LOTO rentals
 

I was thinking of purchasing a place in ROTO butr it feels like after Covid the place is over saturated with BRBO`s?
If I was looking to break even is this still possible or did I miss the boat (pun intended) ?
The places Im looking at were half the price 3 years ago :rolleyes:
I know Biden will kill this economy more and more and if there is a crash and I payed double ...thats not good .. but that may never come.

Roto? Brbo ?

For what it’s worth our stupid 1200 sq ft piece of crap condo in Naples appraised for almost double of what it did in January 2021 and you can’t find anything out of our development in town for 150% of our current value.

I don’t see values going down in highly sought after places as they are usually owned by the better half of wealth , I mean not DemoRats .

My sister in law put her piece of Krap 50 yo house on the market on Saturday in a podunk town outside GR Michigan . She had 13 offers over asking by the end of the day and just accepted one almost 25% over asking.

I have been looking at lakefront homes the last year. I think we both missed the boat lol. Prices up 50-100% the last 3 years.

Hopefully there will be a down turn before I'm ready to retire.

I bought a condo in march 2020 and sold it two years later for just about double, took that money and bought a house in January 2022 thinking I bought at the peak of the market. But didn't care since I made good money on the condo. Fast forward to today and the house value is up around 40% since we bought it. LOTO is a weird market to say the least, I'd like to think that prices have to come down eventually but it certainly doesn't seem like it's going to be anytime soon.
There is a ton of airbnb's but everyone I know with one is doing pretty well renting them out.

Sold our condo years ago when my career called for a move and broke even. Today it's worth over double what I sold it for.
I've been looking at the LOTO market for over a year to buy a lake house. Last year, there practically wasn't anything for sale. This year homes have been listed like crazy and the one's that have been listed awhile have had huge price drops.
My advice is to wait it out. Lake homes there are weekend places and as the market turns, people will try to sell them fast to lose the least amount of value which is what I'm seeing just based on asking prices.

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...

There's nothing cheap about LOTO just like the rest of the country over priced.........bidding wars and stupid people paying 20, 40 50K over asking will be buried ...........remember the Alamo and 2008

Quoted for future reference Brian :D

Bingo and the entire LOTO economy is based on service industry.
Due to years of record low interest rates and inflated prices, there's gonna be a lot of homes in negative equity soon. Like I've been telling my friends... you can always refinance at a lower interest rate but you can't renegotiate the purchase price.

Property taxes are cheap, but if you live there full time and don't play the tax game (boats registered out of MT comes to mind) the personal property tax on your expensive cars/trucks/boats/etc. adds up. Have to take your total tax burden into consideration. The upper MM's are not as quiet and the value they used to be.