Daily Real Estate News  |  October 6, 2008  |   Sales Sluggish on Ski Homes, But Prices Stay High
As ski season approaches, prices for homes in Rocky Mountain resort areas are remaining high, but the number of sales are down 40 percent year-over-year, according to the Robb Report.

The West region accounted for 24 percent of vacation home purchases, second to the South region's 41 percent, the National Association of REALTORSŪ reported. (Get more information on resorts and second homes at REALTOR.org.)

One reason sales are down: The number of properties available for purchase has declined, real estate professionals in the area say.

"Many practitioners are telling their sellers: Look-it, if you don't have to sell, this isn't the right time to do it," says Dennis Hanlon, an associate with Prudential Utah Real Estate in Park City.

Gary Cowan, vice president of products for the SecondSpace online network, says he’s seen an uptick in interest and purchases by foreign buyers. Because of the weak dollar, "A lot of (foreign buyers) are seeing great bargain opportunities ... in properties that once were totally out of reach."

Source: The Associated Press, Adrian Sainz (10/03/2008)