Category Archives: Travel Industry

Arthur Frommer Predicts Surge in Vacation Rentals in 2011

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Seaside Vacations - Sandy Oasis

Seaside Vacations - Sandy Oasis

In his most recent blog post on Frommers.com, Arthur Frommer gives some predictions for the 2011 year in travel, and a surge in vacation rentals is what he sees.

Arthur Frommer published his first travel book in 1957!  Since his first publication, the Frommer’s collection of travel products has grown to over 300 guidebooks, and a popular travel website, www.Frommers.com.

Based on 50+ years of travel guidance, Frommer is a very good analyst of the travel industry.

Coming in at #1, here’s what Frommer had to say about vacation rentals:

1) A Greatly Increased Use of Apartments and Vacation Homes in Place of Standard Hotels

It’s the most pronounced trend in travel…because of the skyrocketing popularity of such alternative accommodations. Large segments of the traveling public are today convinced (and they’re right, in my view) that apartment/home rentals cost much less than hotels and improve the quality of the stay.

A Great Time to Buy a Vacation Rental Home?

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No two ways about it; it’s a tough economy.  And real estate is moving headlong into the financial headwinds.  But there are bright spots to be had, and vacation rental homes twinkle with potential.

Overall, it’s a decent time to look into real estate investments; prices are low, financing is cheap, and inventories are growing by the day.  In essence, the definition of a buyer’s market.  Plus, real estate is a tangible asset.  If/when stocks sink your invested funds may disappear, but a house will be there tomorrow…perhaps worth a bit less, but it will be standing.

RealtyTimes.com recently ran an article highlighting the benefits of vacation rental investments in today’s frenzied real estate market.

  1. Prices are low: Property prices are as low as they’ve been in ten years. Procrastination won’t keep them low.
  2. Interest rates are as low as they are likely to go: Erate.com had the interest rate for 30-year, conforming fixed rate mortgages at 4.23 percent on Oct. 25 and says rates on non-owner occupied properties is about a half a percentage point higher — with a virtually mandated 20 to 30 percent down payment.
  3. Markets are flush with inventory: The slow economy and even slower housing market has left vacation markets brimming with buying opportunities, from sellers looking to move on or up, to foreclosures that warrant careful scrutiny.
  4. Good help is easy to find: The recession weeded out incompetent, fly-by-night real estate people who jumped on the booming market bandwagon. Those who survived have been around the block a few times and know the game.
  5. Renting a vacation property is easier than ever: Vacation rentals are more popular than ever, thanks to their home-away-from-home allure but also because the Internet has made them eminently more visible.
  6. Buy now, beat the 2011 peak season rush: The longer you wait to buy, the more likely mortgage rates and prices will rise and the good properties will be snatched up.

If you’re interested in real estate along the Outer Banks, we’d love to help you:  www.ColdwellBankerOBX.com

Outer Banks Lands on Yahoo Travel’s List of Top 10 Places to Take the Kids Before They Grow Up

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The Lost Colony

The Lost Colony

Working from suggestions in the book 500 Places to Take Your Kids Before They Grow Up, Yahoo Travel just released their list of Top 10 Places to Take Your Kids Before They Grow Up, and the Outer Banks made the list…Roanoke Island to be specific.

Here’s what they had to say about the land of the mysterious Lost Colony…

Roanoke Island

In 1587, on Roanoke Island, between the Outer Banks and the North Carolina mainland, 120 men, women, and children landed to settle England’s first permanent New World colony. Virginia Dare — granddaughter of their governor, John White — was born that year, the first child of English parents born in America. When White sailed back to England, he intended to return within the year.

But a war with Spain kept White away from Roanoke for three years; what he found on his return in 1590 was a mystery. The rudimentary houses that he had helped build were dismantled, the entire area enclosed by a high fortlike palisade. No trace of the “Lost Colony” was ever found.

The visitor center at the Fort Raleigh National Historic Site tells the colony’s baffling story in exhibits and film; outdoors, all that’s left of the fort is a silent mound of dirt, preserving the site’s sense of mystery. You’ll also want to flesh out the story by visiting the more commercial Roanoke Island Festival Park, mid-island in Manteo. A 69-foot-long three-masted bark, the Elizabeth II, lies moored across from the waterfront — a composite 16th-century ship built for the 400th anniversary of Sir Walter Raleigh’s first exploratory voyage to Roanoke in 1584.

Outer Banks Tourism Improving

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According to a recent article in The Daily Advance, the general consensus on the Outer Banks seems to be that bookings are up from this time last year for vacation rental homes. 

There has been a strong influx of spring vacationers to the OBX, and summer reservations continue to rise.  Last year, visitors were requesting shorter stays that usual, but in 2010 the length of stays are increasing.  Guests are planning ahead and booking further in advance to ensure that their favorite vacation home is reserved and their family can rest at ease and countdown to their Outer Banks vacation. 

We have great vacation rental homes available, and we would love to help you plan your trip to the OBX.

Positive Indicators in the Travel Industry

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It might be a little early for Americans to see a complete recovery from the economic turmoil that has hit our country over the past year.  However, there are some very positive indicators which point towards economic recovery, especially in the tourism industry. 

 

The US Travel Association stated in a recent travel Outlook that with gasoline prices being down from last summer, and housing demand beginning to show signs of stabilization, consumers are beginning to feel more and more comfortable with traveling.  In fact, consumers are showing the most confidence that they have in eight months.  Economists warn that it will likely be another six months of economic instability, but things will begin to look up by the fourth quarter.