Perhaps more than any place on earth, New York is a city of real estate fantasists. Imaginations soar with visions of an extra bedroom or even an extra closet, a terrace with a view, a kitchen large enough to entertain in, or the magnificent ways one might fix up that town house down the street. Over the past couple of years, as the real estate market and the economy both sank, the abiding fantasy of some New Yorkers has been that the market will slip low enough to afford them a weekend house in the country. A little shingled retreat near a lake. Or a chalet with tall windows and views of mountains. An herb garden. Adirondack chairs and a sloping lawn. A place to grill! Perhaps a swimming pool with a stone patio shaded by a grove of trees … Back to reality. Prices have fallen significantly, but given the lingering uncertainty in the economy, is now a smart time to buy a second home? A look at some of the second-home markets near New York suggests that it might be a very promising moment.
By Hilary Stout, Oct. 1, 2010 NYT

Link to article