The sales were spurred by a strong stock market, according to Lawrence Yun, chief economist for the National Association of Realtors. The S&P 500 piled up a whopping 30% return in 2013, its best performance in 16 years. That provided investors with the funds and the confidence to purchase recreational property.
Some of the buys were made by speculators looking for quick profits. About 5% of buyers turned the properties over before the year was out and another planned to sell within 12 months of purchase.