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Where are vacation homes located in the US?

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Re: Where are vacation homes located in the US?

#101

Post by mancerayder »

yieldcrv wrote: post #92
mancerayder wrote: post #88

Earlier quoted context omitted.

Supply and demand makes investments liquid. If there's no demand you're stuck trying to sell. If there's no supply you'll overpay. Why AI?

I am referring to the speed of buying and selling even when there are buyers. In crypto and the stock market its minutes to one day to both sell and get cash in your bank account that can be used for anything else. For real estate its weeks to hundreds of days even if there are many buyers. The AI buyers accelerated that. I’m asking about people’s experience in a world where AI buyers have already existed for 3-5 yea…

For price discovery and matching buyers and sellers? Maybe. The financial considerations still control decisions. Without much technology needing to be involved, you still have insane bidding wars in hot markets and decisions have to be made quickly (hence cash/no financing contingency being so popular). And if there's too much inventory or an area where people are exiting from, the opposite.

Re: Where are vacation homes located in the US?

#102

Post by vintermann »

czhu12 wrote: post #32
vintermann wrote: post #28

Earlier quoted context omitted.

Shower thought, maybe bitcoin is actually good for the environment, if it replaces even more wasteful ways of trying to park wealth.

It’s not really “parking” wealth since property taxes are still collected every year on these properties, which fund other city programs, unlike other asset classes like stocks and crypto. Presumably if the residents don’t even live there, then they are massive net contributors to the tax base

Well, crypto "leaks" too, to things like power companies and GPU manufacturers. That's made up for in growth of the value of the idle asset.

The value, though, relies on the idea that some time in the future the asset can be used as something more than an asset to sit on - e.g, people could live there. Currently though, it's unused for that so I think it's fair to call it idle.

Re: Where are vacation homes located in the US?

#103

Post by potato3732842 »

ericmay wrote: post #80
MrDarcy wrote: post #36

Earlier quoted context omitted.

This is a win win win for all involved, owner, renter, and Airbnb. I converted stocks into a vacation home on puget sound and rent it out when we aren’t using it. Demand is high enough that we don’t need to rent it out months in advance so we still feel like it’s mostly ours and we’re not just another guest fitting into Airbnb’s schedule. To your point I liked the liquidity of equities but it has been nice to do some…

Well, arguably it’s a win except for local populations in some areas where enough housing is converted to vacation housing that they complain and don’t like it for various reasons. There is a balance to be struck. I’m sympathetic to that complaint a bit but it’s also a bit like NIMBY. Generally I think the cheapness of travel has been an unsung net negative for humanity as a whole.

The local municipalities should pull their heads out of their butts and allow supply to meet demand then.

There's no reason Martha's Vineyard can't have a bajillion condos on it like it's Maimi except that the people who live and vote there would rather it be expensive than available.

Re: Where are vacation homes located in the US?

#104

Post by ericmay »

potato3732842 wrote: post #103
ericmay wrote: post #80

Earlier quoted context omitted.

Well, arguably it’s a win except for local populations in some areas where enough housing is converted to vacation housing that they complain and don’t like it for various reasons. There is a balance to be struck. I’m sympathetic to that complaint a bit but it’s also a bit like NIMBY. Generally I think the cheapness of travel has been an unsung net negative for humanity as a whole.

The local municipalities should pull their heads out of their butts and allow supply to meet demand then. There's no reason Martha's Vineyard can't have a bajillion condos on it like it's Maimi except that the people who live and vote there would rather it be expensive than available.

I don’t think that’s the answer either. Plus if you did that you’d defeat the purpose of Martha’s Vineyard anyway. If you want to live in a condo land like Miami then just move to Miami.

Re: Where are vacation homes located in the US?

#105

Post by ghaff »

jowea wrote: post #22
thechao wrote: post #5

Dear map makers who show us by-state break-downs: normalize by the population. The first map tells me this: New York, Florida, and Texas have large populations.

Is that appropriate in this case? I would expect lots of vacation homes be owned by people out of state.

I expect there are exceptions like Manhattan/Long Island. Maybe Denver and a ski condo. But, generally, people are looking for something different in a vacation home from their residence, whether climate or activities that aren't especially nearby for a weekend trip.
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