Based on median household income, the 2009 Forbes ranking of the nation’s wealthiest locations is dominated by East Coast counties and 12 of the 25 are located in the greater Washington, DC metro area. Of them, eight (8) are in Virginia and four (4) are in Maryland. The Maryland counties included Charles (#21), Calvert (#13), Montgomery (#10), and Howard (#3). Virginia counties included in this year’s ranking were Alexandria City (23); Goochland (#16), Prince William (#14), Stafford (#12) and Arlington (#9) counties, Fairfax City (#6); Fairfax County (#2) and Loudoun County (#1). All of these market areas are within commuting distance of the nation’s capital where the unemployment rate is a modest 6.2% compared to nearly 10% for the nation as a whole. The median (half above/half below) household income levels for the 12 markets ranged from $85,135 in Alexandria City, VA, to $110,643 in #1 Loudoun County where 58% of residents 25 or older hold a Bachelor’s or post-graduate degree. The top 25 have median annual household income at or above $84,767.
Interestingly, with the exception of Suffolk and Nassau counties in New York, which ranked #25 and #11 respectively, and Marin County, CA (#18), the usual suspects were obviously absent. Los Angeles/Hollywood, CA, Greenwich, CT, Vail and Aspen, CO did not make the cut in spite of inherently high costs of living. Three New Jersey counties made the cut, as did three in New York, and one each in Pennsylvania, Utah, Georgia, Tennessee and Colorado.
For individual profiles of all 25 counties included in the Forbes list, click here. To learn more about private communities located in Virginia and Maryland, click on the state name.
Arkansas offers a diverse array of retirement and second home destinations ranging from the “spa” towns of Eureka Springs, nestled in the Ozark mountains, and Hot Springs located in the center of the state, just south of Little Rock, to Little Rock itself, a dynamic, contemporary city with a thriving entertainment district and a distinctly southern flair. Known for its rich musical heritage, the Arkansas Delta runs along the eastern border of the state adjacent to the Mississippi River and is one of the most fertile agricultural regions in the nation. Hot Springs, often referred to as “America’s First Resort,” is surrounded by Hot Springs National Park, which encompasses the Quachita Mountains that rise above the downtown and historic Bathhouse Row. Hot Springs is home to a thriving arts community, high-quality medical facilities, and a host of cultural and educational opportunities, and was recently ranked #2 on Forbes’ 2009 list of “America’s Best Bang-for-the-Buck Cities,” and acknowledged by Where to Retire magazine as one of “America’s Most Affordable Retirement Towns” in 2005.
Red Oak Ridge is a bucolic, 800-acre private community located near Hot Springs National Park. The community is convenient to shopping, dining, health care, and the semi-private Hot Springs Country Club which offers two challenging, vintage golf courses, both of which were recently renovated by Master’s Champion Ben Crenshaw. Amenities within the community include two private fishing lakes, a dedicated trail system, several parks, and a swimming complex. 
If the vibrancy of the city is your cup of tea, Chenal Valley is well located in Little Rock. This 4,800-acre community offers 32 tranquil neighborhoods of luxury single-family and condominium homes, 36 holes of Robert Trent Jones, Jr.-designed golf, and an abundance of family-friendly recreation including a 105-acre botanical garden and arts center. Shopping is a pleasure at the Promenade at Chenal, a 340,000 square foot center that includes an IMAX theater, and Village at Rahling Road, a neighborhood center that includes a 13,500 square foot library.
Posted in Destination Amenity Communities, Golf Living, Luxury Real Estate, Private Communities, Second Homes, golf communities, second homes in private communities
Tagged Second Homes, Retirement, Private Communities, Second Home, Vacation Homes, Destination Amenity Communities, Luxury Real Estate, golf, Arkansas, Hot Springs
A study conducted for the Appraisal Institute to be published in the spring issue of The Appraisal Journal, investigated the pricing and the related premiums associated with homesite views in recreationally oriented private communities. “The Million Dollar View” by David Wyman and Stephen Sperry reiterates what most of us have always known – water is liquid gold. The study focused on approximately 600 lots sold between January 2000 and December 2008 at The Reserve at Lake Keowee, a 3,900-acre private golf community with a Jack Nicklaus golf course and located on an 18,500-acre lake in South Carolina’s upstate. The bottom line: lake front lots beat out lake view lots, which beat out golf course lots. The pricing premiums ranged from 124% to 287% for lakefront lots; from 94% to 133% for lake view lots; and from 42% to 85% for lots with golf course views. The study also points out that even after the housing bubble burst, lakefront lots continued to sell — and at increasing prices.
Posted in Destination Amenity Communities, Private Communities, Second Homes, Vacation Homes, golf communities, second homes in private communities
Tagged Second Homes, Private Communities, Second Home, Vacation Homes, Luxury Real Estate, south carolina, View, Appraisal Institute, Reserve at Lake Keowee, lake front lots, lake view lots, golf course lots
Fractional ownership of high-end vacation/second homes is the upscale cousin to timeshare and a popular second home ownership option throughout the U.S., Canada, Europe, and the Caribbean. While wholly-owned vacation homes have been traditionally viewed as the optimum investment, in desirable areas they have become increasingly expensive, out-pacing discretionary income for a large majority of U.S. households. The amount of time a second home is used is also at issue, as owners will budget upkeep into the equation on a per-week-of-use basis. A formal approach to shared ownership was developed about 25 years ago. Within the genre’s evolution, “Timeshare” and “Fractional” have become interchangeable terms, although neither catch phrase is particularly popular with Baby Boomers who represent the primary buyer. Thus, the Private or Resort Residence Club has become the vernacular of choice for upscale fractional ownership products. Interestingly, while the product has traditionally been part of the resort model, private communities are now offering this affordable program as an entry level product that permits potential residents to “kick the tires” so to speak.
Resort real estate practitioners believe that the shared-ownership industry will rebound rapidly and with vigor as the economy makes its way through recovery. Reasons for this opinion are varied but focus largely on the product concept, which is founded in ease of ownership, flexibility, and personal use rather than speculation and investment. Lock and leave, hassle-free vacation home ownership enhanced by high-quality services and amenities would not be expected to go out of vogue anytime soon, and remains a popular second home option within the upscale resort environment. The shared-ownership product appeals to a broad audience and levels the playing field for those that cannot afford a whole ownership product in a luxury resort environment, or can’t justify owning a second home that goes unused most of the time.
Hampton Lake Amenities
Recently introduced shared-ownership products include The Sanctuary at Hampton Lake, located within the private Hampton Lake community in South Carolina’s lowcountry. The 25 Club residences will be offered in 1/8 shares starting at $175,000 during the introductory period. All homes are 3,100 square feet and are accessorized right down to the bicycles and golf cart waiting in the garage. The units provide for comfortable sharing with two master suites and a study on the main level and a “bunkhouse,” bath, and owner storage on the second floor. A full-service concierge program will be available and residents will have full membership privileges at all of Hampton Lake’s recreational spa and fitness facilities, including access to the adjacent championship Pete Dye Signature golf course at Hampton Hall.
Posted in Second Homes
Tagged Second Homes, PrivateCommunities.com, Private Communities, Second Home, Vacation Homes, Fractional Ownership, Destination Amenity Communities, real estate trends, Luxury Real Estate, resort communities, South Carolina Real Estate, south carolina, Fractional Second Homes, fractional vacation homes, resort homes
First-time home buyers are not the only ones taking advantage of low prices and interest rates. According to the 2010 National Association of Realtors® (NAR) 2010 “Investment and Vacation Home Buyers Survey” vacation home sales increased 7.9 percent last year. In comparison, primary residence sales rose 7.1 percent. The general consensus is that the housing market has bottomed – finally. A recent Gallup poll concurs, with 77% of respondents believing this to be the case. In music to builder’s ears, new home sales jumped 27% in March, the biggest one-month gain in nearly five decades (since 1963). Standing new home inventory has declined for 31 straight months to achieve an all-time low and the reported March sales activity represents an impressive 23.8% year-over-year improvement. In other encouraging news, the closely watched S&P/Case Shiller Home Price Index reported its first annual increase in more than three years and one recent industry survey showed that more than half of agents polled reported that their selling customers received 95% to 100% of their asking prices. This compares to 53% in 2008 and 52% in 2006. Housing industry think-tank MacroMarkets recently surveyed more than 100 analysts and market strategists. Consensus findings suggest a 12.4% increase in housing prices by 2014 while some gurus think that rate could be as high as 37%.
Interest rates remain at historical lows – in the 5% range – and some lenders are once again funding jumbo loans, (mortgages exceeding $417,000) an encouraging indicator of a loosening credit market and continued interest in luxury residential investment. Nevertheless, the tighter credit market has more buyers paying cash for property, a condition that is serving to move standing inventory. According to Move.com, more than 12% of buyers plan to use 100% cash to purchase a new property and nearly 13% will use a cash down payment of more than 50%. 
The practicality of the matter is that no matter what condition the market is in, each individual must assess his or her specific conditions when considering the purchase of a new home, a second home or a retirement property. As buyers come off the bench, inventories will diminish and prices will increase as demand begins to exceed supply. If you are in the market for a new or second home, the cost of living in your market of choice should carry as much weight as the cost of the home you wish to purchase. According to a study conducted by Where to Retire magazine, certain markets can provide as much as a 30%+ cost of living savings. Myrtle Beach, SC, and Asheville and Wilmington, NC rank amongst these, and tax-free states such as Florida and Tennessee are seeing increased buying activity. Check out PrivateCommunities.com to learn about the myriad opportunities that are currently available in these markets and others.
Posted in Home prices, Housing Market News, Luxury Real Estate, Real Estate News, Sales of Private Communities, Second Homes, Vacation Homes
Tagged Second Homes, PrivateCommunities.com, Retirement, Private Communities, Second Home, Vacation Homes, real estate trends, Luxury Real Estate
North Carolina’s reputation as a second home and retirement haven for splitters and half-backs is well known. But a less known fact is that by the dawn of the 20th century, North Carolina had become the leading wine-producing region in the nation and since 2001, the number of wineries has more than quadrupled; approximately 90 vineyards now dot the landscape from the Outer Banks to the Piedmont.
When Sir Walter Raleigh first landed on the beaches of the Outer Banks, his men reported that it was “so full of grapes as the very beating and surge of the sea overflowed them.” During the 17th and 18th centuries, settlers planted cuttings from the parent muscadine vine found on Roanoke Island. Imported European vinifera grape vines followed and were found to thrive in the Western and Piedmont regions. The Yadkin Valley is one of the most productive wine growing regions in the state, producing award-winning Cabernet Sauvignon, Cabernet Franc, Merlot, Syrah, Chardonnay, Riesling and Viognier varietals. The industry has become quite popular as a tourist attraction and tours and wine tasting events are relatively common throughout the state, year-round.
Lake James
The North Carolina Wine Festival is the largest event of its kind in North Carolina; more than 25,000 people attended last year. The Headwaters at Banner Elk, a private mountain community located north of Asheville, was a Presenting Sponsor of this year’s event at which more than 30 wineries presented their wares. The pairing of the festival and Headwaters makes for a perfect match. The private luxury community has embraced a sustainable, environmentally responsible development concept that respects and supports the natural ambience of the region. Other stewards of the land located within the western North Carolina mountain region include Balsam Mountain Preserve located near Waynesville; Creston, located in Black Mountain just east of Asheville; Ciel, a low density “green” community located less than ten miles from downtown Asheville, and 1780 and Old Wildlife Club on Lake James in Morganton. All are surrounded by dense natural forests and exhibit a distinct respect for the area’s tradition of conservation by preserving the land with its native flora and fauna for future generations.
Posted in Affluent Lifestyle, Destination Amenity Communities, Green, Luxury Real Estate, North Carolina Communities, Private Communities, Second Homes, Vacation Homes, second homes in private communities
Tagged Second Homes, PrivateCommunities.com, Private Communities, Private Communities Newswire, North Carolina, Green Living, Second Home, Asheville, Vacation Homes, Splitters, North Carolina Retirement, Luxury Real Estate, north carolina second homes, half-backs, North Carolina Wine Country
Based on median household income, the 2009 Forbes ranking of the nation’s wealthiest locations is dominated by East Coast counties and 12 of the 25 are located in the greater Washington, DC metro area. Of them, eight (8) are in Virginia and four (4) are in Maryland. The Maryland counties included Charles (#21), Calvert (#13), Montgomery (#10), and Howard (#3). Virginia counties included in this year’s ranking were Alexandria City (23); Goochland (#16), Prince William (#14), Stafford (#12) and Arlington (#9) counties, Fairfax City (#6); Fairfax County (#2) and Loudoun County (#1). All of these market areas are within commuting distance of the nation’s capital where the unemployment rate is a modest 6.2% compared to nearly 10% for the nation as a whole. The median (half above/half below) household income levels for the 12 markets ranged from $85,135 in Alexandria City, VA, to $110,643 in #1 Loudoun County where 58% of residents 25 or older hold a Bachelor’s or post-graduate degree. The top 25 have median annual household income at or above $84,767.
