disproportionately accumulating wealth at a rate never before observed and many believe (and some notable billionaires among them) it is frankly unsustainable.
So while unemployment has continued to shrink, wages for the middle class remain stagnant – which includes gov jobs and union jobs.
So solutions that do a better job of spreading the wealth from the $$$ flowing into our economy more equitably will solve the problem. The money is there it is being hoarding at unprecedented and unsustainable levels by the upper 1/10 of 1%.
Rick
Rick, you confuse me; I didn’t say that economic growth is strong. I think the government is screwing with the numbers. The only reason unemployment is “shrinking” is because of the way they calculate it.
And the only reason that the upper 1/10 of 1% is able to be hoarded is because they are in bed with the Federal government. Fascism at its finest.
Dogula,
That is exactly what Steve Wynn said about employment in the interview.
He has realized how poor job growth has been and how wrong the Obama and Fed policies have been for America.
You can find a link to the Wynn interview on Drudge.
Dog, you haven’t a shred of evidence for your claim. These numbers are collected the same way for quite some time and are comparable over time. You are absolutely incorrect on unemployment. It is collect the same for many years. As with most economic recoveries, unemployment always lags and is always (note I said always) uneven. Check out the commute in major metropolitan areas (Bay Area, LA, other major areas across the country) and they have gotten much much worse given the substantial increase of the number of folks on the road going to work.
Dreaming – Steve Wynn is the part of the problem, he only is trying to accumulate more wealth in the strata not trying to spread it out. He is myopic and will result in his own downfall. I direct you to the billionaire’s Nick Hanaurer’s editorial on how unstable income inequality is. In other words, Steve Wynn is clueless and his own worst enemy.
http://www.politico.com/magazine/story/2014/06/the-pitchforks-are-coming-for-us-plutocrats-108014.html#.VUmfSxfOpkg
Rick
Without evidence you simply fall into the uniformed conspiracy fringe. Where we both agree is that middle-class wages have stagnated – when controlled for the minimal inflation the last decade, wages are essentially the same as 2000. The per capita GDP is pretty descent, much greater then the rest of the world, which means the money is going somewhere other then the middle class. No its not going to the gov, its is concentrating in the very, very uber rich. Income inequality is at unprecedented levels and frankly unsustainable. Focus on solutions for cajoling, encouraging, forcing the uber rich to push the wealth into increased wages for the middle-class, look for ways to bring back manufacturing in this country, these are the solutions that have long lasting effect.
Rick, What planet are you on?
Last Quarter the economy grew at .2 percent. (That is Likely to be adjusted downward) That is after all the trillions of dollars of stimulus and federal reserve infusions into the economy.
Team Obama has done nothing to fix the economy instead he create a massive shift in wealth and power to the progressive banker and big corporatist.
The evidence is overwhelming – the country is in the worst shape in generations, far worse than it was in Jimmy Carter’s time, it is just hidden by the massive growth in money supply. THis was the worst thing that could have been done and the system is now more corrupted than ever.
More businesses are being destroyed than created. Never before in American History has that happened.
We have allowed liberalism to undermine the very thing that made America great.
We are in the worst bubble that has ever been created. The reason that interest rates are so low is not because of the markets, it is because of the Progressives at the Federal Reserve and the foreign central banks manipulating the money supplies to keep the stock markets up. Feeding the corporatist pigs.
He11’s coming, buckle up.
TD and Wrongula are always fear mongers and finger pointers. Dont even have to read their rants. Its talking point #4 on foxnoise, and of course talking point #1, blame it on Obama. So easy.
Everyone I know is doing much better now than 8 years ago (Bush was pres. Then). And we are all middle range wage earners. But reading the b s above only applies to the writers of the b s. IMHO
Dreaming you need to travel. I work all over California and the west. I have also spent some nice time on the East Coast this last year. For much of the Country, and particularly for many metro areas (Bay Area, LA, NY, Boston, etc.) things are pretty good, particularly compared to 2008 (the worst recession since the Great Depression).
Growth from the worst recession in the last 90 plus years does not occur overnight. Corporations have more cash then ever, banks have more cash then ever – and all of these companies are growing at unprecedented rates. If you are unhappy with your lot in life, complain to the Steve Wynns of the world, whose wealth has grown faster then any point in history and $$$ has accumulated in the top while the middle has stagnated. It ain’t the govberment’s fault, its the uber wealthy who refuse to share in growth. If they did, they would actually get wealthier, but the Walmarts and Steve Wynns are modern day Robber Barons who are myopic.
see Krugman’s editorial about the predictors who consistently have been wrong and then claim something nefarious with no evidence, or claim they never said it.
http://www.nytimes.com/2015/04/27/opinion/paul-krugman-nobody-said-that.html?rref=collection%2Fcolumn%2Fpaul-krugman
Rick
Chuck Connell dreaming-it’s easy to tell what planet you pull your nonsense from-Uranus-Some people have reality facts-you have fox-and beck and alex joke and limpaugh