Baby boomers are turning 60 this year, and to celebrate, they’re buying second homes. According to some economists, in 2006 the baby boomers will shift their money from the stock market into real estate, causing a tremendous spike in the second-home market.
Bald Head Island Limited, the development company for Bald Head Island, and its affiliated resale company, The Island Agency, were at the forefront of this trend topping $140 million in real estate closings in 2005 – a record for the resort island. Located just two nautical miles off the coast of Southeastern NC, Bald Head Island is a resort and residential community accessible only by boat or ferry. Transportation on the island is limited to golf carts, bicycles, and pedestrian traffic.
According to The National Association of Realtors, the true size of the second home market has been underestimated in recent years due to the rapid growth in this sector. Recent data suggests that second home purchases accounted for more than one third of all homes purchased, and owned second homes make up more than a third of the nation’s entire housing stock. Realtytimes.com reports that the second-home market will continue to thrive in 2006, with baby boomers investing in vacation property they can later pass on to their children.
Resort areas, like Bald Head Island, will be among the most popular second home locales. The average price of a Bald Head Island homesite reached $765,244, an increase of more than 60 percent over last year, and home prices averaged $891,432.
« The secret of Bald Head Island is out, » said Jeff Leonard, Executive Director of Real Estate Sales for Bald Head Island Limited. « Bald Head Island is an unspoiled place where families can relax and spend quality time together. We now have property owners from 43 states. »
Bald Head Island is also riding one of the hottest trends in the high-end vacation market: fractional ownership of luxury cottages. The Hammocks, Bald Head Island’s fractional ownership community, achieved nearly $4 million in sales in 2005. The average home price was $124,806 for a 1/13 share. Fractional owners at the Hammocks are entitled to four weeks per year at their property – one in each season – and, unlike timeshare properties, owners also receive a deed to the property.
Bald Head Island is a 20-minute ferry ride from Indigo Plantation and Marina in Southport, NC. Open to the public, the island features 800 homes, including condominiums and single-family residences, and approximately 200 year-round residents. Of the island’s 12,000 acres, 10,000 acres of beaches, salt marsh and maritime forest are protected and will remain undeveloped; 2,000 acres are set aside for development. For additional information, visit www.baldheadisland.com.
Contacts
For Bald Head Island:
Talk PR, Inc.
Lauren Dzubak, 910-395-5051
lauren@talkprinc.com
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