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Covid-19 has damaged my 2020 rental revenue severely. The good news is I’m getting some revenue and staying healthy.
I shared in a different thread: In the past few weeks property in my area is selling Lightening fast.
Today this article popped into my Apple news feed. The focus is where to buy a 2nd home with rental potential. I guess they don’t think the vacation business as dying
My area is the first one listed.
Yippee for my resale values. The original concern was the values would fall when rentals fell.
Since it is a 11 hour drive (hard day drive so no air travel required) from NY city, people are snapping up property so they won’t be “stuck” during the anticipated fall Covid-19 resurgence. (Usually 11 months of golf-able or walk the beach weather)
That’s interesting latest financial thinking here is that property prices in Western cities and holiday hotspots are going to crash so investment in STRs would be incredibly risky if you are going to rely on STR income to pay your mortgage.
Unless these people are cash buyers personally I think they are rather mad
We thought that too. Covid-19 created a type of demand I had not considered.
The people buying are from areas with much higher real estate prices. Of course oceanfront & intracoastal waterway properties sell for premium dollars.
A friend last month purchased a 1 Br 1ba condo for $92,000 USD. It is in a gated community with 2 pools & hot tub, 1mile from beach, easy walk to dining, grocery & Starbucks.
I am finding that over half of my buyers lately are paying cash, I am a real estate broker in a mountain town, two hours from LA and San Diego California. The people with money are buying houses to escape the virus.
Wow that sounds super cheap by UK standards. Would love it if our prices were like that in our South West costal resorts.
Let’s hope the expected crash isn’t going to happen and the economies worldwide recover more quickly than expected.
Although I don’t think this stop start approach to lock down is terribly helpful - just seems to make the whole process more drawn out than it needs to be.
But wait. Yes resurgence but people acting foolishly. Bars open & people not distancing seem to be major source.
I wear a mask indoors and anytime risk of not being able to social distance. Only shop stores enforcing max occupancy limits (avoid Walmart) I’ve found 3 restaurants that I think are doing outside dining safely so loyal to those. I can do things I enjoy with low risk — walk on beach, sip wine on dock with friends, coffee on porch, walk dogs, outside in vineyard wine tasting, outside farmers market so buy & freeze local peaches (yum)…
Ok I’m not an exciting, party person but possible to enjoy beach & stay safe.
Squirrel moment. I purchased this to use while dining outdoors
Prior to Covid19 Year round demand good except December & January
April - mid October prior to Covid I could be fully booked. October-April usually rent on monthly basis to golfer retirees avoiding snow. Desirable because mild temps and not as far a drive as Florida.
Reasonable STR government regs—historically this area always had STRs
With Covid19 STRs slow & booking last minute. My usual Canadian renters in Winter probably will cancel. I’m considering changing one condo to long term rental only for next 12 months.
Texas, including my city, is raging with covid. I haven’t been in a restaurant here Mar 1. I’ve been to a few stores, food, liquor, home improvement. I have a few friends I’ve seen in person; we visit several feet apart outdoors. I’m taking some risks having someone living with me for the past two months and doing the dog boarding. If I got covid and died the last thing I’d want people to say is that “she was being so careful.” I’m taking measured risks no doubt.
The hospital down the street from me is now maxed out and on diversion status. Once my friend leaves I’ll be cutting my risk considerably. I’ll also be bored and lonely but that’s the price to be paid.
A friend of a friend went to a local steakhouse with 4 people (it was two couples and a an adult child) for dinner at the end of June. 6 days later he was dead of a covid related heart attack. Those stories put a real damper on me wanting to go anywhere.
