Vacation home prices cut to stimulate sales

by WOHe

August 12, 2010 — From the Wall Street Journal — Developers of high-end vacation homes are focusing on less expensive resort properties.

“We’re trying to get the point across that you can have a great place on a wonderful island for, quite frankly, a reasonable price,” says Steve Schram, who is developing a Turks and Caicos resort community using the slogan “affordable housing for the affluent.”

To achieve lower pricing, developers are cutting square footage, reducing the size of lots, and offering semi-custom rather than fully custom homes.

The response has been good, even among existing owners, says Steamboat Springs, Colo., developer Jeff Temple. “I think our owners understand the market is tough right now.”

Source: The Wall Street Journal, by Juliet Chung

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