Vacation home demand soars during coronavirus pandemic

Home sales are booming in popular vacation spots, as the pandemic leads more Americans to seek places to work or relax within driving distance of home.

In traditional vacation destinations such as Key West, Fla., Ocean City, N.J., and Traverse City, Mich., online house shopping and pending sales are up relative to the country overall, according to a new analysis by Zillow Group Inc.

CONDOS COULD MAKE COMEBACK IN HOUSING MARKET IF SINGLE-FAMILY HOME PRICES KEEP RISING 

Similar to the recent rise in interest for suburban and rural homes that are a car ride from major cities, the growth in demand for homes in vacation towns shows how Covid-19 is reshaping home shoppers’ priorities, said Jeff Tucker, senior economist at Zillow.

“Home shoppers are particularly motivated to shop for a

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Vrbo celebrates 25th anniversary by giving away 25 stays in epic vacation homes

Press release content from PR Newswire. The AP news staff was not involved in its creation.

AUSTIN, Texas, Oct. 5, 2020 /PRNewswire/ — To commemorate 25 years since it pioneered the online vacation rental business, Vrbo® is giving away 25 stays at some of its all-time favorite vacation homes. Vrbo selected 25 of its most iconic, highest-rated vacation homes, cabins, condos (and castles!) as options for contest winners to choose from.

To enter, participants just need to share a family vacation photo on Instagram or Facebook using #VrboTurns25. Vrbo will select winners who will get to choose a vacation home stay from Vrbo’s collection of all-time favorites.

“We wanted to recognize and show gratitude to our customers who have trusted Vrbo with their family vacations over the past 25 years. To celebrate this milestone, we are inviting families to look back through their old family photos

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Future City: Democratizing vacation homes, Bungalow’s breakdown


Spencer’s second act: Vacation homes for all!

Zillow co-founder Spencer Rascoff is back in the real estate game.

The former CEO went public this week with his latest venture: Pacaso, a startup that helps ordinary people purchase second homes.

“We’re trying to create a new category of home ownership, which is second-home ownership,” Rascoff said during an interview on CNBC. To “democratize” ownership, Pacaso’s marketplace helps aspiring owners purchase from one-eighth to one-half of a vacation home. The company will generate revenue on the home sale, and it will collect a fee for managing the property.

Founded by Rascoff and Austin Allison, who sold dotloop to Zillow, Pacaso came out of stealth mode with a $17 million Series A led by Maveron, with participation from Crosscut and Global Founders Capital. Former Starbucks CEO Howard Schultz and Amazon’s Jeff Wilke also invested. Pacaso also secured $250 million in debt to help

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What taxes will our kids owe when they inherit our vacation home?

Q. My husband and I own a second residence in New Jersey. Our home has increased substantially in value since purchasing in 1980. Is there anyway our heirs can avoid any New Jersey taxes upon our deaths? Does the exit tax apply to inherited real estate?

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A. There are two potential New Jersey taxes for you to be aware of: the inheritance tax and capital gains tax.

New Jersey’s inheritance tax is levied on certain inheritances based on the relationship of the deceased to the heirs.

“If your property is going directly to your children who are ‘Class A’ beneficiaries,” you would avoid the New Jersey inheritance tax,” said Jonathan Donenfeld, a certified public accountant with JLD Tax & Accounting in Jersey City. “If the property was left to siblings of the owner or non-Class A beneficiaries, then it could be subject to the inheritance tax,

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