Big Bear Lake, CA (PRWEB) May 19, 2006
Second home purchases of vacation and investment properties are becoming an ever-increasing part of total home sales. In 2005 Americans bought a record number of second homes, amounting to nearly 40% of total home sales, a real estate trade association reported recently.
And with baby boomers at the peak of their earning potential, the push to snap up vacation homes is unlikely to reverse soon despite a broader housing slow down, the National Association of Realtors said. “The baby-boom generation is driving second home sales,” David Lereah, the Realtor’s group chief economist, said in a statement. “They’re at the optimum point in life when people become interested in second homes. They’re at the peak of their earnings, interest rates remain historically low and boomers want to diversify investments,” he added.
The real estate market in Big Bear Lake, California has been enjoying this rising interest in second/vacation homes for the last three years and is positioned to continue to thrive on the increasing demand of the boomer generation.
Big Bear Lake is a four-season alpine resort community nestled in the San Bernardino Mountains, east of Los Angeles. The public lake sits at an elevation of 6,750 feet above sea level and Big Bear Valley is surrounded entirely by National Forest, which keeps development limited. The Big Bear vacation home market is unique in that, in addition to the alpine setting of the lake, forest, and two local ski-resorts, Big Bear is less than a three hour drive from over 20 million people in the major metropolitan areas of San Diego, Orange, Los Angeles, and Ventura counties.
“Here in Big Bear we have seen increasing demand across the board for the smaller, cozy mountain cabins to the larger, exclusive new development areas,” stated Mike Sannes of Prudential Properties of Big Bear. “What Big Bear offers to the buyers of the boomer generation is unique in Southern California.”
Buyers in Big Bear, made up largely of second or vacation home purchasers, are often looking for weekend-retreat type properties where they can escape the urban sprawl to enjoy the mountains. These homes, which at some point in the future many will use for full, or at least part-time living, are often rented out to vacationers when not in use in order to help offset expenses. Appreciation over the last two years in Big Bear Lake real estate has been encouraging at 22% in 2004 and 27% in 2005. Despite the broader and much publicized housing slow down, the future for vacation and resort markets like Big Bear Lake is very exciting.
About Prudential Properties of Big Bear
For questions and detailed information regarding real estate investment opportunities in Big Bear Lake, see http://www.RealEstate-BigBear.com. Or contact Mike Sannes at Prudential Properties of Big Bear directly at (909) 435-5155.
(press release provided by: http://www.iprwire.com)
Prudential Properties of Big Bear
Big Bear Real Estate Dept.
42149 Big Bear Blvd.
Big Bear Lake, CA 92315