Real Estate Pros Bet On Second Homes

The Daily Bulletin looks at second home buyers. "(Some) are still seeking a second, third or even a fourth home for investment purposes. And despite talk of an impending break in the housing market bubble, those who own or want to own a second home are steadfast in their decision. 'A number of people who are buying second homes for investment purposes are disenchanted with the stock market,' said Dolores Conway, an associate professor at the University of Southern California. 'And some of the creative financing has made it easier for people to get into second homes.'" "John Dorio..recently plunked down $1.25 million to buy a 3,000-square-foot home on the water in Lake Arrowhead. 'I don't want to sound materialistic, but it's nice to have something tangible after working so hard for years and years,' said Dorio, a mortgage broker from Orange County. 'I also did it for the investment. Meaning, it's something the kids will be able to use in the future.'" "The Inland Empire knows these kinds of investors all too well. 'There is this kind of rhythm out here. It heated up in Orange County first, and then traveled east,' said John Husing. 'People started acquiring homes in the region for investment purposes only. And that's bad social policy.'" "Permanence is not a priority for Bob Dougherty, who has purchased a total of four homes in Scottsdale, Ariz..merely as investments. His primary residence is in Camarillo, where he works as a real estate agent. The..homes were purchased 'I see them as little 401(k)s,' he said. 'Ultimately, the three properties could end up generating some income for us.'"