Fractional Fairytale: The dream of owning a vacation home can come ...
In the last 10 years, buying a second home has become the epitome of the American dream. Homeownership may have marked entry into the promised land, but it was the vacation property that fueled the most ecstatic visions: wineries, beach houses, pieds-à-terre and mountain cabins. These were not places where people lived, worked and paid bills, but where life unfolded according to the seasons, with the ebb and flow of recreation, family reunions and private retreats.
As the real estate boom crested, the second-home market swelled as well, even helping to stem falling prices when the boom busted. In 2005, second-home sales rose more than twice as fast as all new single-family-home sales and nearly four times faster than all resale homes, according to the National Association of Realtors.
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