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  #41  
Old Posted Dec 23, 2014, 8:48 PM
Pinion Pinion is offline
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Originally Posted by isaidso View Post
Having a 2nd home (or cottage) is what most regular Canadians aspire to. The wealthy would definitely have a 2nd or 3rd home. Among the middle class, a good chunk of them would have a 2nd home. A Muskoka cottage with lake frontage is the ultimate status symbol for Torontonians.

Traditional Muskoka summer retreat

You should specify eastern Canadians. In Vancouver the last thing you want to do is leave the city in the summer. It's the only nice time to be here. We go to Mexico or California/Arizona in the winter for our second homes, while our primary homes are usually on the waterfront.
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  #42  
Old Posted Dec 23, 2014, 8:57 PM
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The taxes on our little place (on 3.5 acres) is a staggeringly low $800/ year

However, we don't have fire protection, waste disposal, septic or fresh water service (well & field up there) limited roadway maintenance and zero law enforcement (not that anything happens in that area)

The only one I worry about is the lack of fire protection. We back onto crown (government) land and a provincial park, and it's so remote, if anything happens it could be ugly


We have a rental house here in Edmonton, but it's not taxed any differently than our primary residence. My income taxes take a big hit though
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  #43  
Old Posted Dec 23, 2014, 8:59 PM
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I can't speak for the nation as a whole, but I can say that in this particular area, buying second (or third, or fourth) homes is such a common phenomenon that it's part of the reason that real estate prices are generally out of reach of anyone who isn't bringing in some serious money from outside to buy a house. In the city of Asheville, generally if you work here, you can't afford to live here because so many people with money are coming in and buying up property -- many, if not most, of whom only use their houses for weekends or, at most, a couple of months in the summer. People who live here and make their money here either live outside the city limits in the more affordable county, or else they've owned their property since before the real estate booms of the last twenty years began in earnest here. Or, if they're very lucky, they're employed in the few high-paying professions that do exist here.
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  #44  
Old Posted Dec 23, 2014, 10:37 PM
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Originally Posted by plinko View Post
That being said, it's staggering to see how many people locally own cabins up in Mammoth.
I always noticed that Southern Californians own far more homes in Mammoth than Northern Californians. I never got that one. Maybe it has something to do with mountain road access from the Bay Area in winter weather?
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  #45  
Old Posted Dec 23, 2014, 10:53 PM
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Originally Posted by Obadno View Post
In the Phoenix area housing is quite affordable so if you have the money for multiple homes typically there are three types you have.

Rental property,

This is extrememly common near the Colleges but not unusual almost anywhere, people have a lot of rental properties for easy income.
i don't think rental/income properties should be lumped into the 2nd home category. i still own my old condo in downtown chicago, but i have leased it out to a renter to cover my mortgage and tax carrying costs (and to make a modest profit on the side). it's not like i can ever go stay in my old place, it's not a "home" for me in any sense of the word, it's merely an investment at this point.

in 20 years or so when the mortgage is paid-off, and if i haven't sold it by then, i could see my wife and i not renting it out any longer and using it as a 2nd home of sorts, a crash-pad in downtown to compliment a larger home elsewhere in the city/inner burbs, but that's way off in the future.
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Last edited by Steely Dan; Dec 23, 2014 at 11:04 PM.
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  #46  
Old Posted Dec 23, 2014, 11:19 PM
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Originally Posted by Steely Dan View Post
i don't think rental/income properties should be lumped into the 2nd home category.
Agreed, I thought it was recreational 2nd homes we were discussing. (A small amount of renting it out wouldn't disqualify but the main purpose is NOT that)

Last edited by Eightball; Dec 23, 2014 at 11:39 PM.
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  #47  
Old Posted Dec 23, 2014, 11:51 PM
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Plenty of "summer cottage" / "winter weekend" places for Bostonians:

- Cape Cod (you've got old money or you managed to find a place to rent for one measly week in October) and the Islands (you've got Kennedy-level old money)
- Lake Winnipesaukee, NH (you made your money in the 80s like Romney)
- Killington, VT and all the other VT-NH ski towns (your family has money to ski)
- Southern Coastal Maine (1920s cottage boom)
- Midcoast Maine (1920s cottage boom for the less wealthy - this is where my family's cottage has been since 1922)
- Moosehead Lake / Interior Maine (your family are gluttons for penny-sized mosquito punishment)

. . . and the ever-popular Coastal New Hampshire (you are a poor shmuck, you just moved to New England and heard interesting stories about Hampton Beach, or your parents couldn't stomach the drive to Midcoast Maine with you screaming brats in the back).
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  #48  
Old Posted Dec 24, 2014, 3:46 AM
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Around 15-20% of households in the Greater Toronto Area own a second home in cottage country. And the other 80-85% spend a lot of time at their friends cottages.
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  #49  
Old Posted Dec 25, 2014, 2:02 AM
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For Montrealers, it is a chalet in the Laurentian mountains or the mountains in the Eastern Townships of Quebec on the Vermont border or for some a house or timeshare in Vermont. Snowbirds who own a second house or timeshare almost invariably do so in Florida, everywhere from the old Fort Lauderdale Miami area to Naples on the Gulf. A small number own houses in the Dominican Republic.

The Laurentian mountains and Eastern Townships are both great for summer and Winter skiing recreation. Lots of lakes and streams. Skiing here means having to deal with a heady mix of conditions that change daily if not hourly. You can have bright sunny cold days followed by warm, slushy grey days. It runs the gamut.
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  #50  
Old Posted Dec 25, 2014, 2:43 AM
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Originally Posted by montréaliste View Post
For Montrealers, it is a chalet in the Laurentian mountains or the mountains in the Eastern Townships of Quebec on the Vermont border or for some a house or timeshare in Vermont. Snowbirds who own a second house or timeshare almost invariably do so in Florida, everywhere from the old Fort Lauderdale Miami area to Naples on the Gulf. A small number own houses in the Dominican Republic.

The Laurentian mountains and Eastern Townships are both great for summer and Winter skiing recreation. Lots of lakes and streams. Skiing here means having to deal with a heady mix of conditions that change daily if not hourly. You can have bright sunny cold days followed by warm, slushy grey days. It runs the gamut.
It might not be tops for Montrealers, but Midcoast and Southern Maine are always filled with Québécois all summer long. Two cottages down from my family's place in Pemaquid is owned by a family from Sherbrooke. We love French Canadians in New England - good people who spend lots of money
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  #51  
Old Posted Dec 25, 2014, 12:15 PM
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There's a spot in Florida too, I believe - they've discussed it on the Canada forum - where you can conduct all your daily business in French because so many Quebecois tourists go there that American businesses offer the language service.
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  #52  
Old Posted Dec 25, 2014, 12:46 PM
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montrealer love their chalets "up north", and copenhageners love their summer homes in skagen and such.
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  #53  
Old Posted Dec 25, 2014, 3:35 PM
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Quote:
Originally Posted by montréaliste View Post
...


Snowbirds who own a second house or timeshare almost invariably do so in Florida, everywhere from the old Fort Lauderdale Miami area to Naples on the Gulf....

.


For the upper middle class and higher that is very common here too. The I notice the Great Lake populace prefers the west coast of Florida for second [winter homes]. Especially those at are close to or at retirement. Both of My deceased grandparents places are still in the family and get used by my rather large extended family every year. One is in Sarasota the other is in Marco Island. My Ex wife retired parents have pretty much a mansion in Naples and I no longer go there but my kids do. My ex in laws live there for 6 months and a few days to claim Florida residency to skip out on state taxes [ classic GOP tax evaders they are ] and move back up north to their original home to be around their grandchildren in late spring to mid fall.

And the other option that is very common is the summer home on a lake or Great lake like Steely mentioned.

I have an Aunt and Uncle that has a home on Lake Michigan in the UP [ Manistique area ] and another set on Lake Huron in Lower Michigan [ Sandpoint south of Caseville ] both with their own boats, jet skis and have great beaches in the back yard. My GF and my kids hit both of them up this summer on the great circle route around Lake Michigan. I have another Aunt and Uncle with a place close to the east coast of lake Michigan near Ludington though I have only been there once a several years ago. And My GF parents also have a Wisconsin inland lake cottage about 2 hours north and that can be used on any free weekend. So there is no need for me to look at a second place when I have so many, pretty much free, places to stay in any season.

Last edited by bnk; Dec 25, 2014 at 3:59 PM.
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  #54  
Old Posted Dec 25, 2014, 11:16 PM
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Quote:
Originally Posted by Crawford View Post
I always noticed that Southern Californians own far more homes in Mammoth than Northern Californians. I never got that one. Maybe it has something to do with mountain road access from the Bay Area in winter weather?
I assume for northern Californians you're talking about Tahoe instead? I'm not really convinced that it's any less up here, though it might be simply because so many northern Californians go farther afield to buy. My wife and I were a part of a three family group that owned a Tahoe cabin for a couple years before deciding to buy a place of our own in Jackson Hole.

Similarly, I know dozens of folks that own a second home up in far northern California (north of Redding) or places like Sun Valley, Idaho, Park City, or Big Sky.

If you're talking specifically about Mammoth, it's much easier for those of us up north to go to Tahoe (and the Tahoe area combined is an order of magnitude larger than Mammoth in ski resorts, population, other infrastructure, etc). From northern California you'd have to drive through Yosemite to get to Mammoth, which isn't a great option, especially in the winter (Mammoth is on the east side of the Sierras).
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  #55  
Old Posted Dec 26, 2014, 2:25 PM
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I've heard that Northern and Eastern Europe in general are the second-home capitals of the world. Even many ordinary middle-class people will have an allotment with a cottage, a country cabin, or (in Russia) a "dacha". Supposedly, 40% of Russia's food production is grown in dachas:

http://naturalhomes.org/img/russian-dacha5.jpg
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  #56  
Old Posted Dec 26, 2014, 2:54 PM
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Finns have "mokki", cottages which can range from very modest to quite impressive.



link



link
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  #57  
Old Posted Dec 26, 2014, 6:03 PM
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Quote:
Originally Posted by bnk View Post
My Ex wife retired parents have pretty much a mansion in Naples and I no longer go there but my kids do.
It's funny how upper middle class Midwesterners all seem to end up in the Naples area. My parents live in an affluent suburb of Detroit, and I would say around half their friends have a condo in Naples.

In contrast, in the Northeastern U.S., if you say "Naples" people immediately think of the "real" Naples, and the FL Gulf coast is foreign territory, for the most part. People all end up either along the Atlantic coast or in Orlando/Central FL area, but no one moves to Naples.
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  #58  
Old Posted Dec 26, 2014, 6:25 PM
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My dad bought a beach house and rents it out by the week in peak season and by the month in non-peak. Whenever he wants to retreat to a nice, warm southern beach, it is not available for others to rent. Property management cleans and turns the property for the next guest.

He could stay a weekend, or a month. It's entirely up to him.

It's a free place (that actually pays) with a ROI of 8%.

Makes economical sense to own a second home if you find a good deal in a great location where it'll be easy to keep it rented.
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  #59  
Old Posted Dec 26, 2014, 11:07 PM
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Originally Posted by mhays View Post
^^ Taxing waste. I like it.
It's got nothing to do with taxing waste, and everything to do with taxing non-voters. The vast majority of 2nd and 3rd homes in Florida are not owned by Floridians.
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  #60  
Old Posted Dec 27, 2014, 12:20 AM
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there are a lot of little waterfront summer cottages along lake erie in the northcenter of the state, which is known as ohio's vacationland, along with cedar point and the lake erie islands. lots of cleveland area people own these and pass them along in their families. historically, some of them near cleveland later grew up from being cottage towns to became typical suburbs over time. anyway we never owned a cottage, but we stayed in them or rented on pelee island over summers when i was a kid. it was and still is very common in that part of the world.
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