From Realtor Magazine Online, Daily Real Estate News February 11, 2008
Choice summer vacation rentals are going fast all over the country, up 10 percent or more over last year, property managers say.
Demand is particularly high in the most expensive resorts like Aspen, Colo,. and Malibu, Calif. In Amagansett on Long Island’s east end, rentals are 50 percent filled, a month before the usual March rental season, says Rick Hoffman, regional vice president at Corcoran Group.
Demand for rentals on Cape Cod, Mass., is running 30 percent ahead of last year, but rates are flat, says Bett McCarthy, vice president of Kinlin Grover, which manages about 2,000 summer properties.
Housing experts say the health of this market is surprising considering the sagging economy. But Justin Halloran, vice president of U.S. operations for HomeAway, a classified Web site for private home rentals, is among those who say people are choosing rentals they can drive to as opposed to more exotic — and expensive — vacations.
Source: The New York Times, Christina S.N. Lewis and Ara Lin (02/08/2008)
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