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Sales in vacation homes all across the country are soaring.
With the National Association of Realtors reporting one in every ten real estate transaction 2009.
Was for the purchase of -- vacation home so what is driving this growth and how can you -- -- made by second home yourself replaced state elected Dolly Lenz -- vice president prudential Douglas Allen and hi it's so nice to meet you thank you -- so people are feeling generally a lot.
Better these days -- stock -- -- the economy showing signs of life we know unemployment is trending at least in the right direction is that why people are feeling a little bit more comfortable about a second home.
That's part of it you know of course coming from where we've come from any little any little -- seems like a lot -- But I think it's mostly pent up demand you know people were tired of austerity.
Tired of waiting you know restaurants -- full now.
Broadway theaters -- -- you know we're really seeing people just wake up and saying you know what tomorrow is gonna happen.
Prices are low interest rates are historically low although I'm curious for most of the people you work with looking for vacation -- don't -- care about interest rates.
They always care about interest rates because interest rates factor into their purchase decision whether or not -- taking a mortgage and it determines where they bid on something.
Who there you know competition is for the bid etc.
okay and as far as prices because prices are low and because -- started to move back into this market.
Do you expect that will start today -- some strange reverse trend here in the next couple of months you know again it's it it's wait and see because we have -- you know some bad news on the horizon some more inventory coming on the market so.
All of that it really depends how that plays out how Wall Street bonuses come -- as a positive.
You know how the negative of all -- shadow inventory comes on.
You know economic data how that comes in employment except for a interesting Stephanie mentioned a Wall Street bonuses were re starting to get reports at some of the big Wall Street firms.
Are tapering off so how -- impact the market do you think this could be a blip or is there some real support coming through.
No I think it could be a -- -- but again -- I've seen it even in the New York City and primary residence market where it's.
Really comes -- it stops and the pent up demand comes in it stops so it's interesting interesting also strategic defaults foreclosures is this a factor in this market.
Would not -- dad bring the numbers as you know stabbing four people with their primary homes not so much in the vacation home market other than possibly the tertiary home market like Florida what people think -- -- -- by retirement home.
Or Las Vegas things like that and it's not a clean market are good enough market for first time second home -- quite yet exactly okay diamond the pleasure thank thank you Chris.
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