Vacation Properties Offer The Perfect Getaway

By Joanne DiMaggio

Have you ever dreamed of having a cabin in the woods? How about a cottage on a lake? Or maybe you’ve thought about having a condo in a four-seasons resort? How about a golf villa? If any of these options sound like a little bit of heaven to you, now is the time to consider a vacation property. 

The first question to answer:  Exactly what are you looking for? With so many choices in central Virginia, narrowing down that search will help your Realtor® find the perfect place for you.

“You have to distinguish whether or not you’re looking for some place away from it all or perhaps a condo in the middle of the fun,” said Dan Corbin of RE/MAX Realty Specialists.  “Then there’s price range and the amenities.”

In terms of amenities, Patsy Strong of Strong Team REALTORS added, “We find that buyers aren’t quite as particular with the purchase of a vacation home when it comes to interior amenities because they realize that they are purchasing the home as a getaway, not a full-time residence. “

A Lifestyle Choice

According to Strong, there are just two words come up most often when looking for vacation property — golf and water.  “Second-home buyers typically want to either live at the water’s edge, see water, or be able to quickly walk to the water,” Strong said.  “Obviously, the closer they are to the water, the higher the price of their second home.”

Corbin finds that most clients match the type of vacation home with their lifestyles. “It’s going to vary for the different styles of leisure time. If you’ve got three small children you’re likely looking for something different than what retirees or singles are looking for. There are people looking for golf and that kind of country-club atmosphere, and there are people looking for playgrounds and pools, so it’s a wide variety. It boils down to individual taste.”

Strong said she finds that buyers look for vacation property that offers something different from what they are used to in their full-time residence. 

“Most buyers live in quiet neighborhoods near their work and family amenities by weekday, but on weekends and holidays they want a getaway that provides them with a little more excitement,” Strong said. “They are looking to have a complete lifestyle change when they come to us and start their vacation home search! Most of the time they are looking for a second home, which provides them with a way to entertain or be entertained. They are truly looking for a place to simply unwind and relax.”

That being said, the old adage that a vacation home is strictly for “roughing it” no longer applies.  

“‘Roughing it’ isn't the exact image that comes to mind when I think about why someone would want to buy a vacation home,” commented Becky Templeman of Virginia Real Estate Partners-Wintergreen.  “Retreat, decompressing — definitely. But for $400,000 today's buyers expect granite tops in the kitchen, garages, a bath for every bedroom, large

decks with gas grills and structured activities for the entire family. Even at $800,000, the buyers may only use the property five or six times a year, so the second home getaway should have qualities to make it worth the wait until the next visit.”

Corbin agrees. “People aren’t looking to rough it. That would be a small niche of people who want a rough-it type cabin in the woods. They’re still out there, but that’s not what we’re looking for with our leisure time for the most part.” 

Properties Available Countywide

Vacation properties can be found in every county throughout central Virginia. Some have more options than others, but a careful search can find the right home in the right setting.

“Nelson County is most popular because of its proximity to the mountains and the four-season resort at Wintergreen, “ said Corbin. “Also the James River flows through it, and you have many outdoor opportunities in the national and state parks. In Louisa there is Shenandoah Crossing, a 1,200-acre parcel with all kinds of amenities where you can purchase a home or timeshare products. It has golf, a lake, basketball, tennis, pools, camping, a restaurant, lodge, and horseback riding, so it covers almost everything for everyone.”

Strong says Lake Monticello in Fluvanna County is a popular vacation property area. “In this area, Lake Monticello is the vacation/second-home capital! Because of its private lake and PGA golf course amenities, it is the community that many second-home buyers consider first when looking for a getaway in central Virginia.”

As for the preference of vacation properties in terms of lakes or mountains, Corbin believes it is mountains, hands down.

“If you’re coming out of Richmond or northern Virginia, for the most part you’re looking for the mountains,” he said. “We have Lake Anna nearby, but other than that, we’re mountains.”

Corbin said most of his second-home inquiries come from northern Virginia and the Richmond area, while Strong has a more international clientele. “We have gotten second home buyers from as far away as California, Scotland, and Japan.  Of course, the closer their primary home is to their weekend getaway, the more often they will use it, and this becomes a major factor in their home purchase decision.” 

Distance to a vacation property adds another consideration — whether or not to hire a property management firm to oversee the rental and upkeep of the property while the owner is away.

“That’s an important aspect,” said Corbin.  “If it’s far enough away that you can’t get to it easily on a regular basis, then a property management group would be helpful, especially if you’re trying to rent it while you’re not there. That takes the burden off you. Of course, you pay for it, but unless you’re there on a constant basis, having access to property management is a good idea.”

Who’s Buying?

There does not seem to be a common thread when it comes to who is buying. “It’s typically a luxury so you’re going to be dealing with a clientele that at least has some expendable cash,” said Corbin. “I’ve seen people with children who are looking to get away, all the way up to older folks who are looking to utilize some money for investment and lifestyle. The investment aspect of it is somewhat of a common denominator, although there are many people who purchase to own it for the long haul in that the investment will pay off in the end. Some are trying to get the best of both worlds and why not? Why not invest in your lifestyle while you build wealth?”

Templeman said the present market creates a timely opportunity for investors. “The majority of buyers at Wintergreen Resort have purchased condos, houses and building sites as an investment, with the prize in a pay off, whether they hold it for a few years and have many memories of family time spent there, or the investor is advised to systematically park money from another source into real estate.”

Strong said that from her experience most buyers think in terms of converting it to their full-time residence someday, adding that from her perspective, the sale of vacation properties remains a steady market.  “I believe most people have a dream of someday owning a vacation getaway, so when life affords them the opportunity to do so, they eagerly jump into the market!” 

Corbin added that with real estate markets declining over the last few years, people are being “pretty cautious” with their money. “I don’t believe it’s not a growing market but it should be because there are great bargains out there. If you’re buying a second home, you can get the best of the best rates, 4.75 percent. If you were buying something beyond your second home, an investment property, the financing is still under 5.5 percent. It’s a fabulous time to borrow money if you can.” 

That being said, Corbin believes that it’s an interesting time to buy resort property. “It’s a buyer’s market. There is a lot of inventory, including foreclosures. Interest rates are historically low. The stock market is shaky. If you have the desire and can afford a vacation home, it’s a good time to consider buying.”

In that regard, Templeman said the majority of serious buyers of vacation homes have done their homework before they get in the car with an agent. “They have determined that the market they pursue has to be self-sustaining, with profit centers like golf, tennis and, yes, even skiing to prop up the real estate values.”

Buying a vacation home to relax means having the experience of the sale equally relaxing. 

“Resort realty is more enjoyable with less stress than a traditional residential market,” said Templeman.  “For the most part, sellers are not desperate to sell and buyers do not absolutely have to purchase a second home. This translates into a delightful experience where highly motivated principals create an equation for mutual success.”

Strong said that owning a vacation home could be a life changing experience. “It can bring you closer to friends and family by having a common place to meet and play, and it can provide that much needed respite for those leading stressful daily lives.  In a vacation home, you not only purchase the structure, but you also purchase a quality of life. For most, it is the realization of a dream come true!”    

PULL QUOTES:

There are just two words come up most often when looking for vacation property — golf and water.

The old adage that a vacation home is strictly for “roughing it” no longer applies.  

“Why not invest in your lifestyle while you build wealth?” Corbin quote

“If you have the desire and can afford a vacation home, it’s a good time to consider buying.” Corbin quote