Wow! I’m busy this week. Whadds up with dat, huh? There have been a lot of calls and emails this week about finding vacation property here. It could be related to the U.K. airline terror plot uncovered last week — when there’s publicity around a terror plot related to new York, some folks do, at least subconsciously, start thinking about an escape place. But usually I pick that up from people, and I’m just not getting that now.
I think I’d be impossible to live with, because I ‘reverse engineer’ everything, try to figure out a reason. In this case, I think its just a plain old vanilla desire for a vacation getaway. There’s also a settling happening among buyers. Over the last 6 months or so, the economic and geopolitical landscape has been very stormy, with every new stress on the ‘system’ from higher oil prices to the turmoils in the Middle East, predicted to be the last straw and usher in an economic Armagedoon. But it just hasn’t happened. There hasn’t been a stock market collapse, gasoline hasn’t hit $5 a gallon and millions of people haven’t been laid off from work.
While consumer confidence is down, it hasn’t collapsed. As I’ve written numerous times before, I think people are trimming back on excess and searching for solid mid-range value in any number of categories, including real estate — which is why we’re seeing a pretty vibrant market under $300,000 and a stagnant one over $500,000.