High-Altitude Mountain Retreats
In Top Affordable Locales
by Lauren Baier Kim
November 10, 2006
Mountains are among the top draws for second-home buyers, according to recent research by the National Association of Realtors. Here's a look at mountain retreats in three towns that made RealEstateJournal.com's top-12 list of hot spots for vacation-home values: Cloudcroft, N.M.; Eureka Springs, Ark.; and Helen, Ga.
- Cloudcroft, N.M.
- Eureka Springs, Ark.
- Helen, Ga.
PLACE/PRICE: Cloudcroft, N.M./ $279,900
THE PROPERTY: A mountain retreat in the Ponderosa Pines golf community, located 8 miles outside of town. The 2,033-square-foot home has two bedrooms and two and one-half baths, on 2.5 wooded acres.
PROPERTY TAX: $924.93 in 2006
DESCRIPTION: Built in 1992, the home has two levels of decks that look out on the Sacramento Mountains. The property is being sold fully furnished and has always served as a vacation home. Located near the top of the community, which is on a mountain, the house is secluded -- only one other home can be seen from the residence\'s front deck, says Ken Watters, listing agent and associate broker with Gary Mack Real Estate of Cloudcroft. Features include vaulted ceilings, a wood stove, a lower-level family room, and a double garage.
NOTABLE: The price was reduced from $284,000 earlier this month. Explains Mr. Watters, "We are reaching the end of our buying season and the sellers would like to sell the house rather than hold onto it until spring. It is sometimes more cost effective to take a lower price than maintain it through winter." Cloudcroft has a strong vacation-home rental market, but this property cannot be rented out because the subdivision does not allow rentals, Mr. Watters says. He describes the town as "an affordable mountain community" that has seen "a real boom that started full force a year ago," with home prices appreciating more than 15% over the year, he says. Because the town is small -- approximately 764 people -- it has remained mostly undiscovered, he says. Most people don't know that there are several subdivisions located just outside town, he says. Two-thirds of the homes in the area are vacation residences, he says, with less than 1% currently on the market. "People are buying, but not selling," he says, making it difficult to find a vacation property in the area. A Cloudcroft home priced at $220,000 two years ago would sell for $300,000 now, he estimates. Although he predicts prices will continue to rise, he says the local market will remain relatively affordable compared to other mountain communities. "We are Colorado without the people," he says.
Sources: Century 21 Woodland Real Estate, ERA Alco Realty, Gary Mack Real Estate
-- Ms. Kim is a senior editor at RealEstateJournal.com.
Email your comments to lauren.kim@dowjones.com.
