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Florida Beach Condo Question

598 Views | 2 Replies | Last: 20 days ago by Bingo Bango Bongo
AgBank
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AG
My wife wants to purchase a condo in Longboat Key similar to what her family had when she grew up.

She asked me to run the numbers, but I am not much of a real estate guy. It seems the first couple that I looked at basically breakeven. It seems any return would come from the appreciation.

How should I estimate the asset appreciation? Should I just plug in 3%? I believe my wife would like hold this condo for a really long time.


Thank you in advance.
Red Pear Realty
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AG
^^^AirBNB owner.

If you are buying this for a vacation home you shouldn't be banking on appreciation. And as COVID has shown us, you should be able to cover the entire cost of ownership without banking on other people to help make your payment. They can dry up overnight.
Sponsor Message: Up to 2% Buyers Commission Rebates / $1,200 Full Service For Sale Listings / $500 For Lease Listings with Red Pear Realty. Also, contributor at Houstoning.
Bingo Bango Bongo
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Friend sold one in Destin about 2 years ago after owning it about 6 years. All in, it it ended up break-even and it took the sales appreciation just to get to break even (albeit they did do a kitchen reno while owning it). So many operating costs, especially if you aren't local. Adds up fast per month and months pile on months
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