We are doing a 1031 exchange after the recent sale of another rental property and looking at the Destin, FL and Steamboat, CO markets. With all the changes in the financing markets, our usual lender now has very limited options and rates.

A week ago (admittedly the terms have probably already changed) the offer was:
30 year, 5/1 ARM, 20% down. 4.99-5.25% (depending on final loan amount)

I thought I might check this board to see if anyone in the industry has more favorable options or terms.

Who is giving you those rates? Beats mine I got quoted by a long shot

If you are not planning to hold the new property for more than 5 years, the 5/1 may be a good choice, assuming that rate is still good.

Any reputable lender is going to be within 1/8 to 1/4 pt of other reputable lenders. The closing costs are where you need to compare #'s.

That rate was from Bancorp South.

The interest rate doesn't change much, but the other factors have varied quite a bit in years past. Down payment requirement is a common one for investment properties. The ability to finance condotels is another.

No experience in your realm, but I would definitely choose steamboat over destin from a destination perspective. Steamboat is such a great town, if my wife and I were to uproot our lives, go take remote jobs and live somewhere nice we would choose steamboat above all other options. I think long term appreciation for steamboat is going to not just be vacationers but remote job holders who want a small town feel as well as paradise.

The big advantage destin has is access to more home good stores and better months for repairing things. Doing construction in steamboat with mountain prices and temperatures has got to be an ass whipping.