Thankfully Hurricane Michael jogged to the east at the final hour sparing the 30-A Corridor which boasts some of the most expensive properties in America. The impact on this beach resort community would have been devastating beyond belief. The average sold price for a vacation home here is $1,385,000.
I believe it would lead to many foreclosures. Why? Because owners would not be able to make their payment Because of the loss in rental income. Most owners rent their units to defray a portion of the cost of ownership. Owners depend on the rental income for purchasing power. To borrow more money.
If you have to depend on rental income to boost effective purchasing power, do not buy. Unless you pay cash, these short-term vacation properties are terrible investments in my opinion. Because they rarely cash flow. Contact Mims RE if you want to know more. We will help find you excellent investment cash flowing properties. You pay nothing. Seller pays.
Click Here to see the Custom One Page Analysis for East 30-A Corridor Condominiums
BLT: “I Dodged a Bullet” by Greg Laswell
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BBQ: “To be successful in real estate, you must always and consistently put your clients’ best interests first. When you do, your personal needs will be realized beyond your greatest expectations.”– by Anthony Hitt