Real estate slump a boon for vacationers
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Lisa Napoli: So we're heading into Fourth of July, and you still haven't booked that summer vacation rental. Well, tell your spouse to hold the criticism — you're in luck this year, even though it's late.
Summer rentals are still available in some of the nation's premier vacation spots. In this case, the real estate slump's your friend. Marketplace's Steve Tripoli has more.
Steve Tripoli: It's a renter's market on Cape Cod.
Real-estate agent Bob Wilkinson says there's more to rent because the real-estate market's down.
Bob Wilkinson: There are a lot of properties for sale which have not sold, and I think a lot of folks are just trying to cover their carrying charges.
In the Charlevoix area of Michigan, Pam Mussleman says bookings are better than usual for late June.
Pam Mussleman: People are ready to just take vacations no matter what the economy is right now. And they could all use a break.
But she says there's still plenty available.
In Sunriver, Ore., Barbara Manley has openings, but says she's seeing more locals.
Barbara Manley: Just, yeah, the closer people. Not wanting to fly as far.
But what about the upper end of the scale?
I asked agent Jared Iverson in Aspen if rental bookings are above or below previous years.
Jared Iverson: We're above.
Tripoli: What do you attribute that to?
Iverson: The quality of homes that we're acquiring.
In other words, there's still not a lot of room at the top.
I'm Steve Tripoli for Marketplace.