Residential Sales v.s. Listings in Vermilion, Ohio 44089 for 2011

Here is a general picture of the Vermilion, Ohio situation based on stats to date. Not something to applaud - but real estate is still moving. Contact me at leehisey@howardhanna.com for more detailed analysis or for info on selling your home.

Happy Holidays!

Some Holiday Spirit! Check it out for a little "feel good" break:

http://www.youtube.com/watch?v=uH8FvERQHtM&fea

Aren't there some amazing things happening in downtown Cleveland, Ohio! From the medical mart to the flats and the lakefront plan to the casino - there is positive energy flowing again. Treamont and Ohio City are developing and growing with their unique style and flavor. Downtown is feeling invigorated again, and conversations I've overheard in the surrounding communities (and I hear a great deal driving 30,000 miles a year almost all in the northern half of four counties) is once again becoming hopeful and optimistic.

We still have some recovery time in front of us - but things are looking up. Spring is a time of new energy and growth and Northern Ohio is ripe for a burst of new life next spring.

How We Market - And Our New Facebook Page!

New Designs for Multigenerational Households?

Some old/new again homes are coming into the marketplace. Remember when it was assumed the older generation would move in with the younger generation at some point? No – I don’t either. But that was the case in most families.

Builders are once again building homes to accommodate multiple generations. Increasingly a parent or parents may move in with their kids. Young college graduates are staying home longer while they look for work – or just because they have student loans to pay-off. According to the U.S. Census Bureau the category “multigenerational households” increased by 30% from 2000 to 2010 and the major home builders are taking notice.

Some features:

• Second Master Bedroom Suites
• Kitchenettes
• Larger Ranch Models
• Separate Entrances
• Additional “Living/Sitting Rooms w/ Second Master Bedroom
• Perhaps a Move Away From Senior Communities? (restrictions)
• Stand-Alone Guest Houses/Flex Space

Additional changes – pets are becoming more and more “Part of the Family”. This is certainly true in our home where are children are older and moving on. We have several times in the last year listed and sold homes with multiple “cat doors” allowing the cat(s) to move freely throughout the home. They also included litter box closets with cat doors.

Home buyers needs change and the home building market changes to meet their needs. Are your needs changing? Contact me at the Hisey Group w/ Howard Hanna: Lee Hisey 440-315-6000 or leehisey@howardhanna.com.

Some Interesting Changes in Real Estate

There has been a great deal of “Not Negative” news regarding real estate in the last several weeks. It has been a refreshing change.

I’ve read numerous stories in real estate trade magazines, Bloomberg Businessweek Magazine, Barons, local newspapers and various business e-newsletters covering the changing demographics of buyers and renters. Some cover the actual event and you needed to ask “Why?” to realize the difference in the incentives behind the deal. Others covered studies or surveys.

Observations:

• The size of homes being built is continuing to shrink. (less seldom used space for space)
• More and more emphasis on energy efficiency – people are realizing energy in not going to get less expensive over the long haul .
• More renters – particularly among younger consumers.
• More in-law suites being included in new homes.
• Often small homes – but increased quality. (good – I’m so tired of poor quality McMansions built for square foot and not long term durability and quality of features)
• More outdoor features/usable living areas.
• More “walking” neighborhood alternatives. More younger buyers asking “How far to the nearest public transportation”.

I personally find these changes refreshing. It seems common sense is once again working it’s way into the home market.

ARE THERE ANY ADVANTAGES TO LISTING YOUR HOME DURING OHIO'S WINTER WEATHER?

Reasons to List Your Home During the Holidays

• Fewer Showings ~ Yes there are fewer buyers, but those buyers that are left are usually very serious about making a purchase. You may have fewer showings but great prospects!

• Less Competition ~ Most people wait until spring and summer to list their home, which means during the winter you will have far less competition than any other time of the year.

• Homes Show Better During the Holiday ~ Buyers love homes that can tell a story. The holidays are a great time to show homes because the home is usually dressed up for the holiday season.

• January is the Biggest Transfer Month ~ Did you know that more corporate moves happen during January than any other time of the year? This may be a great reason to list you home during the holiday season!

• Timing ~ By putting the home on the market during the winter you may be able to more easily hit your moving goals.

• More Time to Get Top Dollar ~ By starting to market your home early you may be able to secure a higher price.

• Great Time to Shop ~ If your home sells quickly you will be able to shop for your next home during the winter. This is a great time to find a bargain.

• More Advertising ~ Because most agents and offices have less inventory during the winter, your home may be advertised more often than during the spring and summer months!

• More Attention ~ Most agents will be able to devote more specialized attention to your needs during the winter because they have less clients to manage.

• The Market ~ Today’s interest rates are at forty-year lows. This gives buyers more spending power, and will be even more important when you begin shopping for your next home.

• Tax Benefits ~ By selling now you can have a closing after the first of the year for tax purposes.

• Loan Commitment ~ During the winter months you may be able to obtain a loan commitment quicker.

• More Time ~ You may be able to look at homes during the holiday especially during vacations.

• Highest Percentage ~ We usually have the highest percentage of listings sold to listings taken during this time of the year

The Bicentennial Battle of Lake Erie - September 2013

Preperations are already being made - and you can reserve a spot representing one of the soldiers that served that day! Check out the website: CLICK HERE

From their website:

The Battle of Lake Erie Bicentennial Celebration in late August through September 10, 2013 will bring together hundreds of thousands of people from the U.S., Canada and abroad.
The two-week Celebration will include a large fleet of Tall Ships in an historic reenactment of the Battle of Lake Erie, a grand Parade of Sail and Port Festivals in waterfront cities in the U.S. and Canada. Visitors will be able to tour the Ships, enlist as Crew Members in the reenactment, or be part of the Bicentennial Fleet or Militia. Along with Tall Ships activities, surrounding days will include a series of exciting events to commemorate the Bicentennial, including:

National Speakers
Marching bands
Fireworks
Concerts
Parade of Boaters
International Freedom Celebration
Food,
Entertainment,
Arts & Crafts
Solemn ceremonies to honor the fallen
Historical Activities

Official invitees will include representatives from the U.S., British and Canadian governments as well as Native American Indian groups. It will be an epic Celebration for Ohio, the Great Lakes region and our nation.

Plan to join us for the Battle of Lake Erie Bicentennial Celebration and sign up here for updates.

South Bass Island/Put-in-Bay Extended Fall Schedule 2011

Miller Boat Line, Inc.

Leave Put-in-Bay/South Bass Island

08:30

09:30

10:30

02:00

03:00

04:00

Leave Catawba (Mainland)

09:00

10:00

11:00

02:30

03:30

04:30

Thanksgiving Day - November 24th

Leave South Bass Island

08:30

04:00

Leave Catawba

09:00

04:30

Always check first! Call 800-500-2421. You are strongly encouraged to leave your vehicle on the mainland.

Kelleys Island, Ohio Fall Ferry Schedule 2011

KI Ferry Schedule starting on November 9th, 2011

Leave Marblehead (mainland):
8am
9am
Noon
4pm
5pm
6pm

The last boat leaves Marblehead at 6pm.

Leave Kelleys Island:
8:30am
9:30am
12:30pm
4:30pm
5:30pm
6:30pm

The last boat leaves Kelleys Island at 6:30pm.

CLOSED on Thanksgiving and Christmas.
Schedule is weather permitting. Call 419-798-9763 to verify!

Miller Ferry's Late Fall MBI Schedule

Middle Bass Extended Schedule

Nov. 23, Nov. 25, Nov. 27Nov. 23, Nov. 25, Nov. 27

Wendesday - November 23

Leave Middle Bass 2:45 pm

Leave Catawba 4:45 pm

Friday - November 25

Leave Middle Bass 10:45 am

Leave Catawba 11:45 am

Sunday - November 27

Leave Middle Bass 8:45 am & 2:45 pm

Leave Catawba 9:45 am & 3:45 pm

Weather Alerts will always be displayed on Home Page. PLEASE remember this schedule could change without notice and may be terminated at any time due to weather. Call 1-800-500-2421 to make vehicle reservations.

This is a Bad Time To Purchase A Home! WRONG!!

You don't need to believe me! Check out these stories:

Forbes Magazine: The Next Mortgage Crisis

Wall Street Journal: It’s Time to Buy That House

MarketWatch.com: Now Might Be the Best Time Ever to Buy a Home

JP Morgan Market Insights: Housing: A Time To Buy

Considering a home in Ohio's Lake Erie waterfront communities? Contact the Hisey Group with Howard Hanna Real Estate Services today at RealEstate@HiseyGroup.com or Lee at 440-315-6000.

Real Estate is Changing! How will Northern Ohio Adjust?

The real estate market will be changing - where does Northern Ohio fit it? At this point we seem to be behind the curve, but where will we stand in the future?

A report from the Urban Land Institute (click here) , as well as several other recent reports and studies show that our real estate will be increasingly driven by Generation Y. This is the group currently in their teenage years to their 30's.

What does this group want?

• Smaller Homes
• Purchasing Homes Later in Life
• Easier Commute
• Higher Quality of Lifestyle rather than Square Footage
• More likely to Rent (resulting in rents rising)
• More Energy Efficiency

Other changes in our real estate will include more multi-generational homes/housing situations. This will be a result of a very large aging population and Generation Y leaving home later in life.

Northern Ohio has not seen a huge population increase and tends to change very slowly, however we could see an increase in smaller, high quality downtown and "near downtown" living possibilities. I went on a Realtor sponsored tour of many of these options recently and was impressed. We have options in the Cleveland area, however those options will probably need to increase in the near future.

Will our bus/rapid/train service make commuting from the outer suburbs easier? Will former power houses like Lorain, Ohio be able to build on their river and Lake Erie assets and bring in employment opportunities? Will Sandusky, Ohio be able to capitalize on it's assets and existing businesses and create a lakefront living environment that will attract the next generation of home buyers - Generation Y?
It should be an interesting market to watch over the next decade.

Chinese Investors for Northern Ohio? Investors from China?

There was an interesting article in The Plain Dealer this morning.  Mr. Derek Ng is hoping to bring business investment to northern ohio and Cleveland from China.  Check out their promotional video:

<iframe width="420" height="315" src="http://www.youtube.com/embed/Ahc8lrVovl8" frameborder="0" allowfullscreen>iframe>

Considering Northern Ohio Real Estate?  Contact the Hisey Group "Serving Cleveland's Westside to the Lake Erie Islands", 1-800-974-5184 or LeeHisey@HowardHanna.com

Kelleys Island and our Amazing Lake Erie Islands!!

Great Video! The Lake Erie Islands - worth a week of vacation.
Spend a day at Cedar Point, then visit the islands. This region is filled with villages, islands, wineries, water parks, and other fantastic destinations. No longer a day trip - you can spend several days visiting the mainland areas of Sandusky, Marblehead and Port Clinton/Catawba. Then visit Kelleys Island, Middle Bass Island, and South Bass Island with the Village of Put-in-Bay. Take a tour of Gibraltar Island and enjoy ferry boat rides or a water taxi ride between your destinations. Take some time and explore! Start planning your vacation for next year today!!

OPEN HOUSE: O.S.U. Stone Laboratories - Ohio's Lake Erie Islands

Curious about the Stone Laboratory on Ohio State University's Gibraltar Island? Plan to visit tomorrow at the fourteenth annual open house from 11:30 am to 3:30 pm. There will be free transportation to the island from the the Research Building on South Bass Island. Activities will include tours of the laboratory, an up close view of Cooke Castle, and a tour of the 6.5 acre island.

You can register at the Ohio State University Research Building on South Bass Island beside the Aquatic Visitors Center, South Bass Island Lighthouse or Gibraltar Island.

Contact info: Office at Put-in-Bay 614-247-6500. Online at: http://stonelab.osu.edu/fosl/

2011 Middle Bass Island Town Hall Meeting Minutes: Updated and important info...

From the MBI Town Hall Meeting Blog:

2011 Town Hall Meeting Minutes: Updated and important info...: We want to thank all the Middle Bass businesses and residents for their support of the Town Hall and the Advisory Board this year. Special ...

Just Stuff

Another Day in Northern Ohio..

• Just back from a New England vacation - yes we got trapped by the flooding. A beautiful area - not unlike the feel among our Lake Erie Islands. My wife and I noticed one major difference - and that was attitude. Everyone we talked to, and I like to talk, from business owners to residents were ambassadors for their region. They all loved to brag about where they lived. Northern Ohio has some fantastic assets - lets do some bragging!!
• I picked up a copy of EcoWatch Journal at Rio Coffee Brewery in Avon Lake (where I am at the moment-a regular stop) and they have an article on "Ohio's Growing Wind and Solar Supply Chain". A new study released by the Environmental Law and Policy Center finds that 106 Ohio companies are doing business with the wind industry, and 63 with he solar industry supply chains.
  
• We are having a condo open house on Middle Bass Island this Saturday from 1 pm to 3 pm. We'll have 4 to 5 waterfront condos open. See a variety of layouts and prices. Email me for info at leehisey@howardhanna.com. To preview the building check out: http://www.StHazardsCondos.com
• We will probably have a new condo listing and a Avon Lake starter/down-sizing home this week. Check http://www.LeeHisey.com regularly to view new listings.

Realtor's Work - Even on Vacation

My beautiful wife and I are working in a coffee shop knocking out the work (very nice place - www.cambridgecoffeebar.com) in Portland, Maine. We are on vacation for our 27th wedding anniversary, but we still need to handle email, advertising proofs, etc. We had a wonderful discussion with the owners who work from 3 am to after 5 every day to make their business work. Owner Vick Cambridge and her husband work hard to run their own business - as do Realtors. They take pride in their small business.

Most Realtors are sole proprietors. They work under a Broker such as Howard Hanna, but each is an independent business owner paying for the majority of their advertising, supplies, etc. Realtors work very hard - and each has their own style, marketing methods, and like us some pay for additional advertising venues. Ask! What do you offer above what your broker offers! How will you provide additional marketing for your market area, region, and this property!

The Hisey Group, LLC doesn't make ANY money but incurs many expenses marketing our listings. We ONLY MAKE MONEY if we sell your home or property - so we work very hard to sell it! Call me today to explain what Howard Hanna Real Estate Services and The Hisey Group LLC can do for you at 440-315-6000.

Lake Erie Islands and Shores Stuff

All kinds of stuff happening along our islands and shoreline.

• The Lake Erie Watersnake is officially "rebounded" and off the endangered species list. I know I personally have seen far more snakes in recent years.
• Kelleys Island Ferry has landed a $2.7 million federal grant for a new 160 foot ferry boat. I've read that other states were also after the money - but it came to Ohio! This is in addition to 1 million obtained previously. Publications are reporting that the ferry will cost approximately $6 million.
• A $790,000 grant has been awarded for improvements on the South Bass Island ferry dock.
• Lonz Winery talks continue - we'll see if a company is willing put up a large amount of money and take a risk with turning the winery into usable space. It is currently sitting and deteriorating. Improving the key historical features and preserving them while integrating a newer structure may be the best option if we want a usable structure rather than historical ruins. We'll keep you updated.
• Coming to visit the area? I received two emails asking what a perfect weekend vacation would be if you only had two days to enjoy in "Ohio's Vacation Land". I suggested a number of things because there are so many options! I think a day at Cedar Point, a ferry ride on the last ferry to South Bass Island with a night at one of the fine Bed and Breakfasts within the Village of Put-in-Bay would be a good start. Then spend the next day enjoying many of the activities, shopping, and entertainment options the Lake Erie Islands have to offer.
• Enjoying summer fishing in Lake Erie's world class fishing grounds? Consider ice fishing when the winter weather hits. There are many ice fishing guides that can help arrange your trip. (lets hope that ice takes it's time getting here : )

Social Networking - Today's Marketing Takes Place Online!

Business today increasingly starts online, and then moves to other arenas. Where can you find the Hisey Group, LLC with Howard Hanna Real Estate Services online marketing your real estate and promoting our region?

Facebook:
http://www.facebook.com/HiseyGroup

Twitter:
http://twitter.com/HiseyGroup

E-Newsletters:
http://community.icontact.com/p/hiseygroup

LinkedIn:
http://www.linkedin.com/in/leehisey

Websites:
http://www.LeeHisey.com
http://www.ErnieHisey.com
http://www.HiseyGroup.com
http://www.MiddleBassIsland.info
http://www.OhioBoathouse.com
http://www.OhioWaterfrontCondos.com
...................... and many more.....................

Planning on Selling Your Ohio Vacation Home? Selling a Second Home can be Different!

Planning on Selling Your Second-Home? Check out the following tips to sell your Ohio vacation home more effectively:

A good Virtual Tour is a MUST!

More than any other property you should have a quality virtual tour with views of the surroundings, key development or area highlights (marina, lakefront, pool, beach, etc), and the home and grounds. Buyers need to be able to visualize the property more so than primary homes. Often they must schedule a trip from out of town just to see the second-home. Don't waste your time or theirs.

Stage your vacation home!
Sellers frequently forget to stage their vacation home. It's their place to relax - and sometimes housekeeping is put on the back burner - and THAT'S OK! You should relax on vacation. But now it's time to sell so lets get down to business and stage your home as if it were your primary residence. Use table clothes, fresh flowers when possible, and make it sparkle! Wash outdoor furniture, patios and decks and stage their placement. Fresh paint is a plus. Keep the lawn and gardens trimmed and plant plenty of flowers. Eliminate clutter. Think of it as a vacation rental - and stage it as you'd expect to find a home you were spending money to rent.

Property also a Rental? Include an income history.
Make sure it is available if not included in the marketing material. Buyers may want to know if they can get help with the payments or even property improvements through rental income.

Include the Furnishings
Some buyers will want to purchase everything from scratch, but many want to be able to move in and enjoy the property THIS SEASON. They may want to replace some or all items - but on their own schedule and within their own budget. Make it an option, and let us know up front what items are definitely NOT included.

Post lots of photos
The Hisey Group posts a large number of photos. We take high quality photos using a 35 mm camera. Pocket cameras and disposable cameras are ok for initial pictures but the final pictures for your home or property should be of high quality. I handle all of our final photography and photo editing, and I can take as many as 350 pictures of a larger home. I look for the best of the best to post online, on fliers and in advertising. Often Internet sites require us to reduce the quality prior to upload - but we always use the highest quality permitted. Vacation property is often purchased from a distance so pictures are very, very important. We've actually sold several lakefront properties from the pictures and virtual tours alone.

Write a great description
Vacation Property descriptions should include more info regarding the area than most primary residence descriptions. Often the location is even more the reason the buyer is purchasing the home. We try to include local hot spots such as amusement parks, water parks, fishing, wineries and microbreweries, and restaurants. Describing the view is often included. Buyers of second-homes are looking for an escape, and we use language that supports that desire and the properties attributes. Pool, boating, biking, tennis, fitness facility? Include them in the description.

I hold my "Resort and Second-Home Property Specialist" designation as a Realtors®. If you are listing in Northern Ohio give me a call! If you are listing in another part of the country contact me and I can get you in contact with a Second-Home specialist. Second homes generally take longer to sell so be prepared. Contact me today at 440-315-6000 or LeeHisey@HowardHanna.com for more information.

North Coast Real Estate Stuff

Another toasty morning in Northern Ohio! The sun is shining through the windows at Rios in the beautiful lakefront community of Avon Lake and it's going to be a fantastic day.

• They said they couldn't go lower - but they have! Home mortgage rates are diving even lower with the average 30 fixed rate at 4.39 percent, and the average 15 year to 3.54%.
• The Benson Ford Shiphouse on the western shores of South Bass Island (Put in Bay) will be on MTV's "Extreme Cribs" television show. It's already been on HGTV, the Travel Channel, and multiple other media venues. The local landmark is a portion of a freighter positioned at the top of a cliff at the edge of Lake Erie.
• We have our newest little website up and running at http://www.OhioBoatHouse.com. I'll be adding more information to include a history page as the website progresses. If you are interested in purchasing or selling a boathouse along Ohio's beautiful shores contact me. We'd love to add your info and virtual tour to our pages - and a sign rider with the URL at the top of your "For Sale" sign.
• Congrats to Ohio for bringing back the headquarters of Wendy's Co.
• I'm seeing a large number of comments online that we should push Asian Carp recipes and the use of them as a food of choice to help control the population of the fish. Suggestions? Recipes? Has anyone every tried it?
• People are buying more fuel efficient cars and it's making a difference. I'm loving my Prius and yes I get around 50 mpg. It's nice to see American based companies finally catching up. Didn't you see it coming?? Congrats to GM and the Cruze! Great fuel efficiency and the company is making money from it - see it CAN be done!!
• Considering purchasing or selling your Northcoast home or property? Contact me today at LeeHisey@HowardHanna.com. Real virtual tours, custom fliers, and regular communication. You have a question - you call us and we WILL call you back.
  
  

A Great Little Lake Erie Shores and Islands Video

Shores & Islands Short: Island Getaways from Lake Erie Shores & Islands on Vimeo.

The Longaberger estate, Eschman Meadows FOR SALE

Tami Longaberger, chair of the board and CEO of The Longaberger Company, America’s premier maker of handcrafted baskets, has placed her amazing 200-acre country estate outside of Columbus, Ohio, Eschman Meadows, on the market with Howard Hanna Real Estate Services.

Built over the course of four years, 1998-2001, the 57,000 square foot custom designed brick home is set very privately on 200-acres of rolling countryside. The luxurious home features Georgian architecture and consists of three wings. It is designed to be ideal for family and company entertaining. The three wings include the main residence, the guest wing and the ballroom wing which graciously accepts 300 guests in elegant style. The wings are connected via an orangery and a family room with each wing secured for privacy from the estate’s main living area.

In total, there are seven bedrooms, ten full-baths, three half-baths, seven indoor and two outdoor fireplaces. The property also has a diesel-run generator house, a six-car garage and radiant heat with all heated floors including the outdoor terraces. Tremendous formal gardens, fountains and a control-flow waterfall transform the back outdoor area into an oasis. Each floor of the home is poured concrete for ultimate soundproofing, and a computerized system controls all mechanicals and communication.

Featuring a six-stall horse barn, three pastures and three stocked ponds, Eschman Meadows is a wildlife sanctuary. The grand entrance frames a pastoral landscape of natural prairies and wetlands, transected by a stately driveway that builds your anticipation for the grand home at its terminus. And to not disturb this natural look, the property’s helicopter pad and additional parking lot are both covered in sod.

Ms. Longaberger owns much of the land surrounding the 200-acres of Eschman Meadows and has first right of refusal if neighbors ever wish to sell, possibly giving access to an additional 100 to 150 acres.

Last but not least, I am sure you are curious about the price. The Longaberger estate, Eschman Meadows, is offered for sale at $15,000,000.

Would you like additional information on this fantastic opportunity? Contact the Hisey Group, LLC with Howard Hanna Real Estate Services at 440-315-6000 or email me at leehisey@howardhanna.com.

Check out the initial video at: http://youtu.be/q6ta25R6tTU

The Advantage of a Second Home Close to Home!

What are the advantages of a second home close to home?

A vacation home within 4 hours of home means you spend time enjoying your time away from work rather than traveling to your second home. You don't need to wait for scheduled vacation time - you can go ANY TIME YOU NEED A BREAK!

Some travel times to Marblehead per Google Maps: (a central "Vacation Land" location)

• Columbus, Ohio - 122 miles or 2 hours, 37 minutes.
• Cleveland, Ohio - 80 miles or 1 hour, 30 minutes.
• Dayton, Ohio - 182 miles or 3 hours and 16 minutes.
• Toledo, Ohio - 60.5 miles or 1 hour and 6 minutes.
• Fort Wayne, Indiana - 150 miles or 3 hours.
• Detroit, Michigan - 106 miles or 2 hours.
• Canton, Ohio - 102 miles or 2 hours.

Within less than 4 hours you can be any of the following vacation destinations:

• Sandusky, Ohio
• Vermilion, Ohio
• Marblehead, Ohio
• Catawba Township, Ohio
• Port Clinton, Ohio
• Middle Bass Island, Ohio
• South Bass Island, Ohio (Port Clinton, Ohio)
• Huron, Ohio
• Kelleys Island, Ohio
• Ohio's other Lake Erie Islands

Sign-up for our e-newsletter today to view our listing updates - the form is at your right. Call us at 1-800-974-5184 or email me at leehisey@howardhanna.com to receive information on property you may be interested in touring or if you'd just like more information. (we can show you any agent or broker's property) Considering selling your home in Ohio's vacation region? We'd love to get with you for a free consultation.

http://www.HiseyGroup.com

Middle Bass Island Open House: Saturday July 23, 1 to 3:30 pm

Come to Middle Bass Island and spend the day looking at a variety of our listings. Signs and fliers will be available.

Vermilion, Ohio: A Beautiful Lakefront and Riverfront Community

Vermilion, Ohio was formed as a village in 1844. The oldest permanent structure was built in 1811. It had a small boat harbor, and was a fishing port. The Vermilion lighthouse was built in 1847. The river was never adequate for larger commercial traffic, but it prospered as a port for recreational boating.

Today's Vermilion has continued to be a tourist and summer home destination for many - and a wonderful home for the thousands of permanent residents. It has a reputation as a resort community, with many high end developments, waterfront condominiums, and marinas. In 1960 Vermilion merged with Vermilion-on-the-Lake to become a city.

Vermilion has a lovely downtown that hugs the banks of the Vermilion River. It is filled with flowers, shops, and a wide variety of dining experiences. A number of events are held every year, with the Woolybear Festival and the Festival of the Fish being two of the largest. There are several art galleries in town, and art festivals and showings are held on a regular basis.

Considering Vermilion, Ohio? Come to Vermilion and enjoy the boating, fishing, sandy beaches, and beautiful neighborhoods. For more information email me at leehisey@howardhanna.com or call us at 1-800-974-5184.

Middle Bass Island, Ohio Saturday Open Houses

Join us on Saturday, July 23rd from 1:00 to 3:00 pm for our annual "All Island Open House" on Middle Bass Island, Ohio.

We will be holding open high-rise lakefront condos, free standing condos on the lake, and homes and cottages. A total of TEN yes 10 units will be held open!

Take Millers Ferry over from Catawba Island or Middle Bass Island Ferry (Sonny S) from Put-in-Bay on South Bass Island (leaving the Boardwalk).

Email me for more details at leehisey@howardhanna.com

Middle Bass Island, Ohio's East Point Preserve

The 7.8-acre Middle Bass Island East Point Preserve is located near the tip of the island’s northeastern peninsula.

The preserve overlooks Schoolhouse Bay, a popular, shallow-water destination for boaters and swimmers. The site features approximately 600 feet of natural shore with a pier near the eastern property line to aid in water-borne access.

The property has a diversity of habitats including natural beach lands, mature hardwood forest and grasslands—the combination of which attracts large numbers of migrating bird and songbird populations. The property also provides habitat for the Lake Erie water snake and potential habitat for other listed plants and animal species.

The preserve was donated by the Black Swamp Conservancy to the Put-in-Bay Township Park District and opened to the public in October 2010. Funding for the purchase included $844,000 from the Clean Ohio Fund, $70,000 from the Ohio Land and Water Conservation Fund and $70,000 from the Ohio Department of Natural Resources Coastal Management Assistance Grant program. Smaller amounts were provided by the Lake Erie Protection Fund, Ohio Ornithological Society, Frost-Parker Foundation of Sandusky, Friends of Magee Marsh, Firelands Audubon and many private donors.

A conservation easement held by the Black Swamp Conservancy protects East Point as a natural area. The site is managed as a nature preserve and a park for launching of kayaks and canoes only. Passive recreational activities also include fishing, hiking and bird-watching from dawn to dusk. No motorized vehicles or bicycles are allowed. Location Map:
Select for larger static map

From:
http://www.ohiodnr.gov/Coastal_Main_Menu/PublicAccess/Ot_MBI_EastPointPreserve/tabid/23508/Default.aspx

Sandusky, Ohio Boathouses - A Neighborhood of Boathouses

A boathouse is a building built along the water that is actually over the water. You have the ability to pull your boat or boats into the equivalent of a boat garage. Many boathouses have lifts that have a lift capacity based on the size of the bay. Modern boathouses have garage door openers that allow you to literally pull your boat in as you would your car into your garage. With the lift and shelter boats can generally be stored over the winter giving you more control of your boat and expenses.

The modern private boathouse often has a home built in front of and above the actual boat well(s). This may be a primary residence, a vacation home, or a guest residence. Sometimes, a boathouse may house a boat or rowing club. They may also hold a restaurant or even a hotel.

Some of the most famous boathouses in the United States are along Boathouse Row along the Schuylkill River in Philadelphia, Pennsylvania. It is made up of approximately 15 boathouses in a row. It is primarily made up of social and rowing clubs. Muskoka, Ontario Canada has some amazing boathouses - many are truly beautiful. Conduct a picture search to see some truly beautiful Muskoka boathouses.

Other boathouse neighborhoods exist throughout the United States, and I hope to cover some of those areas in future entries. I will also be covering the Sandusky, Ohio Boathouse fire history and some of the boathouses we currently have listed.

We'll be putting together a very simple website at http://www.OhioBoathouse.com to help define this unique real estate type from Cleveland's Westside to the Lake Erie Islands.

Considering purchasing a boathouse in northern Ohio? Do you have a boathouse you'd like to sell? Contact the Hisey Group, LLC with Howard Hanna today at 1-800-974-5184 for a free consultation, or email me directly at leehisey@howardhanna.com.

North Coast Stuff

• My wife, daughter and I enjoyed a wonderful 4 day "Mini" vacation in Traverse City, Michigan this week. What a beautiful area our Great Lakes region is! The annual National Cherry Festival was busy - and we enjoyed some kayaking, walking excursions, and great food.
• We have two wonderful homes listed - one in the lakefront community of Bay Village, and one in Avon Lake. Both are priced well below $200k and have been loved by the previous owners. Considering a move? Give us a call!
• We may have another Sandusky boathouse listing this month. Remember - our next TV Open House will be held on Sunday, July 31st from 2 pm to 5 pm. Watch for the ad in the morning and come visit us in the afternoon! (www.OhioBoatHouse.com is under construction to bring focus to this unique style of home for the boating enthusiast!)
• We have sold several "Vacation Land" building parcels this year - but we have more! Buy your parcel and pay it off - and build when your ready!! Call or email me at leehisey@howardhanna.com for details.
• Remember to sign-up for our e-newsletter on Northcoast happenings and real estate. (right side of this screen) Your email STAYS WITH US - we will never share it.
• Considering listing or buying a property along Ohio's Northcoast? We are proud to serve "Cleveland's Westside to the Lake Erie Islands". Call us today at 1-800-974-5184

Huron River Fest: Huron, Ohio July 8, 9, & 10, 2011

20th Anniversary Celebration
Huron, Ohio

Friday, July 8th

5:00 pm - Midway & Rides Open
6:00 pm - Opening Ceremonies
7:00 - Cold Sweat - Live Entertainment on stage at the Huron Boat Basin
10:15 pm - Fireworks over the River

Saturday, July 9th

8:00 am - NOMS/Tiger 5k Run
For more details please log on to: huronriverfest5k.com
Awards following race at the Huron Boat Basin
9:00 am - 4th Annual Car Show
9:00 - 3:00 Car Show
2:00 - Judging
2:30 - Awards
11:00 am - Midway & Rides Open
11:00 am - Huron River Fest Lion's Club Parade
1:00 pm - Parade Awards at the HBB Amphitheater
1:15 pm - Queen's Crowning at the HBB Amphitheater
4:00 pm - Mad River Fest Ride
4:00 pm - The Todd's
Live Entertainment on stage at the Huron Boat Basin
7:30 pm - Womack Brothers - Live Entertainment on stage at the Huron Boat Basin

Sunday, July 10th **Family Fun Day**

8:00 am - HHS Band Pancake Breakfast
9:30 am - Registration @ Lakefront Park
10:00 am - 1st Annual Critter Crawl
10:00 am - Pet Parade
11:00 am - Midway & Rides Open
1:00 pm - HHS Cheerleaders
2:00 pm - Children's Games
3:00 pm - The Slush Buckets - Live Entertainment on stage at the Huron Boat Basin
5:30 pm - St. Pete's Duck Race

Lake Erie Island Waterfront Condominiums - Hidden Ohio Gem

East Point Villas is a beautiful development consisting of 10 free standing condominiums nestled on Lake Erie lakefront. Situated on the shores of Middle Bass Island, units include:

• Electric Heat Pump/Heating and Air Conditioning.
• Crawl Space
• Outside Storage Room
• Anderson Windows with Low E-Glass
• None of the Units are in the Floodplain

The Association Fee is ONLY $120/Month and Includes:

• Insurance on Your Condo
• All Property and Liability Insurance
• Lawn and Grounds Maintenance
• Electric for Wells and Wastewater Plant
• Lakefront Land Lease - 300 ft !

The development has 300 ft of lake frontage and is situated on 2 3/4 acres of common grounds. It is backed by woodland and there is a Lake Erie view from every unit. View other islands, and Perry's Monument from you front porch!

Contact the Hisey Group today for more information at 440-315-6000 or LeeHisey@HowardHanna.com.

Put-in-Bay, Ohio on South Bass Island

I've heard of a wonderful weekend brunch at the Crescent Tavern - but until yesterday morning I'd never found the time to pay them a visit to give it a try.

After catching the Miller Ferry from Catawba to South Bass Island my wife and I grabbed a shuttle bus (for only $2.50 each) into the Village of Put-in-Bay. If you've never been to Put-in-Bay you may be surprised at the weekend activity. Put-in-Bay is filled with dining and shopping opportunities, numerous types of accommodations, and historical attractions.

After a brief discussion (too many possibilities) we settled on brunch at the Crescent Tavern. With a huge bowl of fresh fruit, eggs fried on the spot, cheese potatos, bacon, sausage gravy and biscuits, two kinds of scrambled eggs, and more - we left full and happy.

A ride on the Sonny S which departs on the hour from the Boardwalk (another great dining spot) and we were heading for Middle Bass Island, our final destination, to hold an open house at the East Point Villas condominiums. Dinner was at J.F. Walleys on Middle Bass - a local favorite.

Another day on the Lake Erie Islands.

Put in Bay, Ohio Garden Club Garden Tour July 20th

Don't miss the Put-in-Bay Garden Club walk on South Bass Island, Ohio. This year six gardens will be featured on Wednesday, July 20th. Meet at the Dollar Estate to get a program and your tour pass.
There will be lunch served at 1:30 pm at the dollar house, with a silent auction adn raffle following the meal.

Gardens will include:
Ken and Kay Benjamin's Stonehenge Estate on Langram Rd.
Time and Jeanette Luecke's gardens on Langram Rd
Chuck Corso's Puddin Cove on West Shore
Larry and Julie Parsons gardens at Shore Villas
McCann's Put-in-Bay Winery at the Dollar Estate
The Duggan Family's Butterfly House

Lunch: $20 in advance ($25 the day of the tour)
Tickets: Barb Chrysler 419-285-5101 or 419-285-2107
or Kendra Koehler 419-341-2725

Or send your check to PIB Garden Club, P.O. Box 815, Put-in-Bay, Ohio 43456

A Day in Put-in-Bay, Ohio on South Bass Island

Burgundy Bay Fish Fry - and a good time was had by all.

Middle Bass Island, Ohio

Lorain, Ohio's Jet Express Excursions

Jet Express
2011 Jet Express Lorain Schedule

FREE PARKING!!! at Black River Landing located at 421 Black River Lane, Lorain, Ohio 44052
For more information call the Lorain Port Authority at (440) 204-2269.

June 30: Great Lakes Brewing Company Night. A representative from Great Lakes Brewery will be on hand to talk about their products for a 2 hour river and lake cruise. This cruise is 21 and older only. Tickets are $30.00 per person and include light appetizers. Boarding begins at 6:00 p.m. with a departure time of 6:30 p.m. The vessel will return to the Black River Landing dock at 8:30 p.m. Ticket purchasing information coming soon. FREE PARKING

July 1: Put-in-Bay Friday Night Cruise. Board the Jet Express at 3:45 p.m. and leave the Black River Landing Dock at 4:00 p.m. You will arrive at Put-in-Bay at 5:30 p.m. and depart the Bay at 10:30 p.m. to arrive at the Black River Landing dock at 12:00 a.m. There is an opportunity to take this trip to Put-in-Bay on Friiday, July 1 and return on Sunday, July 3. Tickets are $44.00 for adults, $5.00 children ages 6-11 and 5 and under are free. Ticket purchasing information coming soon. FREE PARKING

July 3: Port Fest River and Harbor Cruises. Cruises last approximately 45 minutes and head up river and then out to the lake past the Historical Lorain Lighthouse. Tickets are $15.00 for adults, $5.00 for children 6-12 and children 5 and under are free. Ticket purchasing information coming soon. FREE PARKING

July 6: Cleveland Indians vs. New York Yankees Game Day Shuttle. Enjoy a scenic 1 1/4 hour cruise to downtown Cleveland with bar onboard. The Jet Express docks at the E. 9th St. pier adjacent to Voinovich Park and the Rock and Roll Hall of Fame. The trip departs from the Black River Landing Dock at 5:00 p.m. and arrives in Cleveland at 6:15 p.m. Deparrt Cleveland 45 minutes after final out and arrive in Lorain 1 1/4 hours after Cleveland departure. Ticket prices are $36.00 per person for boat transportation only and are $46.00 per person for those wishing to have shuttle service to the stadium provided. For more information and to purchase tickets, please visit the Jet Express web site at www.jet-express.com FREE PARKING

July 8: Sunset Harbor Cruise. Take this two hour cruise up the Black River, then out to the Lake past the Historical Lorain Lighthouse. Boarding begins at 7:00 p.m. and departs the Black River Landing Dock at 7:30 p.m. and returns at 9:30 p.m. Tickets are $30.00 for adults, $5.00 for children 6-12 and 5 and under are free. Ticket purchasing information coming soon. FREE PARKING

July 20: Sunset Wine Tasting Cruise: Local vineyareds are showcased on this 2 hour trip and hors 'douevres prepared locally are included. The trip leaves the Black River Landing Dock at 7:30 p.m. and returns at 9:30 p.m. This is a 21 and over trip only. Tickets are $46.00 per adult. For more information and to purchase tickets, please visit the Jet Express web site at www.jet-express.com FREE PARKING

July 22: Put-in-Bay Friday Night Cruise. Board the Jet Express at 3:45 p.m. and leave the dock at 4:00 p.m. You will arrive at Put-in-Bay at 5:30 p.m. and depart the Bay at 10:30 p.m. to arrive at the Black River Landing dock at 12:00 a.m. Tickets are $44.00 for adults, $5.00 for children ages 6-11 and 5 and under are free. Ticket purchasing information coming soon. FREE PARKING

August 5: Put-in-Bay Friday Night Cruise. Board the Jet Express at 3:45 p.m. and leave the dock at 4:00 p.m. You will arrive at Put-in-Bay at 5:30 p.m. and depart the Bay at 10:30 p.m. to arrive at the Black River Landing dock at 12:00 a.m. Tickets are $44.00 for adults, $5.00 children ages 6-11 and 5 and under are free. Ticket purchasing information coming soon. FREE PARKING

August 17: Sunset Wine Tasting Cruise: Local vineyareds are showcased on this 2 hour trip and hors 'douevres prepared locally are included. The trip leaves the Black River Landing Dock at 7:30 p.m. and returns at 9:30 p.m. This is a 21 and over trip only. Tickets are $46.00 per adult. For more information and to purchase tickets, please visit the Jet Express web site at www.jet-express.com FREE PARKING

September 02: Put-in-Bay Friday Night Cruise. Board the Jet Express at 3:45 p.m. and leave the dock at 4:00 p.m. You will arrive at Put-in-Bay at 5:30 p.m. and depart the Bay at 10:30 p.m. to arrive at the Black River Landing dock at 12:00 a.m. Tickets are $44.00 for adults, $5.00 children ages 6-11 and 5 and under are free. Ticket purchasing information coming soon. FREE PARKING

September 15: Oktoberfest Cruise. Join us on the Jet Express for specialty seasonal beer that will be available from Imports to Micro brewing beverages for a 2 hour river and lake cruise. This cruise is 21 and older only. Tickets are $30.00 per person and include light appetizers. Boarding begins at 6:00 p.m. with a departure time of 6:30 p.m. The vessel will return to the Black River Landing dock at 8:30 p.m. Ticket purchasing information coming soon. FREE PARKING

October 01: Put-in-Bay Wine Festival. Take this Saturday cruise to Put-in-Bay for their annual Island Wine Festival. Tickets are $44.00 per person. Depart Black River Landing at 10:30 a.m. and depart Put-in-Bay at 6:00 p.m and return to Black River Landing at 7:30 p.m. Ticket purchasing information coming soon. FREE PARKING

BROWNS GAME DAY SHUTTLES: Browns schedule to be announced. Enjoy a scenic 1 1/4 hour cruise to downtown Cleveland with bar onboard. The Jet Express docks at the E. 9th St. pier adjacent to Voinovich Park and the Rock and Roll Hall of Fame.

For more information and to purchase tickets, please visit the Jet Express web site at
www.jet-express.com
FREE PARKING

Northcoast Update

• One of Northern Ohio's hidden gems - Ohio City Farm on Cleveland's Westside. http://www.ohiocityfarm.com/index.html
• We currently have 8 units available in the Vermilion Shores resort style community on the shores of beautiful Lake Erie. Our team is actively looking for other condominiums to list in Vermilion, Ohio. There are some wonderful opportunities along the lakefront and Vermilion River. Considering moving to Vermilion, Ohio? Give us a call at 800-974-5184. We can arrange a tour of all available condominiums in the area in one day to give you perspective of this historic lakeside community.
• Watch for our next TV Open House spots on Howard Hanna's Showcase of Homes television show - 10:30 Sundays on WEWS-TV Channel 5, Cleveland. We'll be running ads for Vermilion Shores with corresponding open houses this Sunday from 2 pm to 5 pm and Sunday, June 26th from 2 to 5 pm.. And another advertisement for our new Sandusky Boathouse listing on Sunday, July 31st from 2 pm to 5 pm.
• Looking for something different to do this weekend? There will be a Civil War Encampment at our Marblehead state park. For this and other events visit: www.MyOhioIslands.com

Relax this weekend, come and visit our open house, and enjoy all that Ohio's Northcoast has to offer!

Real Estate and Ohio's Vacation Land

And the season continues to be surprisingly busy. We are currently working with multiple buyers and new sellers.

Our most recent listing is for a new version of the classic old Sandusky, Ohio boathouses. This home has three bedrooms, a rooftop patio with enclosed porch, an open kitchen/living room area all built around TWO boat wells! It has two full baths and one half bath. The boat well area (like a garage for boats) has decks wrapping around to 16' x 45' spaces. Just pull in and close your door. There is access to the boat well through double french doors off of the living room/kitchen and also a door at the back of the garage. Just two minutes to the Cedar Point causeway, and a short boat ride to Cedar Point Marina and the Lake Erie Islands. Call for details! Priced at $558,000. Call 1-800-974-5184 for an appointment or email me at leehisey@howardhanna.com.

USA Today's June 3-5: "Foreclosure wave looks as though it's crested." Data shows fewer bad home loans. Fewer home loans are going delinquent and new problem loans have hit three-year lows, possible signs that a five-year wave of foreclosures is starting to recede.
Also - across the U.S. suburbs are seeing fewer children in the school systems. How will this change local real estate markets?

Pictures - how you sell real estate in today's market. The days of a half dozen blurry pictures on a flier and the internet are a thing of the past. In today's market you need to have quality pictures - NOT pictures taken with a disposable camera and processed at the local drug store. You need virtual tours with panoramic views to give a perception of the space. If the virtual tour is just the website pictures wiggling with music added then the marketing effort is insufficient.

E-Newsletters - when interviewing a Realtor ask them if they have a regular newsletter emailed to a growing list of people interested in your market. Will your property be described in it? Will there be pictures? Will there be live links to the properties webpages and it's virtual tour? Don't be afraid to ask your prospective Real Estate Agent to send a copy to your email.

If you are interested in real estate on Ohio's Northcoast contact us today at 800-974-5184. Feel free to sign-up for our free e-newsletter by completing the form at the right sign of the screen.

Ohio's Vacation Land Update

Busy, busy, busy this time of year.

We are getting huge interest in our Kelleys Island listing. It is a vintage home, substantially remodeled inside with a small two bedroom cottage on the back of the property. Surrounded by preserved woodland on two sides and a a short walk to downtown businesses. Fantastic!

The Rattlesnake Island lot we have listed has been reduced to only $198,000. This is substantially lower than the other lot available. A gorgeous beachfront property with the wellhead already in the ground. Call for details!!

Our Bed and Breakfast on South Bass Island in Put-in-Bay, Ohio is reduced to only $698,000. This home is perfect for a business retreat, a large shared family home, or a B & B. With 8 bedrooms and 8.5 bathrooms there is plenty of room!! The property backs to a preserved nature area and is next to the island baseball field. Call us for details.

Vermilion Shores resort style condominiums on the shores of Lake Erie are gorgeous! We still have two unfinished lakefront units available. Buy one today and pick your own colors, flooring, and more. One end unit and one middle unit - ready for you. We also have privately owned units, villa units with full club and lakefront privileges. www.VermilionShoresWaterfronts.com

For events along Ohio's islands and shores visit www.MyOhioIslands. Have an event you are holding? Email me to add it to our calendar!

Call us for information on lakefront communities from Cleveland's Westside to the Lake Erie Islands! 1-800-974-5184.

Middle Bass Island: The Island of Flowers

'According to historical account, the first sail craft that ever cruised the island waters anchored off what is now known as Middle Bass, in the latter part of the 17th century. The vessel, bound up the lake, carried a party of French missionaries, among whom was Father Louis Hennesin. Upon this island the missionaries landed, and there conducted the first religious service supposed ever to have been held in the archipelago by representatives of the Christian faith. So delighted with the island and its rich display of floral wealth were these early navigators, that they named it Isle de Fleurs --"Isle of Flowers”.'
It is spring on the Lake Erie's shores and islands, and residents of Lake Erie communities are preparing their gardens for another glorious summer. This has historically been a beautiful part of the country, and it continues to blossom every spring, summer and fall. Explore our lovely state parks, neighborhoods, nature preserves, and lakefront and scenic lakefront and island areas.

Come and enjoy Ohio's Vacation Land! For a list of events visit http://www.myohioislands.com/.

Thank You MiddleBass.org for the quote.
http://www.middlebass2.org/isle_de_fleurs_poem_1898.shtml

Just Stuff

• Home sales for existing homes rose in March!
• I saw the tree buds opening on the Ohio Islands yesterday - good to see.
• As of this posting we still have our Bed and Breakfast available on South Bass Island in the village of Put in Bay, Ohio. Huge price reduction! CLICK HERE
• We have a large selection of VERY, VERY affordable building parcels on Middle Bass Island. Two more parcels will be coming online this week. Check www.MiddleBassIsland.info for details. Buy now and build your dream summer getaway! Some include a dock at the marina!!
• Housing starts and building permits rose in March.
• Fortune Magazine - It's time to buy Real Estate Again: CLICK HERE
• Crews are actively working on Perry's Monument getting it all pretty for the upcoming anniversary.
• We have a large new Kelleys Island listing coming up - call us today to purchase real estate in Ohio's "Vacation Land".

East Harbor State Park: Events

It's time to start having some warm weather fun - and what better place than along Lake Erie's beautiful lakefront parks. Here are some upcoming events at East Harbor park on State Route 269.

• Easter Egg Hunt: April 16th, 2pm at the Camp Store. If it is raining it will be held at Lockwood shelter.


• Family Fishing Day: April 23rd at the Lockwood shelter pond. Kids fish at 10 am and adults may fish after 2 pm.


• Memorial Day Dance: May 28th from 7:30 pm to 10:30 pm at the nature center.


• 5k Fun Run/Walk: June 4th. For details visit http://www.firelandsrunners.org/


• Civil War Encampment: June 10th to 12th. Re-enactors, displays and skirmishes. For details call 740-491-2729.


• Walleye Tournament: June 25th. Pre-register at the camp store.


• Summer Dance: July 2nd, 7 pm to 10 pm. There will be a community fireworks display that evening.


• Family Football Weekend: August 5th to 6th.


• Conservation Day: August 13th.


• Perch Jerk Tournament: August 27th from 12 to 4pm. Pre-register at the camp store.


• Labor Day Fun: September 2nd to the 4th. Call for details.


• North Coast Walk: September 18th. Diabetes Fundraiser. Call for details.


• Halloween Campout #1: September 30th to October 1st.

For details and park information call 419-734-4424 or visit http://www.ohiostateparks.org/

Buyer Motivation and Expectations: Vacation Properties vs. Investment Properties

To use for vacations or as a family retreat

Vacation Properties - 89%

Investment Properties - 19%

To rent to others

Vacation Properties - 25%

Investment Properties - 59%

To diversify investments/good investment opportunity

Vacation Properties - 29%

Investment Properties - 44%

To use as a principal residence in the future

Vacation Properties - 26%

Investment Properties - 8%

For a family member, friend or relative

Vacation Properties - 13%

Investment Properties - 18%

For the tax benefits

Vacation Properties - 14%

Investment Properties - 14%

Because the buyer had extra money to spend

Vacation Properties - 6%

Investment Properties - 6%

Source: 2010 NATIONAL ASSOCIATION OF REALTORS® Investment and Vacation Home Buyers Survey

Considering purchasing a second home? Contact Lee Hisey, Second-Home & Resort Property Specialist at 1-800-974-5184 or RealEstate@HiseyGroup.com

Vacation- and Investment-Home Shares Hold Even in 2010

Press Release:

Washington, DC, March 30, 2011

The market share of vacation- and investment-home sales¹ held steady in 2010, although the sales volume declined with the overall market, according to the National Association of Realtors®.

NAR’s 2011 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2010, shows vacation-home sales accounted for 10 percent of transactions last year while the portion of investment sales was 17 percent, both unchanged from 2009.

NAR Chief Economist Lawrence Yun said, “Despite extraordinarily tight credit conditions for purchasing a second home, the market share for vacation and investment homes held steady,” he said. “A sizeable number of buyers made deals with all-cash offerings.”

All-cash purchases have become prevalent in the second-home market in recent years: 59 percent of investment buyers paid cash in 2010, as did 36 percent of vacation-home buyers.

With an overall decline in home sales during 2010, the volume of 543,000 vacation-home sales was down 1.8 percent from 553,000 in 2009. Investment purchases fell 7.8 percent to 867,000 in 2010 from 940,000 the previous year. Primary residence sales declined 5.6 percent to 3.81 million from 4.04 million in 2009.

Foreclosure or trustee sales accounted for 17 percent of investment purchases and 11 percent of vacation-home sales in 2010, compared with 5 percent of primary purchases. “Second home buyers purchased more distressed homes at discount than did buyers of primary residences,” Yun said.

The median vacation-home price was $150,000 in 2010, down 11.2 percent from $169,000 in 2009, while the median investment-home price was $94,000, which is 10.5 percent below the $105,000 median in 2009. By contrast, the median primary residence price declined a relatively modest 4.5 percent to $176,700 last year from $185,000 in 2009. ²

The typical vacation-home buyer in 2010 was 49 years old, had a median household income of $99,500 and purchased a property that was a median distance of 375 miles from his or her primary residence; 31 percent of vacation homes were within 100 miles and 41 percent were more than 500 miles.

Investment-home buyers had a median age of 45, earned $87,600 and bought a home that was fairly close to their primary residence – a median distance of 19 miles.

“The fall in home prices has opened opportunities for more families to enter the second-home market – the median income of investment buyers today is lower than it’s been in recent years,” Yun said. While the median income of vacation-home buyers in 2010 is slightly above 2007 when it was $99,100, the median income of an investment-home buyer is 5.7 percent below $92,900 in 2007.

“Even if purchases are delayed due to economic circumstances, the underlying long-term demand – the desire for purchasing second homes – remains because people in their 30s and 40s will reach the prime age for buying and will drive the second-home market in coming decades as conditions permit,” Yun added.

Currently, 40.7 million people in the U.S. are ages 50-59 – a group that dominated sales in the first part of the past decade and established records for second-home sales. An additional 43.8 million people are now in the primary buying demographic of 40-49 years old, while another 40.4 million are 30-39.

Lifestyle factors continue to be the primary motivation for vacation-home buyers, with the desire for rental income driving investment purchases. Vacation homes were more likely to be located in a rural area, while investment homes were more likely to be in a suburban location.

“Vacation-home buyers want the property for their own personal use, with 84 percent saying the primary reason for buying was to use for vacations or as a family retreat,” Yun said. “Rental income generation was the primary motive for investment buyers. At the same time, nearly half indicated they sought to diversify their investments or saw a good investment opportunity.”

Thirty-four percent of vacation-home buyers said they plan to use the property as a primary residence in the future, as did 10 percent of investment buyers.

Twenty-one percent of investment buyers and 14 percent of vacation buyers purchased the property for a family member, friend or relative to use. “Some of these buyers purchase a home for their son or daughter to use while attending school,” Yun explained.

Vacation-home buyers plan to keep their property for a median of 13 years while investment buyers plan to hold their property for a median of 10 years.

Thirty-six percent of vacation homes purchased in 2010 were in the South, 27 percent in the West, 19 percent in the Northeast and 15 percent in the Midwest; 3 percent were located outside of the U.S.

The distribution of investment properties differed from vacation homes: 32 percent were in in the South, 24 percent in the West, 21 percent in the Northeast and 20 percent in the Midwest; 3 percent were purchased outside the U.S.

NAR’s analysis of U.S. Census Bureau data shows there are 7.9 million vacation homes and 41.6 million investment units in the U.S., compared with 74.8 million owner-occupied homes.

NAR’s 2011 Investment and Vacation Home Buyers Survey, conducted in March 2011, includes answers from 1,895 usable responses about home purchases during 2010. The survey controlled for age and income, based on information from the larger 2010 NAR Profile of Home Buyers and Sellers, to limit any biases in the characteristics of respondents.

The 2011 Investment and Vacation Home Buyers Survey can be ordered by calling 800-874-6500, or online at www.realtor.org/prodser.nsf/Research. The report costs $19.95 for NAR members and $149.95 for non-members.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

¹Vacation homes are recreational property purchased primarily for the buyer’s (or their family’s) personal use, while investment homes are residential property purchased primarily to rent to others, or to hold for other financial or investment purposes.

²Because the price data in this survey reflects the reporting sample, including both new and existing homes, it does not align with the much larger sample used for NAR’s existing-home sales series.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data, tables and surveys also may be found by clicking on Research.

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS®. All REALTORS® are members of NAR.