Vacation Properties & 2nd Homes

The Swimming Pool at Big Bass Lake

It was a beautiful Pocono day today, perfect for touring vacation home buyers through two of our nicest recreation communities, Arrowhead Lakes and Big Bass Lake. We hit BBL at about noon and visited their pool not long after. As you can see from the photo, there was stuff going on but it wasn't very crowded at all. The beautiful tennis court complex was busy with players of all ages getting some sets in before the afternoon temperature got too high. Oh, and the food at the snack bar looked yummy :)

For more info on Big Bass Lake and any other vacation home community in the Poconos, drop me a line or inbox me at [email protected]

Blog posted here.

The Swimming Pool at Big Bass Lake

Buying a Pocono Vacation Home? Consider The Hamlet!

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Know about The Hamlet? It's an upscale development in Canadensis, PA...acre lots with plenty of forest & wildlife.  Serious serenity!

Houses in The Hamlet tend to be unique, rustic yet full of modern comforts, and very charming, appealing to those looking for a change of scenery from Manhattan or other urban areas that they live in. Commuting from these areas of New York and New Jersey is very doable within a couple of hours, making it an ideal locale for weekend getaways. Very often the vacation homes here are offered for sale with furnishings, so getting set up for relaxing is an easy task!

Dues in The Hamlet are $1,315 for 2010, and include use of the indoor and outdoor swimming pools and tennis courts. The homeowners' association is managed by Appletree Management Group.

Let me know if you need more info. In the meantime, check these links for properties in The Hamlet:

Search for homes in The Hamlet

Search for lots in The Hamlet

Vacation Home Under $150,000 Open This Weekend


Here's one more reason to visit the Penn Estates Community Open House this Saturday...

Open 12 - 4pm, April 24, 2010

164 Kensington Drive
Beacon Hill Section
Penn Estates

The classic Pocono Contemporary, perfect for use as a vacation getaway or first full time home!

This is real memory making potential right here :) Original owners selling their getaway place & hope you enjoy it as much as they have. Catch a breeze on the 22ft screened porch overlooking community green area, or snuggle in the fireside living rm in cooler months. Level property on a less-traveled road. Many bonus features incl. 1st floor master suite and loft all sitting on an environmentally upgraded crawl space. Seller is offering a Home Warranty for a worry free purchase. Furnishings are available.

Want more info? Email me [email protected]

A Pocono Vacationer's Perspective

At vacation pace in a pocono vacation place

As if you need convincing...

I thought you'd enjoy this blog post by one of my Twitter buds, a New York runner and book promoter who regularly vacations in the Poconos at her property in Pocono Lake, PA. Her perspective is an interesting departure from my usual 'oh it's so great' and 'come check it out for your-own-self' sales-speak (not that I don't think you love me :) But TK does a much better job describing the Pocono rhythm and difference in atmosphere that attracts so many second home buyers from the big cities and surrounding areas of New York and Philadelphia.

Read: At Vacation Pace from the Pigtails Flying Blog

If you like that one, check out other articles where she waxes poetic about her runs in and around the mountains of Pennsylvania...the scenery, the people and even the weather (go figure!) seem to inspire her: Peaceful and Frosty Five(-ish).

Oh one more thing...TK, if you are reading this, it looks like Matilda and my Cinnamon (pictured above) have that pace thing in common :))

Ready to start researching your future Pocono vacation home purchase?

Check out my free MLS/IDX search tool to find properties in Lake Naomi, Arrowhead Lake, Pocono Farms and all the other great vacation communities in the Poconos!

Higher Down Payment Requirements For Vacation Home Mortgages

Vacation home mortgage pocono

Breaking Mortgage Financing News!

The minimum down-payment required for second homes or investment properties is now 20% of the purchase price. The reason for this is that PMI (Private Mortgage Insurance) is no longer available for 2nd / vacation homes, or for properties purchased for investment purposes. This information was given to me by Andy Williams of Abacus Regional Mortgage 610.837.1616, who has checked with 5 major PMI companies to find one that offers the insurance to lenders, to no avail.

This is breaking news...remember, you heard it first here on The Poconos Real Estate Blog! I have tried to locate some websites to link to about this, but have not found anything useful. As more information becomes available on this change, I will post it. And if you know anything about it, please share what you know in the comments!

What Is PMI?

Private Mortgage Insurance premiums, commonly referred to in the real estate business as PMI, are a mandatory part of mortgage payments for loans made with less than 20% down, and insures the lender against default. The idea behind it is that the less money that borrowers put in to a transaction via their down payment, the more likely they are to default on their mortgage payments. So PMI is there to alleviate the risk and allow these lower down payment loans to occur.

Since summer homes and investment properties are not 'owner occupied' or 'primary residences', the risk to a lender is even that much greater, as borrowers are more likely to default on a mortgage that is not their main home. Combine this with low personal investment on the lower down payment loans, and it makes for just too much risk for the PMI companies to take on.

Another bit of credit tightening as a result of the recent mortgage foreclosure problem....