In the golden years, many baby boomers flock to their dream retirement locations. Times have changed. Retirements have been postponed due to untimely cracking of nest eggs that were supposed to fund these years. If you are still looking to buy an affordable vacation home, then you might want to consider these four locations. The housing bubble pops painfully in many popular second homes areas and these are no exception. Median values fell 10% to 20% in the past year alone and are expected to bottom in the next 12 months. These retirement locations might have your diamond in the rough….
1. Borrego Springs, California. Median home, $236,000.
What It’s Like:This desert community near San Diego sits in the middle of a 600,000 acre Anza-Borrego State Park. There’s hundreds of miles and trails for hiking, biking, and horseback riding. The De Anza Country Club and the Gated Montesoro development, which had the most historic homes.
If you go on frequent San Diego vacations, acquiring a vacation house there may not be such a bad idea at all.
2. Cripple Creek, Colorado. Median home, $133,000.
What’s it’s like: Near the foot of Pikes Peak, the historic mining town is near great hiking along the American Discovery Trail, plus fishing in the near by Platte River. Scout Cripple Creek Mountain Estates, a planned community that still has building lots available.
3. Hyannis, Massachusetts. Median home, $244,000.
What’s it’s like: You don’t have to be a Kennedy to afford a purchase in this picture perfect Cape Cod town, which boasts four Nantucket town beaches within walking distance of shops. Check out homes surrounding Hyannis downtown, many of which have been upgraded recently.
4. Montague , Michigan. Median home, $104,000.
What’s it’s like: Popular with Chicago-ians for beauty and affordable prices. Montabeau, above White Lake, which connects to Lake Michigan and it’s broad sandy beaches. Check out Lake side property, prices there have fallen the most and already expected to rebound first.