Other To sell and flee or stay put

[Strangern]

I have a 1BR 1BA gulf-front condo in a rental program at Leeward II on Eastern Lake Rd. The beach is becoming more crowded each year; insurance going up, etc. Is now a good time to sell, or should I just hang?

 

[Jane]

I have a 1BR 1BA gulf-front condo in a rental program at Leeward II on Eastern Lake Rd. The beach is becoming more crowded each year; insurance going up, etc. Is now a good time to sell, or should I just hang?

I think there is a market for that but not sure about the season. Although someone might need to do a 1031 exchange before end of the year. Amy recent sales in the building?

 

[Matt J]

It's a downward slide at this point.

Check your HOA financials, ever since the condo collapse in South Florida people have been scrutinizing them more and taking large chunks out of offers for potential special assessments.

 

[James Bentwood]

It's a downward slide at this point.

Check your HOA financials, ever since the condo collapse in South Florida people have been scrutinizing them more and taking large chunks out of offers for potential special assessments.

This ain't SoFla. Prices in SoWal are rising and anything with beach access faster.

 

[PoppaJ]

This ain't SoFla. Prices in SoWal are rising and anything with beach access faster.

May not be SoFla, but be careful and do your due diligence when purchasing a condo.
This past spring every unit in our building that had laid tile on their balconies were required to remove it because of the tragic collapse of Champlain Towers.
What was found was water damaging the concrete under the tiling.
This along with pressure regulating valves and Halo systems in every unit help keep the losing battle of insurance premiums somewhat manageable.
Make sure your HOA dues include regular maintenance beyond pretty landscaping.
Don’t be afraid of special assessments that maintain the quality of your building.
If you own a home and need a new roof, exterior painting, new windows, etc those are special assessments coming out of your bank account.

 

[Matt J]

This ain't SoFla. Prices in SoWal are rising and anything with beach access faster.

Having you been looking at listings? I'm seeing a lot of reductions or relisting at lower prices.

 

[leeboy]

Expect properties with deeded access, beachfront, or near public accesses with a sizable amount of beach to take off.

 

[Matt J]

Expect properties with deeded access, beachfront, or near public accesses with a sizable amount of beach to take off.

I would temper those expectations. There's another pendulum swinging here and that's the short term rental requirements for parking and trash.

 

[Strangern]

Thank you to all for opinions and advice. I believe I am going to sell out and 1031 to another area.

 

[Matt J]

Good luck, going for something similar or different? A lot of people moved East to go through the same thing again.