Here is a snapshot from around country demonstrating the vacation areas decline in median home prices:
Santa Barbara, Calif.
Median home price: $695,000
Median home price five years ago: $1,000,000
Aspen, Colo.
Median home price: $781,000
Median home price five years ago: $802,000
The Hamptons, N.Y.
Median home price: $680,000
Median home price five years ago: $1,100,000
Hilton Head, S.C.
Median home price: $307,000
Median home price five years ago: $574,000
Martha's Vineyard, Mass.
Median home price: $403,000
Median home price five years ago: $638,000
Palm Beach, Fla.
Median home price: $254,000
Median home price five years ago: $758,000
Miami, Fla.
Median home price: $130,000
Median home price five years ago: $302,000
I do not work these areas but wish I had some extra cash laying around. It looks like Palm Beach FL. is the best bargain compared to five years ago.
This is Dave, from The McLaughlin Group, keeping it real in real estate!
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