Is Buying a Lakehouse on Your New Year's List?
Has the lifelong dream of owning a lakehouse hit your list of 2011 resolutions? If so, your timing could not be better. There are two major factors I would ask you to consider. My statistics reflect property on constant level Lake LBJ.
1. Resort and vacation properties do not follow normal housing trends. Values are much less resistent to market changes, while sales volume is more heavily affected by a market downturn. Leading up to 2007, waterfront property appreciated at an annual rate of 10%+ for 14 straight years. Since 2008, market values of these properties are down only 15%. However, sales volume since the peak in 2007 is down over 60%. A waterfront property holds its value as an investment quite well in a downturn. But, as a luxury asset, it is much more difficult to liquidate in a depressed economy.
Bottom line, the future of a waterfront property investment looks very bright from a financial perspective. We are likely at the bottom of this market cycle for resort property, so now is a great time to make an investment. There is a ton of inventory available and good buys are available. You need an experienced agent to assist you in finding the best investments as many properties are well overpriced.
2. Your quality of life will improve. It is literally impossible not to enjoy to privilege of a get-a-way on the water. Your standing among friends and family is certain to rise. The real benefit is bringing a great deal of joy into the lives of people you care about.
If you are interested in pursuing a great investment that includes a quality of life return, I hope you will allow me the opportunity to earn your business. I purchased my own waterfront home in 2002 and it doubled in value in 5 years.
Happy New Year!