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Vacation homebuying expected to flourish in 2011

Despite a poor housing market, vacation homes are still selling well.

Despite a poor housing market, vacation homes are still selling well.

The Wall Street Journal states the booming market for U.S. vacation homes in 2010 is leading experts to believe it will continue in 2011.

According to the newspaper, substantial home discounts, elevating stock portfolios and the ability to purchase homes with cash are the main reasons vacationers are hiring a moving company and buying vacation homes.

Ned Monell, an agent with Sotheby's International Realty in Palm Beach, told the paper, "We haven't felt energy like this in a long time. Buyers sense that they've been on the sidelines long enough."

The Journal notes vacation home sales have increased in big markets such as Palm Beach, Florida, where vacation home sales rose 40 percent last year, as well as Hilton Head Island, South Carolina, which experienced a 14 percent increase in homes sold.

CBS Money Watch states the top markets for vacation homes, based on median market value and availability, are Poconos, New York, Austin, Texas, and Santa Monica, California. The report says, "The best vacation home locations will be easy to get to, have high year-round demand from travelers, and be relatively affordable."