LOTO rentals
02-27-2024, 07:57 AM
#91
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Brad Christy (02-27-2024)
02-27-2024, 08:32 AM
#92
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More fun news.
Guests can`t use the slip, only owners are allowed on the docks.
I have friends that rent in the complex and they say only one or 2 people/year ask about a slip . I thought it would be much higher . Owners at the ledges are always renting slips .. maybe it`s the location.
Hopefully there isnt some Karen around that has nothing better to do but watch who comes and goes because I don`t plan on following that rule. My friends that will use it have boats ..
maybe a house would have been a better choice but at my budget it would be a dump and Ive rehabbed too many , I`m over that, plus doing outside maintenance when I visit is not something I want to do .
My dad had a place up in the UP and he spent most of the weekend working on the place rather than enjoying it.
Guests can`t use the slip, only owners are allowed on the docks.
I have friends that rent in the complex and they say only one or 2 people/year ask about a slip . I thought it would be much higher . Owners at the ledges are always renting slips .. maybe it`s the location.
Hopefully there isnt some Karen around that has nothing better to do but watch who comes and goes because I don`t plan on following that rule. My friends that will use it have boats ..
maybe a house would have been a better choice but at my budget it would be a dump and Ive rehabbed too many , I`m over that, plus doing outside maintenance when I visit is not something I want to do .
My dad had a place up in the UP and he spent most of the weekend working on the place rather than enjoying it.
Just remember: YOU are responsible to the owners, not a renter. What ever they do, can and will effect your ownership. aka: Vet your renters!!!!
Last edited by bajaholic; 02-27-2024 at 08:37 AM.
02-28-2024, 05:59 PM
#93
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Thread Starter
Quick question? Did you get a copy of the Covenants and Restrictions, Condo rules before or after you closed? If so, read through them. The rental restrictions would be addressed. If it isn't in there, it doesn't exist. My guess, the restriction you are mentioning may be because a 3rd party user may have been out of line and causing issues. Thus a single implemented rule (Which is more presentation than enforcement)
Just remember: YOU are responsible to the owners, not a renter. What ever they do, can and will effect your ownership. aka: Vet your renters!!!!
Just remember: YOU are responsible to the owners, not a renter. What ever they do, can and will effect your ownership. aka: Vet your renters!!!!
02-28-2024, 06:21 PM
#94
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03-01-2024, 02:31 PM
#95
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03-01-2024, 02:57 PM
#96
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Our Hoa fees have doubled in the last year on our old 3 story condo down here in Florida,half of it being insurance but increase in lawn, pool, general maintenance and escrow were the other half . Hey Man its Bidennomics. Car insurance all went up 30% boat insurance went down $1200 so it was a win .
03-03-2024, 03:47 PM
#97
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That is an not true.... First, we still have very low inventory. So homes yes, are slower than 2 years ago, but most are still selling under 2 weeks. If they are not selling, there is a reason, most likely the property has issues ie: HOA in condo's or house passing inspection. (Or of course it is WAY over priced for the comps.)
When it comes to prices , there was HUGE markups on houses, like stated 2-3 times what they were a few years ago, so there has been some market adjustments, but they are not losing any money, just making less.
We are still without a doubt one of the least expensive places in the country for waterfront real-estate. The other thing you must look at is the taxes. LOTO is cheap!
The biggest competition for banks and mortgage companies is still the cash buyer... People are selling their homes in other cities and states and moving here full time. I will agree we are not the same seasonal place it used to be, it is now busy March to November. But for those of us living there that means more choices for restaurants, businesses etc coming in the future. Look at what is going on right now, MAJOR expansion in the Camden County area, this will lead to more growth in OSB. Yet.... If you still want quiet, go to the upper numbers, you will still hear the Banjo's playing and real-estate is 1/10th the cost of the 0-35mm
Back in 2008-2015 we had VERY few sales and when everyone else was crashing, we just sat stagnant. Nothing really dropped in value, but nothing sold either. because so many places at that time were 2nd and 3rd homes, they rode out the storm.
You can wait, this during the down turn did as well and guess what, most ended up paying more anyway, so if you want it and can afford it, find what you like and get it, or start the building process to get exactly what you want. It isn't going to get cheaper... IMHO...
When it comes to prices , there was HUGE markups on houses, like stated 2-3 times what they were a few years ago, so there has been some market adjustments, but they are not losing any money, just making less.
We are still without a doubt one of the least expensive places in the country for waterfront real-estate. The other thing you must look at is the taxes. LOTO is cheap!
The biggest competition for banks and mortgage companies is still the cash buyer... People are selling their homes in other cities and states and moving here full time. I will agree we are not the same seasonal place it used to be, it is now busy March to November. But for those of us living there that means more choices for restaurants, businesses etc coming in the future. Look at what is going on right now, MAJOR expansion in the Camden County area, this will lead to more growth in OSB. Yet.... If you still want quiet, go to the upper numbers, you will still hear the Banjo's playing and real-estate is 1/10th the cost of the 0-35mm
Back in 2008-2015 we had VERY few sales and when everyone else was crashing, we just sat stagnant. Nothing really dropped in value, but nothing sold either. because so many places at that time were 2nd and 3rd homes, they rode out the storm.
You can wait, this during the down turn did as well and guess what, most ended up paying more anyway, so if you want it and can afford it, find what you like and get it, or start the building process to get exactly what you want. It isn't going to get cheaper... IMHO...
dan, I agree; we’ve been watching. Might open a shop at the lake , fuk NY. Biz is great here , but loto would be a nice second location. Some of these places are out landish on pricing and if you look they are stalling. And taking big price hits.
Some of these comments on here are contradicting , as none of us really know. “Some of these houses are 2nd and 3rd homes. They can afford it”
but then, what about the people who bought for the air bnb… air bnb is so over saturated ; and with the BS fees. Ppl are opting for back to hotels again.. what happens to the owners of the homes , who bought the place to air bnb to cover their costs. When air bnb craze dies and ppl go back to hotels and everyone with a 4-5 bed lake house says jk can’t afford it anymore..
who knows. I agree though, weird times. Buying at the top, only to take a large hit. Could spell bad
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Plowtownmissile (03-28-2024)
03-04-2024, 03:28 PM
#98
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^^^^^ I talk to hotel companies regularly. They have all looked at the lake and passed due to rates vs VRBO options..
The Marriott at the Oasis park will be like Camden. A real draw, but not the norm for hotel traffic.
When you can stay in a nice condo or maybe a home for the same rate, that is what people do. Especially families.
That may change down the road, but that is a 4-5 year swing just to buy, plan and build a hotel. And you still need a good location. And that costs a lot of cash right now for them, too.
The Marriott at the Oasis park will be like Camden. A real draw, but not the norm for hotel traffic.
When you can stay in a nice condo or maybe a home for the same rate, that is what people do. Especially families.
That may change down the road, but that is a 4-5 year swing just to buy, plan and build a hotel. And you still need a good location. And that costs a lot of cash right now for them, too.
Last edited by Cash Bar; 03-05-2024 at 09:42 AM.
03-04-2024, 10:23 PM
#99
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I think we know who the realtor is in the group 😂😂
dan, I agree; we’ve been watching. Might open a shop at the lake , fuk NY. Biz is great here , but loto would be a nice second location. Some of these places are out landish on pricing and if you look they are stalling. And taking big price hits.
Some of these comments on here are contradicting , as none of us really know. “Some of these houses are 2nd and 3rd homes. They can afford it”
but then, what about the people who bought for the air bnb… air bnb is so over saturated ; and with the BS fees. Ppl are opting for back to hotels again.. what happens to the owners of the homes , who bought the place to air bnb to cover their costs. When air bnb craze dies and ppl go back to hotels and everyone with a 4-5 bed lake house says jk can’t afford it anymore..
who knows. I agree though, weird times. Buying at the top, only to take a large hit. Could spell bad
dan, I agree; we’ve been watching. Might open a shop at the lake , fuk NY. Biz is great here , but loto would be a nice second location. Some of these places are out landish on pricing and if you look they are stalling. And taking big price hits.
Some of these comments on here are contradicting , as none of us really know. “Some of these houses are 2nd and 3rd homes. They can afford it”
but then, what about the people who bought for the air bnb… air bnb is so over saturated ; and with the BS fees. Ppl are opting for back to hotels again.. what happens to the owners of the homes , who bought the place to air bnb to cover their costs. When air bnb craze dies and ppl go back to hotels and everyone with a 4-5 bed lake house says jk can’t afford it anymore..
who knows. I agree though, weird times. Buying at the top, only to take a large hit. Could spell bad
Next, before you start presenting "personal opinion" realestate values and inventory comments, I recommend you actually look at what is and has been going on. You are not accurate in your comments about the current LOTO market.
Fly out here, I will hook you up with a couple of realtors (I have used in past and trust) that do work the area and then you can make a decision of value of purchase.
If you think LOTO is overpriced, obviously you have not compared us to other places in the country that have similar amenities for water and entertainment. PLUS look at our realestate tax costs.
MOST important when looking at a condo is doing your homework (Any property really) but HOA's are the nemeses or positive of any complex.
LOTO basically has no real hotels to speak of, everything is condo based for rentals. If you work it correctly, you will be successful, you just have to run it as a business not a hobby. That being said, I would not be good at renting out anything I own, too many issues in my opinion.
03-05-2024, 11:41 PM
#100
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Plus you can own a supressor in MO.
#winning
#winning
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Sydwayz (03-06-2024), Wildman_grafix (03-06-2024)
