Just under 27% of real estate transactions that were completed in Washington County over the past year have involved luxury second-home mortgage rate locks.
| Jan. 9, 2023, 1:00 p.m.It will never be confused with Napa Valley, Martha’s Vineyard or Beverly Hills, but Washington County in southwestern Utah has bragging rights in at least one area — the growth of its luxury second-home market.
Robert Bolar, a top realtor with Summit Sotheby’s International Realty in St. George who specializes in luxury homes, is not surprised.“The number one draw for my clients — who come from all over the country — is the sun, which shines here 300 or more days a year,” he said. “Whether it’s tricking you into thinking spring has sprung early or giving you one more beach day during an autumn afternoon, the sunshine in this area seems to keep my clients embracing life outdoors.
Realtors say Washington County’s cultural and sporting events and outdoor recreational opportunities, as well as its proximity to national and state parks, attract second-home buyers and help them weather southwest Utah’s unbearably hot summer months. Moreover, St. George Regional Airport offers easy access to international airports in Salt Lake City, Phoenix and Denver, among others.
Rising interest rates have dramatically slowed real estate sales across the country with one notable exception — the luxury real estate market. Luxury second-home transactions increased 25% during the second quarter of 2022 over the same period last year, according to Pacaso. Still, Merkley said Pacaso’s figures for luxury second-home sales are likely fairly accurate since “high and rising interest rates do not affect this demographic of buyers as much as it would [for those] purchasing their primary residence. Most are entering the [secondary-home] market with cash, or large amounts of cash, and therefore are not reliant on financing,” she said.
To make luxury second homes more affordable, some cash buyers team up to lessen the financial load. Sam Allred and his wife Marlene, for example, joined five other couples in purchasing a luxury home in Green Springs a few years ago and have since added a pool and a hot tub. Each couple has use of the home for about 10 weeks out of a year, which is planned out about five years in advance.
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