The well to-do, moving cash to second homes a hedge against failing banks / poor stock performances
By Steve Loynd, 800-926-5653, White Mountains NH
( Alpine Lakes Real Estate Inc., )
A run on the high-end homes is a direct result of the removal of stagnant or unsecured assets from other accounts. Many of my Active Rain Bothers and sisters would agree that the vacation home market suffers the most when people aren't comfortable spending large sums of discretionary dollars. I seems the reverse is true in my neighborhood, sure not everyone runs out and buys vacation homes when the financial markets are volatile. But the ones that are ,have been buying the cream of the crop and why not they have the expendable cash to put down. Many are trying to lower account balance's to the point were their money is FDIC insured ($100,000 / account holder- per bank). Many have decided spending money of a vacation home means spending time with family. Why stress about your up & down p...
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